# EDGAR Filing Document

**Accession Number:** 0000787623
**File Stem:** 0001193125-26-082604
**Filing Date:** 2026-2
**Character Count:** 7541408
**Document Hash:** 2bbc7d1d5d3d1d1100189acfd58cc563
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-082604.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-082604

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 1197

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260301

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04556
- **FILM NUMBER:** 26699868

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

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

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

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

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-02659
- **FILM NUMBER:** 26699867

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

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

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

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

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

## Series and Classes Contracts Data

### Transamerica International Focus (Series ID: S000007778)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021184 | I2           |  |
| C000198978 | A            | TGRHX           |
| C000198979 | C            | TGRJX           |
| C000198980 | I            | TGRGX           |
| C000198983 | R6           | TGRFX           |

### Transamerica Capital Growth (Series ID: S000007785)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021200 | A            | IALAX           |
| C000021202 | C            | ILLLX           |
| C000021203 | I2           |  |
| C000081825 | I            | TFOIX           |
| C000215064 | R6           | TCPWX           |
| C000234682 | R            | TAAEX           |

### Transamerica Multi-Managed Balanced (Series ID: S000007792)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021228 | A            | IBALX           |
| C000021230 | C            | IBLLX           |
| C000021231 | I2           |  |
| C000081953 | I            | TBLIX           |
| C000156741 | R6           | TAMMX           |
| C000234683 | R            | TAAHX           |

### Transamerica High Yield Bond (Series ID: S000007793)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021232 | A            | IHIYX           |
| C000021234 | C            | INCLX           |
| C000021235 | I2           |  |
| C000081826 | I            | TDHIX           |
| C000156743 | R6           | TAHBX           |
| C000171808 | R            | TAHRX           |
| C000171809 | R4           | TAHFX           |
| C000171810 | I3           | TAHTX           |

### Transamerica Bond (Series ID: S000007796)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021244 | A            | IDITX           |
| C000021246 | C            | IFLLX           |
| C000021247 | I2           |  |
| C000081828 | I            | TFXIX           |
| C000156745 | R6           | TAFLX           |
| C000234684 | R            | TAADX           |

### Transamerica Government Money Market (Series ID: S000007798)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021252 | A            | IATXX           |
| C000021254 | C            | IMLXX           |
| C000021255 | I2           |  |
| C000081830 | I            | TAMXX           |
| C000171811 | R2           | TGRXX           |
| C000171812 | R4           | TFGXX           |
| C000171813 | I3           | TGTXX           |

### Transamerica Short-Term Bond (Series ID: S000007799)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021256 | I2           | TSIWX           |
| C000054268 | A            | ITAAX           |
| C000054269 | C            | ITACX           |
| C000081831 | I            | TSTIX           |
| C000156747 | R6           | TASTX           |
| C000237766 | I3           | TAAQX           |
| C000237767 | R            | TAASX           |
| C000237768 | R4           | TAAUX           |

### Transamerica Asset Allocation - Conservative Portfolio (Series ID: S000007800)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021257 | A            | ICLAX           |
| C000021259 | C            | ICLLX           |
| C000035460 | R            | ICVRX           |
| C000081832 | I            | TACIX           |
| C000236143 | R3           | TAAJX           |

### Transamerica Small/Mid Cap Value (Series ID: S000007801)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021260 | A            | IIVAX           |
| C000021262 | C            | IIVLX           |
| C000021263 | I2           | TSMVX           |
| C000081833 | I            | TSVIX           |
| C000156749 | R6           | TASMX           |

### Transamerica Asset Allocation - Growth Portfolio (Series ID: S000007806)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021271 | A            | IAAAX           |
| C000021273 | C            | IAALX           |
| C000035461 | R            | IGWRX           |
| C000081835 | I            | TAGIX           |
| C000236144 | R3           | TAAKX           |

### Transamerica Asset Allocation - Moderate Growth Portfolio (Series ID: S000007807)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021274 | A            | IMLAX           |
| C000021276 | C            | IMLLX           |
| C000035462 | R            | IMGRX           |
| C000081836 | I            | TMGIX           |
| C000236145 | R3           | TAALX           |

### Transamerica Asset Allocation - Moderate Portfolio (Series ID: S000007808)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021277 | A            | IMOAX           |
| C000021279 | C            | IMOLX           |
| C000035463 | R            | IMDRX           |
| C000081837 | I            | TMMIX           |
| C000236146 | R3           | TAAMX           |

### Transamerica US Growth (Series ID: S000026829)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000080716 | A            | TADAX           |
| C000080718 | C            | TADCX           |
| C000080720 | I2           |  |
| C000081840 | I            | TDEIX           |
| C000110015 | T            | TWMTX           |
| C000228027 | R6           | TAGHX           |

### Transamerica Large Cap Value (Series ID: S000030315)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000093288 | A            | TWQAX           |
| C000093289 | C            | TWQCX           |
| C000093290 | I            | TWQIX           |
| C000093291 | I2           | TWQZX           |
| C000156757 | R6           | TALCX           |

### Transamerica International Equity (Series ID: S000030928)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000095924 | A            | TRWAX           |
| C000095925 | C            | TRWCX           |
| C000095926 | I            | TSWIX           |
| C000095927 | I2           | TRWIX           |
| C000156759 | R6           | TAINX           |
| C000171814 | R            | TRWRX           |
| C000171815 | R4           | TRWFX           |
| C000171816 | I3           | TRWTX           |

### Transamerica Emerging Markets Debt (Series ID: S000033683)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000103735 | A            | EMTAX           |
| C000103736 | C            | EMTCX           |
| C000103737 | I            | EMTIX           |
| C000103738 | I2           | IAADX           |
| C000156761 | R6           | TAEDX           |

### Transamerica Small Cap Value (Series ID: S000036913)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000112971 | C            | TSLCX           |
| C000112972 | I            | TSLIX           |
| C000112973 | I2           |  |
| C000112974 | A            | TSLAX           |
| C000171817 | R            | TRSLX           |
| C000171818 | R4           | TSLFX           |
| C000171819 | I3           | TSLTX           |
| C000172145 | R6           | TSLRX           |

### Transamerica Small Cap Growth (Series ID: S000038166)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000117711 | A            | ASGTX           |
| C000117712 | C            | CSGTX           |
| C000117713 | I            | ISCGX           |
| C000117714 | I2           | TSPIX           |
| C000171820 | R            | TSPRX           |
| C000171821 | R4           | TSPFX           |
| C000171822 | I3           | TSPTX           |
| C000172147 | R6           | RTSGX           |

### Transamerica Intermediate Muni (Series ID: S000038853)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000119592 | A            | TAMUX           |
| C000119593 | C            | TCMUX           |
| C000119594 | I            | TIMUX           |
| C000173651 | I2           | TIMTX           |

### Transamerica Sustainable Equity Income (Series ID: S000039595)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000122141 | A            | TDFAX           |
| C000122142 | C            | TDFCX           |
| C000122143 | I            | TDFIX           |
| C000122144 | I2           | TRDIX           |
| C000156763 | R6           | TADFX           |

### Transamerica International Small Cap Value (Series ID: S000039596)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000122145 | I            | TISVX           |
| C000122146 | I2           |  |
| C000250399 | R6           | TSLSX           |

### Transamerica Energy Infrastructure (Series ID: S000040645)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125977 | A            | TMLAX           |
| C000125978 | C            | TMCLX           |
| C000125979 | I            | TMLPX           |
| C000125980 | I2           |  |

### Transamerica High Yield Muni (Series ID: S000041702)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129483 | A            | THAYX           |
| C000129484 | C            | THCYX           |
| C000129485 | I            | THYIX           |
| C000173652 | I2           | THYTX           |

### Transamerica Floating Rate (Series ID: S000042771)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000132297 | A            | TFLAX           |
| C000132298 | C            | TFLCX           |
| C000132299 | I            | TFLIX           |
| C000132300 | I2           |  |

### Transamerica Mid Cap Growth (Series ID: S000042772)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000132301 | A            | MCGAX           |
| C000132302 | C            | MGTCX           |
| C000132303 | I            | IMCGX           |
| C000132304 | I2           |  |
| C000171823 | R            | TMIRX           |
| C000171824 | R4           | TMIFX           |
| C000171825 | I3           | TMITX           |
| C000228028 | R6           | TAGFX           |

### Transamerica Inflation Opportunities (Series ID: S000044274)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000137927 | C            | TIOCX           |
| C000137928 | I            | ITIOX           |
| C000137929 | I2           |  |
| C000137930 | A            | TIOAX           |
| C000172159 | R6           | RTIOX           |
| C000244909 | R4           | TIOEX           |
| C000244910 | R            | TIODX           |
| C000244911 | I3           | TIOBX           |

### Transamerica Core Bond (formerly Transamerica Intermediate Bond) (Series ID: S000044275)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000137931 | I2           |  |
| C000171829 | R            | TMBRX           |
| C000171830 | R4           | TMBFX           |
| C000171831 | I3           | TMBTX           |
| C000228029 | R6           | TAGMX           |
| C000240465 | I            | TABGX           |
| C000240466 | A            | TABDX           |
| C000240467 | C            | TABEX           |

### Transamerica Multi-Asset Income (Series ID: S000044276)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000137932 | A            | TASHX           |
| C000137933 | C            | TCSHX           |
| C000137934 | I            | TSHIX           |
| C000137935 | I2           |  |

### Transamerica Mid Cap Value Opportunities (Series ID: S000045275)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000140993 | A            | MCVAX           |
| C000140994 | C            | MCVCX           |
| C000140995 | I            | MVTIX           |
| C000140996 | I2           | IAAEX           |
| C000171832 | R            | TOTRX           |
| C000171833 | R4           | TOTFX           |
| C000171834 | I3           | TOTTX           |
| C000172163 | R6           | MVTRX           |

### Transamerica Strategic Income (Series ID: S000047479)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000149082 | A            | TUNAX           |
| C000149084 | I            | TUNIX           |
| C000149085 | I2           |  |
| C000263010 | R6           | TUNRX           |

### Transamerica Asset Allocation Intermediate Horizon (Series ID: S000054674)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171782 | R            | TAARX           |
| C000171783 | R4           | TAAFX           |

### Transamerica Asset Allocation Long Horizon (Series ID: S000054676)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171786 | R            | TALRX           |
| C000171787 | R4           | TALFX           |

### Transamerica Asset Allocation Short Horizon (Series ID: S000054677)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171788 | R            | TSHRX           |
| C000171789 | R4           | TSHFX           |

### Transamerica Balanced II (Series ID: S000054678)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171790 | R            | TBLRX           |
| C000171791 | R4           | TBLFX           |
| C000171792 | I3           | TBLTX           |

### Transamerica Large Core ESG (Series ID: S000054681)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171799 | R            | TLARX           |
| C000171800 | R4           | TLAFX           |
| C000171801 | I3           | TLATX           |
| C000241382 | A            | TLACX           |
| C000241383 | R6           | TLASX           |

### Transamerica Large Growth (Series ID: S000054682)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171802 | R            | TGWRX           |
| C000171803 | R4           | TGWFX           |
| C000171804 | I3           | TGWTX           |
| C000228030 | R6           | TAGDX           |

### Transamerica Large Value Opportunities (Series ID: S000054683)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171805 | R            | TLORX           |
| C000171806 | R4           | TLOFX           |
| C000171807 | I3           | TLOTX           |

### Transamerica International Stock (Series ID: S000062055)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000200975 | Class A      | TIHAX           |
| C000200976 | Class I      | TIHBX           |
| C000200977 | Class R6     | TIHJX           |
| C000200978 | Class I2     | TIHIX           |

### Transamerica Emerging Markets Equity (formerly, Transamerica Emerging Markets Opportunities) (Series ID: S000067321)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216501 | R6           | TEOOX           |
| C000216502 | R4           | TEOPX           |
| C000216503 | R3           | TEOQX           |
| C000216504 | A            | TEOAX           |
| C000216505 | I2           | TEOJX           |
| C000216506 | I            | TEOIX           |
| C000216507 | C            | TEOCX           |
| C000216508 | R            | TEORX           |

### Transamerica Long Credit (Series ID: S000080097)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241760 | C            | TLCFX           |
| C000241761 | I            | TLCJX           |
| C000241762 | R6           | TLCKX           |
| C000241763 | A            | TLCDX           |
| C000246912 | I2           |  |

### Transamerica UltraShort Bond (Series ID: S000080099)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241768 | I            | TUSFX           |
| C000241769 | R6           | TUSHX           |
| C000241770 | C            | TUSDX           |
| C000241771 | A            | TUSBX           |

?xml version='1.0' encoding='ASCII'? Transamerica Funds

As filed with the Securities and Exchange Commission on February 27, 2026

1933 Act Registration No. 033-02659

1940 Act Registration No. 811-04556

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A** 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

☒

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

☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. 327

☒

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

☒

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. 328

(Check appropriate box or boxes.)

**TRANSAMERICA FUNDS**

(Exact Name of Registrant as Specified in Charter)

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

(Address of Principal Executive Offices) (Zip Code)

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

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

(Name and Address of Agent for Service)

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

☐

immediately upon filing pursuant to paragraph (b)

☐

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

☐

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

☐

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

☐

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

☒

on March 1, 2026 pursuant to paragraph (b)

If appropriate, check the following box:

☐

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

------

Transamerica Funds

Prospectus March 1, 2026

![](g93604imgf546d0911.jpg)

![](g93604img0bcc7ff22.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp; **Class A**<br> **Ticker**<br>| &nbsp;&nbsp; **Class C**<br> **Ticker**<br>| &nbsp;&nbsp; **Class I**<br> **Ticker**<br>| &nbsp;&nbsp; **Class I2**<br> **Ticker**<br>| &nbsp;&nbsp; **Class R**<br> **Ticker**<br>| &nbsp;&nbsp; **Class R3**<br> **Ticker**<br>| &nbsp;&nbsp; **Class R6**<br> **Ticker**<br>|
| Transamerica Asset Allocation-Conservative <br> Portfolio<br>| ICLAX | ICLLX | TACIX | - | ICVRX | TAAJX | - |
| Transamerica Asset Allocation-Growth Portfolio | IAAAX | IAALX | TAGIX | - | IGWRX | TAAKX | - |
| Transamerica Asset Allocation-Moderate Growth <br> Portfolio<br>| IMLAX | IMLLX | TMGIX | - | IMGRX | TAALX | - |
| Transamerica Asset Allocation-Moderate Portfolio | IMOAX | IMOLX | TMMIX | - | IMDRX | TAAMX | - |
| Transamerica Bond | IDITX | IFLLX | TFXIX |  | \*\* | - | TAFLX |
| Transamerica Capital Growth | IALAX | ILLLX | TFOIX |  | \*\* | - | TCPWX |
| Transamerica Core Bond | TABDX | TABEX | TABGX |  | \*\* | - | TAGMX |
| Transamerica Emerging Markets Debt | EMTAX | EMTCX | EMTIX | IAADX | - | - | TAEDX |
| Transamerica Emerging Markets Equity | TEOAX\* | TEOCX\* | TEOIX | TEOJX | \*\* | TEOQX\* | TEOOX |
| Transamerica Energy Infrastructure | TMLAX | TMCLX | TMLPX |  | - | - | - |
| Transamerica Floating Rate | TFLAX | TFLCX | TFLIX |  | - | - | - |
| Transamerica Government Money Market | IATXX | IMLXX | TAMXX |  | - | - | - |
| Transamerica High Yield Bond | IHIYX | INCLX | TDHIX |  | \*\* | - | TAHBX |
| Transamerica High Yield Muni | THAYX | THCYX | THYIX | THYTX | - | - | - |
| Transamerica Inflation Opportunities | TIOAX | TIOCX | ITIOX |  | \*\* | - | RTIOX |
| Transamerica Intermediate Muni | TAMUX | TCMUX | TIMUX | TIMTX | - | - | - |
| Transamerica International Equity | TRWAX | TRWCX | TSWIX | TRWIX | \*\* | - | TAINX |
| Transamerica International Focus | TGRHX | TGRJX\* | TGRGX |  | - | - | TGRFX |
| Transamerica International Small Cap Value | - | - | TISVX |  | - | - | TSLSX |
| Transamerica International Stock | TIHAX | - | TIHBX | TIHIX | - | - | TIHJX |
| Transamerica Large Cap Value | TWQAX | TWQCX | TWQIX | TWQZX | - | - | TALCX |
| Transamerica Large Core ESG | TLACX | - | - | - | \*\* | - | TLASX |
| Transamerica Large Growth | - | - | - | - | \*\* | - | TAGDX |
| Transamerica Long Credit | TLCDX | TLCFX\* | TLCJX |  | - | - | TLCKX\* |
| Transamerica Mid Cap Growth | MCGAX | MGTCX | IMCGX |  | \*\* | - | TAGFX |
| Transamerica Mid Cap Value Opportunities | MCVAX | MCVCX | MVTIX | IAAEX | \*\* | - | MVTRX |
| Transamerica Multi-Asset Income | TASHX | TCSHX | TSHIX |  | - | - | - |
| Transamerica Multi-Managed Balanced | IBALX | IBLLX | TBLIX | None\* | \*\* | - | TAMMX |
| Transamerica Short-Term Bond | ITAAX | ITACX | TSTIX | TSIWX | \*\* | - | TASTX |
| Transamerica Small Cap Growth | ASGTX | CSGTX | ISCGX | TSPIX | \*\* | - | RTSGX |
| Transamerica Small Cap Value | TSLAX | TSLCX | TSLIX |  | \*\* | - | TSLRX |
| Transamerica Small/Mid Cap Value | IIVAX | IIVLX | TSVIX | TSMVX | - | - | TASMX |
| Transamerica Strategic Income | TUNAX | - | TUNIX |  | - | - | TUNRX |
| Transamerica Sustainable Equity Income | TDFAX | TDFCX | TDFIX | TRDIX | - | - | TADFX |
| Transamerica UltraShort Bond | TUSBX | TUSDX\* | TUSFX | - | - | - | TUSHX\* |
| Transamerica US Growth<sup>1</sup> <br>| TADAX | TADCX | TDEIX |  | - | - | TAGHX |

---

Each of the funds listed above is a series of Transamerica Funds. Each fund with "–" listed above indicates that share class is not a share class of the fund. Each fund with "None" listed above indicates that share class does not have a ticker symbol.

\* This class of the fund is not currently offered.

\*\* Class R shares of the fund are offered in a separate Prospectus.

<sup>1</sup> Class T: TWMTX.

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

MPCA0326

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Transamerica Asset Allocation-Conservative Portfolio](#xx_63be4bf1-df7d-4f01-9ebf-da65328e9059_1) | 1 |
| [Transamerica Asset Allocation-Growth Portfolio](#xx_0209b073-e742-4b28-86e1-ff1e861f000e_1) | 9 |
| [Transamerica Asset Allocation-Moderate Growth Portfolio](#xx_226e3672-f26d-44e9-b08d-fa4091c695b1_1) | 16 |
| [Transamerica Asset Allocation-Moderate Portfolio](#xx_98026f78-9966-4ff2-99e5-3f6cb27f30aa_1) | 24 |
| [Transamerica Bond](#xx_72f409a4-0076-4f30-8b45-548dff0f22b7_1) | 32 |
| [Transamerica Capital Growth](#xx_bea0bc80-ec22-4a6d-bcf2-9ce1d5098d9d_1) | 40 |
| [Transamerica Core Bond](#xx_4998c069-06d7-4e74-8013-a84e50c02f98_1) | 47 |
| [Transamerica Emerging Markets Debt](#xx_a81e01a8-aada-4c86-abc6-bd46d1c85d41_1) | 55 |
| [Transamerica Emerging Markets Equity](#xx_b7620b27-5451-452a-ad9b-6eed71b22e6e_1) | 62 |
| [Transamerica Energy Infrastructure](#xx_b753d5c5-4a6d-4b15-80f3-462a59ac95d2_1) | 69 |
| [Transamerica Floating Rate](#xx_0a4a6150-cd02-4257-bfe9-43b6fd48897a_1) | 77 |
| [Transamerica Government Money Market](#xx_b5b96d5a-193a-4918-b355-b6d5cb3e30df_1) | 84 |
| [Transamerica High Yield Bond](#xx_dc3e671c-e9a7-43d5-9a45-cbc7f32878a8_1) | 89 |
| [Transamerica High Yield Muni](#xx_e4f4f00e-0d9c-4146-8f65-a15658c0611d_1) | 96 |
| [Transamerica Inflation Opportunities](#xx_8d1c6e68-4730-495f-b70c-8e300aa2a600_1) | 102 |
| [Transamerica Intermediate Muni](#xx_f087e965-db90-479f-89cc-5c955a04ee8f_1) | 109 |
| [Transamerica International Equity](#xx_f1cc9905-2c1e-4207-a524-a5d51fe2a457_1) | 115 |
| [Transamerica International Focus](#xx_2b27e530-ff84-4a34-8772-2bddbb077454_1) | 120 |
| [Transamerica International Small Cap Value](#xx_67cc0c6e-ec1f-44d9-83aa-dd8b04539fd4_1) | 127 |
| [Transamerica International Stock](#xx_36b163c1-8e76-4f1a-80ef-1d928fdf9a62_1) | 132 |
| [Transamerica Large Cap Value](#xx_10cdd06e-32f9-429c-95ea-a371dcf6e0a9_1) | 138 |
| [Transamerica Large Core ESG](#xx_aea20cb7-4fba-4e51-8c09-ba631cd76f31_1) | 143 |
| [Transamerica Large Growth](#xx_649f9b69-0097-4ec5-86c7-d7caaf8e1a6d_1) | 149 |
| [Transamerica Long Credit](#xx_17831d7c-766c-483b-b62d-8218b048e7c4_1) | 155 |
| [Transamerica Mid Cap Growth](#xx_43248c0c-028e-46ec-9b52-89eed9d4370f_1) | 162 |
| [Transamerica Mid Cap Value Opportunities](#xx_2c7f976f-1c9d-477f-927f-69448837aa7c_1) | 167 |
| [Transamerica Multi-Asset Income](#xx_bf035fb2-c53f-4b13-b9e1-637191293de5_1) | 172 |
| [Transamerica Multi-Managed Balanced](#xx_11c10b6e-7510-4e32-ab2d-dcb837d89fe6_1) | 178 |
| [Transamerica Short-Term Bond](#xx_779a8111-4198-48aa-8630-6ab037a4ccd5_1) | 187 |
| [Transamerica Small Cap Growth](#xx_e13c95ce-96f2-43b6-badf-145732ce63de_1) | 195 |
| [Transamerica Small Cap Value](#xx_057f4e72-78ac-458d-80ad-bc18b7946330_1) | 201 |
| [Transamerica Small/Mid Cap Value](#xx_09fe8b15-991f-44c1-967d-faf121f01945_1) | 206 |
| [Transamerica Strategic Income](#xx_d1872a9b-dd0b-4ab2-a00d-b1a8034a4342_1) | 212 |
| [Transamerica Sustainable Equity Income](#xx_ab961f53-c34f-4dfb-b85f-6bf291590314_1) | 220 |
| [Transamerica UltraShort Bond](#xx_9630aa7a-b9d3-40db-9449-b62323db769e_1) | 227 |
| [Transamerica US Growth](#xx_9f557df5-9d19-40b0-8caf-46c2e3ab76de_1) | 234 |
| [More on Each Fund's Strategies and Investments](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_1) | 240 |
| [More on Risks of Investing in the Funds](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_34) | 273 |
| [Shareholder Information](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_69) | 308 |
| [Management of Transamerica Funds](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_69) | 308 |
| [Investment Manager](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_69) | 308 |
| [Sub-Adviser(s)](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_71) | 310 |
| [Portfolio Manager(s)](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_73) | 312 |
| [Disclosure of Portfolio Holdings](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_83) | 322 |
| [Fund Expenses](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_83) | 322 |
| [How To Contact the Funds](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_84) | 323 |
| [Opening an Account](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_84) | 323 |
| [Buying Shares](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_85) | 324 |
| [Selling Shares](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_87) | 326  |

---

------

---

| | |
|:---|:---|
|  | **Page** |
| [Exchanging Shares](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_88) | 327 |
| [Choosing a Share Class](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_89) | 328 |
| [Features and Policies](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_96) | 335 |
| [Pricing of Shares](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_101) | 340 |
| [Distribution of Shares](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_103) | 342 |
| [Distributions and Taxes](#xx_a9c27be9-dcfe-4e3b-a388-4e27cc15e99a_105) | 344 |
| [List and Description of Certain Underlying Funds](#xx_b2a33e5a-add2-4b8f-aac7-8166d2ca2a9d_1) | 348 |
| [Financial Highlights](#xx_4092ba03-0ed6-4739-8614-346b3d05e650_1) | 352 |
| [Appendix - Waivers and Discounts Available from Intermediaries](#xx_4e3a74c2-4228-473f-945b-1b97ff7f2e3e_1) | 441 |

---

------

**Transamerica Asset Allocation-Conservative Portfolio**

**Investment Objective:** Seeks current income and preservation of capital.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **R** | **R3** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |  |  |

---

<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **R** | **R3** |
| Management fees | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  | 0.50% | 0.25% |
| Other expenses | 0.15% | 0.17% | 0.16% | 0.12% | 0.21% |
| Acquired fund fees and <br> expenses<sup>1</sup><br>| 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Total annual fund operating <br> expenses<br>| 1.05% | 1.82% | 0.81% | 1.27% | 1.11% |
| Fee waiver and/or expense <br> reimbursement<sup>2</sup><br>| 0.00% | 0.00% | 0.10%<sup>3</sup> | 0.00% | 0.21% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 1.05% | 1.82% | 0.71% | 1.27% | 0.90% |

---

Acquired fund fees and expenses reflect the fund's pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund's prospectus.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.52% for Class A shares, 1.31% for Class C shares, 0.30% for Class I shares, 0.77% for Class R shares and 0.35% for Class R3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture.

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

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

------

**If the shares are redeemed at the end of each period:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $651 | &nbsp;&nbsp; $866 | &nbsp;&nbsp; $1098 | &nbsp;&nbsp; $1762 |
| Class C | &nbsp;&nbsp; $285 | &nbsp;&nbsp; $572 | &nbsp;&nbsp; $985 | &nbsp;&nbsp; $2137 |
| Class I | &nbsp;&nbsp; $73 | &nbsp;&nbsp; $249 | &nbsp;&nbsp; $440 | &nbsp;&nbsp; $992 |
| Class R | &nbsp;&nbsp; $129 | &nbsp;&nbsp; $403 | &nbsp;&nbsp; $697 | &nbsp;&nbsp; $1534 |
| Class R3 | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $332 | &nbsp;&nbsp; $591 | &nbsp;&nbsp; $1333 |

---

**If the shares are not redeemed:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $651 | &nbsp;&nbsp; $866 | &nbsp;&nbsp; $1098 | &nbsp;&nbsp; $1762 |
| Class C | &nbsp;&nbsp; $185 | &nbsp;&nbsp; $572 | &nbsp;&nbsp; $985 | &nbsp;&nbsp; $2137 |
| Class I | &nbsp;&nbsp; $73 | &nbsp;&nbsp; $249 | &nbsp;&nbsp; $440 | &nbsp;&nbsp; $992 |
| Class R | &nbsp;&nbsp; $129 | &nbsp;&nbsp; $403 | &nbsp;&nbsp; $697 | &nbsp;&nbsp; $1534 |
| Class R3 | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $332 | &nbsp;&nbsp; $591 | &nbsp;&nbsp; $1333 |

---

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

Transamerica Asset Allocation-Conservative Portfolio

------

During the most recent fiscal year, the portfolio turnover rate for the fund was 36% of the average value of its portfolio.

**Principal Investment Strategies:** The fund is a fund of funds that seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds ("underlying funds"). The fund's sub-adviser, Goldman Sachs Asset Management, L.P. (the "sub-adviser"), follows an investment process that involves longer-term portfolio positioning through strategic asset allocation and dynamic asset allocation to pursue shorter-term opportunities based on the sub-adviser's views of current market conditions.

• Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 35% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 65% of net assets in fixed-income securities, which may include bonds, convertible securities, cash, cash equivalents, and other money market instruments. These percentages may vary.

• The underlying funds may invest in a variety of U.S. and foreign (including emerging markets) equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts ("REITs") and derivatives.

The sub-adviser develops and implements a strategic asset allocation for the fund. The sub-adviser seeks to budget the fund's long term investment risk exposure across various risk factors to establish a diversified strategic asset allocation. An important component of the sub-adviser's process is allocating risk across asset classes and strategies to increase diversification and, potentially, reduce volatility.

The sub-adviser may dynamically adjust the fund's asset allocation as part of its investment process in response to certain changes in the markets, the economic cycle and the macroeconomic environment. This dynamic asset allocation may change the fund's portfolio positioning based on the sub-adviser's short- to medium-term market views on dislocations and attractive investment opportunities. These views may impact the relative weights across asset classes, and the allocation to geographies, sectors and industries, as well as the fund's duration and sensitivity to inflation.

Allocation of assets among the underlying funds is based on factors such as diversification, general market views and outlooks, volatility in the equity markets, historical performance, current valuations, and other global economic factors.

The fund may invest directly in U.S. government securities and/or short-term commercial paper.

The fund's investment manager, among other things, oversees and monitors the sub-adviser and is solely responsible for selecting the underlying funds among which the sub-adviser may allocate the fund's assets. After the underlying funds have been selected, the sub-adviser determines which underlying funds it wishes to utilize to allocate the fund's assets. The sub-adviser is not required to utilize all of the underlying funds selected by the manager in seeking to fulfill the fund's target asset allocation.

The sub-adviser may invest up to 10% of the fund's net assets in underlying Transamerica-sponsored and third-party exchange-traded funds ("underlying ETFs") that the sub-adviser selects as part of the sub-adviser's asset allocation for the fund. The fund may, but is not required to, invest directly in futures contracts as part of the sub-adviser's dynamic asset allocation. The use of futures would generally be limited to exchange-traded developed market equity index and U.S. Treasury futures. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the underlying funds and underlying ETFs.

It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds.

Each underlying fund and underlying ETF has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund and adviser or sub-adviser for each underlying ETF decides which securities to purchase and sell for that underlying fund or underlying ETF. The fund's ability to achieve its investment objective depends largely on the performance of the underlying funds and underlying ETFs.

The "Underlying Funds" section of the prospectus lists the underlying Transamerica Funds currently available for investment by the fund, provides a summary of their respective investment objectives and principal investment strategies, and identifies certain risks of those funds.

The manager may change the underlying Transamerica Funds, and the sub-adviser may change the fund's asset allocation, at any time without notice to shareholders and without shareholder approval.

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

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

Transamerica Asset Allocation-Conservative Portfolio

------

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

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

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

**Asset Allocation –** The fund's investment performance is significantly impacted by the fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Underlying Funds** – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the fund's prospectus identifies certain risks of each underlying fund.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value

of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

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

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Asset Class Variation** – The underlying funds and ETFs invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying fund or ETF may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds and ETFs at any given time, and the percentage of the fund's assets invested in various underlying funds and ETFs, the fund's actual exposure to the securities

Transamerica Asset Allocation-Conservative Portfolio

------

in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the fund's performance.

**Commodities and Commodity-Related Securities** – Commodities and commodity-related businesses or industries are subject to changes and volatility in commodity prices generally, regulatory, economic and political developments, weather events and natural disasters, tariffs and trade disruptions, and market disruptions. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments also are subject to the credit risk associated with the issuer, and their value may decline substantially if the issuer's creditworthiness deteriorates.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

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

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

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or

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

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that

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restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Floating Rate Loans** – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan's issuer, and adversely affect the fund's investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated,

less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

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

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases

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in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

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

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Real Estate Securities –** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund's real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to

the risks associated with that one area or property type. The value of the fund's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**REITs** – Investing in real estate investment trusts ("REITs") involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.

**Structure Conflicts** – Transamerica Asset Management, Inc. ("TAM"), the fund's investment manager, has established an investment program whereby a substantial portion of the fund's assets are invested in underlying Transamerica mutual funds. TAM has also included TAM-sponsored ETFs as investment options for the fund. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

The fund may invest in underlying Transamerica-sponsored ETFs. To the extent the fund holds a large portion of the outstanding shares of a Transamerica-sponsored ETF and/or represents a large percentage of the trading volume of a Transamerica-sponsored ETF, this could prevent the fund from selling shares of the Transamerica-sponsored ETF on the exchange at such times or price or in such amounts as it may otherwise desire. These risks are in addition to other risks of investing in ETFs.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the

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U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

Prior to August 28, 2020, the fund had a portfolio construction manager and used different investment strategies. The performance set forth prior to that date is attributable to the previous portfolio construction manager and the investment strategies then in effect.

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

![](g93604imge68e53103.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 11.61% |
| Worst Quarter: | 6/30/2022 | -9.04% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  |  |  | 3/1/2002 |
| Return before taxes | 6.04% | 2.31% | 4.68% |  |  |
| Return after taxes on <br> distributions<br>| 4.83% | 1.11% | 3.26% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 3.75% | 1.36% | 3.21% |  |  |
| Class C (Return before <br> taxes only)<br>| 10.27% | 2.65% | 4.46% |  | 11/11/2002 |
| Class I (Return before <br> taxes only)<br>| 12.55% | 3.85% | 5.58% |  | 11/30/2009 |
| Class R (Return before <br> taxes only)<br>| 11.93% | 3.25% | 4.97% |  | 6/15/2006 |
| Class R3 (Return before <br> taxes only)<br>| 12.37% | N/A | N/A | 4.79% | 3/1/2022 |
| Bloomberg US <br> Aggregate Bond Index <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 7.30% | -0.36% | 2.01% |  |  |
| Transamerica Asset <br> Allocation – <br> Conservative Portfolio <br> Blended Benchmark<sup>1</sup><br>| 12.07% | 4.00% | 5.86% |  |  |

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<sup>1</sup> The Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark consists of 65% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 35% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign withholding taxes).

The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

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

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

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**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* |
| Alexandra Wilson-Elizondo | Portfolio Manager | since January 2022 |
| Siwen Wu | Portfolio Manager | since March 2024 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R or Class R3 shares.

Class R shares are intended for purchase by participants in certain retirement plans such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans and non-qualified deferred compensation plans (eligible retirement plans), and under the following conditions: Class R shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible retirement plans where Class R shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

Class R3 shares are intended for purchase by investors with IRAs sponsored by an affiliate of Transamerica Asset Management, Inc., when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds or its agents to utilize Class R3 shares in certain investment products or programs.

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

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

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**Transamerica Asset Allocation-Growth Portfolio**

**Investment Objective:** Seeks long-term capital appreciation.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **R** | **R3** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **R** | **R3** |
| Management fees | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  | 0.50% | 0.25% |
| Other expenses | 0.13% | 0.20% | 0.15% | 0.13% | 0.20% |
| Acquired fund fees and <br> expenses<sup>1</sup><br>| 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
| Total annual fund operating <br> expenses<br>| 1.19% | 2.01% | 0.96% | 1.44% | 1.26% |
| Fee waiver and/or expense <br> reimbursement<sup>2</sup><br>| 0.00% | 0.00% | 0.10%<sup>3</sup> | 0.00% | 0.31% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 1.19% | 2.01% | 0.86% | 1.44% | 0.95% |

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Acquired fund fees and expenses reflect the fund's pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund's prospectus.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.55% for Class A shares, 1.35% for Class C shares, 0.30% for Class I shares, 0.78% for Class R shares and 0.24% for Class R3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $665 | &nbsp;&nbsp; $907 | &nbsp;&nbsp; $1168 | &nbsp;&nbsp; $1914 |
| Class C | &nbsp;&nbsp; $304 | &nbsp;&nbsp; $631 | &nbsp;&nbsp; $1083 | &nbsp;&nbsp; $2338 |
| Class I | &nbsp;&nbsp; $88 | &nbsp;&nbsp; $296 | &nbsp;&nbsp; $521 | &nbsp;&nbsp; $1169 |
| Class R | &nbsp;&nbsp; $147 | &nbsp;&nbsp; $456 | &nbsp;&nbsp; $787 | &nbsp;&nbsp; $1724 |
| Class R3 | &nbsp;&nbsp; $97 | &nbsp;&nbsp; $369 | &nbsp;&nbsp; $662 | &nbsp;&nbsp; $1495 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $665 | &nbsp;&nbsp; $907 | &nbsp;&nbsp; $1168 | &nbsp;&nbsp; $1914 |
| Class C | &nbsp;&nbsp; $204 | &nbsp;&nbsp; $631 | &nbsp;&nbsp; $1083 | &nbsp;&nbsp; $2338 |
| Class I | &nbsp;&nbsp; $88 | &nbsp;&nbsp; $296 | &nbsp;&nbsp; $521 | &nbsp;&nbsp; $1169 |
| Class R | &nbsp;&nbsp; $147 | &nbsp;&nbsp; $456 | &nbsp;&nbsp; $787 | &nbsp;&nbsp; $1724 |
| Class R3 | &nbsp;&nbsp; $97 | &nbsp;&nbsp; $369 | &nbsp;&nbsp; $662 | &nbsp;&nbsp; $1495 |

---

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

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During the most recent fiscal year, the portfolio turnover rate for the fund was 14% of the average value of its portfolio.

**Principal Investment Strategies:** The fund is a fund of funds that seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds ("underlying funds"). The fund's sub-adviser, Goldman Sachs Asset Management, L.P. (the "sub-adviser"), follows an investment process that involves longer-term portfolio positioning through strategic asset allocation and dynamic asset allocation to pursue shorter-term opportunities based on the sub-adviser's views of current market conditions.

• Under normal circumstances, the fund expects to invest primarily in underlying funds that invest in U.S. and foreign (including emerging markets) equities, commodity-related securities, and alternative investments.

• The underlying funds may invest in a variety of U.S. and foreign equity securities and alternative investments. The underlying funds may also invest in fixed-income (including high-yield) securities, real estate investment trusts ("REITs") and derivatives.

The sub-adviser develops and implements a strategic asset allocation for the fund. The sub-adviser seeks to budget the fund's long term investment risk exposure across various risk factors to establish a diversified strategic asset allocation. An important component of the sub-adviser's process is allocating risk across asset classes and strategies to increase diversification and, potentially, reduce volatility.

The sub-adviser may dynamically adjust the fund's asset allocation as part of its investment process in response to certain changes in the markets, the economic cycle and the macroeconomic environment. This dynamic asset allocation may change the fund's portfolio positioning based on the sub-adviser's short- to medium-term market views on dislocations and attractive investment opportunities. These views may impact the relative weights across asset classes, and the allocation to geographies, sectors and industries, as well as the fund's duration and sensitivity to inflation.

Allocation of assets among the underlying funds is based on factors such as diversification, general market views and outlooks, volatility in the equity markets, historical performance, current valuations, and other global economic factors.

The fund may invest directly in U.S. government securities and/or short-term commercial paper.

The fund's investment manager, among other things, oversees and monitors the sub-adviser and is solely responsible for selecting the underlying funds among which the sub-adviser may allocate the fund's assets. After the underlying funds have been selected, the sub-adviser determines which underlying funds it wishes to utilize to allocate the fund's assets. The sub-adviser is not required to utilize all of the underlying funds selected by the manager in seeking to fulfill the fund's target asset allocation.

The sub-adviser may invest up to 10% of the fund's net assets in underlying Transamerica-sponsored and third-party exchange-traded funds ("underlying ETFs") that the sub-adviser selects as part of the sub-adviser's asset allocation for the fund. The fund

may, but is not required to, invest directly in futures contracts as part of the sub-adviser's dynamic asset allocation. The use of futures would generally be limited to exchange-traded developed market equity index and U.S. Treasury futures. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the underlying funds and underlying ETFs.

It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds.

Each underlying fund and underlying ETF has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund and adviser or sub-adviser for each underlying ETF decides which securities to purchase and sell for that underlying fund or underlying ETF. The fund's ability to achieve its investment objective depends largely on the performance of the underlying funds and underlying ETFs.

The "Underlying Funds" section of the prospectus lists the underlying Transamerica Funds currently available for investment by the fund, provides a summary of their respective investment objectives and principal investment strategies, and identifies certain risks of those funds.

The manager may change the underlying Transamerica Funds, and the sub-adviser may change the fund's asset allocation, at any time without notice to shareholders and without shareholder approval.

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

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic

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effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

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

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

**Asset Allocation –** The fund's investment performance is significantly impacted by the fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Underlying Funds** – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the fund's prospectus identifies certain risks of each underlying fund.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security

also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Asset Class Variation** – The underlying funds and ETFs invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying fund or ETF may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds and ETFs at any given time, and the percentage of the fund's assets invested in various underlying funds and ETFs, the fund's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the fund's performance.

**Commodities and Commodity-Related Securities** – Commodities and commodity-related businesses or industries are subject to changes and volatility in commodity prices generally, regulatory, economic and political developments, weather events and natural disasters, tariffs and trade disruptions, and market disruptions. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments also are subject to the credit risk associated with the issuer, and their value may decline substantially if the issuer's creditworthiness deteriorates.

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

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is

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unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

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

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

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

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative

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events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases

in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

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

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Real Estate Securities –** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund's real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**REITs** – Investing in real estate investment trusts ("REITs") involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs

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may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.

**Structure Conflicts** – Transamerica Asset Management, Inc. ("TAM"), the fund's investment manager, has established an investment program whereby a substantial portion of the fund's assets are invested in underlying Transamerica mutual funds. TAM has also included TAM-sponsored ETFs as investment options for the fund. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

The fund may invest in underlying Transamerica-sponsored ETFs. To the extent the fund holds a large portion of the outstanding shares of a Transamerica-sponsored ETF and/or represents a large percentage of the trading volume of a Transamerica-sponsored ETF, this could prevent the fund from selling shares of the Transamerica-sponsored ETF on the exchange at such times or price or in such amounts as it may otherwise desire. These risks are in addition to other risks of investing in ETFs.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

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

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

Prior to August 28, 2020, the fund had a portfolio construction manager and used different investment strategies. The performance set forth prior to that date is attributable to the previous portfolio construction manager and the investment strategies then in effect.

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

![](g93604img059068a94.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 24.48% |
| Worst Quarter: | 3/31/2020 | -24.07% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  |  |  | 3/1/2002 |
| Return before taxes | 14.77% | 8.66% | 9.71% |  |  |
| Return after taxes on <br> distributions<br>| 12.95% | 7.10% | 7.74% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 10.07% | 6.53% | 7.33% |  |  |
| Class C (Return before <br> taxes only)<br>| 19.49% | 9.03% | 9.48% |  | 11/11/2002 |
| Class I (Return before <br> taxes only)<br>| 21.76% | 10.31% | 10.69% |  | 11/30/2009 |
| Class R (Return before <br> taxes only)<br>| 21.14% | 9.65% | 10.06% |  | 6/15/2006 |
| Class R3 (Return before <br> taxes only)<br>| 21.67% | N/A | N/A | 11.99% | 3/1/2022 |
| MSCI World Index <br> (reflects no deduction <br> for fees, expenses or <br> taxes, except foreign <br> withholding taxes)<br>| 21.09% | 12.15% | 12.17% |  |  |

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The total return information for Class C and Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

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

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* |
| Alexandra Wilson-Elizondo | Portfolio Manager | since January 2022 |
| Siwen Wu | Portfolio Manager | since March 2024 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services,

Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R or Class R3 shares.

Class R shares are intended for purchase by participants in certain retirement plans such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans and non-qualified deferred compensation plans (eligible retirement plans), and under the following conditions: Class R shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible retirement plans where Class R shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

Class R3 shares are intended for purchase by investors with IRAs sponsored by an affiliate of Transamerica Asset Management, Inc., when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds or its agents to utilize Class R3 shares in certain investment products or programs.

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

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

Transamerica Asset Allocation-Growth Portfolio

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**Transamerica Asset Allocation-Moderate Growth Portfolio**

**Investment Objective:** Seeks capital appreciation with current income as a secondary objective.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **R** | **R3** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |  |  |

---

<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **R** | **R3** |
| Management fees | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  | 0.50% | 0.25% |
| Other expenses | 0.12% | 0.18% | 0.14% | 0.10% | 0.19% |
| Acquired fund fees and <br> expenses<sup>1</sup><br>| 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Total annual fund operating <br> expenses<br>| 1.12% | 1.93% | 0.89% | 1.35% | 1.19% |
| Fee waiver and/or expense <br> reimbursement<sup>2</sup><br>| 0.00% | 0.00% | 0.10%<sup>3</sup> | 0.00% | 0.24% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 1.12% | 1.93% | 0.79% | 1.35% | 0.95% |

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Acquired fund fees and expenses reflect the fund's pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund's prospectus.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.52% for Class A shares, 1.32% for Class C shares, 0.29% for Class I shares, 0.76% for Class R shares and 0.30% for Class R3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $658 | &nbsp;&nbsp; $886 | &nbsp;&nbsp; $1133 | &nbsp;&nbsp; $1838 |
| Class C | &nbsp;&nbsp; $296 | &nbsp;&nbsp; $606 | &nbsp;&nbsp; $1042 | &nbsp;&nbsp; $2254 |
| Class I | &nbsp;&nbsp; $81 | &nbsp;&nbsp; $274 | &nbsp;&nbsp; $483 | &nbsp;&nbsp; $1087 |
| Class R | &nbsp;&nbsp; $137 | &nbsp;&nbsp; $428 | &nbsp;&nbsp; $739 | &nbsp;&nbsp; $1624 |
| Class R3 | &nbsp;&nbsp; $97 | &nbsp;&nbsp; $354 | &nbsp;&nbsp; $631 | &nbsp;&nbsp; $1422 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $658 | &nbsp;&nbsp; $886 | &nbsp;&nbsp; $1133 | &nbsp;&nbsp; $1838 |
| Class C | &nbsp;&nbsp; $196 | &nbsp;&nbsp; $606 | &nbsp;&nbsp; $1042 | &nbsp;&nbsp; $2254 |
| Class I | &nbsp;&nbsp; $81 | &nbsp;&nbsp; $274 | &nbsp;&nbsp; $483 | &nbsp;&nbsp; $1087 |
| Class R | &nbsp;&nbsp; $137 | &nbsp;&nbsp; $428 | &nbsp;&nbsp; $739 | &nbsp;&nbsp; $1624 |
| Class R3 | &nbsp;&nbsp; $97 | &nbsp;&nbsp; $354 | &nbsp;&nbsp; $631 | &nbsp;&nbsp; $1422 |

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

Transamerica Asset Allocation-Moderate Growth Portfolio

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During the most recent fiscal year, the portfolio turnover rate for the fund was 13% of the average value of its portfolio.

**Principal Investment Strategies:** The fund is a fund of funds that seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds ("underlying funds"). The fund's sub-adviser, Goldman Sachs Asset Management, L.P. (the "sub-adviser"), follows an investment process that involves longer-term portfolio positioning through strategic asset allocation and dynamic asset allocation to pursue shorter-term opportunities based on the sub-adviser's views of current market conditions.

• Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 70% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 30% of net assets in fixed-income securities, which may include bonds, convertible securities, cash, cash equivalents, and other money market instruments. These percentages may vary.

• The underlying funds may invest in a variety of U.S. and foreign equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts ("REITs") and derivatives.

The sub-adviser develops and implements a strategic asset allocation for the fund. The sub-adviser seeks to budget the fund's long term investment risk exposure across various risk factors to establish a diversified strategic asset allocation. An important component of the sub-adviser's process is allocating risk across asset classes and strategies to increase diversification and, potentially, reduce volatility.

The sub-adviser may dynamically adjust the fund's asset allocation as part of its investment process in response to certain changes in the markets, the economic cycle and the macroeconomic environment. This dynamic asset allocation may change the fund's portfolio positioning based on the sub-adviser's short- to medium-term market views on dislocations and attractive investment opportunities. These views may impact the relative weights across asset classes, and the allocation to geographies, sectors and industries, as well as the fund's duration and sensitivity to inflation.

Allocation of assets among the underlying funds is based on factors such as diversification, general market views and outlooks, volatility in the equity markets, historical performance, current valuations, and other global economic factors.

The fund may invest directly in U.S. government securities and/or short-term commercial paper.

The fund's investment manager, among other things, oversees and monitors the sub-adviser and is solely responsible for selecting the underlying funds among which the sub-adviser may allocate the fund's assets. After the underlying funds have been selected, the sub-adviser determines which underlying funds it wishes to utilize to allocate the fund's assets. The sub-adviser is not required to utilize all of the underlying funds selected by the manager in seeking to fulfill the fund's target asset allocation.

The sub-adviser may invest up to 10% of the fund's net assets in underlying Transamerica-sponsored and third-party exchange-traded funds ("underlying ETFs") that the sub-adviser selects as part of the sub-adviser's asset allocation for the fund. The fund may, but is not required to, invest directly in futures contracts as part of the sub-adviser's dynamic asset allocation. The use of futures would generally be limited to exchange-traded developed market equity index and U.S. Treasury futures. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the underlying funds and underlying ETFs.

It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds.

Each underlying fund and underlying ETF has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund and adviser or sub-adviser for each underlying ETF decides which securities to purchase and sell for that underlying fund or underlying ETF. The fund's ability to achieve its investment objective depends largely on the performance of the underlying funds and underlying ETFs.

The "Underlying Funds" section of the prospectus lists the underlying Transamerica Funds currently available for investment by the fund, provides a summary of their respective investment objectives and principal investment strategies, and identifies certain risks of those funds.

The manager may change the underlying Transamerica Funds, and the sub-adviser may change the fund's asset allocation, at any time without notice to shareholders and without shareholder approval.

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

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

Transamerica Asset Allocation-Moderate Growth Portfolio

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

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

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

**Asset Allocation –** The fund's investment performance is significantly impacted by the fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Underlying Funds** – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the fund's prospectus identifies certain risks of each underlying fund.

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

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

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Asset Class Variation** – The underlying funds or ETFs invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying fund or ETF may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds or ETFs at any given time, and the percentage of the fund's assets invested in various underlying funds or ETFs, the fund's actual exposure to the securities in a

Transamerica Asset Allocation-Moderate Growth Portfolio

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particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the fund's performance.

**Commodities and Commodity-Related Securities** – Commodities and commodity-related businesses or industries are subject to changes and volatility in commodity prices generally, regulatory, economic and political developments, weather events and natural disasters, tariffs and trade disruptions, and market disruptions. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments also are subject to the credit risk associated with the issuer, and their value may decline substantially if the issuer's creditworthiness deteriorates.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

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

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

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or

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

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that

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restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Floating Rate Loans** – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan's issuer, and adversely affect the fund's investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated,

less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

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

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases

Transamerica Asset Allocation-Moderate Growth Portfolio

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in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

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

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Real Estate Securities –** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund's real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to

the risks associated with that one area or property type. The value of the fund's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**REITs** – Investing in real estate investment trusts ("REITs") involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.

**Structure Conflicts** – Transamerica Asset Management, Inc. ("TAM"), the fund's investment manager, has established an investment program whereby a substantial portion of the fund's assets are invested in underlying Transamerica mutual funds. TAM has also included TAM-sponsored ETFs as investment options for the fund. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

The fund may invest in underlying Transamerica-sponsored ETFs. To the extent the fund holds a large portion of the outstanding shares of a Transamerica-sponsored ETF and/or represents a large percentage of the trading volume of a Transamerica-sponsored ETF, this could prevent the fund from selling shares of the Transamerica-sponsored ETF on the exchange at such times or price or in such amounts as it may otherwise desire. These risks are in addition to other risks of investing in ETFs.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the

Transamerica Asset Allocation-Moderate Growth Portfolio

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U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

Prior to August 28, 2020, the fund had a portfolio construction manager and used different investment strategies. The performance set forth prior to that date is attributable to the previous portfolio construction manager and the investment strategies then in effect.

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

![](g93604imgc9ce24fb5.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 18.73% |
| Worst Quarter: | 3/31/2020 | -17.65% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  |  |  | 3/1/2002 |
| Return before taxes | 11.53% | 6.08% | 7.69% |  |  |
| Return after taxes on <br> distributions<br>| 9.60% | 4.53% | 5.84% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 7.83% | 4.39% | 5.65% |  |  |
| Class C (Return before <br> taxes only)<br>| 16.02% | 6.42% | 7.47% |  | 11/11/2002 |
| Class I (Return before <br> taxes only)<br>| 18.32% | 7.65% | 8.63% |  | 11/30/2009 |
| Class R (Return before <br> taxes only)<br>| 17.66% | 7.03% | 8.03% |  | 6/15/2006 |
| Class R3 (Return before <br> taxes only)<br>| 18.12% | N/A | N/A | 9.05% | 3/1/2022 |
| MSCI World Index <br> (reflects no deduction <br> for fees, expenses or <br> taxes, except foreign <br> withholding taxes)<br>| 21.09% | 12.15% | 12.17% |  |  |
| Transamerica Asset <br> Allocation – Moderate <br> Growth Portfolio <br> Blended Benchmark<sup>1</sup><br>| 16.90% | 8.39% | 9.57% |  |  |

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<sup>1</sup> The Transamerica Asset Allocation – Moderate Growth Portfolio Blended Benchmark consists of 30% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 70% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign withholding taxes).

The total return information for Class C and Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

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

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

Transamerica Asset Allocation-Moderate Growth Portfolio

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**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* |
| Alexandra Wilson-Elizondo | Portfolio Manager | since January 2022 |
| Siwen Wu | Portfolio Manager | since March 2024 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R or Class R3 shares.

Class R shares are intended for purchase by participants in certain retirement plans such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans and non-qualified deferred compensation plans (eligible retirement plans), and under the following conditions: Class R shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible retirement plans where Class R shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

Class R3 shares are intended for purchase by investors with IRAs sponsored by an affiliate of Transamerica Asset Management, Inc., when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds or its agents to utilize Class R3 shares in certain investment products or programs.

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

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

Transamerica Asset Allocation-Moderate Growth Portfolio

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**Transamerica Asset Allocation-Moderate Portfolio**

**Investment Objective:** Seeks capital appreciation and current income.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **R** | **R3** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **R** | **R3** |
| Management fees | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  | 0.50% | 0.25% |
| Other expenses | 0.13% | 0.18% | 0.15% | 0.10% | 0.20% |
| Acquired fund fees and <br> expenses<sup>1</sup><br>| 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Total annual fund operating <br> expenses<br>| 1.07% | 1.87% | 0.84% | 1.29% | 1.14% |
| Fee waiver and/or expense <br> reimbursement<sup>2</sup><br>| 0.00% | 0.00% | 0.10%<sup>3</sup> | 0.00% | 0.20% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 1.07% | 1.87% | 0.74% | 1.29% | 0.94% |

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Acquired fund fees and expenses reflect the fund's pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund's prospectus.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.52% for Class A shares, 1.31% for Class C shares, 0.29% for Class I shares, 0.75% for Class R shares and 0.35% for Class R3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $653 | &nbsp;&nbsp; $872 | &nbsp;&nbsp; $1108 | &nbsp;&nbsp; $1784 |
| Class C | &nbsp;&nbsp; $290 | &nbsp;&nbsp; $588 | &nbsp;&nbsp; $1011 | &nbsp;&nbsp; $2190 |
| Class I | &nbsp;&nbsp; $76 | &nbsp;&nbsp; $258 | &nbsp;&nbsp; $456 | &nbsp;&nbsp; $1028 |
| Class R | &nbsp;&nbsp; $131 | &nbsp;&nbsp; $409 | &nbsp;&nbsp; $708 | &nbsp;&nbsp; $1556 |
| Class R3 | &nbsp;&nbsp; $96 | &nbsp;&nbsp; $342 | &nbsp;&nbsp; $608 | &nbsp;&nbsp; $1368 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $653 | &nbsp;&nbsp; $872 | &nbsp;&nbsp; $1108 | &nbsp;&nbsp; $1784 |
| Class C | &nbsp;&nbsp; $190 | &nbsp;&nbsp; $588 | &nbsp;&nbsp; $1011 | &nbsp;&nbsp; $2190 |
| Class I | &nbsp;&nbsp; $76 | &nbsp;&nbsp; $258 | &nbsp;&nbsp; $456 | &nbsp;&nbsp; $1028 |
| Class R | &nbsp;&nbsp; $131 | &nbsp;&nbsp; $409 | &nbsp;&nbsp; $708 | &nbsp;&nbsp; $1556 |
| Class R3 | &nbsp;&nbsp; $96 | &nbsp;&nbsp; $342 | &nbsp;&nbsp; $608 | &nbsp;&nbsp; $1368 |

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

Transamerica Asset Allocation-Moderate Portfolio

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During the most recent fiscal year, the portfolio turnover rate for the fund was 21% of the average value of its portfolio.

**Principal Investment Strategies:** The fund is a fund of funds that seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds ("underlying funds"). The fund's sub-adviser, Goldman Sachs Asset Management, L.P. (the "sub-adviser"), follows an investment process that involves longer-term portfolio positioning through strategic asset allocation and dynamic asset allocation to pursue shorter-term opportunities based on the sub-adviser's views of current market conditions.

• Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 50% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 50% of net assets in fixed-income securities, which may include bonds, convertible securities, cash, cash equivalents, and other money market instruments. These percentages may vary.

• The underlying funds may invest in a variety of U.S. and foreign (including emerging markets) equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts ("REITs") and derivatives.

The sub-adviser develops and implements a strategic asset allocation for the fund. The sub-adviser seeks to budget the fund's long term investment risk exposure across various risk factors to establish a diversified strategic asset allocation. An important component of the sub-adviser's process is allocating risk across asset classes and strategies to increase diversification and, potentially, reduce volatility.

The sub-adviser may dynamically adjust the fund's asset allocation as part of its investment process in response to certain changes in the markets, the economic cycle and the macroeconomic environment. This dynamic asset allocation may change the fund's portfolio positioning based on the sub-adviser's short- to medium-term market views on dislocations and attractive investment opportunities. These views may impact the relative weights across asset classes, and the allocation to geographies, sectors and industries, as well as the fund's duration and sensitivity to inflation.

Allocation of assets among the underlying funds is based on factors such as diversification, general market views and outlooks, volatility in the equity markets, historical performance, current valuations, and other global economic factors.

The fund may invest directly in U.S. government securities and/or short-term commercial paper.

The fund's investment manager, among other things, oversees and monitors the sub-adviser and is solely responsible for selecting the underlying funds among which the sub-adviser may allocate the fund's assets. After the underlying funds have been selected, the sub-adviser determines which underlying funds it wishes to utilize to allocate the fund's assets. The sub-adviser is not required to utilize all of the underlying funds selected by the manager in seeking to fulfill the fund's target asset allocation.

The sub-adviser may invest up to 10% of the fund's net assets in underlying Transamerica-sponsored and third-party exchange-traded funds ("underlying ETFs") that the sub-adviser selects as part of the sub-adviser's asset allocation for the fund. The fund may, but is not required to, invest directly in futures contracts as part of the sub-adviser's dynamic asset allocation. The use of futures would generally be limited to exchange-traded developed market equity index and U.S. Treasury futures. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the underlying funds and underlying ETFs.

It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds.

Each underlying fund and underlying ETF has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund and adviser or sub-adviser for each underlying ETF decides which securities to purchase and sell for that underlying fund or underlying ETF. The fund's ability to achieve its investment objective depends largely on the performance of the underlying funds and underlying ETFs.

The "Underlying Funds" section of the prospectus lists the underlying Transamerica Funds currently available for investment by the fund, provides a summary of their respective investment objectives and principal investment strategies, and identifies certain risks of those funds.

The manager may change the underlying Transamerica Funds, and the sub-adviser may change the fund's asset allocation, at any time without notice to shareholders and without shareholder approval.

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

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

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

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

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

**Asset Allocation –** The fund's investment performance is significantly impacted by the fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Underlying Funds** – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the fund's prospectus identifies certain risks of each underlying fund.

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

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

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Asset Class Variation** – The underlying funds and ETFs invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying fund or ETF may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds and ETFs at any given time, and the percentage of the fund's assets invested in various underlying funds and ETFs, the fund's actual exposure to the securities

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in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the fund's performance.

**Commodities and Commodity-Related Securities** – Commodities and commodity-related businesses or industries are subject to changes and volatility in commodity prices generally, regulatory, economic and political developments, weather events and natural disasters, tariffs and trade disruptions, and market disruptions. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments also are subject to the credit risk associated with the issuer, and their value may decline substantially if the issuer's creditworthiness deteriorates.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

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

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

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or

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

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that

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restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Floating Rate Loans** – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan's issuer, and adversely affect the fund's investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated,

less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

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

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases

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in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

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

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Real Estate Securities –** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund's real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to

the risks associated with that one area or property type. The value of the fund's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**REITs** – Investing in real estate investment trusts ("REITs") involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.

**Structure Conflicts** – Transamerica Asset Management, Inc. ("TAM"), the fund's investment manager, has established an investment program whereby a substantial portion of the fund's assets are invested in underlying Transamerica mutual funds. TAM has also included TAM-sponsored ETFs as investment options for the fund. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

The fund may invest in underlying Transamerica-sponsored ETFs. To the extent the fund holds a large portion of the outstanding shares of a Transamerica-sponsored ETF and/or represents a large percentage of the trading volume of a Transamerica-sponsored ETF, this could prevent the fund from selling shares of the Transamerica-sponsored ETF on the exchange at such times or price or in such amounts as it may otherwise desire. These risks are in addition to other risks of investing in ETFs.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the

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U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

Prior to August 28, 2020, the fund had a portfolio construction manager and used different investment strategies. The performance set forth prior to that date is attributable to the previous portfolio construction manager and the investment strategies then in effect.

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

![](g93604img91452eb66.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 14.40% |
| Worst Quarter: | 3/31/2020 | -12.75% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  |  |  | 3/1/2002 |
| Return before taxes | 8.55% | 4.01% | 6.00% |  |  |
| Return after taxes on <br> distributions<br>| 6.66% | 2.58% | 4.38% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 5.80% | 2.73% | 4.29% |  |  |
| Class C (Return before <br> taxes only)<br>| 12.92% | 4.36% | 5.78% |  | 11/11/2002 |
| Class I (Return before <br> taxes only)<br>| 15.21% | 5.56% | 6.92% |  | 11/30/2009 |
| Class R (Return before <br> taxes only)<br>| 14.57% | 4.94% | 6.36% |  | 6/15/2006 |
| Class R3 (Return before <br> taxes only)<br>| 15.08% | N/A | N/A | 6.70% | 3/1/2022 |
| MSCI World Index <br> (reflects no deduction <br> for fees, expenses or <br> taxes, except foreign <br> withholding taxes)<br>| 21.09% | 12.15% | 12.17% |  |  |
| Transamerica Asset <br> Allocation – Moderate <br> Portfolio Blended <br> Benchmark<sup>1</sup><br>| 14.13% | 5.88% | 7.45% |  |  |

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<sup>1</sup> The Transamerica Asset Allocation – Moderate Portfolio Blended Benchmark consists of 50% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 50% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign withholding taxes).

The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

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

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

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**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* |
| Alexandra Wilson-Elizondo | Portfolio Manager | since January 2022 |
| Siwen Wu | Portfolio Manager | since March 2024 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R or Class R3 shares.

Class R shares are intended for purchase by participants in certain retirement plans such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans and non-qualified deferred compensation plans (eligible retirement plans), and under the following conditions: Class R shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible retirement plans where Class R shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

Class R3 shares are intended for purchase by investors with IRAs sponsored by an affiliate of Transamerica Asset Management, Inc., when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds or its agents to utilize Class R3 shares in certain investment products or programs.

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

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

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**Transamerica Bond**

**Investment Objective:** Seeks to provide high total return through a combination of current income and capital appreciation.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 4.75% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.20% | 0.13% | 0.14% | 0.05% | 0.05% |
| Total annual fund operating <br> expenses<br>| 0.84% | 1.52% | 0.53% | 0.44% | 0.44% |
| Fee waiver and/or expense <br> reimbursement<sup>1</sup><br>| 0.00% | 0.00% | 0.03% | 0.00% | 0.00% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 0.84% | 1.52% | 0.50% | 0.44% | 0.44% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.90% for Class A shares, 1.57% for Class C shares, 0.50% for Class I shares, 0.48% for Class I2 shares and 0.48% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses,

interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $557 | &nbsp;&nbsp; $730 | &nbsp;&nbsp; $919 | &nbsp;&nbsp; $1463 |
| Class C | &nbsp;&nbsp; $255 | &nbsp;&nbsp; $480 | &nbsp;&nbsp; $829 | &nbsp;&nbsp; $1813 |
| Class I | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $167 | &nbsp;&nbsp; $293 | &nbsp;&nbsp; $662 |
| Class I2 | &nbsp;&nbsp; $45 | &nbsp;&nbsp; $141 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $555 |
| Class R6 | &nbsp;&nbsp; $45 | &nbsp;&nbsp; $141 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $555 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $557 | &nbsp;&nbsp; $730 | &nbsp;&nbsp; $919 | &nbsp;&nbsp; $1463 |
| Class C | &nbsp;&nbsp; $155 | &nbsp;&nbsp; $480 | &nbsp;&nbsp; $829 | &nbsp;&nbsp; $1813 |
| Class I | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $167 | &nbsp;&nbsp; $293 | &nbsp;&nbsp; $662 |
| Class I2 | &nbsp;&nbsp; $45 | &nbsp;&nbsp; $141 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $555 |
| Class R6 | &nbsp;&nbsp; $45 | &nbsp;&nbsp; $141 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $555 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 59% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), invests, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities, which may include dollar rolls, U.S. government and foreign government bonds and notes (including

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emerging markets), mortgage-backed, commercial mortgage-backed, and asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), convertible bonds and other convertible securities, bank loans and loan participations, structured notes, and preferred securities.

Under normal circumstances, at least 70% of the fund's net assets will be invested in (a) debt securities rated investment grade or higher (rated at least BBB by Standard & Poor's or Fitch or Baa by Moody's) by at least two rating agencies or, if unrated, are determined to be of comparable quality by the sub-adviser; (b) securities issued or guaranteed by the U.S. government or its agencies or instrumentalities; (c) commercial paper rated Prime, Prime-1 or Prime-2 by NCO/Moody's Commercial Paper Division, or A-1 or A-2 by Standard & Poor's; and/or (d) cash or cash equivalents. Up to 30% of the fund's net assets may be invested in debt securities that do not meet the investment grade criteria referred to above (commonly known as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser). The fund may invest in securities of any maturity and does not have a target average duration.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environments and global asset classes and proprietary "bottom-up" research of sectors, industries, issuers and individual securities. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement and relative value of markets and securities prices worldwide. In its proprietary "bottom-up" research of corporate and sovereign debt and other fixed-income securities, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, commercial mortgage-backed securities, certain asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), structured notes, certain preferred securities, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in dollar rolls, U.S. government bonds and notes, U.S. agency securities, convertible bonds, other convertible securities, certain bank loans and loan participations, asset-backed commercial paper, cash, certain cash equivalent securities, equity securities, common stocks, rights, warrants, derivatives, repurchase

agreements and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations.

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

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers

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behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

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

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

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is

unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

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

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**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

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

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to

the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Bank Obligations –** Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended,

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and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

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

**Distressed or Defaulted Securities –** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Dollar Rolls –** The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund's ability to purchase or repurchase securities may be restricted.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Floating Rate Loans** – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan's issuer, and adversely affect the fund's investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices,

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and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Hedging** – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

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

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

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Municipal Securities –** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single

project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established

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legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Structured Instruments –** The fund may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. Structured instruments may be leveraged and may behave in ways not anticipated by the fund, or they may not receive tax, accounting or regulatory treatment anticipated by the fund. Structured instruments may also be less liquid and more difficult to value accurately than more traditional securities and instruments.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**To Be Announced (TBA) Transactions** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

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

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

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

![](g93604imgc0e583317.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 6.97% |
| Worst Quarter: | 6/30/2022 | -6.45% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Class A |  |  |  | 6/29/1987 |
| Return before taxes | 1.69% | -1.07% | 1.95% |  |
| Return after taxes on distributions | 0.00% | -2.44% | 0.52% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 0.97% | -1.39% | 0.87% |  |
| Class C (Return before taxes only) | 5.09% | -0.75% | 1.77% | 11/11/2002 |
| Class I (Return before taxes only) | 7.28% | 0.28% | 2.83% | 11/30/2009 |
| Class I2 (Return before taxes only) | 7.35% | 0.32% | 2.90% | 11/8/2004 |
| Class R6 (Return before taxes only) | 7.35% | 0.32% | 2.89% | 5/29/2015 |
| Bloomberg US Aggregate Bond Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 7.30% | -0.36% | 2.01% |  |

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

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Tyler A. Knight, CFA | Portfolio Manager | since April 2021 |
| Brian W. Westhoff, CFA | Portfolio Manager | since August 2005 |
| Norbert King | Portfolio Manager | since March 2025 |
| Sivakumar N. Rajan | Portfolio Manager | since December 2022 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone

at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

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**Transamerica Capital Growth**

**Investment Objective:** Seeks to maximize long-term growth.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.18% | 0.20% | 0.15% | 0.05% | 0.05%<sup>1</sup> |
| *Recaptured expense*<sup>2</sup> | *0.02%* | *0.01%* | *0.00%* | *0.00%* | *0.00%* |
| *All other expenses* | *0.16%* | *0.19%* | *0.15%* | *0.05%* | *0.05%* |
| Total annual fund operating <br> expenses<br>| 1.11% | 1.88% | 0.83% | 0.73% | 0.73% |
| Fee waiver and/or expense <br> reimbursement<sup>2</sup><br>| 0.00% | 0.00% | 0.01% | 0.00% | 0.00% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 1.11% | 1.88% | 0.82% | 0.73% | 0.73% |

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Other expenses are based on estimates for the current fiscal year.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.11% for Class A shares, 1.88% for Class

C shares, 0.82% for Class I shares, 0.74% for Class I2 shares and 0.74% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $657 | &nbsp;&nbsp; $883 | &nbsp;&nbsp; $1128 | &nbsp;&nbsp; $1827 |
| Class C | &nbsp;&nbsp; $291 | &nbsp;&nbsp; $591 | &nbsp;&nbsp; $1016 | &nbsp;&nbsp; $2201 |
| Class I | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $264 | &nbsp;&nbsp; $460 | &nbsp;&nbsp; $1024 |
| Class I2 | &nbsp;&nbsp; $75 | &nbsp;&nbsp; $233 | &nbsp;&nbsp; $406 | &nbsp;&nbsp; $906 |
| Class R6 | &nbsp;&nbsp; $75 | &nbsp;&nbsp; $233 | &nbsp;&nbsp; $406 | &nbsp;&nbsp; $906 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $657 | &nbsp;&nbsp; $883 | &nbsp;&nbsp; $1128 | &nbsp;&nbsp; $1827 |
| Class C | &nbsp;&nbsp; $191 | &nbsp;&nbsp; $591 | &nbsp;&nbsp; $1016 | &nbsp;&nbsp; $2201 |
| Class I | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $264 | &nbsp;&nbsp; $460 | &nbsp;&nbsp; $1024 |
| Class I2 | &nbsp;&nbsp; $75 | &nbsp;&nbsp; $233 | &nbsp;&nbsp; $406 | &nbsp;&nbsp; $906 |
| Class R6 | &nbsp;&nbsp; $75 | &nbsp;&nbsp; $233 | &nbsp;&nbsp; $406 | &nbsp;&nbsp; $906 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 74% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Morgan Stanley Investment Management Inc. (the "sub-adviser"), under normal circumstances, seeks long-term capital growth by investing primarily in established and emerging companies with capitalizations at the time of purchase within the range of companies included

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in the Russell 1000<sup>®</sup> Growth Index<sup>1</sup>, which as of December 31, 2025, was between $1.57 billion and $4.53 trillion. The fund typically invests in a relatively small number of companies. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries, securities classified as American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), American Depositary Shares ("ADSs") or Global Depositary Shares ("GDSs"), foreign U.S. dollar denominated securities that are traded on a U.S. exchange and local shares of non-U.S. issuers. The sub-adviser considers an issuer to be from a particular country if (i) its principal securities trading market is in that country; (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue from goods produced, sales made or services performed in that country; or (iii) it is organized under the laws of, or has a principal office in, that country. By applying these tests, it is possible that a particular company could be deemed to be from more than one country. The securities in which the fund may invest may be denominated in U.S. dollars or in currencies other than U.S. dollars. The fund may, but is not required to, utilize foreign currency forward exchange contracts, which are derivatives, in connection with investments in foreign securities, and may, but is not required to, purchase and sell certain derivative instruments, such as options, for various portfolio management purposes. The fund's equity investments may include common and preferred stocks, convertible securities, rights and warrants to purchase common stocks, depositary receipts, exchange-traded funds ("ETFs"), and other specialty securities having equity features. The fund may also invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. The fund may invest in companies with significant exposure to digital assets, such as Bitcoin, or the digital asset ecosystem. The fund does not invest directly in digital assets.

The sub-adviser emphasizes a "bottom-up" stock selection process, seeking attractive investments on an individual company basis. The sub-adviser integrates environmental, social and governance ("ESG") factors into its investment process by using ESG factors as a lens for additional fundamental research, which can contribute to its investment decision-making. This analysis of ESG factors is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG factors when making investment decisions.

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the

key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

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

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

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

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

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**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

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

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

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

**Information Technology Sector –** Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face

unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

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

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

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**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

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

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential

for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Digital Assets –** The fund may gain economic exposure to Bitcoin or other digital assets through investments in operating companies that accumulate Bitcoin or other digital assets and/or provide Bitcoin- or other digital assets-related products and services, and consequently the fund's performance is subject to the risks of the applicable digital assets and the risks of the digital assets industry more generally. The trading prices of many digital assets have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Bitcoin or other digital assets to which the fund has economic exposure could have a material adverse effect on the value of the fund's shares. Digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry. Changes in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively affect that digital asset network's ability to grow and respond to challenges.

Cryptocurrencies, such as Bitcoin, are a subset of digital assets designed to act as a medium of exchange. Despite being referred to as "currencies," crypto assets are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender. The value of digital assets is determined by supply and demand in the global markets, which consist primarily of transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading

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platforms is highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

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

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including

holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Small and Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's

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sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Warrants and Rights –** Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

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

![](g93604img9eecc10c8.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 57.81% |
| Worst Quarter: | 6/30/2022 | -41.29% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  |  |  | 11/13/2009 |
| Return before taxes | 13.90% | -1.07% | 13.75% |  |  |
| Return after taxes on <br> distributions<br>| 13.90% | -1.87% | 11.74% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 8.23% | -0.81% | 10.80% |  |  |
| Class C (Return before <br> taxes only)<br>| 18.63% | -0.71% | 13.53% |  | 11/13/2009 |
| Class I (Return before <br> taxes only)<br>| 20.86% | 0.37% | 14.72% |  | 11/30/2009 |
| Class I2 (Return before <br> taxes only)<br>| 20.94% | 0.43% | 14.82% |  | 9/30/2011 |
| Class R6 (Return before <br> taxes only)<br>| 20.94% | 0.43% | N/A | 14.76% | 10/18/2019 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> <br> (reflects no deduction <br> for fees, expenses or <br> taxes)<br>| 17.15% | 13.15% | 14.29% |  |  |
| Russell 1000<sup>®</sup> Growth <br> Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 18.56% | 15.32% | 18.13% |  |  |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is

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made through a tax-exempt or tax-deferred account, such as a 401(k) plan. In certain cases, returns after taxes on distributions and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because they reflect certain tax benefits.

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management Inc.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management Inc.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management Inc.<br> *Portfolio Managers:* |
| Dennis P. Lynch | Lead Portfolio Manager | since April 2011 |
| Sam G. Chainani, CFA | Portfolio Manager | since April 2011 |
| Jason C. Yeung, CFA | Portfolio Manager | since April 2011 |
| Armistead B. Nash | Portfolio Manager | since April 2011 |
| Alexander T. Norton | Portfolio Manager | since April 2011 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds,

and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

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**Transamerica Core Bond**

**Investment Objective:** Seeks to achieve maximum total return.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 4.75% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.13% | 0.19% | 0.15% | 0.05% | 0.05% |
| Total annual fund operating <br> expenses<br>| 0.76% | 1.57% | 0.53% | 0.43% | 0.43% |
| Fee waiver and/or expense <br> reimbursement<sup>1</sup><br>| 0.00% | 0.05% | 0.09%<sup>2</sup> | 0.00% | 0.00% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 0.76% | 1.52% | 0.44% | 0.43% | 0.43% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.79% for Class A shares, 1.52% for Class C shares, 0.56% for Class I shares, 0.46% for Class I2 and 0.46% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest

(including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

TAM has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture.

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

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

------

**If the shares are redeemed at the end of each period:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $549 | &nbsp;&nbsp; $706 | &nbsp;&nbsp; $877 | &nbsp;&nbsp; $1372 |
| Class C | &nbsp;&nbsp; $255 | &nbsp;&nbsp; $491 | &nbsp;&nbsp; $850 | &nbsp;&nbsp; $1863 |
| Class I | &nbsp;&nbsp; $45 | &nbsp;&nbsp; $161 | &nbsp;&nbsp; $287 | &nbsp;&nbsp; $656 |
| Class I2 | &nbsp;&nbsp; $44 | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $241 | &nbsp;&nbsp; $542 |
| Class R6 | &nbsp;&nbsp; $44 | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $241 | &nbsp;&nbsp; $542 |

---

**If the shares are not redeemed:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $549 | &nbsp;&nbsp; $706 | &nbsp;&nbsp; $877 | &nbsp;&nbsp; $1372 |
| Class C | &nbsp;&nbsp; $155 | &nbsp;&nbsp; $491 | &nbsp;&nbsp; $850 | &nbsp;&nbsp; $1863 |
| Class I | &nbsp;&nbsp; $45 | &nbsp;&nbsp; $161 | &nbsp;&nbsp; $287 | &nbsp;&nbsp; $656 |
| Class I2 | &nbsp;&nbsp; $44 | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $241 | &nbsp;&nbsp; $542 |
| Class R6 | &nbsp;&nbsp; $44 | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $241 | &nbsp;&nbsp; $542 |

---

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 75% of the average value of its portfolio.

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**Principal Investment Strategies:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, primarily in investment grade debt securities, which may include: investment grade corporate securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. Investment grade debt securities carry a rating of at least BBB from Standard & Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the sub-adviser. The fund's weighted average duration will typically range from 3 to 10 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The fund may also invest in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs") and collateralized debt obligations ("CDOs")), commercial mortgage-backed securities ("CMBS"), high quality short-term debt obligations, dollar rolls and repurchase agreements. The fund's investments may include debt securities of foreign issuers, including emerging market debt securities. The fund may invest in securities that are denominated in U.S. dollars and in foreign currencies.

The fund may invest up to 10% of its net assets in emerging market debt securities and up to 10% of its net assets in high-yield debt securities (commonly referred to as "junk bonds"), but may invest no more than 15% of its net assets in emerging market debt securities and high-yield debt securities combined. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser).

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate, government and agency debt, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movements of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine sector, security, yield curve, and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for investment grade corporate debt securities, foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper)

and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, asset-backed commercial paper, dollar rolls, repurchase agreements, derivatives, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

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

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence

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and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

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

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

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases

in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

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

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or

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volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

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

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to

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suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Dollar Rolls –** The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund's ability to purchase or repurchase securities may be restricted.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Hedging** – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

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

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

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Municipal Securities –** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors.

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To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred

to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**To Be Announced (TBA) Transactions** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may

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increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

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

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

Total returns in the bar chart and returns after taxes in the table are presented for Class I2 shares because Class I2 shares is the class with the longest period of annual returns. For the most immediately preceding period, such information was presented for Class R6 shares.

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**Annual Total Returns (calendar year ended December 31) - Class I2**

![](g93604img170f1ab99.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2023 | 6.75% |
| Worst Quarter: | 3/31/2022 | -5.56% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class I2 |  |  |  | 3/24/2017 |
| Return before taxes | 6.96% | -0.22% | 2.01% |  |
| Return after taxes on distributions | 5.11% | -1.70% | 0.55% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 4.09% | -0.77% | 0.95% |  |
| Class A (Return before taxes only) | 1.69% | N/A | 3.48% | 11/1/2022 |
| Class C (Return before taxes only) | 4.93% | N/A | 4.22% | 11/1/2022 |
| Class I (Return before taxes only) | 7.09% | N/A | 5.39% | 11/1/2022 |
| Class R6 (Return before taxes only) | 7.09% | N/A | 0.21% | 5/28/2021 |
| Bloomberg US Aggregate Bond Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 7.30% | -0.36% | 0.11% | 3/24/2017 |

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Class I2 shares of the fund commenced operations on March 1, 2014. Performance information is shown for the one- and five-year periods and from the date of the reorganization of certain funds into the fund (March 24, 2017). The applicable predecessor fund, whose accounting and performance history were adopted in the reorganizations, did not offer Class I2 shares.

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

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Daniel Belton, CFA | Portfolio Manager | since March 2025 |
| Tyler A. Knight, CFA | Portfolio Manager | since October 2015 |
| Brian W. Westhoff, CFA | Portfolio Manager | since March 2014 |
| Sivakumar N. Rajan | Portfolio Manager | since May 2017 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Transamerica Core Bond

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Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

Transamerica Core Bond

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**Transamerica Emerging Markets Debt**

**Investment Objective:** Seeks to generate a high total return through a combination of capital appreciation and income.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 4.75% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses<sup>1</sup> | 0.41% | 0.30% | 0.23% | 0.13% | 0.14% |
| Total annual fund operating <br> expenses<br>| 1.29% | 1.93% | 0.86% | 0.76% | 0.77% |
| Fee waiver and/or expense <br> reimbursement<sup>2</sup><br>| 0.04% | 0.00% | 0.01% | 0.00% | 0.00% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 1.25% | 1.93% | 0.85% | 0.76% | 0.77% |

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Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the Financial Highlights table, which include overdraft charges that are considered extraordinary expenses. Had these extraordinary expenses been included, Other Expenses would have been 0.42% for Class A shares, 0.31% for Class C shares, 0.24% for Class I shares, 0.14% for Class I2 shares and 0.15% for Class R6 shares.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.25% for Class A shares, 1.96% for Class C shares, 0.85% for Class I shares, 0.80% for Class I2 shares and 0.80% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $596 | &nbsp;&nbsp; $861 | &nbsp;&nbsp; $1145 | &nbsp;&nbsp; $1954 |
| Class C | &nbsp;&nbsp; $296 | &nbsp;&nbsp; $606 | &nbsp;&nbsp; $1042 | &nbsp;&nbsp; $2254 |
| Class I | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $273 | &nbsp;&nbsp; $476 | &nbsp;&nbsp; $1060 |
| Class I2 | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $243 | &nbsp;&nbsp; $422 | &nbsp;&nbsp; $942 |
| Class R6 | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $428 | &nbsp;&nbsp; $954 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $596 | &nbsp;&nbsp; $861 | &nbsp;&nbsp; $1145 | &nbsp;&nbsp; $1954 |
| Class C | &nbsp;&nbsp; $196 | &nbsp;&nbsp; $606 | &nbsp;&nbsp; $1042 | &nbsp;&nbsp; $2254 |
| Class I | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $273 | &nbsp;&nbsp; $476 | &nbsp;&nbsp; $1060 |
| Class I2 | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $243 | &nbsp;&nbsp; $422 | &nbsp;&nbsp; $942 |
| Class R6 | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $428 | &nbsp;&nbsp; $954 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 199% of the average value of its portfolio.

Transamerica Emerging Markets Debt

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**Principal Investment Strategies:** Under normal circumstances, the fund's sub-adviser, MetLife Investment Management, LLC (the "sub-adviser"), invests at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities of issuers located in emerging market countries. Emerging market countries are countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations. Emerging market countries can include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. The fund normally invests primarily in fixed-income securities of government and government-related issuers and corporate issuers in emerging market countries, including frontier markets.

The sub-adviser seeks to identify companies in emerging market countries that the sub-adviser believes are undervalued and have attractive or improving fundamentals. The sub-adviser analyzes the global economic environment and its impact on emerging markets. The fund normally invests its assets in local currency and hard currency (such as U.S. dollars and Euros) denominated emerging markets sovereign and corporate debt issues. The fund's U.S. dollar and euro denominated sovereign exposure is expected to range between 30% and 100% and corporate exposure between 30% and 70%, and the fund's local currency sovereign and corporate exposures is expected to range between 5% and 40%. The fund's developed markets exposure will normally range between 0% and 10%. Generally, less than 10% of the fund's assets will be invested in repurchase agreements, cash and cash equivalents.

As part of its investment analysis, the sub-adviser also uses sustainability and/or environmental, social and governance ("ESG") factors to evaluate risk when determining a credit's price. The ESG process is generally taken into account for fixed income securities within the fund, including sovereign, quasi-sovereign, and corporate issuers. The sub-adviser seeks to identify material sustainability or ESG risks and opportunities by considering factors such as social impact, direct environmental impact currently, and planned impact going forward and both management and sovereign governance that have the potential to influence asset prices going forward, which can contribute to its investment decision-making. This analysis of ESG factors is subjective and not determinative in the sub-adviser's security selection process. The sub-adviser may conclude that other attributes of an investment outweigh ESG factors when making investment decisions.

The fund's holdings may range in maturity from overnight to 30 years or more and will not be subject to any minimum credit rating standard. The fund may invest in debt securities that are rated below investment grade (commonly known as "junk bonds"), including defaulted securities. The sub-adviser does not expect defaulted securities to represent more than 5% of the fund's portfolio at any one time. The sub-adviser may, but is not required to use certain derivative instruments, including the use of deliverable and non-deliverable currency forwards and/or swaps as well as interest rate futures. These instruments may be used to hedge currency risk during times of heightened market volatility, to differentiate interest rate and currency risk, to differentiate interest rate and spread risk, and to express foreign exchange views on undervalued

currencies. The sub-adviser generally considers selling a security when the sub-adviser determines that the holding no longer satisfies the fund's investment criteria.

The fund may invest in capital securities, which are hybrid securities that combine the characteristics of bonds and preferred stocks. The fund may invest in such securities in order to take advantage of the mispricing of subordinated risk within the marketplace. The sub-adviser does not expect that capital securities will represent more than 5% of the fund's assets at any one time.

The fund may also invest up to 25% of its assets in cross currency hedges, which involve the sale of one currency against the positive exposure to a different currency. Cross currency hedges may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies.

The fund may invest up to 5% of its assets in issues traded in the China Bond Connect Program.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The fund is non-diversified.

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

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may

Transamerica Emerging Markets Debt

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fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

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

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

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or

if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to

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the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Privately Placed and Other Restricted Securities** – Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

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

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Non-Diversification –** As a "non-diversified" fund, the fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the fund more susceptible to the risks associated with investing in those issuers.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

Transamerica Emerging Markets Debt

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**China** – China and other emerging market countries may be subject to considerable degrees of economic, political and social instability. Markets in China and other Asian countries are relatively new and undeveloped. China's economic health is largely dependent upon exports, and may be dependent upon the economies of other Asian countries. Investments in Chinese and other Asian issuers could be adversely affected by changes in government policies, or trade or political disputes with major trading partners, including the U.S. China's growing trade surplus with the U.S. has given rise to trade disputes and the imposition of tariffs. The U.S. has also restricted the sale of certain goods to China. In addition, the U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China's economy. China's central government exercises significant control over China's economy and may intervene in the financial markets, such as by imposing trading restrictions, and investments in Chinese issuers could be adversely affected by changes in government policies. The Chinese economy could be adversely affected by supply chain disruptions. An economic slowdown in China could adversely affect economies of other emerging market countries that trade with China, as well as companies operating in those countries. Economies of Asian countries and Asian issuers could be adversely affected by regional security threats. In addition, China's long-running conflict over Taiwan's sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict that could adversely impact the economies of China and other Asian countries, disrupt supply chains, and severely affect global economies and markets.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

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

**Distressed or Defaulted Securities –** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Frontier Markets –** Frontier market countries generally have smaller economies and even less developed capital markets and legal, regulatory and political systems than emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Hybrid Instruments –** Investing in hybrid instruments involves a combination of risks, including risks of investing in securities, commodities, options, futures, and currencies. An investment in a hybrid instrument may entail significant risks in addition to those associated with traditional fixed-income or convertible securities.

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

**Investments in the China Interbank Bond Market** – The fund is subject to additional risks when investing through China's Bond Connect program ("Bond Connect"), which allows non-Chinese investors to purchase certain fixed-income investments available from the China Interbank Bond Market ("CIBM"). The Chinese investment and banking systems are materially different

Transamerica Emerging Markets Debt

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in nature from many developed markets, which exposes investors to risks that are different from those in the U.S. because Bond Connect uses the trading infrastructure of both Hong Kong and China. If either one or both markets involved are closed on a day the fund is open, the fund may not be able to add to or exit a position on such a day, which could adversely affect the fund's performance. Securities offered through Bond Connect may lose their eligibility for trading through Bond Connect at any time, and if such an event occurs, the fund could sell, but could no longer purchase, such securities through Bond Connect. Investing through Bond Connect also includes the risk that the fund may have a limited ability to enforce rights as a bondholder as well as the risks of settlement delays and counterparty default related to the sub-custodian. Securities purchased through Bond Connect generally may not be sold, purchased, or otherwise transferred other than through Bond Connect in accordance with applicable rules.

Bond Connect is relatively new. Laws, rules, regulations, policies, notices, circulars or guidelines relating to Bond Connect as published or applied by any applicable authority are relatively untested and are subject to change from time to time. There can be no assurance that Bond Connect will not be restricted, suspended or abolished. If such event occurs, the fund's ability to invest in the CIBM through Bond Connect may be adversely affected, and if the fund is unable to adequately access the CIBM through other means, the fund's ability to achieve its investment objective may be adversely affected.

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

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

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

Transamerica Emerging Markets Debt

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

![](g93604imgd0e3b4d910.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 14.87% |
| Worst Quarter: | 3/31/2020 | -16.20% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Class A |  |  |  | 8/31/2011 |
| Return before taxes | 8.74% | 0.98% | 4.07% |  |
| Return after taxes on distributions | 6.32% | -0.93% | 2.38% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 5.10% | -0.13% | 2.38% |  |
| Class C (Return before taxes only) | 12.38% | 1.30% | 3.87% | 8/31/2011 |
| Class I (Return before taxes only) | 14.58% | 2.44% | 5.02% | 8/31/2011 |
| Class I2 (Return before taxes only) | 14.71% | 2.41% | 5.05% | 8/31/2011 |
| Class R6 (Return before taxes only) | 14.55% | 2.44% | 5.07% | 5/29/2015 |
| J.P. Morgan Emerging Markets Bond <br> Index Global (reflects no deduction <br> for fees, expenses or taxes)<br>| 13.45% | 1.74% | 4.26% |  |
| Transamerica Emerging Markets Debt <br> Blended Benchmark<sup>1</sup> (reflects no <br> deduction for fees, expenses or taxes)<br>| 13.50% | 1.85% | 4.38% |  |

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<sup>1</sup> The Transamerica Emerging Markets Debt Blended Benchmark consists of J.P. Morgan Emerging Markets Bond Index Global Index, 35%; J.P. Morgan CEMBI Broad Diversified Index, 35%; and J.P. Morgan GBI-EM Diversified Global Index, 30%.

The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

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

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* MetLife Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* MetLife Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* MetLife Investment Management, LLC<br> *Portfolio Managers:* |
| Todd Howard, CFA | Portfolio Manager | since September 2011 |
| Scott Moses, CFA | Portfolio Manager | since September 2011 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at

www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

Transamerica Emerging Markets Debt

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**Transamerica Emerging Markets Equity**

**Investment Objective:** Seeks long-term capital appreciation.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R3** | **R6** |
| Maximum sales charge <br> (load) imposed on <br> purchases (as a <br> percentage of offering <br> price)<br>| 5.50% |  |  |  |  |  |
| Maximum deferred sales <br> charge (load) (as a <br> percentage of purchase <br> price or redemption <br> proceeds, whichever is <br> lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R3** | **R6** |
| Management fees | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| Distribution and <br> service (12b-1) <br> fees<br>| 0.25% | 1.00% |  |  | 0.25% |  |
| Other expenses | 0.17%<sup>1</sup> | 0.17%<sup>1</sup> | 0.28% | 0.18% | 0.33%<sup>1</sup> | 0.18% |
| Total annual fund <br> operating expenses<br>| 1.21% | 1.96% | 1.07% | 0.97% | 1.37% | 0.97% |
| Fee waiver and/or <br> expense <br> reimbursement<sup>2</sup><br>| 0.00% | 0.00% | 0.09% | 0.02% | 0.00% | 0.02% |
| Total annual fund <br> operating expenses <br> after fee waiver <br> and/or expense <br> reimbursement<br>| 1.21% | 1.96% | 0.98% | 0.95% | 1.37% | 0.95% |

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Other expenses are based on estimates for the current fiscal year.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.55% for Class A shares, 2.30% for Class C shares, 0.98% for Class I shares, 0.95% for Class I2 shares, 1.70% for Class R3 shares and 0.95% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $667 | &nbsp;&nbsp; $913 | &nbsp;&nbsp; $1178 | &nbsp;&nbsp; $1935 |
| Class C | &nbsp;&nbsp; $299 | &nbsp;&nbsp; $615 | &nbsp;&nbsp; $1057 | &nbsp;&nbsp; $2285 |
| Class I | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $331 | &nbsp;&nbsp; $581 | &nbsp;&nbsp; $1298 |
| Class I2 | &nbsp;&nbsp; $97 | &nbsp;&nbsp; $307 | &nbsp;&nbsp; $534 | &nbsp;&nbsp; $1188 |
| Class R3 | &nbsp;&nbsp; $139 | &nbsp;&nbsp; $434 | &nbsp;&nbsp; $750 | &nbsp;&nbsp; $1646 |
| Class R6 | &nbsp;&nbsp; $97 | &nbsp;&nbsp; $307 | &nbsp;&nbsp; $534 | &nbsp;&nbsp; $1188 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $667 | &nbsp;&nbsp; $913 | &nbsp;&nbsp; $1178 | &nbsp;&nbsp; $1935 |
| Class C | &nbsp;&nbsp; $199 | &nbsp;&nbsp; $615 | &nbsp;&nbsp; $1057 | &nbsp;&nbsp; $2285 |
| Class I | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $331 | &nbsp;&nbsp; $581 | &nbsp;&nbsp; $1298 |
| Class I2 | &nbsp;&nbsp; $97 | &nbsp;&nbsp; $307 | &nbsp;&nbsp; $534 | &nbsp;&nbsp; $1188 |
| Class R3 | &nbsp;&nbsp; $139 | &nbsp;&nbsp; $434 | &nbsp;&nbsp; $750 | &nbsp;&nbsp; $1646 |
| Class R6 | &nbsp;&nbsp; $97 | &nbsp;&nbsp; $307 | &nbsp;&nbsp; $534 | &nbsp;&nbsp; $1188 |

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

Transamerica Emerging Markets Equity

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During the most recent fiscal year, the portfolio turnover rate for the fund was 35% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities (including American Depository Receipts ("ADRs"), Global Depository Receipts ("GDRs") and European Depository Receipts ("EDRs")) of companies that are located and/or conduct substantial business activities in emerging markets, including frontier markets. The fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser") considers emerging market countries to be those countries included in the MSCI Emerging Markets Index, the fund's benchmark, or the MSCI Frontier Markets Index. The fund will normally invest primarily in emerging market companies that the sub-adviser believes have above-average potential for capital appreciation based on its fundamental research and analysis.

The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen. The sub-adviser strives to identify companies whose shares are underpriced relative to their intrinsic value. The fund is managed with reference to the MSCI Emerging Markets Index as to country allocation, which may change over time, but the fund is not benchmark constrained. The sub-adviser intends, under normal circumstances, to have approximately 40-80 equity securities in the fund's portfolio.

Pursuant to a value investing philosophy, the sub-adviser seeks to invest in securities that the sub-adviser believes provide a discount or "margin of safety" between a security's price and what the sub-adviser believes to be the true value of the underlying business (which is sometimes referred to as "intrinsic value"). To first narrow the fund's investment universe, the sub-adviser uses quantitative screening tools linked to a variety of relative value assessments (including cash flow, earnings and share price). Next, the sub-adviser combines fundamental research and qualitative analysis to make individual security selections. Within the investment universe, the sub-adviser seeks to invest in companies identified as having attractive risk-reward profiles. The sub-adviser considers these to be companies that it identifies as being both undervalued and having attractive fundamentals (such as revenues, earnings, or management). The sub-adviser also analyzes country-specific factors such as geopolitical risk and its potential impact on expected returns.

The sub-adviser may invest in securities that are convertible into securities of foreign issuers. The sub-adviser will generally invest in small, medium and large capitalization companies.

The sub-adviser may invest in unaffiliated investment companies, including exchange-traded funds ("ETFs"), and may also invest a portion of its assets in real estate investment trusts ("REITs").

The fund may invest a significant portion of its assets in investments located in or operating in one country or a small number of countries. The fund's benchmark index currently includes substantial exposure to China, including China A-shares.

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

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

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

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

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that

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restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Small Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

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

underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

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

**Frontier Markets –** Frontier market countries generally have smaller economies and even less developed capital markets and legal, regulatory and political systems than emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

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

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

**Country Focus** – To the extent the fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in

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which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**China** – China and other emerging market countries may be subject to considerable degrees of economic, political and social instability. Markets in China and other Asian countries are relatively new and undeveloped. China's economic health is largely dependent upon exports, and may be dependent upon the economies of other Asian countries. Investments in Chinese and other Asian issuers could be adversely affected by changes in government policies, or trade or political disputes with major trading partners, including the U.S. China's growing trade surplus with the U.S. has given rise to trade disputes and the imposition of tariffs. The U.S. has also restricted the sale of certain goods to China. In addition, the U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China's economy. China's central government exercises significant control over China's economy and may intervene in the financial markets, such as by imposing trading restrictions, and investments in Chinese issuers could be adversely affected by changes in government policies. The Chinese economy could be adversely affected by supply chain disruptions. An economic slowdown in China could adversely affect economies of other emerging market countries that trade with China, as well as companies operating in those countries. Economies of Asian countries and Asian issuers could be adversely affected by regional security threats. In addition, China's long-running conflict over Taiwan's sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict that could adversely impact the economies of China and other Asian countries, disrupt supply chains, and severely affect global economies and markets.

**Taiwan** – The economy of Taiwan is heavily dependent on exports and key trading partners, including Japan, China, and the United States. Currency fluctuations, increasing competition from Asia's other emerging economies, spending reductions by key trading partners, and conditions that weaken demand for Taiwan's export products worldwide could have a negative impact on the Taiwanese economy as a whole. In addition, Taiwan lacks many natural resources, and, as such, price increases, shortages, or volatility in the commodities market could have an adverse effect on Taiwan's economy. Concerns over Taiwan's history of political contention and its current relationship with China also may have a significant impact on the economy of Taiwan.

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

to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**China A–Shares** – The fund may invest in equity securities of certain Chinese companies, directly or through exchange-traded funds ("ETFs"), collectively referred to as China A-shares, through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (collectively, the "Programs"). The Programs are subject to daily quota limitations, which may restrict the fund's ability to invest in China A-shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the Programs are not trading, with the result that prices of China A-shares may fluctuate at times when the fund is unable to add to or exit its position. Only certain China A-shares are eligible to be accessed through the Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Programs. Because the Programs are new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is currently unknown. Further, regulations or restrictions, such as limitations on redemptions, suspension of trading and limitations on profits, may adversely impact the Programs and/or the fund's investments through the Programs. There is no guarantee that applicable exchanges in Hong Kong and mainland China will continue to support the Programs in the future.

Investments in China A-shares are subject to risks specific to the China market. Any significant change in mainland China's political, social or economic policies may have a negative impact on investments in the China market.

In addition, uncertainties in mainland China tax legislation could result in unexpected tax liabilities for a fund and therefore could affect the amount of income which may be derived, and the amount of capital returned, from the investments in China A-shares by the fund.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time.

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Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

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

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

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

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund

may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Real Estate Securities –** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund's real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**REITs** – Investing in real estate investment trusts ("REITs") involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have

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greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

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

Performance information for Class A, Class C and Class R3 shares will be included after the share classes have been in operation for one complete calendar year. The returns for Class A, Class C and Class R3 shares would differ from those of Class I, Class I2 and Class R6 shares because they have different expenses.

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

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

Prior to August 30, 2024, the fund had a different name, a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to the previous sub-adviser and the investment strategies then in effect.

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

![](g93604img7fe4a80611.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2020 | 20.98% |
| Worst Quarter: | 3/31/2020 | -26.10% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class I |  |  |  | 12/19/2019 |
| Return before taxes | 37.64% | 2.05% | 4.43% |  |
| Return after taxes on <br> distributions<br>| 37.29% | 1.87% | 4.27% |  |
| Return after taxes on <br> distributions and sale of fund <br> shares<br>| 22.48% | 2.05% | 3.88% |  |
| Class I2 (Return before taxes only) | 37.62% | 2.06% | 4.46% | 12/19/2019 |
| Class R6 (Return before taxes only) | 37.62% | N/A | 0.60% | 5/28/2021 |
| MSCI Emerging Markets Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 34.36% | 4.67% | 6.98% | 12/19/2019 |

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The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

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

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

**Management:** 

<u> *Investment Manager:* Transamerica Asset Management, Inc. *Sub-Adviser:* Thompson, Siegel & Walmsley LLC *Portfolio Manager:*</u> <br> Elliott W. Jones, CFA Portfolio Manager since August 2024

**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

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The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R3 or Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R3 shares are intended for purchase by investors with IRAs sponsored by an affiliate of Transamerica Asset Management, Inc., when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds or its agents to utilize Class R3 shares in certain investment products or programs.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

The fund does not currently offer Class A, Class C and Class R3 shares.

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

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

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**Transamerica Energy Infrastructure**

**Investment Objective:** Seeks long-term growth of capital while providing current income.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** |
| Maximum sales charge (load) imposed <br> on purchases (as a percentage of <br> offering price)<br>| 5.50% |  |  |  |
| Maximum deferred sales charge (load) <br> (as a percentage of purchase price or <br> redemption proceeds, whichever is <br> lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** |
| Management fees | 1.05% | 1.05% | 1.05% | 1.05% |
| Distribution and service (12b-1) fees | 0.25% | 1.00% |  |  |
| Other expenses | 0.23% | 0.30% | 0.24% | 0.14% |
| *Recaptured expense*<sup>1</sup> | *0.00%* | *0.03%* | *0.00%* | *0.00%* |
| *All other expenses* | *0.23%* | *0.27%* | *0.24%* | *0.14%* |
| Total annual fund operating expenses | 1.53% | 2.35% | 1.29% | 1.19% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.60% for Class A shares, 2.35% for Class C shares, 1.31% for Class I shares and 1.21% for Class I2 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described

above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $697 | &nbsp;&nbsp; $1007 | &nbsp;&nbsp; $1338 | &nbsp;&nbsp; $2273 |
| Class C | &nbsp;&nbsp; $338 | &nbsp;&nbsp; $733 | &nbsp;&nbsp; $1255 | &nbsp;&nbsp; $2686 |
| Class I | &nbsp;&nbsp; $131 | &nbsp;&nbsp; $409 | &nbsp;&nbsp; $708 | &nbsp;&nbsp; $1556 |
| Class I2 | &nbsp;&nbsp; $121 | &nbsp;&nbsp; $378 | &nbsp;&nbsp; $654 | &nbsp;&nbsp; $1443 |

---

**If the shares are not redeemed:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $697 | &nbsp;&nbsp; $1007 | &nbsp;&nbsp; $1338 | &nbsp;&nbsp; $2273 |
| Class C | &nbsp;&nbsp; $238 | &nbsp;&nbsp; $733 | &nbsp;&nbsp; $1255 | &nbsp;&nbsp; $2686 |
| Class I | &nbsp;&nbsp; $131 | &nbsp;&nbsp; $409 | &nbsp;&nbsp; $708 | &nbsp;&nbsp; $1556 |
| Class I2 | &nbsp;&nbsp; $121 | &nbsp;&nbsp; $378 | &nbsp;&nbsp; $654 | &nbsp;&nbsp; $1443 |

---

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 53% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund's sub-adviser, Kayne Anderson Capital Advisors, L.P. (the "sub-adviser"), seeks to achieve the fund's stated objective by investing at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in the equity and debt securities of energy infrastructure companies. The fund considers energy infrastructure companies to include midstream companies, power infrastructure companies and other issuers in the energy sector.

Midstream companies are companies that own and operate assets used in energy logistics, including, but not limited to, assets used in transporting, storing, gathering, processing, fractionating, distributing, or marketing of natural gas, natural gas liquids, crude oil or refined products. Such companies may be structured as master limited partnerships ("MLPs") or taxed as corporations.

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Power infrastructure companies are companies involved in the development, ownership, operation, or management of assets and services essential to the generation, transmission, distribution, storage, or consumption of electrical power. Such companies include utilities, independent power producers, transmission and distribution network operators, energy storage providers, and companies offering supporting technologies or services. Power infrastructure companies may generate or handle electricity generated from a wide range of sources, including conventional (such as coal, natural gas and nuclear) and renewable (such as solar, wind, hydroelectric, geothermal and biomass) resources. In addition, these companies may provide infrastructure or services supporting grid modernization, energy efficiency, and the integration of advanced energy technologies.

The fund concentrates in industries in the energy sector.

The sub-adviser considers the "energy sector" to consist of companies involved in exploring, developing, producing, generating, transporting, transmitting, storing, gathering, processing, fractionating, refining, distributing, or marketing of natural gas, natural gas liquids, crude oil, refined products, electricity or renewable energy ("energy-related assets"). Investments in other issuers in the energy sector will consist of companies that own, operate or provide services to energy-related assets.

Investments by the fund may include securities of any capitalization that are publicly traded on an exchange or in the over-the-counter market.

The fund may invest no more than 20% of its total assets in the debt securities of issuers in the energy sector, and no more than 10% of its total assets in debt securities that are rated below investment grade (commonly known as "junk bonds"), including defaulted securities.

The fund may directly invest up to, but not more than, 25% of its total assets in equity or debt securities of MLPs and other entities that are treated as qualified publicly traded partnerships for federal income tax purposes.

The fund may also invest in foreign securities, but generally will not invest more than 25% of fund assets in foreign securities.

The fund may invest a significant portion of its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments to earn income, and for cash management purposes.

The above investment restrictions apply at the time of purchase, and the fund will not be required to reduce a position due solely to market value fluctuations in order to comply with these restrictions.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The fund attempts to pay quarterly dividends at a relatively consistent level, but there can be no assurance the fund can continue to do so. This dividend practice can be expected to result in the fund returning capital to its shareholders from time to time. When the fund returns capital, the net asset value of your shares in the

fund goes down to reflect that. When a distribution includes what the fund estimates to be a return of capital, the fund will send shareholders a written notice. The tax status of certain distributions may be recharacterized at year-end.

The fund is non-diversified.

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

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

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

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

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**Energy Sector** – Under normal circumstances, the fund concentrates its investments in industries in the energy sector, which means the fund will be more affected by the performance of the energy sector than a fund that is more diversified. Investing in the energy sector involves a number of risks, including:

• *Supply and Demand*. A decrease in the production of natural gas, natural gas liquids, crude oil, coal or other energy commodities, a decrease in the volume of such commodities available for transportation, processing, storage or distribution or a sustained decline in demand for such commodities, may adversely impact the financial performance of energy companies.

• *Depletion and Exploration*. Energy reserves naturally deplete as they are consumed over time. The financial performance of energy companies may be adversely affected if they, or the companies to whom they provide services, are unable to cost-effectively acquire additional energy deposits sufficient to replace the natural decline of existing reserves. Also, the quantities of reserves may be overstated, or deposits may not be produced in the time periods anticipated.

• *Reserve.* Energy companies engaged in the production of natural gas, natural gas liquids, crude oil, coal or other energy commodities are subject to the risk that the quantities of their reserves are overstated, or will not be produced in the time periods anticipated, for a variety of reasons.

• *Legal and Regulatory*. Energy companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including (i) how facilities are constructed, maintained and operated, (ii) how and where wells are drilled, (iii) how services are provided, (iv) environmental and safety controls, and (v) the prices they may charge for the products and services they provide. Companies in the energy sector may also be at increased risk for litigation.

• *Commodity Pricing*. The operations and financial performance of energy companies may be directly affected by energy commodity prices, especially those energy companies which own the underlying energy commodity or receive payments for services that are based on commodity prices.

• *Acquisition*. The ability of energy companies to grow operating cash flow and increase such company's enterprise value can be highly dependent on their ability to make accretive acquisitions. In the event that energy companies are unable to make such acquisitions, whether because they are unable to identify attractive acquisition candidates and negotiate and close acceptable purchase contracts or to raise financing for such acquisitions on economically acceptable terms, or otherwise, their future growth may be limited.

• *Affiliated Party*. Certain energy companies are dependent on their parents or sponsors for a majority of their revenues. Any failure by such company's parents or sponsors to satisfy their payments or obligations would impact such company's revenues and operating cash flows and ability to make interest payments and/or distributions.

• *Catastrophe*. The operations of energy companies are subject to many hazards inherent in the exploring, developing, producing, generating, transporting, transmission, storing, gathering, processing, refining, distributing, or marketing of natural

gas, natural gas liquids, crude oil, refined products, coal or electricity, including: damage to pipelines, storage tanks, plants or related equipment and surrounding properties caused by hurricanes, tornadoes, floods, fires and other natural disasters or by acts of terrorism; inadvertent damage from construction and farm equipment; well blowouts; leaks of such energy commodities; fires and explosions.

• *Market Disruption*. Global events and economic conditions could have significant adverse effects on the energy sector, the U.S. economy and financial and commodities markets. Events that may have such an effect include acts of terrorism, disputes among energy-producing countries and global health pandemics.

• *Weather*. Extreme weather conditions, such as hurricanes, (i) could result in substantial damage to the facilities of certain energy companies located in the affected areas, (ii) significantly increase the volatility in the supply of energy commodities and (iii) adversely affect the financial performance of energy companies, and could therefore adversely affect the value of their securities. The damage done by extreme weather also may serve to increase many insurance premiums paid by energy companies and could adversely affect such companies' financial condition. Concerns about global warming trends may result in increased regulation of energy or energy infrastructure companies that produce, transport or rely heavily on fossil fuels such as oil, natural gas and coal and increase their operating costs, and negative investor perception of such companies may limit their access to, and increase their cost of, capital.

• *Midstream Companies.* Certain energy infrastructure projects involving midstream companies have experienced significant delays related to difficulties in obtaining the necessary permits to proceed with construction (or some phase of construction). These delays have raised concerns about the ability of midstream companies to place such projects in service and their ability to get the necessary financing to complete such projects. Furthermore, it has become much more common for opponents of energy infrastructure development to utilize the courts, media campaigns and political activism to attempt to stop, or delay as much as possible, these projects. Significant delays could result in a material increase in the cost of developing these projects and could result in midstream companies developing such projects failing to generate the expected return on investment or, if the project does not go forward, realizing a financial loss, either of which would adversely affect the results of operations and financial performance of the affected midstream companies.

Natural gas transmission pipeline systems, crude oil transportation pipeline systems, refined products transportation pipeline systems, and certain classes of storage facilities and related assets owned by midstream companies are subject to regulation by the Federal Energy Regulatory Commission ("FERC"). The regulators have authority to regulate natural gas pipeline transmission, crude oil pipeline transportation services, and refined products pipeline transportation services

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including the rates charged for the services, terms and conditions of service, certification and construction of new facilities, the extension or abandonment of services and facilities, the maintenance of accounts and records, the acquisition and disposition of facilities, the initiation and discontinuation of services, and various other matters. Action by the FERC could adversely affect the ability of midstream companies to establish or charge rates that would cover future increases in their costs, such as additional costs related to environmental matters including any climate change regulation, or even to continue to collect rates that cover current costs, including a reasonable rate of return. It could also become more common for regulatory agencies (such as FERC) to include the impact of carbon emissions from energy infrastructure assets as a consideration in granting permits for the construction or operation of such assets. This could result in costly delays in obtaining permits, requirements to spend additional capital to limit carbon emissions or denial of required permits to operate existing or proposed energy infrastructure assets. Any such change could have an adverse impact on the financial condition, results of operations, or cash flows of midstream companies.

• *Power Infrastructure.* The revenues of power infrastructure companies are often dependent upon the availability of electric power and/or the consumption of electric power and could be adversely affected by reductions in the supply of, or demand for, such power. The adverse impact of these events could lead to a material reduction in the earnings of power infrastructure companies and a substantial reduction (or elimination) of dividends paid to equity holders, and could result in a decline in (i) the equity values of the affected power infrastructure companies and/or (ii) our net investment income. The production or availability of electric power could be negatively affected by a variety of factors, including depressed power prices, high prices for commodities used in the generation of power, lower than expected wind, solar or hydro power resources, catastrophic or extreme weather events, labor relations, increased environmental or other governmental regulation (including policies designed to reduce carbon emissions and/or address climate change), equipment malfunctions, transmission grid disruptions and maintenance difficulties. A decline in demand for power could result from factors such as increased power prices, adverse economic conditions, increased taxation, increased governmental regulation, catastrophic events, extreme weather events, equipment malfunctions, transmission grid disruptions and maintenance difficulties. Certain power infrastructure companies may have assets that focus on generating electricity from renewable resources or provide services supporting such generation. The generation of electricity from renewable resources may be highly dependent upon governmental policies that support such generation and enhance its economic viability (including tax credits, accelerated cost recovery systems of depreciation and renewable portfolio standards).

**Industry Concentration –** The fund concentrates its investments in a specific industry or industries. Concentration in a particular industry heightens the risks associated with that industry. As a result, the fund may be subject to greater price volatility and

risk of loss as a result of adverse economic, business or other developments affecting that industry than funds investing in a broader range of industries.

**Master Limited Partnerships –** Investments in MLPs involve risks that differ from investments in corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks, certain tax risks, and risks related to the general partner's right to require unitholders to sell their common units at an undesirable time or price. The MLP entities in which the fund invests are typically focused in the energy sector. A downturn in the energy sector could have an adverse impact on the fund. Energy MLPs may be adversely affected by changes in and volatility of commodity prices. At times, the performance of securities of companies in the energy sector of the economy may lag the performance of other sectors or the broader market as a whole. The yields for equity and debt securities of MLPs and other issuers in the energy sector are susceptible in the short-term to fluctuations in interest rates and the value of the fund's investments in such securities may decline if interest rates rise. The value of the fund's investment in MLPs depends to a significant extent on the MLPs being treated as partnerships for U.S. federal income tax purposes. If an MLP does not meet the legal requirements to maintain partnership status, it could be taxed as a corporation and there could be a material decrease in the value of its securities.

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

**Non-Diversification –** As a "non-diversified" fund, the fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the fund more susceptible to the risks associated with investing in those issuers.

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

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particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Capital Markets Access –** Energy companies may be unable to obtain new debt or equity financing on acceptable terms. If funding is not available when needed, or is available only on unfavorable terms, energy companies may not be able to meet their obligations as they come due or respond to competitive pressures.

**Cash Flow** – A substantial portion of the income received by the fund is expected to be derived from investments in equity securities of energy companies. Cash from operations may vary widely from quarter to quarter and may be significantly affected by factors affecting the energy industry in general.

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

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

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

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

**Distressed or Defaulted Securities –** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

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**Dividend Practice** – There can be no assurance that the fund will be able to pay quarterly dividends at a relatively consistent level. The fund's dividend practice can be expected to result in the fund returning capital to its shareholders from time to time. When the fund returns capital, the net asset value of your original investment in the fund goes down to reflect that. The tax status of certain distributions by the fund may be recharacterized at year-end.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may

expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase. The yields for equity securities of certain energy infrastructure companies are generally susceptible in the short-term to fluctuations in interest rates and the prices of such equity securities may decline when interest rates rise. This is also true for investments in debt instruments of energy infrastructure companies. Rising interest rates can adversely impact the financial performance of energy infrastructure companies by increasing the cost of capital. This may reduce such companies' ability to execute acquisitions or expansion projects in a cost-effective manner.

**IPOs –** The market value of initial public offering ("IPO") shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs.

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

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

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

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**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Small and Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Tax –** In order to qualify for treatment as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), the fund must meet certain requirements regarding the composition of its income, the diversification of its assets, and the amounts of its distributions. If the fund were to fail to meet any of these requirements, the fund might not be eligible for treatment as a RIC, in which case it would be subject to federal income tax on its net income at applicable corporate rates (without reduction for distributions to shareholders). When distributed, that income would generally be taxable to shareholders as ordinary dividend income to the extent attributable to the fund's earnings and profits. If the fund were to fail to

qualify as a RIC, shareholders of the fund could realize significantly diminished returns from their investment in the fund. In the alternative, the fund may be able to preserve its RIC qualification under those circumstances by meeting certain conditions, in which case it may be subject to certain additional taxes.

The fund may invest no more than 25% of its total assets in the securities of MLPs and other entities treated as qualified publicly traded partnerships for federal income tax purposes. An MLP is an entity treated as a partnership under the Internal Revenue Code, the partnership interests of which are traded on securities exchanges like shares of corporate stock. To qualify as an MLP, an entity must receive at least 90% of its income from qualifying sources such as interest, dividends, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. For this purpose, mineral or natural resources activities include exploration, development, production, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. If it does not so qualify, it will generally be subject to tax as a corporation and there could be a material decrease in the value of its securities.

Depreciation or other cost recovery deductions passed through to the fund from investments in MLPs in a given year will generally reduce the fund's taxable income, but those deductions may be recaptured in the fund's income in one or more subsequent years. When recognized and distributed, recapture income will generally be taxable to shareholders at the time of the distribution at ordinary income tax rates, even though those shareholders might not have held shares in the fund at the time the deductions were taken by the fund, and even though those shareholders may not have corresponding economic gain on their shares at the time of the recapture. In order to distribute recapture income or to fund redemption requests, the fund may need to liquidate investments, which may lead to additional recapture income.

Changes in tax laws or regulations, or interpretations thereof in the future, could adversely affect the fund or the issuers in which the fund invests. Any such changes could negatively impact the value of the fund's investments and the amount and tax characterization of distributions paid by the fund.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

Transamerica Energy Infrastructure

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

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

![](g93604img62edd89312.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 24.48% |
| Worst Quarter: | 3/31/2020 | -39.27% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Class A |  |  |  | 4/30/2013 |
| Return before taxes | -2.06% | 13.59% | 7.74% |  |
| Return after taxes on distributions | -2.73% | 12.68% | 6.80% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| -0.87% | 10.53% | 5.84% |  |
| Class C (Return before taxes only) | 1.88% | 13.99% | 7.52% | 4/30/2013 |
| Class I (Return before taxes only) | 3.87% | 15.26% | 8.66% | 4/30/2013 |
| Class I2 (Return before taxes only) | 4.09% | 15.38% | 8.78% | 4/30/2013 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> (reflects no <br> deduction for fees, expenses or taxes)<br>| 17.15% | 13.15% | 14.29% |  |
| Alerian Midstream Energy Select <br> Index (reflects no deduction for fees, <br> expenses or taxes)<br>| 6.58% | 24.26% | 12.70% |  |
| Alerian MLP Total Return Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 9.76% | 25.96% | 8.85% |  |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan. In certain cases, returns after taxes on distributions and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because they reflect certain tax benefits.

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Kayne Anderson Capital Advisors, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Kayne Anderson Capital Advisors, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Kayne Anderson Capital Advisors, L.P.<br> *Portfolio Managers:* |
| James Baker | Portfolio Manager | since January 2024 |
| Harrison Little | Portfolio Manager | since January 2024 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no investment minimum for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors. Some fund distributions may be treated as a return of capital, which is not currently taxable. Distributions treated as a return of capital will reduce your tax basis in your shares.

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

Transamerica Energy Infrastructure

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**Transamerica Floating Rate**

**Investment Objective:** Seeks to achieve a high level of current income with capital appreciation as a secondary objective.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** |
| Maximum sales charge (load) imposed <br> on purchases (as a percentage of <br> offering price)<br>| 4.75% |  |  |  |
| Maximum deferred sales charge (load) <br> (as a percentage of purchase price or <br> redemption proceeds, whichever is <br> lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** |
| Management fees | 0.49% | 0.49% | 0.49% | 0.49% |
| Distribution and service (12b-1) fees | 0.25% | 1.00% |  |  |
| Other expenses | 0.26% | 0.21% | 0.24% | 0.14% |
| Acquired fund fees and expenses<sup>1</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
| Total annual fund operating expenses | 1.01% | 1.71% | 0.74% | 0.64% |
| Fee waiver and/or expense <br> reimbursement<sup>2</sup><br>| 0.03% | 0.00% | 0.11%<sup>3</sup> | 0.00% |
| Total annual fund operating expenses <br> after fee waiver and/or expense <br> reimbursement<br>| 0.98% | 1.71% | 0.63% | 0.64% |

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Acquired fund fees and expenses reflect the fund's pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund's prospectus.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.97% for Class A shares, 1.72% for Class

C shares, 0.72% for Class I shares and 0.65% for Class I2 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. In addition, TAM has contractually agreed to forego its ability to recapture amounts previously waived and/or reimbursed to the class under the expense limitation agreement through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $570 | &nbsp;&nbsp; $778 | &nbsp;&nbsp; $1004 | &nbsp;&nbsp; $1650 |
| Class C | &nbsp;&nbsp; $274 | &nbsp;&nbsp; $539 | &nbsp;&nbsp; $928 | &nbsp;&nbsp; $2019 |
| Class I | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $225 | &nbsp;&nbsp; $401 | &nbsp;&nbsp; $908 |
| Class I2 | &nbsp;&nbsp; $65 | &nbsp;&nbsp; $205 | &nbsp;&nbsp; $357 | &nbsp;&nbsp; $798 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $570 | &nbsp;&nbsp; $778 | &nbsp;&nbsp; $1004 | &nbsp;&nbsp; $1650 |
| Class C | &nbsp;&nbsp; $174 | &nbsp;&nbsp; $539 | &nbsp;&nbsp; $928 | &nbsp;&nbsp; $2019 |
| Class I | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $225 | &nbsp;&nbsp; $401 | &nbsp;&nbsp; $908 |
| Class I2 | &nbsp;&nbsp; $65 | &nbsp;&nbsp; $205 | &nbsp;&nbsp; $357 | &nbsp;&nbsp; $798 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 41% of the average value of its portfolio.

Transamerica Floating Rate

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**Principal Investment Strategies:** Under normal circumstances the fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in floating rate loans or floating rate debt securities. Floating rate loans and floating rate debt securities have interest rates which float, adjust or vary periodically based upon a benchmark indicator, a specified adjustment schedule, or prevailing interest rates.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of sectors, industries and securities. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that the sub-adviser believes affect the movement of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, collateral and covenants specific to individual issuers and loans. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for floating rate debt securities, unsecured fixed rate high yield bonds, certain asset-backed securities (including collateralized loan obligations ("CLOs")), privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in certain floating rate loans, certain first lien, senior secured term floating rate loans ("senior loans") to corporate issuers, partnerships and other entities, certain unsecured floating rate loans and floating rate debt securities, certain second lien floating rate loans, certain subordinated bridge loans, money market instruments, certain other fixed rate debt securities, distressed securities that may be in default and have any or no credit rating, certain foreign borrowers and certain foreign debt securities (including emerging market debt securities), exchange traded funds ("ETFs"), cash, certain cash equivalent securities, asset-backed commercial paper, and repurchase agreements. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund.

The fund will normally primarily invest in senior loans to corporate issuers, partnerships and other entities. The fund can invest in senior loans of any maturity and quality. The majority of the fund's total assets generally will be invested in floating rate loans or floating rate debt securities rated below investment grade (that is, loans or securities rated below BBB by Standard & Poor's or Fitch

or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser), and the fund may invest without limitation in such loans and securities. The issuers of the loans in which the fund invests may themselves be rated below investment grade even if the loan itself is not.

The fund may invest up to 15% of its net assets in unsecured floating rate loans and floating rate debt securities and up to 15% of its net assets in second lien floating rate loans. The fund may also invest up to 20% of its net assets in subordinated bridge loans, unsecured fixed rate high yield bonds, money market instruments and other fixed rate debt securities, including distressed securities that may be in default and have any or no credit rating. The fund may invest no more than 10% of its net assets in asset-backed securities (including CLOs), and no more than 5% of its net assets in asset-backed securities that are rated below investment grade.

The fund may invest in loans of foreign borrowers and foreign debt securities, including emerging market debt securities, but expects that the majority of its total assets will be invested in loans and debt securities of U.S. borrowers or issuers. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. The fund may invest in ETFs to create exposure to asset classes.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

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

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the

Transamerica Floating Rate

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securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

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

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

**Floating Rate Loans** – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan's issuer, and adversely affect the fund's investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

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

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

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could

Transamerica Floating Rate

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cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Distressed or Defaulted Securities –** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to

related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

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

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

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**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Junior Loans –** Junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured status, junior loans involve a higher degree of overall risk than senior loans of the same borrower.

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

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these

securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment

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outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

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

![](g93604img7575aa6e13.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 8.50% |
| Worst Quarter: | 3/31/2020 | -12.31% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Class A |  |  |  | 10/31/2013 |
| Return before taxes | -0.12% | 3.93% | 3.92% |  |
| Return after taxes on distributions | -3.09% | 1.37% | 1.71% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| -0.11% | 1.87% | 2.00% |  |
| Class C (Return before taxes only) | 3.21% | 4.20% | 3.66% | 10/31/2013 |
| Class I (Return before taxes only) | 5.29% | 5.28% | 4.67% | 10/31/2013 |
| Class I2 (Return before taxes only) | 5.30% | 5.28% | 4.74% | 10/31/2013 |
| Bloomberg US Universal Bond Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 7.58% | 0.06% | 2.44% |  |
| S&P UBS Leveraged Loan Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 5.94% | 6.37% | 5.78% |  |

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The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan. In certain cases, returns after taxes on distributions and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because they reflect certain tax benefits.

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Jason P. Felderman, CFA | Portfolio Manager | since October 2013 |
| Zach Halstead | Portfolio Manager | since March 2018 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at

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www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no investment minimum for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

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

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

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**Transamerica Government Money Market**

**Investment Objective:** Seeks as high a level of current income as is consistent with preservation of capital and liquidity.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** |
| Maximum sales charge (load) imposed <br> on purchases (as a percentage of <br> offering price)<br>|  |  |  |  |
| Maximum deferred sales charge (load) <br> (as a percentage of purchase price or <br> redemption proceeds, whichever is <br> lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |

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<sup>1</sup> A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** |
| Management fees | 0.24% | 0.24% | 0.24% | 0.24% |
| Distribution and service (12b-1) fees | 0.25% | 1.00% |  |  |
| Other expenses | 0.30% | 0.22% | 0.23% | 0.13% |
| Total annual fund operating expenses | 0.79% | 1.46% | 0.47% | 0.37% |
| Fee waiver and/or expense <br> reimbursement<sup>1</sup><br>| 0.07% | 0.00% | 0.09% | 0.00% |
| Total annual fund operating expenses <br> after fee waiver and/or expense <br> reimbursement<br>| 0.72% | 1.46% | 0.38% | 0.37% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.72% for Class A shares, 1.48% for Class C shares, 0.38% for Class I shares and 0.38% for Class I2 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total

annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount contractually waived and/or reimbursed that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. In addition to the contractual expense limitation arrangements, TAM or its affiliates may voluntarily waive fees and/or reimburse expenses of one or more classes of the fund in an effort to prevent the class's yield from falling below zero. Any such waiver and/or expense reimbursement may be discontinued or modified at any time. Such waivers or reimbursements, if any, are not reflected in the fee table. Any amounts so waived or reimbursed are subject to recapture by TAM in certain circumstances. Please see the "Expense Limitation" section of the SAI for more details.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $74 | &nbsp;&nbsp; $245 | &nbsp;&nbsp; $432 | &nbsp;&nbsp; $971 |
| Class C | &nbsp;&nbsp; $249 | &nbsp;&nbsp; $462 | &nbsp;&nbsp; $797 | &nbsp;&nbsp; $1746 |
| Class I | &nbsp;&nbsp; $39 | &nbsp;&nbsp; $142 | &nbsp;&nbsp; $254 | &nbsp;&nbsp; $583 |
| Class I2 | &nbsp;&nbsp; $38 | &nbsp;&nbsp; $119 | &nbsp;&nbsp; $208 | &nbsp;&nbsp; $468 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $74 | &nbsp;&nbsp; $245 | &nbsp;&nbsp; $432 | &nbsp;&nbsp; $971 |
| Class C | &nbsp;&nbsp; $149 | &nbsp;&nbsp; $462 | &nbsp;&nbsp; $797 | &nbsp;&nbsp; $1746 |
| Class I | &nbsp;&nbsp; $39 | &nbsp;&nbsp; $142 | &nbsp;&nbsp; $254 | &nbsp;&nbsp; $583 |
| Class I2 | &nbsp;&nbsp; $38 | &nbsp;&nbsp; $119 | &nbsp;&nbsp; $208 | &nbsp;&nbsp; $468 |

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**Principal Investment Strategies:** The fund is a government money market fund. The fund seeks to maintain a stable net asset value of $1.00 per share by investing in:

• high-quality, U.S. dollar-denominated short-term money market securities issued or guaranteed as to principal or interest by the U.S. government or its agencies or instrumentalities;

• repurchase agreements that are fully collateralized by U.S. government securities or cash; and

• cash.

The fund's sub-adviser, BlackRock Investment Management, LLC (the "sub-adviser"), invests at least 99.5% of the fund's total assets (plus the amount of borrowings, if any, for investment purposes) in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements fully collateralized by such obligations or cash. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in U.S.

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Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements fully collateralized by such obligations.

The fund will enter into repurchase agreements only with financial institutions that the sub-adviser determines are creditworthy. A financial institution must furnish collateral to the fund at least equal in value to the amount of its repurchase obligation. This collateral must consist of U.S. government securities or cash. The sub-adviser is responsible for ensuring that each repurchase agreement is eligible for purchase by the fund.

The fund invests in accordance with the quality, maturity, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940 and other rules of the Securities and Exchange Commission.

The fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis. The fund may invest in other government money market funds to the extent permitted by law.

If the fund takes a temporary defensive position, it will be more difficult for the fund to achieve its investment objective. Although the sub-adviser has the ability to take temporary defensive positions, it may choose not to do so for a variety of reasons, including during volatile market conditions.

**Principal Risks: You could lose money by investing in the fund.** Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.

You should be aware that money market funds have, in the past, "broken the buck," which means that investors did not receive $1.00 per share for their investment in those funds, and this could happen again. If a money market fund breaks the buck or if money market funds are perceived to be likely to do so, there could be significant redemptions from money market funds, driving market prices of securities down and making it more difficult for the fund to maintain a $1.00 per share net asset value.

If one or more money market funds were to incur a sizeable loss or impose fees on redemptions or suspend redemptions, there could be significant redemptions from money market funds in general, potentially driving the market prices of money market instruments down and adversely affecting market liquidity.

There is no assurance that the fund will meet its investment objective. The fund could underperform short-term debt instruments, other money market funds or similar investments, or you could lose money. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully.

**Market** – Factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning), investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, lack of liquidity or other disruptions in the bond markets, or other adverse market events and conditions could cause the value of your investment in the fund, or its yield, to decline. While the fund seeks to maintain a $1.00 share price, when market prices fall, the value of your investment in the fund could go down.

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

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments and the fund's ability to preserve the value of your investment at $1.00 per share, and generally for economies and markets in the U.S. and elsewhere.

**Government Money Market Fund –** The fund operates as a "government" money market fund under applicable federal regulations and invests in U.S. government securities. Circumstances could arise that would prevent the payment of interest or principal on U.S. government securities, which could adversely affect their value and the fund's ability to preserve the value of your investment at $1.00 per share. An increased demand for U.S. government securities could affect the availability of such instruments for investment and the fund's ability to pursue its investment strategies. The fund does not currently intend to avail itself of the ability to impose "liquidity fees" on fund redemptions, as permitted under Rule 2a-7. However, the Board reserves the right, with notice to shareholders, to change this policy.

**Interest Rate –** The interest rates on short-term obligations held in the fund will vary, rising or falling with short-term interest rates generally. The fund's yield will tend to lag behind general changes in interest rates. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the fund. Inflation and interest rates have been volatile and may increase in the future.

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Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase. During periods of extremely low or negative short-term interest rates, the fund may not be able to maintain a positive yield or total return or be able to preserve the value of your investment at $1.00 per share.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

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

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

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Management** – The fund is subject to the risk that the investment manager's or sub-adviser's judgments and decisions may be incorrect or otherwise may not produce the desired results. The sub-adviser's judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry or sector, or about the economy or interest rates, may be incorrect. The fund is also subject to the risk of imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by the sub-adviser, if such tools, resources, information or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the sub-adviser's investment style fails to produce the desired results. Any of these things could cause the fund to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

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

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may

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be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Redemption –** The fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that the fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. The redemption by one or more large shareholders of their holdings in the fund could have an adverse impact on the remaining shareholders in the fund. In addition, the fund may suspend redemptions when permitted by applicable regulations.

**Underlying Government Money Market Funds –** The fund may invest in other government money market funds. Each of the underlying government money market funds in which the fund may invest has its own investment risks. There can be no assurance that the investment objective of any underlying government money market fund will be achieved. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying government money market funds in which it invests.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

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

The fund's performance reflects the effect of contractual and voluntary fee waivers and/or expense reimbursements by TAM and amounts recaptured by TAM under such arrangements.

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

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

Prior to May 1, 2016, the fund operated as a "prime" money market fund and invested in certain types of securities that the fund is no longer permitted to hold. Consequently, the performance information below might have been different if the current investment limitations had been in effect prior to the conversion to a government money market fund. Performance shown for periods prior to May 1, 2016 reflects the fund's former investment strategy.

Prior to November 1, 2018, the fund had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to the previous sub-adviser.

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

![](g93604imgf999086914.jpg)

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**7-DAY YIELD (as of December 31, 2025)** 

**Class A = 3.06%** 

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2023 | 1.21% |
| Worst Quarter: | 3/31/2016 | 0.00% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Class A | 3.79% | 2.90% | 1.71% | 3/1/2002 |
| Class C | 2.48% | 2.54% | 1.50% | 11/11/2002 |
| Class I | 3.98% | 3.04% | 1.85% | 11/30/2009 |
| Class I2 | 3.99% | 3.07% | 1.74% | 11/15/2005 |

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The total return information for each share class of Transamerica Government Money Market reflects the impact of certain contributions by TAM in 2021. The total return information shown for Class A and Class C of Transamerica Government Money Market reflects the impact of certain dividends paid in 2020 and 2025 to return certain Rule 12b-1 fees that had been accrued on the fund's books but had not been paid to recipients. Investors should not consider the resulting performance information as an indication of what the fund's total returns will be in the future.

Call customer service at 1-888-233-4339 for the current 7-day yield.

**Management:** 

*Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* BlackRock Investment Management, LLC<br>

**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone

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at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no investment minimum for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

The fund is closed to most new investors. The following investors may continue to purchase shares of the fund: existing fund investors, investors exchanging shares of another Transamerica fund for shares in the same class of the fund, asset allocation funds and other investment products in which the fund is currently an underlying investment option, retirement plans in which the fund is a plan option, any plan that is or becomes a part of a multiple plan exchange recordkeeping platform that includes the fund as a plan option, and current and former trustees of the fund. The fund will remain closed until further notice. The fund reserves the right to modify the foregoing terms of the closure at any time and to accept or reject any investment for any reason.

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

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

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**Transamerica High Yield Bond**

**Investment Objective:** Seeks a high level of current income by investing in high-yield debt securities.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 4.75% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.24% | 0.16% | 0.16% | 0.06% | 0.06% |
| Total annual fund operating <br> expenses<br>| 1.04% | 1.71% | 0.71% | 0.61% | 0.61% |
| Fee waiver and/or expense <br> reimbursement<br>| 0.00% | 0.00% | 0.09%<sup>1</sup> | 0.00% | 0.00% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 1.04% | 1.71% | 0.62% | 0.61% | 0.61% |

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The fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), has contractually agreed to reimburse 0.085% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $576 | &nbsp;&nbsp; $790 | &nbsp;&nbsp; $1022 | &nbsp;&nbsp; $1686 |
| Class C | &nbsp;&nbsp; $274 | &nbsp;&nbsp; $539 | &nbsp;&nbsp; $928 | &nbsp;&nbsp; $2019 |
| Class I | &nbsp;&nbsp; $63 | &nbsp;&nbsp; $218 | &nbsp;&nbsp; $386 | &nbsp;&nbsp; $874 |
| Class I2 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $195 | &nbsp;&nbsp; $340 | &nbsp;&nbsp; $762 |
| Class R6 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $195 | &nbsp;&nbsp; $340 | &nbsp;&nbsp; $762 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $576 | &nbsp;&nbsp; $790 | &nbsp;&nbsp; $1022 | &nbsp;&nbsp; $1686 |
| Class C | &nbsp;&nbsp; $174 | &nbsp;&nbsp; $539 | &nbsp;&nbsp; $928 | &nbsp;&nbsp; $2019 |
| Class I | &nbsp;&nbsp; $63 | &nbsp;&nbsp; $218 | &nbsp;&nbsp; $386 | &nbsp;&nbsp; $874 |
| Class I2 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $195 | &nbsp;&nbsp; $340 | &nbsp;&nbsp; $762 |
| Class R6 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $195 | &nbsp;&nbsp; $340 | &nbsp;&nbsp; $762 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 42% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in high-yield bonds (commonly known as "junk bonds"). The fund normally invests primarily in U.S. securities.

Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the sub-adviser). The sub-adviser seeks to achieve high returns for the fund while maintaining a reasonable risk profile.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate and sovereign debt, stressed

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and distressed securities, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment, and valuation factors that the sub-adviser believes affect the movement of markets and securities prices worldwide. This "top-down" analysis assists the sub-adviser in analyzing fund risk and allocating assets among sectors, industries, and credit quality categories. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness and capital structure. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for high-yield bonds, foreign securities (including emerging markets), investment grade bonds, certain asset-backed securities, private residential mortgage-backed securities, certain preferred equity, privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in certain bank loans, U.S. Treasury and agency mortgage-backed securities, common equity, cash, certain cash equivalent securities, asset-backed commercial paper, repurchase agreements and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund.

The fund has no maturity or duration requirements or limitations. The fund may invest in foreign securities, including up to 10% of its net assets in emerging market securities. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations.

To a lesser extent, the fund may invest in investment grade bonds, bank loans, asset backed and mortgage backed securities, preferred equity securities, common equity securities (received in connection with exchanges or restructurings) and cash equivalents. The fund may also invest in hybrid instruments having both debt and equity characteristics.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary

description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

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

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

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

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is

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unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

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

**Distressed or Defaulted Securities –** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

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

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

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**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Bank Obligations –** Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

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

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have

less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Energy Sector** – Industries in the energy segment, such as those engaged in the development, production and distribution of energy resources, can be significantly affected by supply and demand both for their specific product or service and for energy products in general. The price of oil, gas and other consumable fuels, exploration and production spending, government regulation, economic conditions (including sanctions), weather events, world events and disputes among energy-producing countries likewise may affect the productivity or performance of companies in these industries. Companies in the energy sector may also be at increased risk for litigation and negative publicity or public perception. Such events and related conditions may lead to increased volatility in the energy sector.

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

**Floating Rate Loans** – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about

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most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan's issuer, and adversely affect the fund's investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Hybrid Instruments –** Investing in hybrid instruments involves a combination of risks, including risks of investing in securities, commodities, options, futures, and currencies. An investment in a hybrid instrument may entail significant risks in addition to those associated with traditional fixed-income or convertible securities.

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

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying

such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional

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expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first

index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

Absent any applicable fee waivers, reimbursements and/or expense limitations, performance would be lower.

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

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

![](g93604imgc0b4485615.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 8.99% |
| Worst Quarter: | 3/31/2020 | -15.17% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Class A |  |  |  | 6/14/1985 |
| Return before taxes | 2.99% | 2.50% | 4.67% |  |
| Return after taxes on distributions | 0.27% | 0.25% | 2.39% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 1.70% | 0.89% | 2.56% |  |
| Class C (Return before taxes only) | 6.52% | 2.88% | 4.50% | 11/11/2002 |
| Class I (Return before taxes only) | 8.47% | 3.94% | 5.59% | 11/30/2009 |
| Class I2 (Return before taxes only) | 8.68% | 4.02% | 5.67% | 11/8/2004 |
| Class R6 (Return before taxes only) | 8.68% | 4.04% | 5.67% | 5/29/2015 |
| Bloomberg US Universal Bond Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 7.58% | 0.06% | 2.44% |  |
| Bloomberg US Corporate High Yield <br> 2% Issuer Capped Index (reflects no <br> deduction for fees, expenses or taxes)<br>| 8.62% | 4.50% | 6.52% |  |

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

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Kevin Bakker, CFA | Portfolio Manager | since May 2007 |
| Benjamin D. Miller, CFA | Portfolio Manager | since August 2006 |
| James K. Schaeffer, Jr. | Portfolio Manager | since March 2011 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged

investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

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

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**Transamerica High Yield Muni**

**Investment Objective:** Seeks to maximize total return through investment in medium- and lower-grade municipal securities that are exempt from federal income tax.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** |
| Maximum sales charge (load) imposed <br> on purchases (as a percentage of <br> offering price)<br>| 3.25% |  |  |  |
| Maximum deferred sales charge (load) <br> (as a percentage of purchase price or <br> redemption proceeds, whichever is <br> lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** |
| Management fees | 0.54% | 0.54% | 0.54% | 0.54% |
| Distribution and service (12b-1) <br> fees<br>| 0.25%<sup>1</sup> | 1.00%<sup>1</sup> |  |  |
| Other expenses | 0.22% | 0.24% | 0.27% | 0.17% |
| Total annual fund operating <br> expenses<br>| 1.01% | 1.78% | 0.81% | 0.71% |
| Fee waiver and/or expense <br> reimbursement<sup>1,2</sup><br>| 0.10% | 0.27% | 0.05% | 0.00% |
| Total annual fund operating <br> expenses after fee waiver and/or <br> expense reimbursement<br>| 0.91% | 1.51% | 0.76% | 0.71% |

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Transamerica Capital, LLC has contractually agreed to waive 0.10% of the 0.25% distribution and service (12b-1) fees for Class A shares and 0.25% of the 1.00% distribution and service (12b-1) fees for Class C shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.01% for Class A shares, 1.76% for Class C shares, 0.76% for Class I shares and 0.73% for Class I2 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $415 | &nbsp;&nbsp; $626 | &nbsp;&nbsp; $855 | &nbsp;&nbsp; $1512 |
| Class C | &nbsp;&nbsp; $254 | &nbsp;&nbsp; $534 | &nbsp;&nbsp; $939 | &nbsp;&nbsp; $2072 |
| Class I | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $254 | &nbsp;&nbsp; $445 | &nbsp;&nbsp; $997 |
| Class I2 | &nbsp;&nbsp; $73 | &nbsp;&nbsp; $227 | &nbsp;&nbsp; $395 | &nbsp;&nbsp; $883 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $415 | &nbsp;&nbsp; $626 | &nbsp;&nbsp; $855 | &nbsp;&nbsp; $1512 |
| Class C | &nbsp;&nbsp; $154 | &nbsp;&nbsp; $534 | &nbsp;&nbsp; $939 | &nbsp;&nbsp; $2072 |
| Class I | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $254 | &nbsp;&nbsp; $445 | &nbsp;&nbsp; $997 |
| Class I2 | &nbsp;&nbsp; $73 | &nbsp;&nbsp; $227 | &nbsp;&nbsp; $395 | &nbsp;&nbsp; $883 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 61% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund's sub-adviser, Belle Haven Investments, L.P. (the "sub-adviser"), invests at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in municipal

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fixed-income securities the interest from which is exempt from federal income tax and the federal alternative minimum tax ("AMT") applicable to individuals. Interest income from some of the municipal obligations in which the fund may invest may be subject to the AMT. The fund primarily invests in "high yield" municipal bonds under normal market conditions. For this purpose, "high yield" municipal bonds are those rated medium to lower grade. The fund normally invests primarily in general obligation and revenue bonds issued by U.S. municipal issuers, as well as issuers in U.S. territories and possessions. The fund may invest 25% or more of its total net assets in any sector or sub-sector of the municipal bond market.

The fund pursues an actively managed, total return strategy that seeks to identify inefficiencies in the municipal bond market. The sub-adviser's investment process is engineered to seek to exploit mispricing that the sub-adviser aims to identify at the issuer, credit, industry, security and/or maturity level based on macro-economic and fundamental analysis. Analysis is also used to determine the fund's yield curve positioning. Investment decisions are made by the sub-adviser in an effort to maximize total return while balancing portfolio risk.

Medium grade municipal bonds are those rated "A" to "BBB" by Standard & Poor's Rating Services ("S&P"). Lower-grade municipal bonds (commonly known as "junk bonds") are those rated below "Baa" by Moody's Investors Service, Inc. ("Moody's") or lower than "BBB" by S&P or Fitch, Inc. ("Fitch") or comparable ratings by other nationally recognized rating organizations (or, in the case of unrated securities, determined by the sub-adviser to be of comparable quality). The fund has the flexibility to invest the remainder of its assets in a broad array of issuers across the credit spectrum.

The fund may also invest up to 15% of its net assets in municipal bonds that are distressed securities. Distressed securities are securities that are the subject of bankruptcy proceedings or are rated in the lowest rating categories by at least one independent rating agency ("CC" or lower by S&P or Fitch or "Ca" or lower by Moody's), or if unrated, judged to be of comparable quality by the sub-adviser. The fund may also invest in higher quality debt securities.

Under normal conditions, the duration of the fund will generally vary between three and 20 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The fund does not limit the maturity of the securities in which it invests. The maturity of a fixed-income security is the measure of time remaining until the final payment on the security is due. However, under normal circumstances, the fund may focus on longer-term maturities in an effort to capture the higher yields generally associated with such maturities.

The fund may invest more than 25% of its net assets in securities relating to one political subdivision, such as any state or U.S. territory. The fund may, but is not required to, invest in derivative instruments such as options and futures for speculative, hedging, or duration management purposes. The fund may also invest in exchange-traded funds ("ETFs") as well as municipal bond closed-end funds.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The fund is non-diversified.

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

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

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

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

Transamerica High Yield Muni

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**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Municipal Securities –** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases

in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

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

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

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

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

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

Transamerica High Yield Muni

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**Non-Diversification –** As a "non-diversified" fund, the fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the fund more susceptible to the risks associated with investing in those issuers.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or

exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Distressed or Defaulted Securities –** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

Transamerica High Yield Muni

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

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

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Taxable Investments –** Although distributions of interest income from the fund's tax-exempt securities are generally exempt from regular federal income tax, distributions from other sources, including capital gain distributions, and any gains on the sale of your shares are not. In addition, the interest on the fund's municipal securities could become subject to regular federal income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation, or adverse interpretations by regulatory authorities. You

should consult a tax adviser about whether an alternative minimum tax applies to you and about state and local taxes on your fund distributions.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

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

![](g93604imgb28c647916.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2023 | 8.16% |
| Worst Quarter: | 6/30/2022 | -9.30% |

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Transamerica High Yield Muni

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  |  |  | 7/31/2013 |
| Return before taxes | -0.39% | 0.45% | 2.39% |  |  |
| Return after taxes on <br> distributions<br>| -2.16% | -0.03% | 1.92% |  |  |
| Return after taxes on <br> distributions and sale of <br> fund shares<br>| -0.26% | 0.71% | 2.21% |  |  |
| Class C (Return before <br> taxes only)<br>| 1.39% | 0.51% | 2.12% |  | 7/31/2013 |
| Class I (Return before <br> taxes only)<br>| 3.15% | 1.23% | 2.85% |  | 7/31/2013 |
| Class I2 (Return before <br> taxes only)<br>| 3.14% | 1.32% | N/A | 2.46% | 9/30/2016 |
| S&P Municipal Bond <br> Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 4.26% | 1.06% | 2.44% |  |  |
| Bloomberg High Yield <br> Municipal Bond Index <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 2.46% | 2.18% | 4.35% |  |  |

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The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan. In certain cases, returns after taxes on distributions and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because they reflect certain tax benefits.

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Belle Haven Investments, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Belle Haven Investments, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Belle Haven Investments, L.P.<br> *Portfolio Managers:* |
| Max Christiana | Portfolio Manager | since November 2021 |
| Matthew Dalton | Portfolio Manager | since August 2013 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no investment minimum for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

**Tax Information:** The fund intends to distribute income that is exempt from regular federal income tax and the AMT applicable to individuals. A portion of the fund's distributions may be subject to taxes.

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

Transamerica High Yield Muni

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**Transamerica Inflation Opportunities**

**Investment Objective:** Seeks maximum real return, consistent with appreciation of capital.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 4.75% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.26% | 0.42% | 0.26% | 0.16% | 0.16% |
| Total annual fund operating <br> expenses<br>| 0.89% | 1.80% | 0.64% | 0.54% | 0.54% |
| Fee waiver and/or expense <br> reimbursement<sup>1</sup><br>| 0.00% | 0.09% | 0.00% | 0.01% | 0.01% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 0.89% | 1.71% | 0.64% | 0.53% | 0.53% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.95% for Class A shares, 1.71% for Class C shares, 0.65% for Class I shares, 0.53% for Class I2 shares and 0.53% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses,

interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. In addition, TAM has contractually agreed to forego its ability to recapture amounts previously waived and/or reimbursed to the class under the expense limitation agreement through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $562 | &nbsp;&nbsp; $745 | &nbsp;&nbsp; $945 | &nbsp;&nbsp; $1519 |
| Class C | &nbsp;&nbsp; $274 | &nbsp;&nbsp; $558 | &nbsp;&nbsp; $966 | &nbsp;&nbsp; $2109 |
| Class I | &nbsp;&nbsp; $65 | &nbsp;&nbsp; $205 | &nbsp;&nbsp; $357 | &nbsp;&nbsp; $798 |
| Class I2 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $172 | &nbsp;&nbsp; $301 | &nbsp;&nbsp; $676 |
| Class R6 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $172 | &nbsp;&nbsp; $301 | &nbsp;&nbsp; $676 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $562 | &nbsp;&nbsp; $745 | &nbsp;&nbsp; $945 | &nbsp;&nbsp; $1519 |
| Class C | &nbsp;&nbsp; $174 | &nbsp;&nbsp; $558 | &nbsp;&nbsp; $966 | &nbsp;&nbsp; $2109 |
| Class I | &nbsp;&nbsp; $65 | &nbsp;&nbsp; $205 | &nbsp;&nbsp; $357 | &nbsp;&nbsp; $798 |
| Class I2 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $172 | &nbsp;&nbsp; $301 | &nbsp;&nbsp; $676 |
| Class R6 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $172 | &nbsp;&nbsp; $301 | &nbsp;&nbsp; $676 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 29% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, PineBridge Investments LLC (the "sub-adviser"), seeks to achieve the fund's investment objective by normally investing the fund's assets

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primarily in inflation-indexed fixed-income securities issued by domestic and foreign governments, their agencies or instrumentalities, and corporations.

Inflation-indexed fixed-income securities are structured to provide protection against the negative effects of inflation. The value of an inflation-indexed fixed-income security's principal or the interest income paid on the fixed-income security is adjusted to track changes in an official inflation measure, usually the Consumer Price Index for All Urban Consumers ("CPI-U") with respect to domestic issuers.

The fund may also invest in debt securities that are not inflation-indexed, including but not limited to securities issued or guaranteed by national governments, their agencies, instrumentalities, and political sub-divisions, securities of supranational organizations such as bonds, corporate debt securities, adjustable rate bonds, floating rate bonds, principal only bonds, Eurobonds, Eurodollar bonds and Yankee dollar instruments, zero coupon bonds, convertible notes, commercial paper, and commercial mortgage-backed and mortgage-backed and asset-backed securities. The fund also may invest in money market instruments with remaining maturities of one year or less, as well as repurchase agreements, cash and cash equivalents.

The fund may invest in securities of any maturity and does not have a target average duration. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The fund normally invests primarily in investment grade securities, but may invest up to 20% of its total assets in high yield securities (often referred to as "junk bonds") rated BB or below by Moody's Investors Service, Inc., or equivalently rated by Standard & Poor's Corporation or Fitch, Inc., or, if unrated, determined by the sub-adviser to be of comparable quality.

The sub-adviser uses both "top-down" and "bottom-up" analysis to determine security and duration positions for the fund. Both "top-down" and "bottom-up" approaches rely upon the same fundamental, valuation and technical framework and analysis of factors the sub-adviser believes affect pricing, including interest rates, inflation rates, liquidity and currency exposures. These factors are jointly determined and are interdependent. Security sales decisions are driven by the same criteria as purchase decisions.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps (including, but not limited to, interest rate or foreign currency transactions, total return and credit default swaps), provided that the fund's maximum swap underlying notional value exposure does not exceed 40% of the underlying market value of the fund's portfolio. The sub-adviser regularly uses currency swaps, futures and/or forwards to hedge non-U.S. dollar currency exposure. These investment strategies may be employed in an effort to either mitigate risk or generate income.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The fund's investments in securities issued by foreign governments may include securities issued by governments of emerging market countries. The sub-adviser considers emerging market countries as countries that major international financial institutions and financial organizations, such as the World Bank and Bloomberg, generally consider to be less economically mature than developed nations.

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

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

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

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default

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on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

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

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

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

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

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

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

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or

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exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so.

Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

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

**Money Market Funds –** An investment in a money market fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor is not required to reimburse the fund for losses or to provide financial support to the fund. Although many money market funds seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in such money market funds. Certain other money market funds float their net asset value.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in

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interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

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

![](g93604img59d74ca417.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 5.79% |
| Worst Quarter: | 6/30/2022 | -6.28% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  |  |  | 3/1/2014 |
| Return before taxes | 0.90% | -0.04% | 2.25% |  |  |
| Return after taxes on <br> distributions<br>| -0.62% | -1.36% | 1.31% |  |  |
| Return after taxes on <br> distributions and sale of <br> fund shares<br>| 0.52% | -0.56% | 1.35% |  |  |
| Class C (Return before <br> taxes only)<br>| 4.05% | 0.28% | 2.03% |  | 3/1/2014 |
| Class I (Return before <br> taxes only)<br>| 6.10% | 1.27% | 3.04% |  | 3/1/2014 |
| Class I2 (Return before <br> taxes only)<br>| 6.19% | 1.30% | 3.09% |  | 3/1/2014 |
| Class R6 (Return before <br> taxes only)<br>| 6.29% | 1.32% | N/A | 2.73% | 7/25/2016 |
| Bloomberg US Universal <br> Bond Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 7.58% | 0.06% | 2.44% |  |  |
| Bloomberg US Treasury <br> Inflation Protected <br> Securities Index (reflects <br> no deduction for fees, <br> expenses or taxes)<br>| 7.01% | 1.13% | 3.09% |  |  |
| Bloomberg Global <br> Inflation Linked Bond <br> Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 9.11% | -2.55% | 1.48% |  |  |

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The total return information for Class C shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

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

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

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**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* PineBridge Investments LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* PineBridge Investments LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* PineBridge Investments LLC<br> *Portfolio Managers:* |
| Robert A. Vanden Assem, <br> CFA<br>| Co-Portfolio Manager | since March 2014 |
| Roberto Coronado | Co-Portfolio Manager | since October 2016 |
| Gunter H. Seeger | Co-Portfolio Manager | since March 2018 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

**Tax Information:** Fund distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you

may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

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

Transamerica Inflation Opportunities

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**Transamerica Intermediate Muni**

**Investment Objective:** Seeks to maximize total return through a combination of current income that is exempt from federal income tax and capital appreciation.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** |
| Maximum sales charge (load) imposed <br> on purchases (as a percentage of <br> offering price)<br>| 3.25% |  |  |  |
| Maximum deferred sales charge (load) <br> (as a percentage of purchase price or <br> redemption proceeds, whichever is <br> lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** |
| Management fees | 0.44% | 0.44% | 0.44% | 0.44% |
| Distribution and service (12b-1) <br> fees<br>| 0.25%<sup>1</sup> | 1.00%<sup>1</sup> |  |  |
| Other expenses | 0.10% | 0.12% | 0.15% | 0.06% |
| Total annual fund operating <br> expenses<br>| 0.79% | 1.56% | 0.59% | 0.50% |
| Fee waiver and/or expense <br> reimbursement<sup>1,2</sup><br>| 0.10% | 0.27% | 0.10% | 0.00% |
| Total annual fund operating <br> expenses after fee waiver and/or <br> expense reimbursement<br>| 0.69% | 1.29% | 0.49% | 0.50% |

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Transamerica Capital, LLC has contractually agreed to waive 0.10% of the 0.25% distribution and service (12b-1) fees for Class A shares and 0.25% of the 1.00% distribution and service (12b-1) fees for Class C shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.81% for Class A shares, 1.54% for Class C shares, 0.49% for Class I shares and 0.51% for Class I2 shares, excluding, as applicable, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $393 | &nbsp;&nbsp; $559 | &nbsp;&nbsp; $740 | &nbsp;&nbsp; $1262 |
| Class C | &nbsp;&nbsp; $231 | &nbsp;&nbsp; $466 | &nbsp;&nbsp; $824 | &nbsp;&nbsp; $1834 |
| Class I | &nbsp;&nbsp; $50 | &nbsp;&nbsp; $179 | &nbsp;&nbsp; $319 | &nbsp;&nbsp; $728 |
| Class I2 | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $160 | &nbsp;&nbsp; $280 | &nbsp;&nbsp; $628 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $393 | &nbsp;&nbsp; $559 | &nbsp;&nbsp; $740 | &nbsp;&nbsp; $1262 |
| Class C | &nbsp;&nbsp; $131 | &nbsp;&nbsp; $466 | &nbsp;&nbsp; $824 | &nbsp;&nbsp; $1834 |
| Class I | &nbsp;&nbsp; $50 | &nbsp;&nbsp; $179 | &nbsp;&nbsp; $319 | &nbsp;&nbsp; $728 |
| Class I2 | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $160 | &nbsp;&nbsp; $280 | &nbsp;&nbsp; $628 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 118% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund's sub-adviser, Belle Haven Investments, L.P. (the "sub-adviser"), invests at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in municipal fixed-income securities the interest from which is exempt from

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federal income tax and the federal alternative minimum tax ("AMT") applicable to individuals. The fund invests primarily in general obligation and revenue bonds issued by U.S. municipal issuers, as well as issuers in U.S. territories and possessions.

The fund is an actively managed, total return strategy that seeks to identify inefficiencies in the municipal bond market. The sub-adviser will invest utilizing a process that seeks to maximize total return, while adhering to longer term strategic risk management through a disciplined commitment to the diversification benefits of investment in a number of security types within the municipal bond market. The sub-adviser does this by taking a flexible approach to where it identifies value opportunities regardless of the par value. The sub-adviser also has the flexibility to invest in a broad array of issuers across the credit spectrum, although the fund is expected to have an investment grade bias.

Under normal conditions, the fund's dollar-weighted duration is more than 3 years and less than 10 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. A fixed-income security's maturity is the date at which the security's issuer legally agrees to repay the principal.

The fund may invest no more than 25% of its net assets in securities of issuers in the same state, political subdivision or U.S. territory. The fund may invest up to 20% of its net assets in taxable investments, including U.S. high yield fixed-income securities (commonly known as "junk bonds") rated B or higher by Standard & Poor's. Junk bonds are those securities rated below investment grade by at least one nationally recognized statistical rating organization, or, if unrated, determined by the sub-adviser to be of comparable quality.

The fund may, but is not required to, invest in derivative instruments such as options and futures for speculative, hedging, or duration management purposes. The fund may also invest in exchange-traded funds ("ETFs").

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

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

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

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

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

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Municipal Securities –** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers

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or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

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

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

particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

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

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

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

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to

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suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds.

Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

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

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

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Taxable Investments –** Although distributions of interest income from the fund's tax-exempt securities are generally exempt from regular federal income tax, distributions from other sources, including capital gain distributions, and any gains on the sale of your shares are not. In addition, the interest on the fund's municipal securities could become subject to regular federal income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation, or adverse interpretations by regulatory authorities. You should consult a tax adviser about whether an alternative minimum tax applies to you and about state and local taxes on your fund distributions.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its

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assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

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

![](g93604img2c6837b118.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2023 | 6.79% |
| Worst Quarter: | 3/31/2022 | -6.74% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  |  |  | 10/31/2012 |
| Return before taxes | 0.29% | -0.40% | 1.55% |  |  |
| Return after taxes on <br> distributions<br>| 0.19% | -0.48% | 1.40% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 1.39% | 0.20% | 1.60% |  |  |
| Class C (Return before <br> taxes only)<br>| 2.14% | -0.34% | 1.27% |  | 10/31/2012 |
| Class I (Return before <br> taxes only)<br>| 3.87% | 0.44% | 2.03% |  | 10/31/2012 |
| Class I2 (Return before <br> taxes only)<br>| 3.88% | 0.45% | N/A | 1.75% | 9/30/2016 |
| Bloomberg Municipal <br> Bond Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 4.25% | 0.80% | 2.34% |  |  |
| Bloomberg Muni <br> Managed Money <br> Intermediate Index <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 5.16% | 0.63% | 2.15% |  |  |

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The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan. In certain cases, returns after taxes on distributions and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because they reflect certain tax benefits.

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Belle Haven Investments, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Belle Haven Investments, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Belle Haven Investments, L.P.<br> *Portfolio Managers:* |
| Max Christiana | Portfolio Manager | since November 2021 |
| Matthew Dalton | Portfolio Manager | since November 2012 |

---

**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly

Transamerica Intermediate Muni

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fund account investment. The minimum investment for Class I shares is $1,000,000. There is no investment minimum for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

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

**Tax Information:** The fund intends to distribute income that is exempt from regular federal income tax and the AMT applicable to individuals. A portion of the fund's distributions may be subject to taxes.

Transamerica Intermediate Muni

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**Transamerica International Equity**

**Investment Objective:** Seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

---

<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses<sup>1</sup> | 0.40% | 0.20% | 0.15% | 0.05% | 0.05% |
| Total annual fund operating <br> expenses<br>| 1.36% | 1.91% | 0.86% | 0.76% | 0.76% |
| Fee waiver and/or expense <br> reimbursement<sup>2</sup><br>| 0.11% | 0.00% | 0.00% | 0.00% | 0.00% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 1.25% | 1.91% | 0.86% | 0.76% | 0.76% |

---

Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the Financial Highlights table, which include overdraft charges that are considered extraordinary expenses. Had these extraordinary expenses been included, Other Expenses would have been 0.41% for Class A shares, 0.21% for Class C shares, 0.16% for Class I shares, 0.06% for Class I2 shares and 0.06% for Class R6 shares.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.25% for Class A shares, 1.96% for Class C shares, 0.89% for Class I shares, 0.80% for Class I2 shares and 0.80% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $670 | &nbsp;&nbsp; $947 | &nbsp;&nbsp; $1244 | &nbsp;&nbsp; $2086 |
| Class C | &nbsp;&nbsp; $294 | &nbsp;&nbsp; $600 | &nbsp;&nbsp; $1032 | &nbsp;&nbsp; $2233 |
| Class I | &nbsp;&nbsp; $88 | &nbsp;&nbsp; $274 | &nbsp;&nbsp; $477 | &nbsp;&nbsp; $1061 |
| Class I2 | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $243 | &nbsp;&nbsp; $422 | &nbsp;&nbsp; $942 |
| Class R6 | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $243 | &nbsp;&nbsp; $422 | &nbsp;&nbsp; $942 |

---

**If the shares are not redeemed:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $670 | &nbsp;&nbsp; $947 | &nbsp;&nbsp; $1244 | &nbsp;&nbsp; $2086 |
| Class C | &nbsp;&nbsp; $194 | &nbsp;&nbsp; $600 | &nbsp;&nbsp; $1032 | &nbsp;&nbsp; $2233 |
| Class I | &nbsp;&nbsp; $88 | &nbsp;&nbsp; $274 | &nbsp;&nbsp; $477 | &nbsp;&nbsp; $1061 |
| Class I2 | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $243 | &nbsp;&nbsp; $422 | &nbsp;&nbsp; $942 |
| Class R6 | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $243 | &nbsp;&nbsp; $422 | &nbsp;&nbsp; $942 |

---

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 13% of the average value of its portfolio.

Transamerica International Equity

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**Principal Investment Strategies:** Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of foreign companies representing at least three countries other than the United States. The fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser"), currently anticipates investing in at least 12 countries other than the United States. The sub-adviser emphasizes established companies in individual foreign markets and seeks to stress companies and markets that it believes are undervalued. The sub-adviser expects capital growth to be the predominant component of the fund's total return.

Generally, the fund will invest primarily in common stocks of companies listed on foreign securities exchanges, but it may also invest in depositary receipts including American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs"). Although the fund will emphasize larger, more seasoned or established companies, it may invest in companies of varying sizes as measured by assets, sales or market capitalization. The fund will invest primarily in securities of companies domiciled in developed markets, but may invest up to 10% of its assets in securities of companies in emerging markets. The sub-adviser seeks to diversify the fund's investments around the world and within markets in an effort to minimize specific country and currency risks.

The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen designed to outperform the MSCI Europe, Australasia and Far East ("EAFE") Index. The sub-adviser also performs rigorous fundamental analysis. The fund is typically composed of approximately 80-120 stocks as a result of this process.

The sub-adviser generally limits the fund's investment universe to companies with a minimum of three years of operating history. The sub-adviser employs a consistent sell discipline which includes a significant negative earnings revision, a stock being sold when the catalyst is no longer valid or another stock presents a more attractive opportunity.

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

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

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

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

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

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

Transamerica International Equity

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

**Small and Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

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

**Financial Sector** – Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased

competition. Credit rating downgrades resulting from financial difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Country Focus** – To the extent the fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

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

Transamerica International Equity

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**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

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

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

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

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

Transamerica International Equity

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

![](g93604imgc552de8c19.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2022 | 19.67% |
| Worst Quarter: | 3/31/2020 | -27.11% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Class I |  |  |  | 12/18/1992 |
| Return before taxes | 32.53% | 9.14% | 7.58% |  |
| Return after taxes on distributions | 30.16% | 8.23% | 6.80% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 20.76% | 7.12% | 6.01% |  |
| Class A (Return before taxes only) | 24.78% | 7.47% | 6.56% | 3/1/2011 |
| Class C (Return before taxes only) | 30.16% | 7.97% | 6.43% | 3/1/2011 |
| Class I2 (Return before taxes only) | 32.61% | 9.22% | 7.67% | 3/1/2011 |
| Class R6 (Return before taxes only) | 32.63% | 9.24% | 7.68% | 5/29/2015 |
| MSCI EAFE Index (reflects no <br> deduction for fees, expenses or <br> taxes)<br>| 31.89% | 9.47% | 8.72% |  |

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The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

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

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* |
| Brandon H. Harrell, CFA | Portfolio Manager | since March 2011 |
| Stedman D. Oakey, CFA | Portfolio Manager | since July 2025 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

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**Transamerica International Focus**

**Investment Objective:** Seeks long-term capital appreciation.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.41% | 0.06%<sup>1</sup> | 0.17% | 0.07% | 0.07% |
| Total annual fund operating <br> expenses<br>| 1.41% | 1.81% | 0.92% | 0.82% | 0.82% |
| Fee waiver and/or expense <br> reimbursement<sup>2</sup><br>| 0.21% | 0.00% | 0.10%<sup>3</sup> | 0.00% | 0.00% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 1.20% | 1.81% | 0.82% | 0.82% | 0.82% |

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Other expenses are based on estimates for the current fiscal year.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.20% for Class A shares, 1.95% for Class C shares, 0.97% for Class I shares, 0.87% for Class I2 shares and 0.87% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage

commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. In addition, TAM has contractually agreed to forego its ability to recapture amounts previously waived and/or reimbursed to the class under the expense limitation agreement through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $666 | &nbsp;&nbsp; $952 | &nbsp;&nbsp; $1260 | &nbsp;&nbsp; $2131 |
| Class C | &nbsp;&nbsp; $284 | &nbsp;&nbsp; $569 | &nbsp;&nbsp; $980 | &nbsp;&nbsp; $2127 |
| Class I | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $283 | &nbsp;&nbsp; $500 | &nbsp;&nbsp; $1122 |
| Class I2 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $262 | &nbsp;&nbsp; $455 | &nbsp;&nbsp; $1014 |
| Class R6 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $262 | &nbsp;&nbsp; $455 | &nbsp;&nbsp; $1014 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $666 | &nbsp;&nbsp; $952 | &nbsp;&nbsp; $1260 | &nbsp;&nbsp; $2131 |
| Class C | &nbsp;&nbsp; $184 | &nbsp;&nbsp; $569 | &nbsp;&nbsp; $980 | &nbsp;&nbsp; $2127 |
| Class I | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $283 | &nbsp;&nbsp; $500 | &nbsp;&nbsp; $1122 |
| Class I2 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $262 | &nbsp;&nbsp; $455 | &nbsp;&nbsp; $1014 |
| Class R6 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $262 | &nbsp;&nbsp; $455 | &nbsp;&nbsp; $1014 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 48% of the average value of its portfolio.

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**Principal Investment Strategies:** The fund's sub-adviser, Sands Capital Management, LLC (the "sub-adviser"), invests, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in the equity and equity-related securities of issuers economically tied to a number of countries throughout the world, including emerging markets countries.

Equity-related securities include, but are not limited to, investments such as depositary receipts, preferred stock, convertible securities, real estate investment trusts ("REITs") and warrants. In selecting investments for the fund, the sub-adviser seeks to construct a portfolio of businesses with a broad diversity of growth drivers and an idiosyncratic return stream in an effort to create balanced access to growth businesses, designed to result in a quality growth portfolio with an explicit emphasis on the efficiency of return generation.

The sub-adviser will normally invest the fund's assets in issuers classified in or economically tied to at least three countries, excluding the United States. The sub-adviser may invest a large percentage of the fund's assets in a single country, a limited number of countries, or a particular geographic region. The sub-adviser generally classifies an issuer's primary country in one of the following ways as determined by the sub-adviser: (a) the MSCI Country Classification (i.e., the issuer is included in an index which is representative of that country); (b) the security or other investment is issued or guaranteed by the government of that country or any of its agencies, authorities or instrumentalities; (c) the issuer is organized under the laws of, and maintains a principal office in, that country; (d) the issuer's primary trading market is located in that country; (e) the issuer derives 50% or more of its total revenues or profits from goods sold or services performed in that country; or (f) the issuer has 50% or more of its assets in that country. The sub-adviser considers emerging markets countries to be those countries not included in the MSCI World Index, as determined by the sub-adviser.

The sub-adviser normally allocates the fund's investments across a diverse set of industries and sectors, but the sub-adviser may invest a significant percentage of the fund's assets in issuers of a small number of industries or sectors. The fund typically invests in a relatively small number of companies, and the fund may invest a significant percentage of its assets in securities of a single company.

The sub-adviser utilizes a fundamental, bottom-up, business-focused research approach and seeks to invest the fund's assets in a concentrated and conviction-weighted portfolio of businesses with the belief most wealth created over the long term is concentrated among a select few businesses. To identify these businesses, the sub-adviser leverages the following six investment criteria:

1. Sustainable above-average earnings growth;

2. Leadership position in a promising business space;

3. Significant competitive advantages;

4. Clear mission and value-added focus;

5. Financial strength; and

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

6. Rational valuation relative to the market and business prospects.

Companies that the sub-adviser determines may meet all six investment criteria are then screened with in-depth qualitative and quantitative research. The fund's investments will typically be held for an average term of three to five years, although the fund may hold any investment for any length of time.

The fund may invest up to 5% of its net assets in China A-shares (equity securities of Chinese companies) listed and traded on Chinese stock exchanges, such as the Shanghai Stock Exchange or the Shenzhen Stock Exchange.

As part of the evaluation of a company, the sub-adviser may consider corporate governance, social, and environmental (collectively, "ESG") factors when it believes they may be material to the long-term shareowner value-creation potential of the company. The sub-adviser conducts proprietary ESG-related research as part of its evaluation of companies where appropriate and as applicable. The relevance and materiality of ESG factors vary and are dependent on the region, country, industry, and company. The sub-adviser's analysis of the ESG factors is integrated into the investment decision making process to the extent the sub-adviser believes they may affect a company's long-term value creation potential. This analysis of ESG factors is subjective, and the sub-adviser may conclude that other attributes of an investment outweigh ESG factors when making investment decisions. The sub-adviser does not evaluate ESG practices with respect to certain fund investments, such as cash and cash equivalents or securities received as part of corporate actions.

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

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also

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fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

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

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

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative

events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

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

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

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

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**China A–Shares** – The fund may invest in equity securities of certain Chinese companies, directly or through exchange-traded funds ("ETFs"), collectively referred to as China A-shares, through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (collectively, the "Programs").

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The Programs are subject to daily quota limitations, which may restrict the fund's ability to invest in China A-shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the Programs are not trading, with the result that prices of China A-shares may fluctuate at times when the fund is unable to add to or exit its position. Only certain China A-shares are eligible to be accessed through the Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Programs. Because the Programs are new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is currently unknown. Further, regulations or restrictions, such as limitations on redemptions, suspension of trading and limitations on profits, may adversely impact the Programs and/or the fund's investments through the Programs. There is no guarantee that applicable exchanges in Hong Kong and mainland China will continue to support the Programs in the future.

Investments in China A-shares are subject to risks specific to the China market. Any significant change in mainland China's political, social or economic policies may have a negative impact on investments in the China market.

In addition, uncertainties in mainland China tax legislation could result in unexpected tax liabilities for a fund and therefore could affect the amount of income which may be derived, and the amount of capital returned, from the investments in China A-shares by the fund.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Country Focus** – To the extent the fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to

suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

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

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

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

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Real Estate Securities –** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund's real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**REITs** – Investing in real estate investment trusts ("REITs") involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.

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

**Small and Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited

management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

Transamerica International Focus

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**Warrants and Rights –** Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.

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

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

Performance information for Class C shares will be included after the share class has been in operation for one complete calendar year. The returns for Class C shares would differ from those of Class A, Class I, Class I2 and Class R6 shares because they have different expenses.

Absent any applicable fee waivers, reimbursements and/or expense limitations, performance would be lower.

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

Prior to March 1, 2018, the fund was named Transamerica International Equity Opportunities, had a different sub-adviser, a different investment objective and used different investment strategies. The performance set forth prior to that date is attributable to that previous sub-adviser and the investment objective and the investment strategies then in effect.

From March 1, 2018 to October 25, 2024, the fund had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to that previous sub-adviser and the investment strategies then in effect.

Total returns in the bar chart and returns after taxes in the table are presented for Class I2 shares because Class I2 shares is the class with the longest period of annual returns. For the most immediately preceding period, such information was presented for Class A shares.

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**Annual Total Returns (calendar years ended December 31) - Class I2**

![](g93604img340444a820.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 22.92% |
| Worst Quarter: | 3/31/2020 | -22.22% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class I2 |  |  |  |  | 6/10/2008 |
| Return before taxes | 7.02% | 1.12% | 5.58% |  |  |
| Return after taxes on <br> distributions<br>| 6.86% | -0.41% | 4.27% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 4.59% | 0.92% | 4.40% |  |  |
| Class A (Return before <br> taxes only)<br>| 0.66% | -0.42% | N/A | 2.95% | 3/1/2018 |
| Class I (Return before <br> taxes only)<br>| 6.79% | 1.01% | N/A | 3.96% | 3/1/2018 |
| Class R6 (Return before <br> taxes only)<br>| 6.97% | 1.11% | N/A | 4.12% | 3/1/2018 |
| MSCI EAFE Index <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 31.89% | 9.47% | 8.72% |  |  |

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

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Sands Capital Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Sands Capital Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Sands Capital Management, LLC<br> *Portfolio Managers:* |
| Danielle J. Menichella, CFA | Portfolio Manager | since October 2024 |
| Michael F. Raab, CFA | Portfolio Manager | since October 2024 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

Transamerica International Focus

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The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

The fund does not currently offer Class C shares.

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

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

Transamerica International Focus

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**Transamerica International Small Cap Value**

**Investment Objective:** Seeks maximum long-term total return.

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

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

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **I** | **I2** | **R6** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

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

---

| | | | |
|:---|:---|:---|:---|
| **Class:** | **I** | **I2** | **R6** |
| Management fees | 0.86% | 0.86% | 0.86% |
| Distribution and service (12b-1) fees |  |  |  |
| Other expenses | 0.16% | 0.07% | 0.07% |
| Total annual fund operating expenses | 1.02% | 0.93% | 0.93% |

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class I | &nbsp;&nbsp; $104 | &nbsp;&nbsp; $325 | &nbsp;&nbsp; $563 | &nbsp;&nbsp; $1248 |
| Class I2 | &nbsp;&nbsp; $95 | &nbsp;&nbsp; $296 | &nbsp;&nbsp; $515 | &nbsp;&nbsp; $1143 |
| Class R6 | &nbsp;&nbsp; $95 | &nbsp;&nbsp; $296 | &nbsp;&nbsp; $515 | &nbsp;&nbsp; $1143 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 6% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser"), invests under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in small-capitalization companies ("small-cap companies"). The sub-adviser considers small-cap companies to be those with market capitalizations within the range of the MSCI Europe, Australasia and Far East ("EAFE") Small Cap Index, a benchmark of the fund,

at the time of investment. As of December 31, 2025, the market capitalization range of the MSCI EAFE Small Cap Index was between $346 million and $40 billion. The fund primarily invests in equity securities of small-cap companies located outside the United States. The sub-adviser seeks stocks that it believes are undervalued. The sub-adviser expects capital growth to be the predominant component of the fund's total return.

Generally, the fund will invest primarily in common stocks of companies listed on foreign securities exchanges, but it may also invest in depositary receipts including American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs"). Although the fund will emphasize small-cap companies, it may invest in companies of varying sizes as measured by assets, sales or market capitalization. The fund will invest primarily in securities of companies domiciled in developed markets, but may invest up to 25% of its net assets in securities of companies in emerging markets. The sub-adviser defines emerging markets countries as those countries included in the MSCI Emerging Markets Index and other countries with similar emerging market characteristics as determined by the sub-adviser. The sub-adviser seeks to diversify the fund's investments around the world and within markets in an effort to moderate specific country and currency risks.

The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen designed to outperform the MSCI EAFE Small Cap Index. The sub-adviser also performs rigorous fundamental analysis. The fund's portfolio is typically composed of approximately 80-140 securities as a result of this process. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

The sub-adviser employs a consistent sell discipline, regularly reviewing the investment thesis and valuation for each stock and selling those where the catalyst is no longer valid or where another stock presents a significantly better combination of risk and expected reward. The sub-adviser trims and reviews for elimination any stock that suffers a significant negative earnings revision and eliminates any stock whose market capitalization reaches twice the maximum market cap of the MSCI EAFE Small Cap Index.

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

Transamerica International Small Cap Value

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

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

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

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Small Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

Transamerica International Small Cap Value

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

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

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

**Industrials Sector** – The prices of securities in the industrials sector can be volatile and can be impacted significantly by supply and demand for certain products and services, product obsolescence, product liability and environmental damage claims, changes in consumer spending, government regulation, import controls, trading and tariff arrangements, trade disruptions, commodity prices and availability, exchange rates, world events, general

economic conditions and other factors. In addition, certain companies in the industrials sector may be cyclical and have occasional sharp price movements resulting from changes in the economy, fuel prices, labor agreements and insurance costs.

**Country Focus** – To the extent the fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Japan** – The Japanese economy is highly dependent upon international trade, particularly with the U.S. and other Asian countries. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption. In the past, Japan's economic growth rate has remained relatively low, and it may remain low in the future. The Japanese economic growth rate could be impacted by Bank of Japan monetary policies, rising interest rates, tax increases, budget deficits, consumer confidence and volatility in the Japanese yen. Japan's economy has been adversely affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions of trading partners. Strained foreign relations with neighboring countries (China, South Korea, North Korea and Russia) may not only negatively impact the Japanese economy but also the geographic region as well as globally. Economic growth in Japan is heavily dependent on continued growth in international trade, government support of the financial services sector, among other troubled sectors, and consistent government policy. In addition, the Japanese economy has been adversely affected by certain structural issues, including an aging population, significant non-performing loan portfolios at major financial institutions, substantial government deficits, low domestic consumption and natural and environmental disasters. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the value of securities of Japanese companies held by the fund.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

Transamerica International Small Cap Value

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**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

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

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so.

Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

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

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

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

![](g93604imgbd9eb77b21.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2022 | 21.88% |
| Worst Quarter: | 3/31/2020 | -27.61% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class I |  |  |  |  | 1/4/2013 |
| Return before taxes | 30.66% | 8.48% | 8.32% |  |  |
| Return after taxes on <br> distributions<br>| 29.34% | 7.49% | 7.47% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 19.12% | 6.56% | 6.63% |  |  |
| Class I2 (Return before <br> taxes only)<br>| 30.77% | 8.57% | 8.42% |  | 1/4/2013 |
| Class R6 (Return before <br> taxes only)<br>| 30.71% | N/A | N/A | 16.43% | 5/31/2024 |
| MSCI EAFE Index <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 31.89% | 9.47% | 8.72% |  |  |
| MSCI EAFE Small Cap <br> Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 32.49% | 6.11% | 7.94% |  |  |

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The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

Transamerica International Small Cap Value

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

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* |
| Brandon H. Harrell, CFA | Portfolio Manager | since January 2013 |
| Stedman D. Oakey, CFA | Portfolio Manager | since January 2013 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

Transamerica International Small Cap Value

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**Transamerica International Stock**

**Investment Objective:** Seeks capital appreciation.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **I** | **I2** | **R6** |
| Maximum sales charge (load) imposed <br> on purchases (as a percentage of offering <br> price)<br>| 5.50% |  |  |  |
| Maximum deferred sales charge (load) <br> (as a percentage of purchase price or <br> redemption proceeds, whichever is <br> lower)<br>| None<sup>1</sup> |  |  |  |

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

<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **I** | **I2** | **R6** |
| Management fees | 0.70% | 0.70% | 0.70% | 0.70% |
| Distribution and service (12b-1) fees | 0.25% |  |  |  |
| Other expenses | 0.19% | 0.18% | 0.08% | 0.08% |
| Acquired fund fees and expenses<sup>1</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
| Total annual fund operating expenses | 1.15% | 0.89% | 0.79% | 0.79% |
| Fee waiver and/or expense <br> reimbursement<sup>2</sup><br>| 0.00% | 0.04% | 0.00% | 0.00% |
| Total annual fund operating expenses <br> after fee waiver and/or expense <br> reimbursement<br>| 1.15% | 0.85% | 0.79% | 0.79% |

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Acquired fund fees and expenses reflect the fund's pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund's prospectus.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.23% for Class A shares, 0.84% for Class I shares, 0.81% for Class I2 shares and 0.81% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other

expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. In addition, TAM has contractually agreed to forego its ability to recapture amounts previously waived and/or reimbursed to the class under the expense limitation agreement through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $661 | &nbsp;&nbsp; $895 | &nbsp;&nbsp; $1148 | &nbsp;&nbsp; $1871 |
| Class I | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $280 | &nbsp;&nbsp; $489 | &nbsp;&nbsp; $1092 |
| Class I2 | &nbsp;&nbsp; $81 | &nbsp;&nbsp; $252 | &nbsp;&nbsp; $439 | &nbsp;&nbsp; $978 |
| Class R6 | &nbsp;&nbsp; $81 | &nbsp;&nbsp; $252 | &nbsp;&nbsp; $439 | &nbsp;&nbsp; $978 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 25% of the average value of its portfolio.

**Principal Investment Strategies:** The fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of companies economically tied to countries outside of the U.S. Equity securities include common and preferred stocks, warrants or rights exercisable into common or preferred stock, convertible preferred stock, American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs"). Issuers considered to be economically tied to countries outside of the U.S. include, without limitation: (1) an issuer organized under the laws of or maintaining a principal office or principal place(s) of business outside of the U.S.; (2) an issuer of securities that are principally traded in one or more markets outside the U.S.; (3) an issuer that derives or is currently expected to derive 50% or more of its total sales, revenues, profits, earnings, growth, or another measure of economic activity from, the production or

Transamerica International Stock

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sale of goods or performance of services or making of investments or other economic activity in, one or more countries outside of the U.S., or that maintains or is currently expected to maintain 50% or more of its employees, assets, investments, operations, or other business activity outside of the U.S.; (4) a governmental or quasi-governmental entity of a country outside of the U.S.; (5) an issuer of securities that has been classified as non-U.S. by MSCI; or (6) if not covered by MSCI, an issuer of securities that the sub-adviser reasonably believes would be classified as non-U.S. by MSCI, based on MSCI's classification methodology. The fund's sub-adviser, ClariVest Asset Management LLC (the "sub-adviser"), may consider any one of the six factors when making a determination whether an issuer is "economically tied" to a country outside of the U.S.

In selecting securities for the fund, the fund's sub-adviser utilizes quantitative tools (including an internally developed algorithm) and qualitative analysis in a "bottom-up" investment process to help identify securities that it believes can improve the fund from a risk-reward perspective, with an emphasis on companies that the sub-adviser views as exhibiting characteristics of accelerating growth, favorable valuation, or both. The sub-adviser constructs a portfolio that seeks to maximize expected return, subject to constraints designed to meet long-run expected active risk goals.

The fund may invest in exchange-traded funds ("ETFs") in order to equitize cash positions, seek exposure to certain markets or market sectors and to hedge against certain market movements. The fund may sell securities when they no longer meet the sub-adviser's investment criteria and/or to take advantage of what are believed by the sub-adviser to be more attractive investment opportunities.

The fund's benchmark is the MSCI EAFE Index, which measures large- and mid-cap equity performance across 21 of 23 developed countries, excluding the U.S. and Canada.

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

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic

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

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

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

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

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

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or

Transamerica International Stock

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confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Model and Data –** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the fund.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

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

**Financial Sector** – Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. Credit rating downgrades resulting from financial difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

**Country Focus** – To the extent the fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Japan** – The Japanese economy is highly dependent upon international trade, particularly with the U.S. and other Asian countries. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption. In the past, Japan's economic growth rate has remained relatively low, and it may remain low in the future. The Japanese economic growth rate could be impacted by Bank of Japan monetary policies, rising interest rates, tax increases, budget deficits, consumer confidence and volatility in the Japanese yen. Japan's economy has been adversely affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions of trading partners. Strained foreign relations with neighboring countries (China, South Korea, North Korea and Russia) may not only negatively impact the Japanese economy but also the geographic region as well as globally. Economic growth in Japan is heavily dependent on continued growth in international trade, government support of the financial services sector, among other troubled sectors, and consistent government policy. In addition, the Japanese economy has been adversely affected by certain structural issues, including an aging population, significant non-performing loan portfolios at major financial institutions, substantial government deficits, low domestic consumption and natural and environmental disasters. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the value of securities of Japanese companies held by the fund.

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

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or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

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

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

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

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Small Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization

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companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Warrants and Rights –** Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.

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

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

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

![](g93604img13e1297222.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2022 | 18.23% |
| Worst Quarter: | 3/31/2020 | -23.29% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  |  | 9/28/2018 |
| Return before taxes | 27.13% | 11.69% | 8.27% |  |
| Return after taxes on distributions | 26.33% | 10.55% | 7.48% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 16.53% | 9.06% | 6.45% |  |
| Class I (Return before taxes only) | 34.97% | 13.27% | 9.41% | 9/28/2018 |
| Class I2 (Return before taxes only) | 34.99% | 13.35% | 9.45% | 9/28/2018 |
| Class R6 (Return before taxes only) | 35.11% | 13.33% | 9.45% | 9/28/2018 |
| MSCI EAFE Index (reflects no <br> deduction for fees, expenses or <br> taxes)<br>| 31.89% | 9.47% | 8.56% | 9/28/2018 |

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The total return information for Class A and Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

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

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

Transamerica International Stock

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**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* ClariVest Asset Management LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* ClariVest Asset Management LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* ClariVest Asset Management LLC<br> *Portfolio Managers:* |
| Nicholas <br> Stavrou, CFA<br>| Assistant Portfolio Manager | since March 2026 |
| Alex Turner, <br> CFA<br>| Senior Portfolio Manager | since September 2018 |
| David R. <br> Vaughn, CFA<br>| Senior Portfolio Manager | since September 2018 |
| Gashi Zengeni, <br> CFA<br>| Portfolio Manager | since April 2021 |

---

**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

Transamerica International Stock

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**Transamerica Large Cap Value**

**Investment Objective:** Seeks long-term capital appreciation.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

---

<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.13% | 0.15% | 0.13% | 0.04% | 0.04% |
| Total annual fund operating <br> expenses<br>| 0.97% | 1.74% | 0.72% | 0.63% | 0.63% |
| Fee waiver and/or expense <br> reimbursement<br>| 0.00% | 0.00% | 0.09%<sup>1</sup> | 0.00% | 0.00% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 0.97% | 1.74% | 0.63% | 0.63% | 0.63% |

---

The fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $644 | &nbsp;&nbsp; $842 | &nbsp;&nbsp; $1057 | &nbsp;&nbsp; $1674 |
| Class C | &nbsp;&nbsp; $277 | &nbsp;&nbsp; $548 | &nbsp;&nbsp; $944 | &nbsp;&nbsp; $2052 |
| Class I | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $221 | &nbsp;&nbsp; $392 | &nbsp;&nbsp; $886 |
| Class I2 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $202 | &nbsp;&nbsp; $351 | &nbsp;&nbsp; $786 |
| Class R6 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $202 | &nbsp;&nbsp; $351 | &nbsp;&nbsp; $786 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $644 | &nbsp;&nbsp; $842 | &nbsp;&nbsp; $1057 | &nbsp;&nbsp; $1674 |
| Class C | &nbsp;&nbsp; $177 | &nbsp;&nbsp; $548 | &nbsp;&nbsp; $944 | &nbsp;&nbsp; $2052 |
| Class I | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $221 | &nbsp;&nbsp; $392 | &nbsp;&nbsp; $886 |
| Class I2 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $202 | &nbsp;&nbsp; $351 | &nbsp;&nbsp; $786 |
| Class R6 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $202 | &nbsp;&nbsp; $351 | &nbsp;&nbsp; $786 |

---

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 25% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of large cap companies. The fund considers large cap companies to be companies with capitalizations at the time of investment within the range of companies included in the Russell 1000<sup>®</sup> Index<sup>1</sup>. As of December 31, 2025, the market capitalization range of the Russell 1000<sup>®</sup> Index was between approximately $1.3 billion and $4.5 trillion. The fund's sub-adviser, Great Lakes Advisors, LLC (the "sub-adviser"), normally focuses primarily on companies with market capitalizations greater than $5 billion. The fund typically holds between 35 and 50 positions. The Russell 3000<sup>®</sup> Index is the fund's primary benchmark and the Russell 1000<sup>®</sup> Value Index is a secondary benchmark of the fund.

The sub-adviser will employ a relative value approach, combining a quantitative screening tool to identify attractive candidate securities with a bottom-up, fundamental research process to select

Transamerica Large Cap Value

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and weight individual securities. The sub-adviser's proprietary quantitative screening tool is used to narrow the universe of potential investments by comparing stocks to their peers using a combination of factors, including relative valuation, potential for improving business prospects, earnings quality, and short-term price reversal. Valuation is assessed by the sub-adviser on both a relative and absolute basis. Relative valuation compares a stock to comparable assets in order to gauge its value and attractiveness, whereas absolute valuation evaluates a stock's worth in absolute terms with no consideration regarding the value of other comparable assets. The sub-adviser generally invests in securities it believes to be attractively valued with the potential to exceed investor expectations and may sell securities that no longer meet the fund's investment criteria. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

The fund will generally invest in companies across a variety of industries and sectors. The fund will normally invest primarily in common stock and depositary receipts. The fund may invest up to 20% of its net assets in non-U.S. securities. The sub-adviser considers non-U.S. securities to include issuers organized or located outside the U.S. and/or that trade primarily in a market located outside the U.S. The fund may invest up to 20% of its net assets in medium capitalization companies.

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers

behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

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

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

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

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

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

Transamerica Large Cap Value

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**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

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

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries

may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

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

Transamerica Large Cap Value

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underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

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

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

Prior to December 1, 2020, the fund had a different sub-adviser and used different investment strategies. The performance set forth for the period prior to that date is attributable to the previous sub-adviser and the investment strategies then in effect.

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

![](g93604img02566e9323.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 20.17% |
| Worst Quarter: | 3/31/2020 | -31.96% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Class A |  |  |  | 11/15/2010 |
| Return before taxes | 16.71% | 13.17% | 10.36% |  |
| Return after taxes on distributions | 15.67% | 11.90% | 8.58% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 10.59% | 10.24% | 7.80% |  |
| Class C (Return before taxes only) | 21.59% | 13.59% | 10.16% | 11/15/2010 |
| Class I (Return before taxes only) | 23.94% | 14.87% | 11.36% | 11/15/2010 |
| Class I2 (Return before taxes only) | 23.97% | 14.87% | 11.40% | 11/15/2010 |
| Class R6 (Return before taxes only) | 23.88% | 14.87% | 11.41% | 5/29/2015 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> (reflects no <br> deduction for fees, expenses or <br> taxes)<br>| 17.15% | 13.15% | 14.29% |  |
| Russell 1000<sup>®</sup> Value Index (reflects <br> no deduction for fees, expenses or <br> taxes)<br>| 15.91% | 11.33% | 10.53% |  |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

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

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Great Lakes Advisors, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Great Lakes Advisors, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Great Lakes Advisors, LLC<br> *Portfolio Managers:* |
| Paul Roukis, CFA | Portfolio Manager | since December 2020 |
| Jeff Agne | Portfolio Manager | since December 2020 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone

Transamerica Large Cap Value

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at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

Transamerica Large Cap Value

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**Transamerica Large Core ESG**

**Investment Objective:** Seeks to provide capital appreciation.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | |
|:---|:---|:---|
| **Class:** | **A** | **R6** |
| Maximum sales charge (load) imposed on purchases <br> (as a percentage of offering price)<br>| 5.50% |  |
| Maximum deferred sales charge (load) (as a percentage <br> of purchase price or redemption proceeds, whichever is <br> lower)<br>| None<sup>1</sup> <br>|  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | |
|:---|:---|:---|
| **Class:** | **A** | **R6** |
| Management fees | 0.45% | 0.45% |
| Distribution and service (12b-1) fees | 0.25% |  |
| Other expenses | 0.27% | 0.10% |
| Total annual fund operating expenses | 0.97% | 0.55% |

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $644 | &nbsp;&nbsp; $842 | &nbsp;&nbsp; $1057 | &nbsp;&nbsp; $1674 |
| Class R6 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $176 | &nbsp;&nbsp; $307 | &nbsp;&nbsp; $689 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares

are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 110% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of large-cap companies that have an MSCI ESG rating of A or higher. The fund considers large-cap companies to be the top approximately 1,000 companies by market capitalizations in the U.S. market. As of December 31, 2025, the top 1,000 companies by market capitalization in the U.S. market had a market capitalization of at least $1.3 billion.

The fund's sub-adviser, PineBridge Investments LLC (the "sub-adviser"), believes companies should be analyzed in the context of their life cycle. The sub-adviser employs a process that categorizes companies according to where the sub-adviser believes they reside in their respective company life cycles, and then lets the categorization drive how the companies are analyzed for investment attractiveness. Through a quantitative framework, the sub-adviser ranks companies within what are considered fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). After quantitatively categorizing each company in the investment universe into their six main life-cycle categorizations, the sub-adviser's alpha model then quantitatively assesses the attractiveness of each company based on numerous factors that are considered relevant to each life-cycle category. The model generates a numerical ranking based on this quantitative categorization and factor-based assessment, which indicates the attractiveness of each stock.

The sub-adviser then employs an optimization process to construct the fund's portfolio. The optimization process incorporates the output from the sub-adviser's alpha model and includes an MSCI ESG ratings constraint and certain exclusionary constraints. Under the ratings constraint, the sub-adviser will normally invest at least 80% of the fund's net assets in companies with an MSCI ESG rating of A or higher. The sub-adviser generally expects, as measured on a monthly basis, that at least 85% of the companies the fund holds will have an MSCI ESG rating of A or higher. The sub-adviser obtains third party ESG ratings information from MSCI. MSCI ESG ratings are intended to measure how well a company manages its material ESG risks and opportunities relative to industry peers. MSCI assigns each company an ESG rating on a seven-point scale ranging between "AAA" and "CCC," with "AAA" being the highest followed by "AA" and "A." To arrive at a final ESG rating, MSCI uses a quantitative model to weigh a company's environmental and social key issue scores and a governance pillar score relative to its industry peers. Under the exclusionary constraints, the sub-adviser will exclude investments in: companies that derive 10% or more of total annual revenue from thermal coal; companies that are United Nations Global Compact violators; and companies involved in controversial weapons (landmines, cluster

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munitions, chemical and biological weapons). These exclusions are based on third party classifications by MSCI obtained by the sub-adviser.

Final stock selection and portfolio positioning are subject to the discretion of the fund's portfolio management team.

The equity securities in which the fund may invest include, but are not limited to, common stocks, depositary receipts, preferred stocks, and securities convertible into common stocks (such as warrants and rights). The fund may also invest up to 5% of its assets in index exchange-traded funds ("ETFs").

Additionally, the fund may also invest its assets in cash, cash equivalent securities or other short-term debt securities, money market funds and U.S. government securities.

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

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

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result,

whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

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

**Model and Data –** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the fund.

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

**Environmental, Social and Governance ("ESG") Investing** – Applying the sub-adviser's ESG criteria to its investment analysis for the fund may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the fund may forgo some investment opportunities available to funds that do not use ESG criteria or that apply different ESG criteria. Applying ESG criteria may impact the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the fund's investment performance. The relevance and

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weightings of ESG criteria to the sub-adviser's investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies that are identified by the sub-adviser as having favorable ESG characteristics may shift into and out of favor depending on market and economic conditions, and a company's ESG practices, or the sub-adviser's assessment of such practices, may change over time. The fund's performance may at times be better or worse than the performance of similar funds that do not use ESG criteria or that apply different ESG criteria. ESG is not a uniformly defined characteristic and applying ESG criteria involves a subjective assessment. There may be significant differences in views in what constitutes positive or negative ESG characteristics of a company. The sub-adviser's ESG assessment of a company may differ from that of other funds or investors. The fund's investments may include securities of issuers that derive revenue from non-ESG activities. ESG ratings and assessments of issuers can vary across third party data providers, and ESG data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's ESG characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of ESG investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of ESG criteria could have a material adverse effect on the fund's ability to invest in accordance with its ESG strategy.

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

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

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

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

tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

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

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**ESG Data** – ESG information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted ESG standards or standardized

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practices for researching, generating, or analyzing ESG data, classifications, screens, and ratings ("ESG Data"). The factors and criteria considered when generating ESG Data and the results of such ESG research may differ widely across third-party ESG Data providers. The evaluation of ESG factors and criteria is often subjective, is often evolving and subject to ongoing refinement, and the third-party ESG Data providers used by the fund may not identify or evaluate every relevant ESG factor and/or criteria with respect to every investment. Due to differences in various countries' corporate disclosure and financial statement reporting obligations and availability, as well as timeliness of any such available information, a third-party ESG Data provider may not always be successful in identifying material ESG information about a particular company. The fund may invest in companies that do not reflect the beliefs or values of a particular investor and may not be deemed to exhibit the intended ESG characteristics if different metrics or ESG Data providers were used to evaluate them. Because ESG considerations are still an emerging area of investment focus, ESG information and metrics can be difficult to obtain or not able to be obtained. The evaluation of ESG factors and implementation of ESG-related investment restrictions (e.g., screens) rely on the availability of timely, complete, and accurate ESG Data reported by issuers and/or third-party research providers. ESG Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. The successful implementation of the fund's strategy is therefore dependent, in part, on the ESG factors identified and considered and research methodologies employed by applicable third-party ESG Data providers, as well as the timely availability of accurate information. Due to the specialized resources necessary to obtain ESG-related information underlying or related to the ESG Data provided by applicable third-party ESG research firms, the sub-adviser does not independently test or verify the data provided by such firms.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

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

**Money Market Funds –** An investment in a money market fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor is not required to reimburse the fund for losses or to provide financial support to the fund. Although many money market funds seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in such money market funds. Certain other money market funds float their net asset value.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly

Transamerica Large Core ESG

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during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Warrants and Rights –** Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.

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

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

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

![](g93604imge72dc5d224.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 3/31/2024 | 11.59% |
| Worst Quarter: | 3/31/2025 | -4.49% |

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

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  | 3/2/2023 |
| Return before taxes | 10.70% | 21.28% |  |
| Return after taxes on distributions | 6.89% | 16.80% |  |
| Return after taxes on distributions and sale <br> of fund shares<br>| 8.68% | 16.00% |  |
| Class R6 (Return before taxes only) | 17.65% | 21.77% | 3/2/2023 |
| S&P 500<sup>®</sup> Index (reflects no deduction for <br> fees, expenses or taxes)<br>| 17.88% | 23.11% | 3/2/2023 |

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

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

**Management:** 

<u> *Investment Manager:* Transamerica Asset Management, Inc. *Sub-Adviser:* PineBridge Investments LLC *Portfolio Manager:*</u> <br> Sheedsa Ali, CFA Portfolio Manager since September 2018

**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. There is no minimum investment for eligible plans investing in Class R6 shares.

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Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

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**Transamerica Large Growth**

**Investment Objective:** Seek to maximize long-term growth.

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

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

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| | |
|:---|:---|
| **Class:** | **R6** |
| Maximum sales charge (load) imposed on purchases (as a <br> percentage of offering price)<br>| None |
| Maximum deferred sales charge (load) (as a percentage of <br> purchase price or redemption proceeds, whichever is lower)<br>| None |

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

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

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| | |
|:---|:---|
| **Class:** | **R6** |
| Management fees | 0.65% |
| Distribution and service (12b-1) fees |  |
| Other expenses | 0.07% |
| Total annual fund operating expenses | 0.72% |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R6 | &nbsp;&nbsp; $74 | &nbsp;&nbsp; $230 | &nbsp;&nbsp; $401 | &nbsp;&nbsp; $894 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 56% of the average value of its portfolio.

**Principal Investment Strategies:** The fund normally invests primarily in common stocks of companies that its sub-advisers, Morgan Stanley Investment Management Inc. ("MSIM") and Wellington Management Company LLP ("Wellington Management"), believe have the potential for above average growth in earnings. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of large cap companies and other investments with similar economic characteristics. The fund considers large cap companies to be companies with market capitalizations that, at the time of initial purchase, exceed the market

capitalization of the smallest company included in the Russell 1000<sup>®</sup> Growth Index<sup>1</sup>, a benchmark of the fund. As of December 31, 2025, the market capitalization of the smallest company in the Russell 1000<sup>®</sup> Growth Index was $1.57 billion. The fund generally emphasizes common and preferred stocks listed on the New York Stock Exchange and other U.S. securities exchanges and, to a lesser extent, equity securities that are listed on foreign securities exchanges and those traded over-the-counter. The fund's investment manager, Transamerica Asset Management, Inc., determines the allocation of the fund's assets between MSIM and Wellington Management and rebalances the allocation periodically to normally maintain approximately a 50% allocation of the fund's assets to each sub-adviser. The fund employs a growth style of investing. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries and securities classified as American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), American Depositary Shares ("ADSs") or Global Depositary Shares ("GDSs"), foreign U.S. dollar denominated securities that are traded on a U.S. exchange or local shares of non-U.S. issuers. MSIM may, but is not required to, utilize foreign currency forward exchange contracts, which are derivatives, in connection with investments in foreign securities, and may, but is not required to, purchase and sell certain derivative instruments, such as options, for various portfolio management purposes. The fund may invest in companies with significant exposure to digital assets, such as Bitcoin, or the digital asset ecosystem. The fund does not invest directly in digital assets.

Consistent with the fund's objective and other policies, Wellington Management may, but is not required to, invest to a lesser extent in derivatives, including futures, forwards, options and swaps primarily for cash equitization purposes. The fund may also invest in warrants and rights.

MSIM emphasizes a "bottom-up" stock selection process, seeking attractive investments on an individual company basis. MSIM integrates environmental, social and governance ("ESG") factors into its investment process by using ESG factors as a lens for additional fundamental research, which can contribute to investment decision-making. This analysis of ESG factors is subjective and not determinative in the MSIM's investment process. MSIM may conclude that other attributes of an investment outweigh ESG factors when making investment decisions.

Wellington Management employs a "bottom-up" approach, using fundamental analysis to identify specific securities within industries or sectors for purchase or sale. A "bottom-up" approach evaluates individual companies in the context of broader market factors. Wellington Management's stock selection process is derived from its observation that the quality and persistence of a company's business is often not reflected in its current stock price. Central to the investment process is fundamental research focused on uncovering companies with improving quality metrics, business

Transamerica Large Growth

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momentum, and attractive relative valuations. Wellington Management's investment process is aided by a proprietary screening process that narrows the sub-adviser's investment universe to companies that are consistent with its investment philosophy.

The fund uses multiple sub-advisers in an effort to control the volatility often associated with growth funds, but there can be no assurance that this strategy will succeed.

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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

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

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

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default

on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

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

**Small and Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices,

Transamerica Large Growth

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and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

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

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

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

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types

of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

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

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

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

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

Transamerica Large Growth

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**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Digital Assets –** The fund may gain economic exposure to Bitcoin or other digital assets through investments in operating companies that accumulate Bitcoin or other digital assets and/or provide Bitcoin- or other digital assets-related products and services, and consequently the fund's performance is subject to the risks of the applicable digital assets and the risks of the digital assets industry more generally. The trading prices of many digital assets have experienced extreme volatility in recent periods and may

continue to do so. Extreme volatility in the future, including further declines in the trading prices of Bitcoin or other digital assets to which the fund has economic exposure could have a material adverse effect on the value of the fund's shares. Digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry. Changes in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively affect that digital asset network's ability to grow and respond to challenges.

Cryptocurrencies, such as Bitcoin, are a subset of digital assets designed to act as a medium of exchange. Despite being referred to as "currencies," crypto assets are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender. The value of digital assets is determined by supply and demand in the global markets, which consist primarily of transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading platforms is highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

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

Transamerica Large Growth

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers,

regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Warrants and Rights –** Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

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

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

Transamerica Large Growth

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**Annual Total Returns (calendar years ended December 31) - Class R6**

![](g93604img693c8e6325.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2025 | 25.31% |
| Worst Quarter: | 6/30/2022 | -31.30% |

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

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R6 |  |  | 5/28/2021 |
| Return before taxes | 19.24% | 6.97% |  |
| Return after taxes on distributions | 11.36% | 3.21% |  |
| Return after taxes on distributions and sale <br> of fund shares<br>| 16.47% | 5.03% |  |
| Russell 3000<sup>®</sup> Index<sup>1</sup> (reflects no deduction <br> for fees, expenses or taxes)<br>| 17.15% | 11.55% | 5/28/2021 |
| Russell 1000<sup>®</sup> Growth Index (reflects no <br> deduction for fees, expenses or taxes)<br>| 18.56% | 15.26% | 5/28/2021 |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management Inc.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management Inc.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management Inc.<br> *Portfolio Managers:* |
| Dennis P. Lynch | Lead Portfolio Manager | since October 2019 |
| Sam G. Chainani, CFA | Portfolio Manager | since October 2019 |
| Jason C. Yeung, CFA | Portfolio Manager | since October 2019 |
| Armistead B. Nash | Portfolio Manager | since October 2019 |
| Alexander T. Norton | Portfolio Manager | since October 2019 |

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

<u> *Sub-Adviser:* Wellington Management Company LLP *Portfolio Managers:*</u> <br> <u> Douglas McLane, CFA</u> <u> Lead Portfolio Manager</u> <u> since July 2022<sup>1</sup> </u> <br> David Siegle, CFA Portfolio Manager since March 2017

<sup>1</sup> Portfolio Manager since March 2017; Lead Portfolio Manager since July 2022.

**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

There is no minimum investment for eligible plans investing in Class R6 shares.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

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**Transamerica Long Credit**

**Investment Objective:** Seeks to provide total return through a combination of current income and capital appreciation.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 4.75% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses<sup>1</sup> | 0.19% | 0.14% | 0.24% | 0.14% | 0.14% |
| Total annual fund operating <br> expenses<br>| 0.89% | 1.59% | 0.69% | 0.59% | 0.59% |
| Fee waiver and/or expense <br> reimbursement<sup>2</sup><br>| 0.00% | 0.00% | 0.04% | 0.03% | 0.03% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 0.89% | 1.59% | 0.65% | 0.56% | 0.56% |

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Other expenses are based on estimates for the current fiscal year.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.94% for Class A shares, 1.78% for Class C shares, 0.65% for Class I shares, 0.56% for Class I2 shares and 0.56% for

Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $562 | &nbsp;&nbsp; $745 | &nbsp;&nbsp; $944 | &nbsp;&nbsp; $1518 |
| Class C | &nbsp;&nbsp; $262 | &nbsp;&nbsp; $502 | &nbsp;&nbsp; $865 | &nbsp;&nbsp; $1887 |
| Class I | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $217 | &nbsp;&nbsp; $380 | &nbsp;&nbsp; $854 |
| Class I2 | &nbsp;&nbsp; $57 | &nbsp;&nbsp; $186 | &nbsp;&nbsp; $326 | &nbsp;&nbsp; $735 |
| Class R6 | &nbsp;&nbsp; $57 | &nbsp;&nbsp; $186 | &nbsp;&nbsp; $326 | &nbsp;&nbsp; $735 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $562 | &nbsp;&nbsp; $745 | &nbsp;&nbsp; $944 | &nbsp;&nbsp; $1518 |
| Class C | &nbsp;&nbsp; $162 | &nbsp;&nbsp; $502 | &nbsp;&nbsp; $865 | &nbsp;&nbsp; $1887 |
| Class I | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $217 | &nbsp;&nbsp; $380 | &nbsp;&nbsp; $854 |
| Class I2 | &nbsp;&nbsp; $57 | &nbsp;&nbsp; $186 | &nbsp;&nbsp; $326 | &nbsp;&nbsp; $735 |
| Class R6 | &nbsp;&nbsp; $57 | &nbsp;&nbsp; $186 | &nbsp;&nbsp; $326 | &nbsp;&nbsp; $735 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 42% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, primarily in investment grade debt securities, which may include: investment grade corporate securities, U.S. government

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obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. The fund's portfolio weighted average duration will normally be more than 10 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

Under normal circumstances, the fund's portfolio will have a dollar-weighted average credit rating of investment grade. Investment grade debt securities carry a rating of at least BBB from Standard & Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the sub-adviser. The fund may invest in securities of any maturity.

The fund may also invest in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs") and collateralized debt obligations ("CDOs")), commercial mortgage-backed securities ("CMBS"), high quality short-term debt obligations and repurchase agreements. The fund's investments may include debt securities of foreign issuers, including emerging market debt securities. The fund may invest in securities that are denominated in U.S. dollars and in foreign currencies. The fund may invest up to 15% of its net assets in emerging market debt securities. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. The fund may invest up to 10% of its net assets in high-yield debt securities (commonly referred to as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the sub-adviser).

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate, government and agency debt, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movements of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve, and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for investment grade corporate debt securities (including emerging markets), foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional

credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, asset-backed commercial paper, repurchase agreements, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

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

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may

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fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

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

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

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

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

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

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

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**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Municipal Securities –** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

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

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

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

**Distressed or Defaulted Securities –** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and

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the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

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

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

particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's

Transamerica Long Credit

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exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**To Be Announced (TBA) Transactions** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Warrants and Rights –** Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

Performance information for Class C shares and Class R6 shares will be included after the share classes have been in operation for one complete calendar year. The returns for Class C shares and Class R6 shares would differ from those of Class A, Class I and Class I2 shares because they have different expenses.

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

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

Transamerica Long Credit

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**Annual Total Returns (calendar year ended December 31) - Class A**

![](g93604img44d5f22a26.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 9/30/2024 | 7.14% |
| Worst Quarter: | 12/31/2024 | -6.11% |

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

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  | 4/1/2023 |
| Return before taxes | 1.77% | 1.02% |  |
| Return after taxes on distributions | -0.24% | -0.96% |  |
| Return after taxes on distributions and sale <br> of fund shares<br>| 1.01% | -0.08% |  |
| Class I (Return before taxes only) | 6.98% | 3.00% | 4/1/2023 |
| Class I2 (Return before taxes only) | 7.02% | 7.38% | 9/30/2023 |
| Bloomberg US Universal Bond Index (reflects <br> no deduction for fees, expenses or taxes)<br>| 7.58% | 4.62% | 4/1/2023 |
| Bloomberg U.S. Long Credit Index (reflects no <br> deduction for fees, expenses or taxes)<br>| 7.77% | 3.84% | 4/1/2023 |

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

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Norbert King | Portfolio Manager | since December 2023 |
| Sivakumar N. Rajan | Portfolio Manager | since March 2023 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone

at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

The fund does not currently offer Class C and Class R6 shares.

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

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

Transamerica Long Credit

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**Transamerica Mid Cap Growth**

**Investment Objective:** Seeks long term capital appreciation.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.28% | 0.40% | 0.24% | 0.14% | 0.14% |
| Total annual fund operating <br> expenses<br>| 1.24% | 2.11% | 0.95% | 0.85% | 0.85% |
| Fee waiver and/or expense <br> reimbursement<sup>1</sup><br>| 0.00% | 0.12% | 0.03% | 0.03% | 0.03% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 1.24% | 1.99% | 0.92% | 0.82% | 0.82% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.28% for Class A shares, 1.99% for Class C shares, 0.92% for Class I shares, 0.82% for Class I2 shares and 0.82% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage

commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $669 | &nbsp;&nbsp; $922 | &nbsp;&nbsp; $1194 | &nbsp;&nbsp; $1967 |
| Class C | &nbsp;&nbsp; $302 | &nbsp;&nbsp; $649 | &nbsp;&nbsp; $1123 | &nbsp;&nbsp; $2432 |
| Class I | &nbsp;&nbsp; $94 | &nbsp;&nbsp; $300 | &nbsp;&nbsp; $523 | &nbsp;&nbsp; $1164 |
| Class I2 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $268 | &nbsp;&nbsp; $468 | &nbsp;&nbsp; $1046 |
| Class R6 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $268 | &nbsp;&nbsp; $468 | &nbsp;&nbsp; $1046 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $669 | &nbsp;&nbsp; $922 | &nbsp;&nbsp; $1194 | &nbsp;&nbsp; $1967 |
| Class C | &nbsp;&nbsp; $202 | &nbsp;&nbsp; $649 | &nbsp;&nbsp; $1123 | &nbsp;&nbsp; $2432 |
| Class I | &nbsp;&nbsp; $94 | &nbsp;&nbsp; $300 | &nbsp;&nbsp; $523 | &nbsp;&nbsp; $1164 |
| Class I2 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $268 | &nbsp;&nbsp; $468 | &nbsp;&nbsp; $1046 |
| Class R6 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $268 | &nbsp;&nbsp; $468 | &nbsp;&nbsp; $1046 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 109% of the average value of its portfolio.

**Principal Investment Strategies:** The fund normally invests primarily in stocks of medium sized companies which the fund's sub-adviser, Wellington Management Company LLP (the "sub-adviser"), believes will earn high returns on invested capital, benefit from long term secular growth trends, and meet the sub-adviser's long term valuation criteria. Under normal circumstances, the sub-adviser invests at least 80% of the fund's net assets (plus the

Transamerica Mid Cap Growth

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amount of borrowings, if any, for investment purposes) in securities of medium sized (or mid-cap) companies and other investments with similar economic characteristics. The sub-adviser considers mid-cap companies to be companies with market capitalizations that, at the time of initial purchase, are within the range of capitalization of the companies that are included in the Russell Midcap<sup>®</sup> Growth Index<sup>1</sup>, a benchmark of the fund. As of December 31, 2025, the market capitalizations of companies in the Russell Midcap<sup>®</sup> Growth Index ranged from approximately $1.57 billion to $101.87 billion. Over time, the capitalizations of the companies in the Russell Midcap<sup>®</sup> Growth Index will change. As they do, the size of the companies in which the fund invests may change.

The fund's equity securities may include common stocks and preferred stocks listed on the New York Stock Exchange and on other national securities exchanges and, generally to a lesser extent, stocks that are traded over-the-counter. The fund normally emphasizes common stocks. The fund may also invest in foreign securities. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

The fund may also invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Generally, 5% or less of the fund's assets will be invested in cash and cash equivalents.

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or

group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

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

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

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

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

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

Transamerica Mid Cap Growth

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**Small Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

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

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

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

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

to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

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

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in

Transamerica Mid Cap Growth

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value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

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

manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

Prior to December 1, 2018, the fund had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to the previous sub-adviser and the investment strategies then in effect.

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

![](g93604imgd0e213c427.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 32.43% |
| Worst Quarter: | 6/30/2022 | -23.99% |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  |  | 3/10/2017 |
| Return before taxes | 1.21% | 2.14% | 7.55% |  |
| Return after taxes on distributions | -4.92% | -1.28% | 4.12% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 3.15% | 0.91% | 5.02% |  |
| Class C (Return before taxes only) | 5.52% | 2.80% | 7.60% | 3/10/2017 |
| Class I (Return before taxes only) | 7.53% | 3.71% | 8.61% | 3/10/2017 |
| Class I2 (Return before taxes only) | 7.50% | 3.75% | 8.64% | 3/10/2017 |
| Class R6 (Return before taxes only) | 7.49% | N/A | 3.67% | 5/28/2021 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> (reflects no <br> deduction for fees, expenses or <br> taxes)<br>| 17.15% | 13.15% | 14.09% | 3/10/2017 |
| Russell Midcap<sup>®</sup> Growth Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 8.66% | 6.65% | 12.66% | 3/10/2017 |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Class A, Class C, Class I and Class I2 shares commenced operations on October 31, 2013. Performance information is shown for the periods from the date of the reorganization of certain funds

Transamerica Mid Cap Growth

------

into the fund (March 10, 2017). The applicable predecessor fund, whose accounting and performance history were adopted in the reorganizations, did not offer Class A, Class C, Class I and Class I2 shares.

The total return information for Class C and Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan. In certain cases, returns after taxes on distributions and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because they reflect certain tax benefits.

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

**Management:** 

---

| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Wellington Management Company LLP<br> *Portfolio Manager:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Wellington Management Company LLP<br> *Portfolio Manager:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Wellington Management Company LLP<br> *Portfolio Manager:* |
| Timothy N. Manning | Portfolio Manager | since December 2018 |

---

**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

Transamerica Mid Cap Growth

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**Transamerica Mid Cap Value Opportunities**

**Investment Objective:** Seeks to provide investors with long term capital growth.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

---

<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.24% | 0.18% | 0.16% | 0.06% | 0.06% |
| Total annual fund operating <br> expenses<br>| 1.18% | 1.87% | 0.85% | 0.75% | 0.75% |

---

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

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

**If the shares are redeemed at the end of each period:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $664 | &nbsp;&nbsp; $904 | &nbsp;&nbsp; $1163 | &nbsp;&nbsp; $1903 |
| Class C | &nbsp;&nbsp; $290 | &nbsp;&nbsp; $588 | &nbsp;&nbsp; $1011 | &nbsp;&nbsp; $2190 |
| Class I | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $271 | &nbsp;&nbsp; $471 | &nbsp;&nbsp; $1049 |
| Class I2 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $240 | &nbsp;&nbsp; $417 | &nbsp;&nbsp; $930 |
| Class R6 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $240 | &nbsp;&nbsp; $417 | &nbsp;&nbsp; $930 |

---

**If the shares are not redeemed:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $664 | &nbsp;&nbsp; $904 | &nbsp;&nbsp; $1163 | &nbsp;&nbsp; $1903 |
| Class C | &nbsp;&nbsp; $190 | &nbsp;&nbsp; $588 | &nbsp;&nbsp; $1011 | &nbsp;&nbsp; $2190 |
| Class I | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $271 | &nbsp;&nbsp; $471 | &nbsp;&nbsp; $1049 |
| Class I2 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $240 | &nbsp;&nbsp; $417 | &nbsp;&nbsp; $930 |
| Class R6 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $240 | &nbsp;&nbsp; $417 | &nbsp;&nbsp; $930 |

---

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 59% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of mid cap companies. The fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser"), considers mid cap companies to be those companies, at the time of purchase, with market capitalizations within the range of companies included in the Russell Midcap<sup>®</sup> Value Index<sup>1</sup>, a benchmark of the fund, (between approximately $7 billion and $59 billion as of June 30, 2025, the date of the last reconstitution). The size of the companies in the Russell Midcap<sup>®</sup> Value Index will change with market conditions. The fund invests primarily in common stocks. The fund may invest in other equity and non-equity securities, including preferred stocks, convertible securities and foreign securities which may take the form of depositary receipts. The fund typically invests in a relatively small number of companies.

The sub-adviser seeks to invest in companies it believes present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. The sub-adviser's mid cap value process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen. Parts one and two of the screen attempt to assess a company's discount to private market value relative to other mid cap stocks. The third factor considers the relative earnings prospects of the company. The fourth factor involves looking at the company's recent price action. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

Transamerica Mid Cap Value Opportunities

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The sub-adviser's analysts also explore numerous factors that might affect the outlook for a company. They evaluate publicly available information including, but not limited to, sell-side research, company filings, and trade periodicals. The analysts may speak with company management to hear their perspectives and outlook on pertinent business issues. They apply a consistent and disciplined review in a team environment that encourages critical thinking and analysis for each company considered for investment.

The sub-adviser generally considers selling a security when the catalyst for the investment is no longer valid, when the sub-adviser believes that another stock will have a higher expected return, or for portfolio risk management. The fund generally engages in active and frequent trading of portfolio securities as part of its principal investment strategy.

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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

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

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result,

whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

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

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

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

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

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative

Transamerica Mid Cap Value Opportunities

------

events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or

incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

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

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

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

Transamerica Mid Cap Value Opportunities

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

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

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

**Small Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

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

manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

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

![](g93604img54c2ea6d28.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2020 | 23.09% |
| Worst Quarter: | 3/31/2020 | -32.48% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  |  |  | 4/30/2014 |
| Return before taxes | 3.51% | 7.22% | 7.80% |  |  |
| Return after taxes on <br> distributions<br>| -0.15% | 4.05% | 5.45% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 4.62% | 5.12% | 5.74% |  |  |
| Class C (Return before <br> taxes only)<br>| 7.88% | 7.75% | 7.68% |  | 4/30/2014 |
| Class I (Return before <br> taxes only)<br>| 9.90% | 8.85% | 8.79% |  | 4/30/2014 |
| Class I2 (Return before <br> taxes only)<br>| 9.92% | 8.94% | 8.87% |  | 4/30/2014 |
| Class R6 (Return before <br> taxes only)<br>| 9.99% | 8.96% | N/A | 8.25% | 7/25/2016 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 17.15% | 13.15% | 14.29% |  |  |
| Russell Midcap<sup>®</sup> Value <br> Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 11.05% | 9.83% | 9.78% |  |  |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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

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401(k) plan. In certain cases, returns after taxes on distributions and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because they reflect certain tax benefits.

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Advise*r: Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Advise*r: Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Advise*r: Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* |
| R. Michael Creager, CFA | Portfolio Manager | since March 2019 |
| Brett P. Hawkins, CFA | Portfolio Manager | since May 2014 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

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**Transamerica Multi-Asset Income**

**Investment Objective:** Seeks current income while providing long-term capital appreciation.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** |
| Maximum sales charge (load) imposed <br> on purchases (as a percentage of <br> offering price)<br>| 5.50% |  |  |  |
| Maximum deferred sales charge (load) <br> (as a percentage of purchase price or <br> redemption proceeds, whichever is <br> lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |

---

<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** |
| Management fees | 0.57% | 0.57% | 0.57% | 0.57% |
| Distribution and service (12b-1) fees | 0.25% | 1.00% |  |  |
| Other expenses | 0.15% | 0.12% | 0.15% | 0.06% |
| Total annual fund operating expenses | 0.97% | 1.69% | 0.72% | 0.63% |

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

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

**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $644 | &nbsp;&nbsp; $842 | &nbsp;&nbsp; $1057 | &nbsp;&nbsp; $1674 |
| Class C | &nbsp;&nbsp; $272 | &nbsp;&nbsp; $533 | &nbsp;&nbsp; $918 | &nbsp;&nbsp; $1998 |
| Class I | &nbsp;&nbsp; $74 | &nbsp;&nbsp; $230 | &nbsp;&nbsp; $401 | &nbsp;&nbsp; $894 |
| Class I2 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $202 | &nbsp;&nbsp; $351 | &nbsp;&nbsp; $786 |

---

**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $644 | &nbsp;&nbsp; $842 | &nbsp;&nbsp; $1057 | &nbsp;&nbsp; $1674 |
| Class C | &nbsp;&nbsp; $172 | &nbsp;&nbsp; $533 | &nbsp;&nbsp; $918 | &nbsp;&nbsp; $1998 |
| Class I | &nbsp;&nbsp; $74 | &nbsp;&nbsp; $230 | &nbsp;&nbsp; $401 | &nbsp;&nbsp; $894 |
| Class I2 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $202 | &nbsp;&nbsp; $351 | &nbsp;&nbsp; $786 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 53% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser"), deploys an active strategy that normally seeks to invest in a range of securities, including primarily U.S. stocks with market capitalizations at the time of purchase in excess of $3 billion, preferred stocks, and income producing fixed-income securities. Under normal market conditions, the fund invests in a diversified portfolio of credit and equity securities and may shift its investments from one asset class to another in seeking to achieve the fund's income objective.

The sub-adviser employs a strategic approach to asset allocation and uses a "bottom-up" fundamental investment approach to security selection. The sub-adviser expects to generally invest the fund's portfolio in a mix of common stock, preferred stock and fixed-income securities. Depending on market factors, allocations may range from approximately 20% to 60% for common stock, 0% to 40% for preferred stock and 20% to 60% for fixed-income securities.

The equity securities in which the fund invests typically consist primarily of common stocks. Debt securities in which the fund invests normally include primarily high yield bonds (also known as "junk bonds"), although the fund may hold other fixed-income securities including various fixed, floating and variable rate instruments, secured and unsecured bonds, bonds convertible into common stock, senior floating rate and term loans, debentures, shorter term instruments and closed-end funds. The fund may invest all of its fixed-income allocation in securities that are rated below investment grade.

The fund may invest in fixed-income securities of any maturity and does not have a target average duration. The fund maintains the flexibility to invest in securities of companies from a variety

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of sectors, but from time to time, based on economic conditions, the fund may have significant investments in one or more particular sectors. The fund may also invest up to 25% of its assets in foreign securities, either directly or through depositary receipts. The fund may also invest in exchange-traded funds ("ETFs").

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

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

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

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

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default

on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset Class Allocation –** The fund's investment performance is significantly impacted by the fund's asset class allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect.

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

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including

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holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

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

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

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

**Financial Sector** – Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. Credit rating downgrades resulting from financial difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

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**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

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

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices,

and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

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

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

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

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

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

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**Privately Placed and Other Restricted Securities** – Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Small Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also

be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

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

![](g93604imga57e1b1129.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 15.33% |
| Worst Quarter: | 3/31/2020 | -18.15% |

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Transamerica Multi-Asset Income

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Class A |  |  |  | 3/1/2014 |
| Return before taxes | 8.93% | 7.58% | 8.65% |  |
| Return after taxes on distributions | 7.65% | 6.26% | 7.30% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 5.41% | 5.41% | 6.40% |  |
| Class C (Return before taxes only) | 13.33% | 8.03% | 8.48% | 3/1/2014 |
| Class I (Return before taxes only) | 15.44% | 9.08% | 9.56% | 3/1/2014 |
| Class I2 (Return before taxes only) | 15.58% | 9.19% | 9.35% | 3/1/2014 |
| S&P 500<sup>®</sup> Index (reflects no <br> deduction for fees, expenses or taxes)<br>| 17.88% | 14.42% | 14.82% |  |
| Transamerica Multi-Asset Income <br> Blended Benchmark<sup>1</sup> (reflects no <br> deduction for fees, expenses or taxes)<br>| 12.13% | 7.68% | 8.32% |  |

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<sup>1</sup> The Transamerica Multi-Asset Income Blended Benchmark consists of the following: Russell 1000<sup>®</sup> Value Index<sup>2</sup>: 50%; ICE BofAML U.S. High Yield BB-B Rated Constrained Index: 45%; and ICE BofAML Fixed Rate Preferreds Securities Index: 5%. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses.

<sup>2</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* |
| William M. Bellamy, CFA | Portfolio Manager | since March 2014 |
| David McMackin, CFA | Portfolio Manager | since December 2025 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no investment minimum for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such

as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

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

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

Transamerica Multi-Asset Income

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**Transamerica Multi-Managed Balanced**

**Investment Objective:** Seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

---

<sup>1</sup> Class A shares of the fund purchased before September 1, 2024 in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. Class A shares of the fund purchased on or after September 1, 2024 in amounts of $250,000 or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 18 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.11% | 0.12% | 0.15% | 0.06%<sup>1</sup> | 0.05% |
| Total annual fund operating <br> expenses<br>| 0.95% | 1.71% | 0.74% | 0.65% | 0.64% |

---

Other expenses are based on estimates for the current fiscal year.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $642 | &nbsp;&nbsp; $836 | &nbsp;&nbsp; $1047 | &nbsp;&nbsp; $1652 |
| Class C | &nbsp;&nbsp; $274 | &nbsp;&nbsp; $539 | &nbsp;&nbsp; $928 | &nbsp;&nbsp; $2019 |
| Class I | &nbsp;&nbsp; $76 | &nbsp;&nbsp; $237 | &nbsp;&nbsp; $411 | &nbsp;&nbsp; $918 |
| Class I2 | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $208 | &nbsp;&nbsp; $362 | &nbsp;&nbsp; $810 |
| Class R6 | &nbsp;&nbsp; $65 | &nbsp;&nbsp; $205 | &nbsp;&nbsp; $357 | &nbsp;&nbsp; $798 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $642 | &nbsp;&nbsp; $836 | &nbsp;&nbsp; $1047 | &nbsp;&nbsp; $1652 |
| Class C | &nbsp;&nbsp; $174 | &nbsp;&nbsp; $539 | &nbsp;&nbsp; $928 | &nbsp;&nbsp; $2019 |
| Class I | &nbsp;&nbsp; $76 | &nbsp;&nbsp; $237 | &nbsp;&nbsp; $411 | &nbsp;&nbsp; $918 |
| Class I2 | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $208 | &nbsp;&nbsp; $362 | &nbsp;&nbsp; $810 |
| Class R6 | &nbsp;&nbsp; $65 | &nbsp;&nbsp; $205 | &nbsp;&nbsp; $357 | &nbsp;&nbsp; $798 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 50% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund invests approximately 60% of its net assets in equity securities and approximately 40% of its net assets in fixed-income securities (investing at least 25% of its net assets in fixed-income senior securities being those securities that rank above another security in the event of the company's bankruptcy or liquidation). The fund has two sub-advisers. J.P. Morgan Investment Management Inc. (the "equity sub-adviser") manages the equity component of the fund and Aegon USA Investment Management, LLC (the "fixed-income sub-adviser") manages the fixed-income component of the fund. The fund's investment manager, Transamerica Asset Management, Inc., monitors the allocation of the fund's assets between the equity sub-adviser and the fixed-income sub-adviser and rebalances the allocation periodically to maintain these approximate allocations.

Each sub-adviser varies the percentage of assets invested in any one type of security in accordance with its interpretation of economic and market conditions, fiscal and monetary policy, and underlying securities values.

Transamerica Multi-Managed Balanced

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**Equity component** – The equity sub-adviser seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the equity component's net assets in equity securities of large- and medium-capitalization U.S. companies. The fund may invest in foreign companies. The equity sub-adviser will normally keep the equity component as fully invested in equity securities as practicable. Industry by industry, the fund's weightings are generally similar to those of the S&P 500<sup>®</sup> Index. The equity sub-adviser normally does not look to overweight or underweight industries. Holdings by industry sector will normally approximate those of the S&P 500<sup>®</sup> Index. The equity sub-adviser may, but is not required to, use index futures to equitize cash in order to gain general equity market exposure.

As part of its investment process, the equity sub-adviser seeks to assess the impact of environmental, social and governance ("ESG") factors on many issuers in the universe in which the fund invests. The equity sub-adviser's assessment is based on an analysis of what it views as key opportunities and risks across industries to seek to identify financially material issues with respect to the fund's investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers may be purchased and retained by the fund for reasons other than material ESG factors while the fund may divest or not invest in securities of issuers that may be positively impacted by such factors.

**Fixed-income component** – Under normal circumstances, the fixed-income component of the fund is invested primarily in investment grade debt securities, which may include: investment grade corporate debt securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Investment grade debt securities carry a rating of at least BBB from Standard & Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the fixed-income sub-adviser. The fixed-income component's portfolio weighted average duration will typically range from 3 to 10 years.

The fixed-income sub-adviser may also invest the fund's assets in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs") and collateralized debt obligations ("CDOs")), commercial mortgage-backed securities ("CMBS"), high quality short-term debt obligations, dollar rolls and repurchase agreements. The fixed-income sub-adviser's investments for the fund may include debt securities of foreign issuers, including emerging market debt securities. The fixed-income sub-adviser may invest the fund's assets in securities that are denominated in U.S. dollars and in foreign currencies.

The fund may invest up to 10% of the fixed-income component's net assets in emerging market debt securities and up to 10% of the fixed-income component's net assets in high-yield debt securities (commonly referred to as "junk bonds"), but may invest no more than 15% of the fixed-income component's net assets in emerging market debt securities and high-yield debt securities combined. The fixed-income sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature

than developed nations. Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser).

In managing the fund's fixed-income component, the fixed-income sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate and government debt, and other debt instruments. In the fixed-income sub-adviser's "top-down" approach, the fixed-income sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary "bottom-up" research, the fixed-income sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The fixed-income sub-adviser uses this combined "top-down" and "bottom-up" approach to determine sector, security, yield curve positioning, and duration positions for the fixed-income component of the fund. The fixed-income sub-adviser's research analysts also generally integrate ESG matters within their analytical process for investment grade debt securities, investment grade corporate debt securities, private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper), foreign issuers (including emerging markets debt securities) denominated in U.S. dollars or foreign currency and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The fixed-income sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, dollars rolls, repurchase agreements, derivatives, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the fixed-income sub-adviser's investment process. The fixed-income sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The fixed-income sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

Transamerica Multi-Managed Balanced

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The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

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

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

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

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

**Asset Class Allocation –** The fund's investment performance is significantly impacted by the fund's asset class allocation and reallocation from time to time. The value of your investment may

decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The fund's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

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

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

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

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases

Transamerica Multi-Managed Balanced

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in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

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

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or

volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

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

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

Transamerica Multi-Managed Balanced

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**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

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

in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Dollar Rolls –** The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund's ability to purchase or repurchase securities may be restricted.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

Transamerica Multi-Managed Balanced

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**Hedging** – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

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

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

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes

in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Municipal Securities –** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable

Transamerica Multi-Managed Balanced

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prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

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

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers,

regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**To Be Announced (TBA) Transactions** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

Transamerica Multi-Managed Balanced

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**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

Performance information for Class I2 shares will be included after the share class has been in operation for one complete calendar year. The returns for Class I2 shares would differ from those of Class A, Class C, Class I and Class R6 shares because they have different expenses.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

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

![](g93604img884510ba30.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 14.69% |
| Worst Quarter: | 6/30/2022 | -11.91% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Class A |  |  |  | 12/2/1994 |
| Return before taxes | 6.47% | 7.04% | 8.76% |  |
| Return after taxes on distributions | 4.83% | 5.53% | 7.43% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 4.72% | 5.20% | 6.78% |  |
| Class C (Return before taxes only) | 10.81% | 7.45% | 8.55% | 11/11/2002 |
| Class I (Return before taxes only) | 12.94% | 8.52% | 9.63% | 11/30/2009 |
| Class R6 (Return before taxes only) | 13.04% | 8.60% | 9.73% | 5/29/2015 |
| S&P 500<sup>®</sup> Index (reflects no <br> deduction for fees, expenses or <br> taxes)<br>| 17.88% | 14.42% | 14.82% |  |
| Bloomberg US Aggregate Bond <br> Index (reflects no deduction for fees, <br> expenses or taxes)<br>| 7.30% | -0.36% | 2.01% |  |
| Transamerica Multi-Managed <br> Balanced Blended Benchmark<sup>1</sup> <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 13.70% | 8.47% | 9.78% |  |

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<sup>1</sup> The Transamerica Multi-Managed Balanced Blended Benchmark consists of 60% S&P 500<sup>®</sup> Index and 40% Bloomberg US Aggregate Bond Index.

The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

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

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

Transamerica Multi-Managed Balanced

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**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Daniel Belton, CFA | Portfolio Manager | since March 2025 |
| Tyler A. Knight, CFA | Portfolio Manager | since October 2015 |
| Brian W. Westhoff, CFA | Portfolio Manager | since May 2014 |
| Sivakumar N. Rajan | Portfolio Manager | since May 2017 |
| *Sub-Adviser:* J.P. Morgan Investment Management Inc.<br> *Portfolio Managers:* | *Sub-Adviser:* J.P. Morgan Investment Management Inc.<br> *Portfolio Managers:* | *Sub-Adviser:* J.P. Morgan Investment Management Inc.<br> *Portfolio Managers:* |
| Tim Snyder, CFA | Portfolio Manager | since May 2013 |
| Raffaele Zingone, CFA | Portfolio Manager | since March 2011 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts. The fund does not currently offer Class I2 shares.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

Transamerica Multi-Managed Balanced

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**Transamerica Short-Term Bond**

**Investment Objective:** Seeks a high level of income consistent with minimal fluctuation in principal value and liquidity.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 2.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $250,000 or more that are not subject to an initial sales charge may be subject to a 0.75% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.11% | 0.11% | 0.14% | 0.04% | 0.04% |
| Total annual fund operating <br> expenses<br>| 0.73% | 1.48% | 0.51% | 0.41% | 0.41% |

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

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

**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $323 | &nbsp;&nbsp; $478 | &nbsp;&nbsp; $646 | &nbsp;&nbsp; $1134 |
| Class C | &nbsp;&nbsp; $251 | &nbsp;&nbsp; $468 | &nbsp;&nbsp; $808 | &nbsp;&nbsp; $1768 |
| Class I | &nbsp;&nbsp; $52 | &nbsp;&nbsp; $164 | &nbsp;&nbsp; $285 | &nbsp;&nbsp; $640 |
| Class I2 | &nbsp;&nbsp; $42 | &nbsp;&nbsp; $132 | &nbsp;&nbsp; $230 | &nbsp;&nbsp; $518 |
| Class R6 | &nbsp;&nbsp; $42 | &nbsp;&nbsp; $132 | &nbsp;&nbsp; $230 | &nbsp;&nbsp; $518 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $323 | &nbsp;&nbsp; $478 | &nbsp;&nbsp; $646 | &nbsp;&nbsp; $1134 |
| Class C | &nbsp;&nbsp; $151 | &nbsp;&nbsp; $468 | &nbsp;&nbsp; $808 | &nbsp;&nbsp; $1768 |
| Class I | &nbsp;&nbsp; $52 | &nbsp;&nbsp; $164 | &nbsp;&nbsp; $285 | &nbsp;&nbsp; $640 |
| Class I2 | &nbsp;&nbsp; $42 | &nbsp;&nbsp; $132 | &nbsp;&nbsp; $230 | &nbsp;&nbsp; $518 |
| Class R6 | &nbsp;&nbsp; $42 | &nbsp;&nbsp; $132 | &nbsp;&nbsp; $230 | &nbsp;&nbsp; $518 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 58% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. The fund's portfolio weighted average duration will typically range from 1 to 2.5 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

Securities in which the fund may invest include:

• corporate debt securities of U.S. issuers;

• debt securities of foreign issuers that are denominated in U.S. dollars, including foreign corporate issuers and foreign governments;

• obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities;

• asset-backed securities and mortgage-backed securities, including commercial mortgage-backed securities;

• dollar rolls; and

• bank loans.

The fund expects to typically invest no more than 10% of its net assets, but may invest up to 20% of its net assets, in high-yield debt securities (commonly known as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser). The fund may invest up to 10% of its net assets in emerging market securities. The sub-adviser

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considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate and government debt, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for corporate debt securities of U.S. issuers, debt securities of foreign issuers that are denominated in U.S. dollars (including foreign corporate issuers and foreign governments), emerging markets debt securities, certain asset-backed securities, private residential mortgage-backed securities, commercial mortgage-backed securities, privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, dollar rolls, certain bank loans, bank obligations, savings association obligations, derivatives, repurchase agreements, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures (including regularly employing interest rate futures), forward currency contracts and swaps, including, but not limited to, interest rate and total return swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund's portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

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

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

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

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

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or

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if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential

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for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

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

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

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

**Financial Sector** – Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. Credit rating downgrades resulting from financial

difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Bank Obligations –** Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

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

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in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Dollar Rolls –** The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund's ability to purchase or repurchase securities may be restricted.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Floating Rate Loans** – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan's issuer, and adversely affect the fund's investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active

trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Hedging** – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so.

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Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

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

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable,

which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**To Be Announced (TBA) Transactions** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

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

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manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

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

![](g93604img7546954b31.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 6.02% |
| Worst Quarter: | 3/31/2020 | -4.90% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Class A |  |  |  | 11/1/2007 |
| Return before taxes | 2.80% | 1.80% | 2.32% |  |
| Return after taxes on distributions | 1.12% | 0.60% | 1.26% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 1.64% | 0.85% | 1.31% |  |
| Class C (Return before taxes only) | 3.58% | 1.53% | 1.79% | 11/1/2007 |
| Class I (Return before taxes only) | 5.62% | 2.57% | 2.81% | 11/30/2009 |
| Class I2 (Return before taxes only) | 5.73% | 2.64% | 2.89% | 11/8/2004 |
| Class R6 (Return before taxes only) | 5.73% | 2.64% | 2.90% | 5/29/2015 |
| Bloomberg US Universal Bond Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 7.58% | 0.06% | 2.44% |  |
| ICE BofAML U.S. Corporate & <br> Government 1-3 Years Index (reflects <br> no deduction for fees, expenses or <br> taxes)<br>| 5.31% | 1.97% | 2.10% |  |

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The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

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

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Tyler A. Knight, CFA | Portfolio Manager | since May 2017 |
| Brian W. Westhoff, CFA | Portfolio Manager | since September 2015 |
| Norbert King | Portfolio Manager | since May 2017 |
| Sivakumar N. Rajan | Portfolio Manager | since November 2022 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

Transamerica Short-Term Bond

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

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

Transamerica Short-Term Bond

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**Transamerica Small Cap Growth**

**Investment Objective:** Seeks long-term capital appreciation.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.42% | 0.48% | 0.32% | 0.22% | 0.22% |
| Total annual fund operating <br> expenses<br>| 1.54% | 2.35% | 1.19% | 1.09% | 1.09% |
| Fee waiver and/or expense <br> reimbursement<sup>1</sup><br>| 0.14% | 0.22% | 0.09% | 0.09% | 0.09% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 1.40% | 2.13% | 1.10% | 1.00% | 1.00% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.40% for Class A shares, 2.13% for Class C shares, 1.10% for Class I shares, 1.00% for Class I2 shares and 1.00% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage

commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

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

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

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $685 | &nbsp;&nbsp; $997 | &nbsp;&nbsp; $1331 | &nbsp;&nbsp; $2272 |
| Class C | &nbsp;&nbsp; $316 | &nbsp;&nbsp; $712 | &nbsp;&nbsp; $1235 | &nbsp;&nbsp; $2669 |
| Class I | &nbsp;&nbsp; $112 | &nbsp;&nbsp; $369 | &nbsp;&nbsp; $646 | &nbsp;&nbsp; $1435 |
| Class I2 | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $338 | &nbsp;&nbsp; $592 | &nbsp;&nbsp; $1321 |
| Class R6 | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $338 | &nbsp;&nbsp; $592 | &nbsp;&nbsp; $1321 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $685 | &nbsp;&nbsp; $997 | &nbsp;&nbsp; $1331 | &nbsp;&nbsp; $2272 |
| Class C | &nbsp;&nbsp; $216 | &nbsp;&nbsp; $712 | &nbsp;&nbsp; $1235 | &nbsp;&nbsp; $2669 |
| Class I | &nbsp;&nbsp; $112 | &nbsp;&nbsp; $369 | &nbsp;&nbsp; $646 | &nbsp;&nbsp; $1435 |
| Class I2 | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $338 | &nbsp;&nbsp; $592 | &nbsp;&nbsp; $1321 |
| Class R6 | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $338 | &nbsp;&nbsp; $592 | &nbsp;&nbsp; $1321 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 47% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowing, if any, for investment purposes) in stocks of small capitalization companies. The fund's sub-adviser, Ranger Investment Management, L.P. (the "sub-adviser"), primarily focuses on seeking to identify high quality, high-growth small capitalization companies. The sub-adviser considers small capitalization companies to be companies with market capitalizations which, at the initial time

Transamerica Small Cap Growth

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of purchase, are within the capitalization range of issuers represented within the Russell 2000<sup>®</sup> Growth Index<sup>1</sup>, a benchmark of the fund, which as of June 27, 2025, the most recent reconstitution date of the index, was between $119.4 million and $7.4 billion.

The sub-adviser's approach to security selection seeks quality growth companies by implementing a "bottom-up", fundamental research driven security selection process. The sub-adviser's focus is to attempt to identify companies with characteristics such as high recurring revenue, steady and/or accelerating sales growth, strong balance sheets and free cash flows, stable/expanding margins, and superior return on equity/return on invested capital.

In addition to the quantitative analysis, careful consideration is given to qualitative analysis. The sub-adviser incorporates a preference towards companies with certain qualitative characteristics such as conservative accounting practices, seasoned management team with high corporate integrity, sustainable competitive advantage and ability to grow market share, sound corporate governance, and unique demand drivers. Once these quantitative and qualitative characteristics are analyzed, the sub-adviser then determines whether it believes a company is undervalued and has sufficient upside to the stock price to warrant an investment. The fund is managed using the growth style of investing. At any given time, growth stocks may be out of favor and underperform the overall equity market.

The sub-adviser integrates environmental, social and governance ("ESG") factors into the investment process. The sub-adviser's approach to ESG is non-concessionary, meaning that performance is not actively sacrificed over any ESG criteria, but that ESG criteria are considered as an integral part of the investment and risk mitigation process. The sub-adviser evaluates a company's ESG strengths and weaknesses based on its internal research process, public company documents, websites, SEC filings, third-party research, and conversations with management. The sub-adviser seeks to identify financially material ESG risks and/or opportunities for a company and the potential for financial impacts. The sub-adviser's ESG analysis is subjective and ESG factors are not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of a company outweigh ESG factors when making investment decisions.

The fund may invest in foreign securities through American Depositary Receipts ("ADRs"), and generally will not invest more than 10% of the fund's assets in foreign securities. The fund only invests in securities traded on U.S. exchanges.

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit

and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

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

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

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

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Small Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because,

Transamerica Small Cap Growth

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among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also

be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

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

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to

Transamerica Small Cap Growth

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the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**ESG Integration Data** – ESG information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted ESG standards or standardized practices for researching, generating, or analyzing ESG data, classifications, screens, and ratings ("ESG Data"). The factors and criteria considered when generating ESG Data and the results of such ESG research may differ widely across third-party ESG Data providers. The evaluation of ESG factors and criteria is often subjective, are often evolving and subject to ongoing refinement, and the third-party ESG Data providers used by the fund may not identify or evaluate every relevant ESG factor and/or criteria with respect to every investment. Due to differences in various countries' corporate disclosure and financial statement reporting obligations and availability, as well as timeliness of any such available information, a third-party ESG Data provider may not always be successful in identifying material ESG information about a particular company. ESG Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. Due to the specialized resources necessary to obtain ESG-related information underlying or related to the ESG Data provided by applicable third-party ESG research firms, the sub-adviser does not independently test or verify the data provided by such firms.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

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

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

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

Transamerica Small Cap Growth

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

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

![](g93604img56676ced32.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 28.16% |
| Worst Quarter: | 3/31/2020 | -22.10% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  |  |  | 8/31/2012 |
| Return before taxes | -8.58% | -1.33% | 7.28% |  |  |
| Return after taxes on <br> distributions<br>| -11.71% | -3.60% | 3.62% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| -2.75% | -1.00% | 5.16% |  |  |
| Class C (Return before <br> taxes only)<br>| -4.74% | -0.86% | 7.12% |  | 8/31/2012 |
| Class I (Return before <br> taxes only)<br>| -3.16% | 0.08% | 8.17% |  | 8/31/2012 |
| Class I2 (Return before <br> taxes only)<br>| -2.88% | 0.23% | 8.31% |  | 8/31/2012 |
| Class R6 (Return before <br> taxes only)<br>| -2.72% | 0.23% | N/A | 7.82% | 7/25/2016 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 17.15% | 13.15% | 14.29% |  |  |
| Russell 2000<sup>®</sup> Growth <br> Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 13.01% | 3.18% | 9.57% |  |  |

---

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The total return information for Class C shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan. In certain cases, returns after taxes on distributions and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because they reflect certain tax benefits.

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Ranger Investment Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Ranger Investment Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Ranger Investment Management, L.P.<br> *Portfolio Managers:* |
| W. Conrad Doenges | Portfolio Manager | since September 2012 |
| Andrew Hill | Portfolio Manager | since February 2017 |
| Joseph LaBate | Portfolio Manager | since February 2017 |
| Brown McCullough | Portfolio Manager | since February 2023 |

---

**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

Transamerica Small Cap Growth

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

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

Transamerica Small Cap Growth

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**Transamerica Small Cap Value**

**Investment Objective:** Seeks long-term capital appreciation.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

---

<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.47% | 0.44% | 0.37% | 0.28% | 0.28% |
| Total annual fund operating <br> expenses<br>| 1.52% | 2.24% | 1.17% | 1.08% | 1.08% |
| Fee waiver and/or expense <br> reimbursement<sup>1</sup><br>| 0.23% | 0.19% | 0.18% | 0.19% | 0.19% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 1.29% | 2.05% | 0.99% | 0.89% | 0.89% |

---

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.29% for Class A shares, 2.05% for Class C shares, 0.99% for Class I shares, 0.89% for Class I2 shares and 0.89% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage

commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

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

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

------

**If the shares are redeemed at the end of each period:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $674 | &nbsp;&nbsp; $983 | &nbsp;&nbsp; $1313 | &nbsp;&nbsp; $2244 |
| Class C | &nbsp;&nbsp; $308 | &nbsp;&nbsp; $682 | &nbsp;&nbsp; $1183 | &nbsp;&nbsp; $2560 |
| Class I | &nbsp;&nbsp; $101 | &nbsp;&nbsp; $354 | &nbsp;&nbsp; $626 | &nbsp;&nbsp; $1404 |
| Class I2 | &nbsp;&nbsp; $91 | &nbsp;&nbsp; $325 | &nbsp;&nbsp; $577 | &nbsp;&nbsp; $1300 |
| Class R6 | &nbsp;&nbsp; $91 | &nbsp;&nbsp; $325 | &nbsp;&nbsp; $577 | &nbsp;&nbsp; $1300 |

---

**If the shares are not redeemed:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $674 | &nbsp;&nbsp; $983 | &nbsp;&nbsp; $1313 | &nbsp;&nbsp; $2244 |
| Class C | &nbsp;&nbsp; $208 | &nbsp;&nbsp; $682 | &nbsp;&nbsp; $1183 | &nbsp;&nbsp; $2560 |
| Class I | &nbsp;&nbsp; $101 | &nbsp;&nbsp; $354 | &nbsp;&nbsp; $626 | &nbsp;&nbsp; $1404 |
| Class I2 | &nbsp;&nbsp; $91 | &nbsp;&nbsp; $325 | &nbsp;&nbsp; $577 | &nbsp;&nbsp; $1300 |
| Class R6 | &nbsp;&nbsp; $91 | &nbsp;&nbsp; $325 | &nbsp;&nbsp; $577 | &nbsp;&nbsp; $1300 |

---

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 27% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Systematic Financial Management, L.P. (the "sub-adviser") invests, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of small-capitalization companies. The fund generally considers a small-capitalization company to be a company with a market capitalization within the range of the Russell<sup>®</sup> 2000 Index<sup>1</sup> at the time of initial purchase. As of December 31, 2025,

Transamerica Small Cap Value

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the market capitalization range of the Russell 2000<sup>®</sup> Index was between $6 million and $31.29 billion. The equity securities in which the fund invests are primarily common stocks of U.S. companies.

The sub-adviser generally will invest in common stocks of companies with small capitalizations that it views as attractively valued and possess relatively low price/cash flow ratios, low price/earnings ratios, low price/sales ratios, and/or low price/book ratios. The sub-adviser's security selection process generally favors companies with strong operating cash flow, strong free cash flow, limited financial leverage and strong debt coverage. Trends in balance sheet items including inventories, accounts receivable, and payables are scrutinized as well. The sub-adviser also reviews the company's products/services, market position, industry condition, financial and accounting policies, and quality of management.

Under normal market conditions, cash and cash equivalents are generally less than 5% of the portfolio value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks. The fund may invest up to 10% of its total assets in the securities of foreign issuers, including American Depositary Receipts ("ADRs") and foreign securities trading on U.S. markets. The fund may also invest in real estate investment trusts ("REITs") and may invest up to 5% of its total net assets in exchange traded funds ("ETFs").

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also

fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

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

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

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Small Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

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

Transamerica Small Cap Value

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**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce

or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

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

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so.

Transamerica Small Cap Value

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Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Real Estate Securities –** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund's real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**REITs** – Investing in real estate investment trusts ("REITs") involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.

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

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first

index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

Prior to November 1, 2018, the fund had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to that previous sub-adviser.

From November 1, 2018 through August 29, 2024, the fund had a different sub-adviser and used different investment strategies. The performance set forth for this period is attributable to that previous sub-adviser.

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

![](g93604imgc8256ea833.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2020 | 35.42% |
| Worst Quarter: | 3/31/2020 | -38.38% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  |  | 4/21/2017 |
| Return before taxes | 3.09% | 6.76% | 5.28% |  |
| Return after taxes on distributions | 1.87% | 0.81% | 1.37% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 2.69% | 3.64% | 3.08% |  |
| Class C (Return before taxes only) | 7.36% | 7.29% | 5.24% | 4/21/2017 |
| Class I (Return before taxes only) | 9.38% | 8.30% | 6.28% | 4/21/2017 |
| Class I2 (Return before taxes only) | 9.63% | 8.42% | 6.37% | 4/21/2017 |
| Class R6 (Return before taxes only) | 9.46% | 8.39% | 6.35% | 4/21/2017 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> (reflects no <br> deduction for fees, expenses or <br> taxes)<br>| 17.15% | 13.15% | 14.28% | 4/21/2017 |
| Russell 2000<sup>®</sup> Value Index (reflects <br> no deduction for fees, expenses or <br> taxes)<br>| 12.59% | 8.88% | 7.34% | 4/21/2017 |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Small Cap Value

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Class A, Class C, Class I and Class I2 shares commenced operations on April 30, 2012. Class R6 shares commenced operations on July 25, 2016. Performance information is shown for the periods from the date of the reorganization of certain funds into the fund (April 21, 2017). The applicable predecessor fund, whose accounting and performance history were adopted in the reorganizations, did not offer Class A, Class C, Class I, Class I2 and Class R6 shares.

The total return information for Class C shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

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

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Systematic Financial Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Systematic Financial Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Systematic Financial Management, L.P.<br> *Portfolio Managers:* |
| Kenneth W. Burgess, CFA | Portfolio Manager | since August 2024 |
| Rick Plummer, CFA | Portfolio Manager | since May 2025 |
| W. Ryan Wick, CFA | Portfolio Manager | since August 2024 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier

Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

Transamerica Small Cap Value

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**Transamerica Small/Mid Cap Value**

**Investment Objective:** Seeks to maximize total return.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.20% | 0.20% | 0.16% | 0.06% | 0.06% |
| Total annual fund operating <br> expenses<br>| 1.20% | 1.95% | 0.91% | 0.81% | 0.81% |

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

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

**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $666 | &nbsp;&nbsp; $910 | &nbsp;&nbsp; $1173 | &nbsp;&nbsp; $1925 |
| Class C | &nbsp;&nbsp; $298 | &nbsp;&nbsp; $612 | &nbsp;&nbsp; $1052 | &nbsp;&nbsp; $2275 |
| Class I | &nbsp;&nbsp; $93 | &nbsp;&nbsp; $290 | &nbsp;&nbsp; $504 | &nbsp;&nbsp; $1120 |
| Class I2 | &nbsp;&nbsp; $83 | &nbsp;&nbsp; $259 | &nbsp;&nbsp; $450 | &nbsp;&nbsp; $1002 |
| Class R6 | &nbsp;&nbsp; $83 | &nbsp;&nbsp; $259 | &nbsp;&nbsp; $450 | &nbsp;&nbsp; $1002 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $666 | &nbsp;&nbsp; $910 | &nbsp;&nbsp; $1173 | &nbsp;&nbsp; $1925 |
| Class C | &nbsp;&nbsp; $198 | &nbsp;&nbsp; $612 | &nbsp;&nbsp; $1052 | &nbsp;&nbsp; $2275 |
| Class I | &nbsp;&nbsp; $93 | &nbsp;&nbsp; $290 | &nbsp;&nbsp; $504 | &nbsp;&nbsp; $1120 |
| Class I2 | &nbsp;&nbsp; $83 | &nbsp;&nbsp; $259 | &nbsp;&nbsp; $450 | &nbsp;&nbsp; $1002 |
| Class R6 | &nbsp;&nbsp; $83 | &nbsp;&nbsp; $259 | &nbsp;&nbsp; $450 | &nbsp;&nbsp; $1002 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 48% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-advisers, Systematic Financial Management, L.P. and Thompson, Siegel & Walmsley LLC (the "sub-advisers"), seek to achieve the fund's objective by investing, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in small- and mid-cap equity securities (U.S. equity securities, American Depositary Receipts ("ADRs") and foreign securities trading on U.S. markets).

The fund defines small- and mid-cap equities as companies whose market capitalization falls within the range of securities comprising the Russell 2000<sup>®</sup> Index<sup>1</sup> and the Russell Midcap<sup>®</sup> Index respectively, or within the range of the Russell 2500<sup>®</sup> Index, whichever is broader at the time of purchase. Over time, the capitalizations of the companies in the index will change. As they do, the size of the companies in which the fund invests may change. As of December 31, 2025, the market capitalization range of securities comprising the Russell 2000<sup>®</sup> Index was between $6 million and $31.29 billion, the market capitalization range of securities comprising the Russell Midcap<sup>®</sup> Index was between $1.03 billion and $101.64 billion, and the market capitalization range of securities comprising the Russell 2500<sup>®</sup> Index was between $6 million and $37 billion.

The fund's investment manager, Transamerica Asset Management, Inc., determines the allocation of the fund's assets between the fund's sub-advisers and rebalances the allocation periodically to normally maintain an approximate allocation of 60% of the fund's assets to Thompson, Siegel & Walmsley LLC and 40% of the fund's assets to Systematic Financial Management, L.P. The fund emphasizes investments in common stocks.

Transamerica Small/Mid Cap Value

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Thompson, Siegel & Walmsley LLC is the sub-adviser for the mid cap sleeve. In the mid-cap sleeve, the sub-adviser seeks to invest in companies it believes present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. The sub-adviser's mid-cap value process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen. Factors one and two of the screen attempt to assess a company's discount to private market value relative to other mid-cap stocks. The third factor considers the relative earnings prospects of the company. The fourth factor involves looking at the company's recent price action.

Systematic Financial Management, L.P. is the sub-adviser for the small-cap sleeve. In the small-cap sleeve, the sub-adviser generally will invest in common stocks of companies with small capitalizations that are attractively valued and possess low price cash flow ratios or, in the case of certain financial stocks, low price/earnings ratios and/or low price/book ratios. The sub-adviser's security selection process generally favors companies with strong operating cash flow, strong free cash flow, limited financial leverage and strong debt coverage. Trends in balance sheet items including inventories, accounts receivable, and payables are scrutinized as well. The sub-adviser also reviews the company's products/services, market position, industry condition, financial and accounting policies and quality of management.

The fund's investment methodology unifies what both sub-advisers deem to be the best attributes of quantitative screening and fundamental research in an integrated and repeatable process designed to outperform the Russell 2500<sup>®</sup> Value Index over the long term. Under normal market conditions, cash and cash equivalents are generally less than 5% of the portfolio value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

The fund may invest up to 10% of its total assets in the securities of foreign issuers, including ADRs and foreign securities trading on U.S. markets. The fund may also invest in real estate investment trusts ("REITs"), and may invest up to 5% of its total net assets in exchange traded funds ("ETFs").

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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

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

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

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

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Small Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

Transamerica Small/Mid Cap Value

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

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

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation

methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

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

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

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

Transamerica Small/Mid Cap Value

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in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

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

**Real Estate Securities –** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund's real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**REITs** – Investing in real estate investment trusts ("REITs") involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's

performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

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

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

Transamerica Small/Mid Cap Value

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The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

Prior to December 4, 2016, Systematic Financial Management, L.P. served as the fund's sole sub-adviser and the fund used different investment strategies.

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

![](g93604img0193d70e34.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2020 | 25.46% |
| Worst Quarter: | 3/31/2020 | -33.36% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Class A |  |  |  | 4/2/2001 |
| Return before taxes | 3.49% | 7.91% | 8.74% |  |
| Return after taxes on distributions | 1.15% | 5.59% | 6.60% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 3.76% | 5.96% | 6.56% |  |
| Class C (Return before taxes only) | 7.74% | 8.34% | 8.58% | 11/11/2002 |
| Class I (Return before taxes only) | 9.83% | 9.48% | 9.72% | 11/30/2009 |
| Class I2 (Return before taxes only) | 9.94% | 9.57% | 9.82% | 11/15/2005 |
| Class R6 (Return before taxes only) | 9.95% | 9.57% | 9.82% | 5/29/2015 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> (reflects no <br> deduction for fees, expenses or <br> taxes)<br>| 17.15% | 13.15% | 14.29% |  |
| Russell 2500<sup>®</sup> Value Index (reflects <br> no deduction for fees, expenses or <br> taxes)<br>| 12.73% | 10.02% | 9.72% |  |
| Russell 2000<sup>®</sup> Value Index (reflects <br> no deduction for fees, expenses or <br> taxes)<br>| 12.59% | 8.88% | 9.27% |  |
| Russell Midcap<sup>®</sup> Value Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 11.05% | 9.83% | 9.78% |  |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan. In certain cases, returns after taxes on distributions and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because they reflect certain tax benefits.

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Systematic Financial Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Systematic Financial Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Systematic Financial Management, L.P.<br> *Portfolio Managers:* |
| Kenneth W. Burgess, CFA | Portfolio Manager | since April 2011 |
| Rick Plummer, CFA | Portfolio Manager | since May 2025 |
| W. Ryan Wick, CFA | Portfolio Manager | since March 2022 |
| *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* | *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* | *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* |
| R. Michael Creager, CFA | Portfolio Manager | since March 2019 |
| Brett P. Hawkins, CFA | Portfolio Manager | since December 2016 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

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Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

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**Transamerica Strategic Income**

**Investment Objective:** Seeks to provide a high level of current income with long-term capital appreciation as a secondary objective.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **I** | **I2** | **R6** |
| Maximum sales charge (load) imposed <br> on purchases (as a percentage of offering <br> price)<br>| 4.75% |  |  |  |
| Maximum deferred sales charge (load) <br> (as a percentage of purchase price or <br> redemption proceeds, whichever is <br> lower)<br>| None<sup>1</sup> |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **I** | **I2** | **R6** |
| Management fees<sup>1</sup> | 0.54% | 0.54% | 0.54% | 0.54% |
| Distribution and service (12b-1) fees | 0.25% |  |  |  |
| Other expenses | 0.26% | 0.29% | 0.19% | 0.19% |
| Total annual fund operating expenses | 1.05% | 0.83% | 0.73% | 0.73% |
| Fee waiver and/or expense <br> reimbursement<sup>2</sup><br>| 0.08% | 0.20%<sup>3</sup> | 0.10% | 0.10% |
| Total annual fund operating expenses <br> after fee waiver and/or expense <br> reimbursement<br>| 0.97% | 0.63% | 0.63% | 0.63% |

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Management fees have been restated to reflect a reduction in management fees effective March 1, 2025.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.97% for Class A shares, 0.73% for Class I shares, 0.63% for Class I2 shares and 0.63% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which

TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

TAM has contractually agreed to reimburse 0.10% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $569 | &nbsp;&nbsp; $786 | &nbsp;&nbsp; $1019 | &nbsp;&nbsp; $1690 |
| Class I | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $245 | &nbsp;&nbsp; $441 | &nbsp;&nbsp; $1007 |
| Class I2 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $223 | &nbsp;&nbsp; $396 | &nbsp;&nbsp; $897 |
| Class R6 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $223 | &nbsp;&nbsp; $396 | &nbsp;&nbsp; $897 |

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

During the most recent fiscal year, the portfolio turnover rate for the fund was 65% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund's sub-adviser, PineBridge Investments LLC (the "sub-adviser"), invests at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in bonds. For purposes of the 80% investment policy, the fund defines bonds to include fixed-income securities such as U.S. government bonds, inflation-protected securities, international government bonds, municipal bonds, corporate bonds, bank loans (including loan participations and loan assignments), high yield bonds, emerging markets sovereign bonds, emerging market corporate bonds, emerging market local currency debt, asset-backed securities (including collateralized loan obligations ("CLOs")), mortgage-backed securities, commercial mortgage-backed securities and other securitized assets. The fund may invest in investment grade and below investment grade (commonly known as "junk bonds") fixed-income securities issued by domestic and foreign issuers, including those in emerging market countries. The bonds in which

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the fund may invest may be issued by governments, their agencies or instrumentalities, and corporate issuers. The fund generally invests in fixed-income securities diversified across multiple sectors.

The fund may invest opportunistically across a broad array of fixed-income sectors including but not limited to asset-backed securities, including CLOs, bank loans (including loan participations and loan assignments), cash/cash equivalents, commercial mortgage-backed securities, corporate bonds, emerging market corporate bonds, emerging market local currency debt, emerging markets sovereign bonds, high yield bonds, inflation-protected securities, international government bonds, municipal bonds, mortgage-backed securities, other securitized assets and U.S. government bonds. Emerging Markets securities are defined as securities issued by companies determined to have an emerging markets country of risk, as determined by the benchmark provider, Bloomberg. The fund has a broad investment universe that covers multiple sectors, quality grades, and security types. Yield curve exposure can be from U.S. and/or non-U.S. sectors.

The fund will typically hold 35% to 65% of its bond investments in securities that are rated below investment grade (that is, rated by a major agency, such as Standard & Poor's or Moody's, at the level of BB or below or, if unrated, determined to be of comparable quality by the sub-adviser).

On a portfolio level, the fund actively manages duration and yield curve positioning. The average portfolio duration of the fund will normally vary from +/-3 years from the Bloomberg US Aggregate Bond Index, the fund's primary benchmark. During periods of market volatility, duration may deviate outside this range. Duration is a measure of the sensitivity of a security to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

Based on fundamental macroeconomic research and the resulting asset allocation output, the fund may rotate between the different fixed-income sectors and may exclude certain sectors based on relative attractiveness. At any given time, the fund may have a substantial amount of its assets in one or more sectors. No fixed-income sector is expected to constitute more than 35% of the fund's net assets. Each sector will be actively managed, with the sub-adviser seeking to establish a well-diversified and risk-managed sub-portfolio in each sector of directly invested securities with no more than 5% invested in any non-government issuer.

Investments in preferred and convertible securities generally will not exceed 15% of the fund's net assets. The fund may invest up to 10% of its net assets in CLOs. The fund may invest significantly in non-U.S. dollar denominated developed and emerging market bonds on a hedged or unhedged basis.

The fund's bank loan investments may include senior secured floating rate and fixed rate loans or debt, second lien or other subordinated or unsecured floating rate and fixed rate loans or debt, and other types of secured or unsecured loans with fixed, floating, or variable interest rates. The fund may also invest in To Be Announced ("TBA") mortgages and dollar rolls.

The fund may, but is not required to, use derivatives such as swaps, futures, forwards and structured investments, for investment purposes or in an effort to hedge and mitigate uncertainties from exposure to such factors as credit, interest rates, inflation, and exchange rates. Swaps, such as interest rate, inflation, total return, or credit default (on indices or individual issues) are allowed as long as the maximum underlying notional value does not exceed 65% of the underlying market value of the fund. When segments are believed to be overvalued, the fund may short indices or individual issues. The fund regularly uses derivatives to hedge interest rate duration and non-U.S. dollar currency exposures in the fund, typically using U.S. Treasury futures and non-U.S. dollar currency forwards and/or swaps, respectively. The fund may use derivatives to attempt to increase the fund's return as a non-hedging strategy that may be considered speculative. The fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

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

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

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

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

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

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have

less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay

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principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Privately Placed and Other Restricted Securities** – Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

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

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit

quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based

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upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Bank Obligations –** Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce

or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

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

**Dollar Rolls –** The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund's ability to purchase or repurchase securities may be restricted.

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

**Floating Rate Loans** – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk.

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There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan's issuer, and adversely affect the fund's investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**Hedging** – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

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

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because

leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Money Market Funds –** An investment in a money market fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor is not required to reimburse the fund for losses or to provide financial support to the fund. Although many money market funds seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in such money market funds. Certain other money market funds float their net asset value.

**Municipal Securities –** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices

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of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Short Sales –** A short sale may be effected by selling a security that the fund does not own. If the price of the security sold short increases, the fund would incur a loss; conversely, if the price declines, the fund will realize a gain. Although the gain is limited by the price at which the security was sold short, the loss is potentially unlimited. The fund may also pay transaction costs and borrowing fees in connection with short sales.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Structured Instruments –** The fund may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. Structured instruments may be leveraged and may behave in ways not anticipated by the fund, or they may not receive tax, accounting or regulatory treatment anticipated by the fund. Structured instruments may also be less liquid and more difficult to value accurately than more traditional securities and instruments.

**To Be Announced (TBA) Transactions** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the

U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

Performance information for Class R6 shares will be included after the share class has been in operation for one complete calendar year. The returns for Class R6 shares would differ from those of Class A, Class I and Class I2 shares because they have different expenses.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

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

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

Prior to March 1, 2025, the fund had a different name, different investment objective and used different investment strategies.

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

![](g93604img220bafa735.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 8.76% |
| Worst Quarter: | 3/31/2020 | -9.53% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class I |  |  |  |  | 12/8/2014 |
| Return before taxes | 7.96% | 3.03% | 4.09% |  |  |
| Return after taxes on <br> distributions<br>| 5.28% | 0.86% | 2.28% |  |  |
| Return after taxes on <br> distributions and sale of <br> fund shares<br>| 4.66% | 1.40% | 2.37% |  |  |
| Class A (Return before <br> taxes only)<br>| 2.77% | 1.80% | N/A | 2.80% | 10/1/2020 |
| Class I2 (Return before <br> taxes only)<br>| 8.06% | 3.06% | 4.18% |  | 12/8/2014 |
| Bloomberg US Aggregate <br> Bond Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 7.30% | -0.36% | 2.01% |  |  |
| Bloomberg US Universal <br> Bond Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 7.58% | 0.06% | 2.44% |  |  |

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

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

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* PineBridge Investments LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* PineBridge Investments LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* PineBridge Investments LLC<br> *Portfolio Managers:* |
| Peter Hu, CFA | Portfolio Manager | since December 2014 |
| Michael J. Kelly, CFA | Portfolio Manager | since December 2014 |
| Steven Oh, CFA | Portfolio Manager | since December 2014 |
| Robert A. Vanden Assem, <br> CFA<br>| Portfolio Manager | since December 2014 |
| Roberto Coronado | Portfolio Manager | since October 2016 |
| Gunter H. Seeger | Portfolio Manager | since March 2019 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

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

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

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**Transamerica Sustainable Equity Income**

**Investment Objective:** Seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation.

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

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Maximum sales charge (load) <br> imposed on purchases (as a <br> percentage of offering price)<br>| 5.50% |  |  |  |  |
| Maximum deferred sales charge <br> (load) (as a percentage of <br> purchase price or redemption <br> proceeds, whichever is lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** |
| Management fees | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
| Distribution and service <br> (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |
| Other expenses | 0.16% | 0.28% | 0.21% | 0.11% | 0.11% |
| Total annual fund operating <br> expenses<br>| 1.07% | 1.94% | 0.87% | 0.77% | 0.77% |
| Fee waiver and/or expense <br> reimbursement<sup>1</sup><br>| 0.00% | 0.04% | 0.09%<sup>2</sup> | 0.00% | 0.00% |
| Total annual fund operating <br> expenses after fee waiver <br> and/or expense <br> reimbursement<br>| 1.07% | 1.90% | 0.78% | 0.77% | 0.77% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.07% for Class A shares, 1.90% for Class C shares, 0.88% for Class I shares, 0.78% for Class I2 shares and 0.78% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses,

interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

TAM has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture.

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

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $653 | &nbsp;&nbsp; $872 | &nbsp;&nbsp; $1108 | &nbsp;&nbsp; $1784 |
| Class C | &nbsp;&nbsp; $293 | &nbsp;&nbsp; $605 | &nbsp;&nbsp; $1043 | &nbsp;&nbsp; $2261 |
| Class I | &nbsp;&nbsp; $80 | &nbsp;&nbsp; $269 | &nbsp;&nbsp; $473 | &nbsp;&nbsp; $1064 |
| Class I2 | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $428 | &nbsp;&nbsp; $954 |
| Class R6 | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $428 | &nbsp;&nbsp; $954 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $653 | &nbsp;&nbsp; $872 | &nbsp;&nbsp; $1108 | &nbsp;&nbsp; $1784 |
| Class C | &nbsp;&nbsp; $193 | &nbsp;&nbsp; $605 | &nbsp;&nbsp; $1043 | &nbsp;&nbsp; $2261 |
| Class I | &nbsp;&nbsp; $80 | &nbsp;&nbsp; $269 | &nbsp;&nbsp; $473 | &nbsp;&nbsp; $1064 |
| Class I2 | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $428 | &nbsp;&nbsp; $954 |
| Class R6 | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $428 | &nbsp;&nbsp; $954 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 22% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Aegon Asset Management UK plc (the "sub-adviser"), deploys an active strategy that generally invests in large and middle capitalization

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U.S. companies, focusing on those that pay dividends and that the sub-adviser views as having a favorable sustainability profile. Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities. The sub-adviser generally looks to buy stocks and hold them over multi-year periods in an effort to benefit from the compounding effects of increasing dividends.

When selecting dividend-paying stocks, the sub-adviser normally seeks to invest in companies that fall within one of three groupings established by the sub-adviser. One group is "compounders" or those companies that the sub-adviser sees as consistent annual dividend growers with long-term records of growing dividend-per-share. A second group is "hoarders" or those companies that are viewed by the sub-adviser as having the operating success and balance sheet strength to potentially increase dividend payout ratios and positively surprise the market. The third group is "de-equitizers" with capital structures that the sub-adviser believes offer the potential for mergers and acquisitions or share buy-backs.

In addition, the sub-adviser applies its sustainability assessment framework in evaluating each company considered for the fund. The sub-adviser's Responsible Investment team defines companies as being sustainability "Leaders", "Improvers", "Neutrals" or "Laggards" (as further defined below). The sub-adviser will invest at least 85% of the fund's net assets in stocks of companies with what the sub-adviser views as having positive sustainability credentials, which are companies the sub-adviser's Responsible Investment team has identified as "Leaders" or "Improvers." The sub-adviser may invest up to 15% of the fund's net assets in stocks of companies that the Responsible Investment team views as "Neutral." The sub-adviser will not invest in companies identified by the Responsible Investment team as "Laggards."

The sub-adviser maintains an exclusion list containing companies involved in a range of activities that the sub-adviser believes have a negative impact on the environment and/or social factors. These are therefore excluded by the sub-adviser from the investible universe at the start of the investment process, based on the following criteria: adult entertainment (own an adult entertainment company or produce adult entertainment), animal testing (engage in the production or sale of animal tested cosmetics), gambling (derive more than 10% of revenue from gambling), genetic modification (conduct genetic modification for agricultural policies), tobacco (derive more than 10% revenue from tobacco), weapons (produce or sell civilian firearms and firms which manufacture or sell armaments, nuclear weapons or associated products), nuclear power (own a nuclear power facility), fossil fuels (engagement in the extraction of coal and oil) and human rights (companies failing to address serious allegations of violations of international standards on human rights including the use of child forced or bonded labor). In assessing whether an individual company is an eligible investment or excluded based on the exclusionary list, the sub-adviser utilizes Morgan Stanley Capital International ("MSCI") and Institutional Shareholder Services Inc. ("ISS") to check revenue exposure to excluded activities. As the fund's portfolio securities are reviewed during the course of a year, or as material corporate events occur, the sub-adviser utilizes MSCI and ISS to reassess revenue exposures.

Sustainability research by the sub-adviser's Responsible Investment team, composed of employees of the sub-adviser and certain of its affiliates, forms a key part of the sub-adviser's investment process. For companies not excluded based on the sub-adviser's exclusion list, the Responsible Investment team independently conducts sustainability research on each company proposed for investment by the sub-adviser's investment team. The sustainability research uses a three-dimensional framework to analyze each company, focusing on what the sub-adviser views as material sustainability factors with clear links to risks and opportunities. For each company, this process analyzes (i) its products (what it does), (ii) its practices (how it does it) and (iii) its sustainable improvement (is it improving from a sustainability perspective or does it have credible plans to do so?). The outcome of this analysis is that each company proposed for investment by the sub-adviser's investment team is classified by its Responsible Investment team as either a sustainability "Leader", "Improver", "Neutral" or "Laggard" company.

• Sustainability "leaders" are companies that the Responsible Investment team believes exhibit top-quartile performance relative to global and regional peers from a combination of positive operational practices and being strategically well positioned with regard to the impact of their products or services. Activities that generate clear positive impact are viewed positively by the team.

• "Improvers" are companies in which the Responsible Investment team has identified sustainability issues that need to be addressed but where the team believes the company is taking action to address these and is showing clear signs of improvement, or has credible plans to do so.

• "Neutral" companies are those with products and practices that do not have clear positive sustainability characteristics, but which do not also have a meaningful negative impact on the environment or society, as determined by the sub-adviser's Responsible Investment team.

• "Laggards" have, in the Responsible Investment team's view, a poor product impact and/or have unacceptably low operational standards.

A minimum of 85% of the fund's net assets will be invested in any combination of companies classified by the sub-adviser's Responsible Investment team as "Leaders" and "Improvers". If a company is classified as a "Laggard," it cannot be held in the fund. The remaining proportion of the fund (constituting a maximum of 15% of the fund's net assets) may be invested in stocks of companies that are categorized as "Neutral". The sub-adviser's Responsible Investment team may reclassify a company should its sustainability analysis of the company change. A change in classification can cause a security to be sold or render a security eligible for investment.

The sub-adviser constructs a portfolio of individual stocks, selected on a "bottom-up" basis, meaning that it selects individual securities based on their specific merits, using fundamental analysis. The fund will typically consist of approximately 35 to 50 stocks with individual position sizes generally ranging from 1% to 10% of the fund's net assets (10% maximum position weighting). Non-U.S.

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stocks, including American Depository Receipts (ADRs), are limited to 10% of the fund's net assets. Annual portfolio turnover is anticipated to normally be less than 40%.

The sub-adviser generally employs a fully invested strategy. Therefore, under normal market conditions, cash and cash equivalents will generally be less than 5% of the fund's net assets.

The fund may, but is not required to, invest in index-traded futures to equitize cash in order to gain general equity market exposure until investments are made into stocks of individual companies.

All investments by the fund, with the exception of cash, cash equivalents, short-term debt securities, repurchase agreements, money market instruments and index-traded futures, are subject to the sub-adviser's sustainability assessment framework.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result,

whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Dividend Paying Stock** – There can be no assurance that the issuers of the stocks held by the fund will pay dividends in the future or that, if dividends are paid, they will not decrease. The fund's emphasis on dividend paying stocks could cause the fund's share price and total return to fluctuate more than, or cause the fund to underperform, similar funds that invest without consideration of an issuer's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks tend to go through cycles of over- or under-performing the stock market in general.

**Sustainability Investing –** Applying sustainability criteria to the sub-adviser's investment analysis for the fund may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the fund may forgo some investment opportunities available to funds that do not apply sustainability investing principals or that apply different sustainability criteria. Applying sustainability criteria may impact the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the fund's investment performance. The relevance and weightings of sustainability criteria to the sub-adviser's investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies meeting the sub-adviser's sustainability criteria at the time of investment may shift into and out of favor depending on market and economic conditions, and a company's sustainability practices, or the sub-adviser's assessment of such practices, may change over time. The fund's performance may at times be better or worse than the performance of similar funds that do not utilize sustainability investing principals or that apply different sustainability criteria. "Sustainability" is not a uniformly defined characteristic and applying sustainability criteria involves subjective assessments. There may be significant differences in views in what constitutes positive or negative sustainability characteristics of a company. The sub-adviser's sustainability assessment of a company may differ from that of other funds or investors. The fund's investments may include securities of issuers that derive revenue from non-sustainable activities. Sustainability ratings and assessments of issuers can vary across third party data providers, and sustainability data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of sustainability investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of sustainability criteria could have a material adverse effect on the fund's ability to invest in accordance with its sustainability strategy.

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**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit

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risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Large Capitalization Companies –** The fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the

fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Sustainability Data** – Sustainability information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted sustainability standards or standardized practices for researching, generating, or analyzing sustainability data, classifications, screens, and ratings ("Sustainability Data"). The factors and criteria considered when

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generating Sustainability Data and the results of such sustainability research may differ widely across third-party Sustainability Data providers. The evaluation of sustainability factors and criteria is often subjective, is often evolving and subject to ongoing refinement, and the third-party Sustainability Data providers used by the fund may not identify or evaluate every relevant sustainability factor and/or criteria with respect to every investment. Due to differences in various countries' corporate disclosure and financial statement reporting obligations and availability, as well as timeliness of any such available information, a third-party Sustainability Data provider may not always be successful in identifying material sustainability information about a particular company. The fund may invest in companies that do not reflect the beliefs or values of a particular investor and may not be deemed to exhibit the intended sustainability characteristics if different metrics or Sustainability Data providers were used to evaluate them. Because sustainability considerations are still an emerging area of investment focus, sustainability information and metrics can be difficult to obtain or not able to be obtained. The evaluation of sustainability factors and implementation of sustainability-related investment restrictions (e.g., screens) rely on the availability of timely, complete, and accurate Sustainability Data reported by issuers and/or third-party research providers. Sustainability Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. The successful implementation of the fund's strategy is therefore dependent, in part, on the sustainability factors identified and considered and research methodologies employed by applicable third-party Sustainability Data providers, as well as the timely availability of accurate information. Due to the specialized resources necessary to obtain sustainability-related information underlying or related to the Sustainability Data provided by applicable third-party sustainability research firms, the sub-adviser does not independently test or verify the data provided by such firms.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the

manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

Absent any applicable fee waivers, reimbursements and/or expense limitations, performance would be lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

Prior to December 1, 2020, the fund was named Transamerica Dividend Focused, had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to that previous sub-adviser.

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**Annual Total Returns (calendar years ended December 31) - Class A**

![](g93604imgef6fe17336.jpg)

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|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2020 | 15.44% |
| Worst Quarter: | 3/31/2020 | -29.89% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Class A |  |  |  | 1/4/2013 |
| Return before taxes | 4.86% | 6.82% | 6.27% |  |
| Return after taxes on distributions | 4.55% | 5.10% | 4.01% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 3.08% | 4.87% | 4.41% |  |
| Class C (Return before taxes only) | 9.01% | 7.10% | 5.98% | 1/4/2013 |
| Class I (Return before taxes only) | 11.26% | 8.42% | 7.17% | 1/4/2013 |
| Class I2 (Return before taxes only) | 11.15% | 8.32% | 7.17% | 1/4/2013 |
| Class R6 (Return before taxes only) | 11.29% | 8.35% | 7.17% | 5/29/2015 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> (reflects no <br> deduction for fees, expenses or taxes)<br>| 17.15% | 13.15% | 14.29% |  |
| Russell 1000<sup>®</sup> Value Index (reflects <br> no deduction for fees, expenses or <br> taxes)<br>| 15.91% | 11.33% | 10.53% |  |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend

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on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon Asset Management UK plc<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon Asset Management UK plc<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon Asset Management UK plc<br> *Portfolio Managers:* |
| Mark Peden, CFA | Portfolio Manager | since December 2020 |
| Robin Black | Portfolio Manager | since December 2020 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica UltraShort Bond**

**Investment Objective:**

Seeks a high level of income consistent with minimal fluctuation in principal value and liquidity.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **R6** |
| Maximum sales charge (load) imposed <br> on purchases (as a percentage of <br> offering price)<br>|  |  |  |  |
| Maximum deferred sales charge (load) <br> (as a percentage of purchase price or <br> redemption proceeds, whichever is <br> lower)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |  |

---

<sup>1</sup> A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **R6** |
| Management fees | 0.17% | 0.17% | 0.17% | 0.17% |
| Distribution and service (12b-1) <br> fees<br>| 0.25% | 1.00% |  |  |
| Other expenses | 0.46% | 0.36%<sup>1</sup> | 0.47% | 0.37%<sup>1</sup> |
| Total annual fund operating <br> expenses<br>| 0.88% | 1.53% | 0.64% | 0.54% |
| Fee waiver and/or expense <br> reimbursement<sup>2</sup><br>| 0.19% | 0.17% | 0.29% | 0.24% |
| Total annual fund operating <br> expenses after fee waiver and/or <br> expense reimbursement<br>| 0.69% | 1.36% | 0.35% | 0.30% |

---

Other expenses are based on estimates for the current fiscal year.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.69% for Class A shares, 1.36% for Class C shares, 0.35% for Class I shares and 0.30% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and

interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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**If the shares are redeemed at the end of each period:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $262 | &nbsp;&nbsp; $469 | &nbsp;&nbsp; $1067 |
| Class C | &nbsp;&nbsp; $238 | &nbsp;&nbsp; $467 | &nbsp;&nbsp; $818 | &nbsp;&nbsp; $1809 |
| Class I | &nbsp;&nbsp; $36 | &nbsp;&nbsp; $176 | &nbsp;&nbsp; $328 | &nbsp;&nbsp; $771 |
| Class R6 | &nbsp;&nbsp; $31 | &nbsp;&nbsp; $149 | &nbsp;&nbsp; $278 | &nbsp;&nbsp; $654 |

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**If the shares are not redeemed:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $262 | &nbsp;&nbsp; $469 | &nbsp;&nbsp; $1067 |
| Class C | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $467 | &nbsp;&nbsp; $818 | &nbsp;&nbsp; $1809 |
| Class I | &nbsp;&nbsp; $36 | &nbsp;&nbsp; $176 | &nbsp;&nbsp; $328 | &nbsp;&nbsp; $771 |
| Class R6 | &nbsp;&nbsp; $31 | &nbsp;&nbsp; $149 | &nbsp;&nbsp; $278 | &nbsp;&nbsp; $654 |

---

**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 50% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. The fund's portfolio weighted average duration will typically range from 0.25 to 1.25 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

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Securities in which the fund may invest include:

• corporate debt securities of issuers in the U.S. and in developed foreign markets;

• obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities;

• commercial paper;

• asset-backed securities and mortgage-backed securities, including commercial mortgage-backed securities;

• repurchase agreements;

• certificates of deposit and other bank obligations; and

• U.S. dollar-denominated debt securities of emerging market issuers, including corporate and sovereign issuers.

The fund may invest up to 5% of its net assets in high-yield debt securities (commonly known as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser). The fund may invest up to 5% of its net assets in emerging markets. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate, government and agency debt, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movements of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve, and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters, within their analytical process for corporate debt securities of issuers in the U.S. and in developed foreign markets, U.S. dollar-denominated debt securities of emerging market issuers (including corporates and sovereigns), private residential mortgage-backed securities, certain asset-backed securities, CMBS, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of certain investments. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, derivatives, repurchase agreements, asset-backed commercial paper, certificates of deposit and other bank obligations, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making

investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund's portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result,

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whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund's assets can decline as can the value of the fund's distributions.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or

significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

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**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Financial Sector** – Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. Credit rating downgrades resulting from financial difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Bank Obligations –** Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets,

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rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Distressed or Defaulted Securities –** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Hedging** – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable

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prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory

changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**To Be Announced (TBA) Transactions** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

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The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

Performance information for Class C shares and Class R6 shares will be included after the share classes have been in operation for one complete calendar year. The returns for Class C shares and Class R6 shares would differ from those of Class A and Class I shares because they have different expenses.

Absent any applicable fee waivers and/or expense limitations, performance would be lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

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**Annual Total Returns (calendar year ended December 31) - Class A**

![](g93604img10e8d5d237.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 9/30/2024 | 1.65% |
| Worst Quarter: | 12/31/2025 | 0.88% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  | 4/1/2023 |
| Return before taxes | 4.05% | 4.79% |  |
| Return after taxes on distributions | 2.36% | 2.87% |  |
| Return after taxes on distributions and sale <br> of fund shares<br>| 2.41% | 2.84% |  |
| Class I (Return before taxes only) | 4.51% | 5.15% | 4/1/2023 |
| Bloomberg US Universal Bond Index (reflects <br> no deduction for fees, expenses or taxes)<br>| 7.58% | 4.62% | 4/1/2023 |
| Bloomberg Short-Term Government Corporate <br> Index, (reflects no deduction for fees, expenses <br> or taxes)<br>| 4.46% | 4.99% | 4/1/2023 |

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The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Brian Barnhart, CFA | Portfolio Manager | since March 2023 |
| Ryan Baue, CFA | Portfolio Manager | since September 2024 |
| Tyler Knight, CFA | Portfolio Manager | since March 2023 |

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**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares..

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

The fund does not currently offer Class C and Class R6 shares.

**Tax Information:** Fund distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica US Growth**

**Investment Objective:** Seeks to maximize long-term growth.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional, in the "Waivers and Reductions of Sales Charges" section on page 330 of the fund's prospectus, in the Appendix – "Waivers and Discounts Available from Intermediaries," and in the fund's statement of additional information (SAI) under the heading "Purchase of Shares" on page 75.

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** | **T** |
| Maximum sales charge <br> (load) imposed on <br> purchases (as a <br> percentage of offering <br> price)<br>| 5.50% |  |  |  |  | 8.50% |
| Maximum deferred <br> sales charge (load) (as a <br> percentage of purchase <br> price or redemption <br> proceeds, whichever is <br> lower)<br>| None<sup>1</sup> | 1.00%<sup>2</sup> |  |  |  | None<sup>3</sup> |

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<sup>1</sup> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>2</sup> Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.

<sup>3</sup> Class T shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase.

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class:** | **A** | **C** | **I** | **I2** | **R6** | **T** |
| Management fees | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
| Distribution and <br> service (12b-1) fees<br>| 0.25% | 1.00% |  |  |  |  |
| Other expenses | 0.12% | 0.17% | 0.14% | 0.04% | 0.04% | 0.07% |
| Total annual fund <br> operating expenses<br>| 1.00% | 1.80% | 0.77% | 0.67% | 0.67% | 0.70% |

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**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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**If the shares are redeemed at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $646 | &nbsp;&nbsp; $851 | &nbsp;&nbsp; $1072 | &nbsp;&nbsp; $1707 |
| Class C | &nbsp;&nbsp; $283 | &nbsp;&nbsp; $566 | &nbsp;&nbsp; $975 | &nbsp;&nbsp; $2116 |
| Class I | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $428 | &nbsp;&nbsp; $954 |
| Class I2 | &nbsp;&nbsp; $68 | &nbsp;&nbsp; $214 | &nbsp;&nbsp; $373 | &nbsp;&nbsp; $835 |
| Class R6 | &nbsp;&nbsp; $68 | &nbsp;&nbsp; $214 | &nbsp;&nbsp; $373 | &nbsp;&nbsp; $835 |
| Class T | &nbsp;&nbsp; $915 | &nbsp;&nbsp; $1055 | &nbsp;&nbsp; $1207 | &nbsp;&nbsp; $1647 |

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**If the shares are not redeemed:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | &nbsp;&nbsp; $646 | &nbsp;&nbsp; $851 | &nbsp;&nbsp; $1072 | &nbsp;&nbsp; $1707 |
| Class C | &nbsp;&nbsp; $183 | &nbsp;&nbsp; $566 | &nbsp;&nbsp; $975 | &nbsp;&nbsp; $2116 |
| Class I | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $428 | &nbsp;&nbsp; $954 |
| Class I2 | &nbsp;&nbsp; $68 | &nbsp;&nbsp; $214 | &nbsp;&nbsp; $373 | &nbsp;&nbsp; $835 |
| Class R6 | &nbsp;&nbsp; $68 | &nbsp;&nbsp; $214 | &nbsp;&nbsp; $373 | &nbsp;&nbsp; $835 |
| Class T | &nbsp;&nbsp; $915 | &nbsp;&nbsp; $1055 | &nbsp;&nbsp; $1207 | &nbsp;&nbsp; $1647 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 39% of the average value of its portfolio.

**Principal Investment Strategies:** The fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in domestic common stocks. The fund invests primarily in common stocks of growth-oriented companies. Portfolio construction emphasizes stock specific risk while minimizing other sources of broad market risk. The goal is a portfolio whose relative performance is not dependent on the market environment.

The fund's sub-adviser, Wellington Management Company LLP (the "sub-adviser"), employs a "bottom-up" approach, using fundamental analysis to identify specific securities within industries or sectors for purchase or sale. A "bottom-up" approach evaluates individual companies in the context of broader market factors.

The sub-adviser's stock selection process is derived from its observation that the quality and persistence of a company's business is often not reflected in its current stock price. Central to the investment process is fundamental research focused on uncovering companies with improving quality metrics, business momentum, and attractive relative valuations. The investment process is aided

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by a proprietary screening process that narrows the investment universe to companies that are consistent with the investment philosophy. The fund employs a growth style of investing. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

The initial investment universe is comprised of:

• Securities held in the Russell 1000<sup>®</sup> Growth and S&P 500<sup>®</sup> Growth Indexes<sup>1</sup> 

• Equity securities within the market-cap range of the indexes with historical or projected growth rates greater than the Russell 1000<sup>®</sup> Index median

• Stocks that meet other growth criteria as determined by the sub-adviser

Consistent with the fund's objective and other policies, the fund may, but is not required to, invest to a lesser extent in derivatives, including futures, forwards, options and swaps primarily for cash equitization purposes. The fund may invest up to 20% of its total assets in foreign securities (not including American Depositary Receipts, American Depositary Shares or U.S. dollar denominated securities of foreign issuers).

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may

fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Large Capitalization Companies –** The fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Small and Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial

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instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that

sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Information Technology Sector –** Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may

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also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation

risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns. The table includes deduction of applicable sales charges.

Absent any applicable fee waivers and/or expense limitations, performance would be lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

Transamerica US Growth

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**Annual Total Returns (calendar years ended December 31) - Class A**

![](g93604img6ee16da838.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 27.66% |
| Worst Quarter: | 6/30/2022 | -21.94% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class A |  |  |  |  | 11/13/2009 |
| Return before taxes | 10.75% | 10.60% | 15.20% |  |  |
| Return after taxes on <br> distributions<br>| 9.59% | 8.53% | 13.03% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 7.19% | 8.00% | 12.08% |  |  |
| Class C (Return before <br> taxes only)<br>| 15.22% | 10.98% | 14.94% |  | 11/13/2009 |
| Class I (Return before <br> taxes only)<br>| 17.47% | 12.17% | 16.18% |  | 11/30/2009 |
| Class I2 (Return before <br> taxes only)<br>| 17.56% | 12.24% | 16.29% |  | 11/13/2009 |
| Class R6 (Return before <br> taxes only)<br>| 17.53% | N/A | N/A | 12.03% | 5/28/2021 |
| Class T (Return before <br> taxes only)<br>| 7.53% | 10.22% | 15.20% |  | 2/10/2012 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> <br> (reflects no deduction <br> for fees, expenses or <br> taxes)<br>| 17.15% | 13.15% | 14.29% |  |  |
| Russell 1000<sup>®</sup> Growth <br> Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 18.56% | 15.32% | 18.13% |  |  |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The total return information for Class C and Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Wellington Management Company LLP<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Wellington Management Company LLP<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Wellington Management Company LLP<br> *Portfolio Managers:* |
| Douglas McLane, CFA | Lead Portfolio Manager | since July 2022<sup>1</sup> <br>|
| David Siegle, CFA | Portfolio Manager | since March 2017 |

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<sup>1</sup> Portfolio Manager since March 2017; Lead Portfolio Manager since July 2022.

**Purchase and Sale of Fund Shares:** You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamerica.com, by mail to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 or through a financial intermediary.

The minimum initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plans is $500; the minimum subsequent investment is $50 per monthly fund account investment. The minimum investment for Class I shares is $1,000,000. There is no minimum investment for eligible plans investing in Class R6 shares of the fund or for investments in Class I2 shares of the fund.

Class I2 shares of the fund are currently primarily offered for investment by certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the fund are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts.

Class R6 shares are intended for purchase by certain Transamerica-sponsored asset allocation funds, as well as participants in certain eligible accounts such as 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans). For applicable plans, Class R6 shares are available only when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds, and in such eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

Class T shares are not available to new investors; only existing Class T shareholders may purchase additional Class T shares.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged

Transamerica US Growth

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investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Transamerica US Growth

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**More on Each Fund's Strategies and Investments**

The following provides additional information regarding each fund's strategies and investments described at the front of this prospectus. Except as otherwise expressly stated for a particular fund in this prospectus or in the statement of additional information or as required by law, there is no limit on the amount of each fund's assets that may be invested in a particular type of security or investment. Each fund's investment objective may be changed by the Board without shareholder approval.

**Transamerica Asset Allocation-Conservative Portfolio:** The fund is a fund of funds that seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds ("underlying funds"). The fund's sub-adviser, Goldman Sachs Asset Management, L.P. (the "sub-adviser"), follows an investment process that involves longer-term portfolio positioning through strategic asset allocation and dynamic asset allocation to pursue shorter-term opportunities based on the sub-adviser's views of current market conditions.

• Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 35% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 65% of net assets in fixed-income securities, which may include bonds, convertible securities, cash, cash equivalents, and other money market instruments. These percentages may vary.

• The underlying funds may invest in a variety of U.S. and foreign (including emerging markets) equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts ("REITs") and derivatives.

The sub-adviser develops and implements a strategic asset allocation for the fund. The sub-adviser seeks to budget the fund's long term investment risk exposure across various risk factors to establish a diversified strategic asset allocation. An important component of the sub-adviser's process is allocating risk across asset classes and strategies to increase diversification and, potentially, reduce volatility.

The sub-adviser may dynamically adjust the fund's asset allocation as part of its investment process in response to certain changes in the markets, the economic cycle and the macroeconomic environment. This dynamic asset allocation may change the fund's portfolio positioning based on the sub-adviser's short- to medium-term market views on dislocations and attractive investment opportunities. These views may impact the relative weights across asset classes and the allocation to geographies, sectors and industries, as well as the fund's duration and sensitivity to inflation.

Allocation of assets among the underlying funds is based on factors such as diversification, general market views and outlooks, volatility in the equity markets, historical performance, current valuations, and other global economic factors.

The fund may invest directly in U.S. government securities and/or short-term commercial paper.

The fund's investment manager, among other things, oversees and monitors the sub-adviser and is solely responsible for selecting the underlying funds among which the sub-adviser may allocate the fund's assets. After the underlying funds have been selected, the sub-adviser determines which underlying funds it wishes to utilize to allocate the fund's assets. The sub-adviser is not required to utilize all of the underlying funds selected by the manager in seeking to fulfill the fund's target asset allocation.

The sub-adviser may invest up to 10% of the fund's net assets in underlying Transamerica-sponsored and third-party exchange-traded funds ("underlying ETFs") that the sub-adviser selects as part of the sub-adviser's asset allocation for the fund. The fund may, but is not required to, invest directly in futures contracts as part of the sub-adviser's dynamic asset allocation. The use of futures would generally be limited to exchange-traded developed market equity index and U.S. Treasury futures. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the underlying funds and underlying ETFs.

It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds.

Each underlying fund and underlying ETF has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund and adviser or sub-adviser for each underlying ETF decides which securities to purchase and sell for that underlying fund or underlying ETF. The fund's ability to achieve its investment objective depends largely on the performance of the underlying funds and underlying ETFs.

The "Underlying Funds" section of the prospectus lists the underlying Transamerica Funds currently available for investment by the fund, provides a summary of their respective investment objectives and principal investment strategies, and identifies certain risks of those funds.

The manager may change the underlying Transamerica Funds, and the sub-adviser may change the fund's asset allocation, at any time without notice to shareholders and without shareholder approval.

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The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Asset Allocation-Growth Portfolio:** The fund is a fund of funds that seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds ("underlying funds"). The fund's sub-adviser, Goldman Sachs Asset Management, L.P. (the "sub-adviser"), follows an investment process that involves longer-term portfolio positioning through strategic asset allocation and dynamic asset allocation to pursue shorter-term opportunities based on the sub-adviser's views of current market conditions.

• Under normal circumstances, the fund expects to invest primarily in underlying funds that invest in U.S. and foreign (including emerging markets) equities, commodity-related securities, and alternative investments.

• The underlying funds may invest in a variety of U.S. and foreign equity securities and alternative investments. The underlying funds may also invest in fixed-income (including high-yield) securities, real estate investment trusts ("REITs") and derivatives.

The sub-adviser develops and implements a strategic asset allocation for the fund. The sub-adviser seeks to budget the fund's long term investment risk exposure across various risk factors to establish a diversified strategic asset allocation. An important component of the sub-adviser's process is allocating risk across asset classes and strategies to increase diversification and, potentially, reduce volatility.

The sub-adviser may dynamically adjust the fund's asset allocation as part of its investment process in response to certain changes in the markets, the economic cycle and the macroeconomic environment. This dynamic asset allocation may change the fund's portfolio positioning based on the sub-adviser's short- to medium-term market views on dislocations and attractive investment opportunities. These views may impact the relative weights across asset classes and the allocation to geographies, sectors and industries, as well as the fund's duration and sensitivity to inflation.

Allocation of assets among the underlying funds is based on factors such as diversification, general market views and outlooks, volatility in the equity markets, historical performance, current valuations, and other global economic factors.

The fund may invest directly in U.S. government securities and/or short-term commercial paper.

The fund's investment manager, among other things, oversees and monitors the sub-adviser and is solely responsible for selecting the underlying funds among which the sub-adviser may allocate the fund's assets. After the underlying funds have been selected, the sub-adviser determines which underlying funds it wishes to utilize to allocate the fund's assets. The sub-adviser is not required to utilize all of the underlying funds selected by the manager in seeking to fulfill the fund's target asset allocation.

The sub-adviser may invest up to 10% of the fund's net assets in underlying Transamerica-sponsored and third-party exchange-traded funds ("underlying ETFs") that the sub-adviser selects as part of the sub-adviser's asset allocation for the fund. The fund may, but is not required to, invest directly in futures contracts as part of the sub-adviser's dynamic asset allocation. The use of futures would generally be limited to exchange-traded developed market equity index and U.S. Treasury futures. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the underlying funds and underlying ETFs.

It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds.

Each underlying fund and underlying ETF has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund and adviser or sub-adviser for each underlying ETF decides which securities to purchase and sell for that underlying fund or underlying ETF. The fund's ability to achieve its investment objective depends largely on the performance of the underlying funds and underlying ETFs.

The "Underlying Funds" section of the prospectus lists the underlying Transamerica Funds currently available for investment by the fund, provides a summary of their respective investment objectives and principal investment strategies, and identifies certain risks of those funds.

The manager may change the underlying Transamerica Funds, and the sub-adviser may change the fund's asset allocation, at any time without notice to shareholders and without shareholder approval.

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The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Asset Allocation-Moderate Growth Portfolio:** The fund is a fund of funds that seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds ("underlying funds"). The fund's sub-adviser, Goldman Sachs Asset Management, L.P. (the "sub-adviser"), follows an investment process that involves longer-term portfolio positioning through strategic asset allocation and dynamic asset allocation to pursue shorter-term opportunities based on the sub-adviser's views of current market conditions.

• Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 70% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 30% of net assets in fixed-income securities, which may include bonds, convertible securities, cash, cash equivalents, and other money market instruments. These percentages may vary.

• The underlying funds may invest in a variety of U.S. and foreign equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts ("REITs") and derivatives.

The sub-adviser develops and implements a strategic asset allocation for the fund. The sub-adviser seeks to budget the fund's long term investment risk exposure across various risk factors to establish a diversified strategic asset allocation. An important component of the sub-adviser's process is allocating risk across asset classes and strategies to increase diversification and, potentially, reduce volatility.

The sub-adviser may dynamically adjust the fund's asset allocation as part of its investment process in response to certain changes in the markets, the economic cycle and the macroeconomic environment. This dynamic asset allocation may change the fund's portfolio positioning based on the sub-adviser's short- to medium-term market views on dislocations and attractive investment opportunities. These views may impact the relative weights across asset classes and the allocation to geographies, sectors and industries, as well as the fund's duration and sensitivity to inflation.

Allocation of assets among the underlying funds is based on factors such as diversification, general market views and outlooks, volatility in the equity markets, historical performance, current valuations, and other global economic factors.

The fund may invest directly in U.S. government securities and/or short-term commercial paper.

The fund's investment manager, among other things, oversees and monitors the sub-adviser and is solely responsible for selecting the underlying funds among which the sub-adviser may allocate the fund's assets. After the underlying funds have been selected, the sub-adviser determines which underlying funds it wishes to utilize to allocate the fund's assets. The sub-adviser is not required to utilize all of the underlying funds selected by the manager in seeking to fulfill the fund's target asset allocation.

The sub-adviser may invest up to 10% of the fund's net assets in underlying Transamerica-sponsored and third-party exchange-traded funds ("underlying ETFs") that the sub-adviser selects as part of the sub-adviser's asset allocation for the fund. The fund may, but is not required to, invest directly in futures contracts as part of the sub-adviser's dynamic asset allocation. The use of futures would generally be limited to exchange-traded developed market equity index and U.S. Treasury futures. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the underlying funds and underlying ETFs.

It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds.

Each underlying fund and underlying ETF has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund and adviser or sub-adviser for each underlying ETF decides which securities to purchase and sell for that underlying fund or underlying ETF. The fund's ability to achieve its investment objective depends largely on the performance of the underlying funds and underlying ETFs.

The "Underlying Funds" section of the prospectus lists the underlying Transamerica Funds currently available for investment by the fund, provides a summary of their respective investment objectives and principal investment strategies, and identifies certain risks of those funds.

The manager may change the underlying Transamerica Funds, and the sub-adviser may change the fund's asset allocation, at any time without notice to shareholders and without shareholder approval.

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The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Asset Allocation-Moderate Portfolio:** The fund is a fund of funds that seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds ("underlying funds"). The fund's sub-adviser, Goldman Sachs Asset Management, L.P. (the "sub-adviser"), follows an investment process that involves longer-term portfolio positioning through strategic asset allocation and dynamic asset allocation to pursue shorter-term opportunities based on the sub-adviser's views of current market conditions.

• Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 50% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 50% of net assets in fixed-income securities, which may include bonds, convertible securities, cash, cash equivalents, and other money market instruments. These percentages may vary.

• The underlying funds may invest in a variety of U.S. and foreign (including emerging markets) equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts ("REITs") and derivatives.

The sub-adviser develops and implements a strategic asset allocation for the fund. The sub-adviser seeks to budget the fund's long term investment risk exposure across various risk factors to establish a diversified strategic asset allocation. An important component of the sub-adviser's process is allocating risk across asset classes and strategies to increase diversification and, potentially, reduce volatility.

The sub-adviser may dynamically adjust the fund's asset allocation as part of its investment process in response to certain changes in the markets, the economic cycle and the macroeconomic environment. This dynamic asset allocation may change the fund's portfolio positioning based on the sub-adviser's short- to medium-term market views on dislocations and attractive investment opportunities. These views may impact the relative weights across asset classes and the allocation to geographies, sectors and industries, as well as the fund's duration and sensitivity to inflation.

Allocation of assets among the underlying funds is based on factors such as diversification, general market views and outlooks, volatility in the equity markets, historical performance, current valuations, and other global economic factors.

The fund may invest directly in U.S. government securities and/or short-term commercial paper.

The fund's investment manager, among other things, oversees and monitors the sub-adviser and is solely responsible for selecting the underlying funds among which the sub-adviser may allocate the fund's assets. After the underlying funds have been selected, the sub-adviser determines which underlying funds it wishes to utilize to allocate the fund's assets. The sub-adviser is not required to utilize all of the underlying funds selected by the manager in seeking to fulfill the fund's target asset allocation.

The sub-adviser may invest up to 10% of the fund's net assets in underlying Transamerica-sponsored and third-party exchange-traded funds ("underlying ETFs") that the sub-adviser selects as part of the sub-adviser's asset allocation for the fund. The fund may, but is not required to, invest directly in futures contracts as part of the sub-adviser's dynamic asset allocation. The use of futures would generally be limited to exchange-traded developed market equity index and U.S. Treasury futures. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the underlying funds and underlying ETFs.

It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds.

Each underlying fund and underlying ETF has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund and adviser or sub-adviser for each underlying ETF decides which securities to purchase and sell for that underlying fund or underlying ETF. The fund's ability to achieve its investment objective depends largely on the performance of the underlying funds and underlying ETFs.

The "Underlying Funds" section of the prospectus lists the underlying Transamerica Funds currently available for investment by the fund, provides a summary of their respective investment objectives and principal investment strategies, and identifies certain risks of those funds.

The manager may change the underlying Transamerica Funds, and the sub-adviser may change the fund's asset allocation, at any time without notice to shareholders and without shareholder approval.

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The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Bond:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), invests, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities, which may include dollar rolls, U.S. government and foreign government bonds and notes (including emerging markets), mortgage-backed, commercial mortgage-backed, and asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), convertible bonds and other convertible securities, bank loans and loan participations, structured notes, and preferred securities.

Under normal circumstances, at least 70% of the fund's net assets will be invested in (a) debt securities rated investment grade or higher (rated at least BBB by Standard & Poor's or Fitch or Baa by Moody's) by at least two rating agencies or, if unrated, are determined to be of comparable quality by the sub-adviser; (b) securities issued or guaranteed by the U.S. government or its agencies or instrumentalities; (c) commercial paper rated Prime, Prime-1 or Prime-2 by NCO/Moody's Commercial Paper Division, or A-1 or A-2 by Standard & Poor's; and/or (d) cash or cash equivalents. Up to 30% of the fund's net assets may be invested in debt securities that do not meet the investment grade criteria referred to above (commonly known as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser). The fund may invest up to 5% of its net assets in equity securities, such as common stocks, rights, warrants or preferred stock. The fund may invest in securities of any maturity and does not have a target average duration.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environments and global asset classes and proprietary "bottom-up" research of sectors, industries, issuers, and individual securities. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement and relative value of markets and securities prices worldwide. In its proprietary "bottom-up" research of corporate and sovereign debt and other fixed-income securities, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, commercial mortgage-backed securities, certain asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), structured notes, certain preferred securities, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in dollar rolls, U.S. government bonds and notes, U.S. agency securities, convertible bonds, other convertible securities, certain bank loans and loan participations, asset-backed commercial paper, cash, certain cash equivalent securities, equity securities, common stocks, rights, warrants, derivatives, repurchase agreements and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management and corporate governance. For asset-backed securities and mortgage-backed securities, ESG considerations may also include, but are not limited to, affordability and energy efficiency of collateral, underwriting standards and policies, alignment of interest and control provisions. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund. When assessing a company's or country's ESG practices, the sub-adviser may evaluate a range of environmental, social and/or governance considerations. Environmental considerations may include, but are not limited to, greenhouse gas emissions, water and wastewater effects, hazardous materials, air quality concerns, biodiversity impacts, material sourcing practices and product design and lifecycle management matters. Social considerations may include, but are not limited to, human rights, stakeholder engagement, approach to data privacy, product safety and related sales practices, health and safety in the work environment, underwriting criteria, loan and lease servicing practices, labor management and supply chain management. For sovereigns, social considerations may also include workers' rights, life expectancy, income inequality, healthcare and education. Governance considerations may include, but are not limited to, governance structure, accounting practices, remuneration, alignment of interests and ethical conduct of the business, including the risks of fraud or corruption. For sovereigns, governance considerations may also include rule of law, regulatory effectiveness, freedom of the press, corruption levels and the overall strength of the country's institutions.

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The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Examples of emerging market countries include China, India, Brazil, Russia, and Mexico. Emerging market country classifications may change over time.

The sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Capital Growth:** The fund's sub-adviser, Morgan Stanley Investment Management Inc. (the "sub-adviser"), under normal circumstances, seeks long-term capital growth by investing primarily in established and emerging companies with capitalizations at the time of purchase within the range of companies included in the Russell 1000<sup>®</sup> Growth Index, which as of December 31, 2025, was between $1.57 billion and $4.53 trillion. The fund typically invests in a relatively small number of companies. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

The sub-adviser emphasizes a "bottom-up" stock selection process, seeking attractive investments on an individual company basis. The sub-adviser typically invests in unique companies it believes have sustainable competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, strong balance sheets and an attractive risk/reward. The sub-adviser seeks to understand how environmental, social and governance ("ESG") initiatives within companies can create value by strengthening durable competitive advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends.

Conversely, the team will evaluate how environmental and social oriented trends create material risks to the prospects of the enterprise. The sub-adviser generally engages with company management teams to discuss their ESG practices, with the aim of identifying how ESG themes present opportunities and risks that can be material to the value of the security over the long-term. Other aspects of the investment process include a proprietary, systematic evaluation of governance policies, specifically focusing on compensation alignment with long-term value creation. The sub-adviser does not treat ESG factors as a deterministic, reductive screen, nor as a portfolio construction tool layered on top of a passive vehicle.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries, securities classified as American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), American Depositary Shares ("ADSs") or Global Depositary Shares ("GDSs"), foreign U.S. dollar denominated securities that are traded on a U.S. exchange and local shares of non-U.S. issuers. The sub-adviser considers an issuer to be from a particular country if (i) its principal securities trading market is in that country; (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue from goods produced, sales made or services performed in that country; or (iii) it is organized under the laws of, or has a principal office in, that country. By applying these tests, it is possible that a particular company could be deemed to be from more than one country. The securities in which the fund may invest may be denominated in U.S. dollars or in currencies other than U.S. dollars. The fund may utilize foreign currency forward exchange contracts, which are derivatives, in connection with its investments in foreign securities. The fund's equity investments may include common and preferred stocks, convertible securities, rights and warrants to purchase common stocks, depositary receipts, exchange-traded funds ("ETFs"), and other specialty securities having equity features. The fund may also invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments.

The fund may purchase and sell certain derivative instruments, such as options, future contracts, options on futures contracts or foreign currency, contracts for difference, swaps and structured investments, for various portfolio management purposes, including to earn income, facilitate portfolio management and mitigate risks. Foreign currency option contracts may be used for hedging purposes or non-hedging purposes in pursuing the fund's investment objective. In determining compliance with any percentage limitation or requirement regarding the use or investment of fund assets, the fund will take into account derivative or synthetic instruments or other positions that, in the judgment of the sub-adviser, have economic characteristics similar to the applicable category of investments.

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The fund may invest in initial public offerings. The fund may also invest up to 10% of its assets in real estate investment trusts ("REITs") and foreign real estate companies.

The fund may invest in companies with significant exposure to digital assets, such as Bitcoin, or the digital asset ecosystem, including companies that act as digital asset treasuries by accumulating Bitcoin or other digital assets and/or providing Bitcoin or other digital asset related products and services. The fund does not invest directly in digital assets.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Core Bond:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, primarily in investment grade debt securities, which may include: investment grade corporate securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. Investment grade debt securities carry a rating of at least BBB from Standard & Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the sub-adviser. The fund's weighted average duration will typically range from 3 to 10 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The fund may also invest in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs") and collateralized debt obligations ("CDOs")), commercial mortgage-backed securities ("CMBS"), high quality short-term debt obligations, dollar rolls and repurchase agreements. The fund's investments may include debt securities of foreign issuers, including emerging market debt securities. The fund may invest in securities that are denominated in U.S. dollars and in foreign currencies.

The fund may invest up to 10% of its net assets in emerging market debt securities and up to 10% of its net assets in high-yield debt securities (commonly referred to as "junk bonds"), but may invest no more than 15% of its net assets in emerging market debt securities and high-yield debt securities combined. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Examples of emerging market countries include China, India, Brazil, Russia, and Mexico. Emerging market country classifications may change over time. Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser).

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate, government and agency debt, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movements of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine sector, security, yield curve, and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for investment grade corporate debt securities, foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, asset-backed commercial paper, dollar rolls, repurchase agreements, derivatives, cash, certain cash equivalent securities and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management and corporate governance. For asset-backed securities and mortgage-backed securities, ESG considerations may also include, but are not limited to, affordability and energy efficiency of collateral, underwriting standards and policies, alignment of interest and control provisions. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund. When assessing a company's or country's ESG practices, the sub-adviser may evaluate a range of environmental, social and/or governance considerations. Environmental considerations may include, but are not limited to, greenhouse gas emissions, water and wastewater effects, hazardous materials, air quality concerns, biodiversity impacts, material sourcing practices and product design and lifecycle management matters. Social

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considerations may include, but are not limited to, human rights, stakeholder engagement, approach to data privacy, product safety and related sales practices, health and safety in the work environment, underwriting criteria, loan and lease servicing practices, labor management and supply chain management. For sovereigns, social considerations may also include workers' rights, life expectancy, income inequality, healthcare and education. Governance considerations may include, but are not limited to, governance structure, accounting practices, remuneration, alignment of interests and ethical conduct of the business, including the risks of fraud or corruption. For sovereigns, governance considerations may also include rule of law, regulatory effectiveness, freedom of the press, corruption levels and the overall strength of the country's institutions.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Emerging Markets Debt:** Under normal circumstances, the fund's sub-adviser MetLife Investment Management, LLC (the "sub-adviser"), invests at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities of issuers located in emerging market countries. Emerging market countries are countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations. Emerging market countries can include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. The fund normally invests primarily in fixed-income securities of government and government-related issuers and corporate issuers in emerging market countries, including frontier markets.

The sub-adviser seeks to identify companies in emerging market countries that the sub-adviser believes are undervalued and have attractive or improving fundamentals. The sub-adviser analyzes the global economic environment and its impact on emerging markets. The sub-adviser determines the investment merit of sovereign securities using quantitative and qualitative factors, taking into consideration a sovereign's reliance on external capital, distribution of wealth, and inflation volatility as well as the fiscal and monetary policy credibility, political environment and access to capital markets and current reforms that could affect the sovereign security's valuation in the future. The sub-adviser determines the investment merit of corporate securities primarily by analyzing the credit quality of the issuer, employing cash flow models specific to the issuer and its industry and assessing issuer prospects under varying scenarios and sensitivities. As part of its security selection process for fixed-income securities, alongside traditional fundamental financial analysis, the sub-adviser also generally uses sustainability and/or ESG factors as a lens for additional fundamental research, with a goal of identifying material sustainability or ESG risks and opportunities, which can contribute to investment decision-making.

The fund normally invests its assets in local currency and hard currency (such as U.S. dollars and Euros) denominated emerging markets sovereign and corporate debt issues. The fund's U.S. dollar and euro denominated sovereign exposure is expected to range between 30% and 100% and corporate exposure between 30% and 70%, and the fund's local currency sovereign and corporate exposures is expected to range between 5% and 40%. The fund's developed markets exposure will normally range between 0% and 10%. Generally, less than 10% of the fund's assets will be invested in repurchase agreements, cash and cash equivalents.

As part of its investment analysis, the sub-adviser also uses sustainability and/or environmental, social and governance ("ESG") factors to evaluate risk when determining a credit's price. The ESG process is generally taken into account for fixed income securities within the fund, including sovereign, quasi-sovereign, and corporate issuers. The sub-adviser seeks to identify material sustainability or ESG risks and opportunities by considering factors such as social impact, direct environmental impact currently, and planned impact going forward and both management and sovereign governance that have the potential to influence asset prices going forward, which can contribute to its investment decision-making. This analysis of ESG factors is subjective and not determinative in the sub-adviser's security selection process. The sub-adviser may conclude that other attributes of an investment outweigh ESG factors when making investment decisions.

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The fund's holdings may range in maturity from overnight to 30 years or more and will not be subject to any minimum credit rating standard. The fund may invest in debt securities that are rated below investment grade (commonly known as "junk bonds"), including defaulted securities. The sub-adviser does not expect defaulted securities to represent more than 5% of the fund's portfolio at any one time. The sub-adviser may, but is not required to use certain derivative instruments, including the use of deliverable and non-deliverable currency forwards and/or swaps as well as interest rate futures. These instruments may be used to hedge currency risk during times of heightened market volatility, to differentiate interest rate and currency risk, to differentiate interest rate and spread risk, and to express foreign exchange views on undervalued currencies. The sub-adviser generally considers selling a security when the sub-adviser determines that the holding no longer satisfies the fund's investment criteria.

The fund may invest in capital securities, which are hybrid securities that combine the characteristics of bonds and preferred stocks. The fund may invest in such securities in order to take advantage of the mispricing of subordinated risk within the marketplace. The sub-adviser does not expect that capital securities will represent more than 5% of the fund's assets at any one time.

The fund may also invest up to 25% of its assets in cross currency hedges, which involve the sale of one currency against the positive exposure to a different currency. Cross currency hedges may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies.

The fund may invest up to 5% of its assets in issues traded in the China Bond Connect Program.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The fund is non-diversified.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Emerging Markets Equity:** Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities (including American Depository Receipts ("ADRs"), Global Depository Receipts ("GDRs") and European Depository Receipts ("EDRs")) of companies that are located and/or conduct substantial business activities in emerging markets, including frontier markets. The fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser") considers emerging market countries to be those countries included in the MSCI Emerging Markets Index, the fund's benchmark, or the MSCI Frontier Markets Index. The fund will normally invest primarily in emerging market companies that the sub-adviser believes have above-average potential for capital appreciation based on its fundamental research and analysis.

The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen. The sub-adviser strives to identify companies whose shares are underpriced relative to their intrinsic value. The fund is managed with reference to the MSCI Emerging Markets Index as to country allocation, which may change over time, but the fund is not benchmark constrained. The sub-adviser intends, under normal circumstances, to have approximately 40-80 equity securities in the fund's portfolio.

Pursuant to a value investing philosophy, the sub-adviser seeks to invest in securities that the sub-adviser believes provide a discount or "margin of safety" between a security's price and what the sub-adviser believes to be the true value of the underlying business (which is sometimes referred to as "intrinsic value"). To first narrow the fund's investment universe, the sub-adviser uses quantitative screening tools linked to a variety of relative value assessments (including cash flow, earnings and share price). Next, the sub-adviser combines fundamental research and qualitative analysis to make individual security selections. Within the investment universe, the sub-adviser seeks to invest in companies identified as having attractive risk-reward profiles. The sub-adviser considers these to be companies that it identifies as being both undervalued and having attractive fundamentals (such as revenues, earnings, or management). The sub-adviser also analyzes country-specific factors such as geopolitical risk and its potential impact on expected returns.

The sub-adviser may invest in securities that are convertible into securities of foreign issuers. The sub-adviser will generally invest in small, medium and large capitalization companies.

The sub-adviser may invest in unaffiliated investment companies, including exchange-traded funds ("ETFs"), and may also invest a portion of its assets in real estate investment trusts ("REITs").

The fund may invest a significant portion of its assets in investments located in or operating in one country or a small number of countries. The fund's benchmark index currently includes substantial exposure to China, including China A-Shares.

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The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Energy Infrastructure:** Under normal circumstances, the fund's sub-adviser, Kayne Anderson Capital Advisors, L.P. (the "sub-adviser"), seeks to achieve the fund's stated objective by investing at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in the equity and debt securities of energy infrastructure companies. The fund considers energy infrastructure companies to include midstream companies, power infrastructure companies and other issuers in the energy sector.

Midstream companies are companies that own and operate assets used in energy logistics, including, but not limited to, assets used in transporting, storing, gathering, processing, fractionating, distributing, or marketing of natural gas, natural gas liquids, crude oil or refined products. Such companies may be structured as master limited partnerships ("MLPs") or taxed as corporations.

Power infrastructure companies are companies involved in the development, ownership, operation, or management of assets and services essential to the generation, transmission, distribution, storage, or consumption of electrical power. Such companies include utilities, independent power producers, transmission and distribution network operators, energy storage providers, and companies offering supporting technologies or services. Power infrastructure companies may generate or handle electricity generated from a wide range of sources, including conventional (such as coal, natural gas and nuclear) and renewable (such as solar, wind, hydroelectric, geothermal and biomass) resources. In addition, these companies may provide infrastructure or services supporting grid modernization, energy efficiency, and the integration of advanced energy technologies.

The fund concentrates in industries in the energy sector.

The sub-adviser considers the "energy sector" to consist of companies involved in exploring, developing, producing, generating, transporting, transmitting, storing, gathering, processing, fractionating, refining, distributing, or marketing of natural gas, natural gas liquids, crude oil, refined products, electricity or renewable energy ("energy-related assets"). Investments in other issuers in the energy sector will consist of companies that own, operate or provide services to energy-related assets.

Investments by the fund may include securities of any capitalization that are publicly traded on an exchange or in the over-the-counter market.

The fund may invest no more than 20% of its total assets in the debt securities of issuers in the energy sector, and no more than 10% of its total assets in debt securities that are rated below investment grade (commonly known as "junk bonds"), including defaulted securities.

The fund may directly invest up to, but not more than, 25% of its total assets in equity or debt securities of MLPs and other entities that are treated as qualified publicly traded partnerships for federal income tax purposes.

The fund may also invest in foreign securities, but generally will not invest more than 25% of fund assets in foreign securities.

The fund may invest a significant portion of its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments to earn income, and for cash management purposes. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

The sub-adviser's investment process typically includes the identification of entry and exit prices. These prices may be based on the sub-adviser's fundamental analysis of the value of the investment, its relative value analysis where the entry or exit price should be based on dollar or yield spreads, or both. The sub-adviser also routinely discusses sell prices in order to evaluate the relative attractiveness of existing positions versus proposed investments.

The above investment restrictions apply at the time of purchase, and the fund will not be required to reduce a position due solely to market value fluctuations in order to comply with these restrictions.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

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The fund attempts to pay quarterly dividends at a relatively consistent level, but there can be no assurance the fund can continue to do so. This dividend practice can be expected to result in the fund returning capital to its shareholders from time to time. When the fund returns capital, the net asset value of your shares in the fund goes down to reflect that. When a distribution includes what the fund estimates to be a return of capital, the fund will send shareholders a written notice. The tax status of certain distributions may be recharacterized at year-end.

The fund is non-diversified.

**Transamerica Floating Rate:** Under normal circumstances the fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser") seeks to achieve the fund's objective by investing at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in floating rate loans or floating rate debt securities. Floating rate loans and floating rate debt securities have interest rates which float, adjust or vary periodically based upon a benchmark indicator, a specified adjustment schedule, or prevailing interest rates.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of sectors, industries and securities. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that the sub-adviser believes affect the movement of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, collateral and covenants specific to individual issuers and loans. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for floating rate debt securities, unsecured fixed rate high yield bonds, certain asset-backed securities (including collateralized loan obligations ("CLOs")), privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in certain floating rate loans, certain first lien, senior secured term floating rate loans ("senior loans") to corporate issuers, partnerships and other entities, certain unsecured floating rate loans and floating rate debt securities, certain second lien floating rate loans, certain subordinated bridge loans, money market instruments, certain other fixed rate debt securities, distressed securities that may be in default and have any or no credit rating, certain foreign borrowers and certain foreign debt securities (including emerging market debt securities), exchange traded funds ("ETFs"), cash, certain cash equivalent securities, asset-backed commercial paper, and repurchase agreements. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management and corporate governance. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund. When assessing a company's or country's ESG practices, the sub-adviser may evaluate a range of environmental, social and/or governance considerations. Environmental considerations may include, but are not limited to, greenhouse gas emissions, water and wastewater effects, hazardous materials, air quality concerns, biodiversity impacts, material sourcing practices and product design and lifecycle management matters. Social considerations may include, but are not limited to, human rights, stakeholder engagement, approach to data privacy, product safety and related sales practices, health and safety in the work environment, underwriting criteria, loan and lease servicing practices, labor management and supply chain management. For sovereigns, social considerations may also include workers' rights, life expectancy, income inequality, healthcare and education. Governance considerations may include, but are not limited to, governance structure, accounting practices, remuneration, alignment of interests and ethical conduct of the business, including the risks of fraud or corruption. For sovereigns, governance considerations may also include rule of law, regulatory effectiveness, freedom of the press, corruption levels and the overall strength of the country's institutions.

The fund will normally primarily invest in senior loans to corporate issuers, partnerships and other entities. The fund can invest in senior loans of any maturity and quality. The majority of the fund's total assets generally will be invested in floating rate loans or floating rate debt securities rated below investment grade (that is, loans or securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser), and the fund may invest without limitation in such loans and securities. The issuers of the loans in which the fund invests may themselves be rated below investment grade even if the loan itself is not.

The fund may invest up to 15% of its net assets in unsecured floating rate loans and floating rate debt securities and up to 15% of its net assets in second lien floating rate loans. The fund may also invest up to 20% of its net assets in subordinated bridge loans, unsecured fixed rate high yield bonds, money market instruments and other fixed rate debt securities, including distressed securities that may be in default and have any or no credit rating. The fund may invest no more than 10% of its net assets in asset-backed securities (including CLOs), and no more than 5% of its net assets in asset-backed securities that are rated below investment grade.

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The fund may invest in loans of foreign borrowers and foreign debt securities, including emerging market debt securities, but expects that the majority of its total assets will be invested in loans and debt securities of U.S. borrowers or issuers. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Examples of emerging market countries include China, India, Brazil, Russia, and Mexico. Emerging market country classifications may change over time. The fund may invest in ETFs to create exposure to asset classes.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Government Money Market:** The fund is a government money market fund. The fund seeks to maintain a stable net asset value of $1.00 per share by investing in:

• high-quality, U.S. dollar-denominated short-term money market securities issued or guaranteed as to principal or interest by the U.S. government or its agencies or instrumentalities;

• repurchase agreements that are fully collateralized by U.S. government securities or cash; and

• cash.

The fund's sub-adviser, BlackRock Investment Management, LLC (the "sub-adviser"), invests at least 99.5% of the fund's total assets (plus the amount of borrowings, if any, for investment purposes) in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements fully collateralized by such obligations or cash. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements fully collateralized by such obligations.

The fund will enter into repurchase agreements only with financial institutions that the sub-adviser determines are creditworthy. A financial institution must furnish collateral to the fund at least equal in value to the amount of its repurchase obligation. This collateral must consist of U.S. government securities or cash. The sub-adviser is responsible for ensuring that each repurchase agreement is eligible for purchase by the fund.

In managing the fund's assets, the sub-adviser uses a combination of "top-down" analysis of macroeconomic and interest rate environments and "bottom-up" research of sectors and issuers. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental and technical factors that may affect the movement of markets. In its "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness and collateral and covenants to specific markets and individual issuers.

The fund invests in securities with a maximum remaining maturity of 397 days or less (with certain exceptions) and maintains a dollar-weighted average fund maturity of 60 days or less and a dollar-weighted average life of 120 days or less. In addition, the fund will hold at least 25% of its total assets in daily liquid assets and at least 50% of its total assets in weekly liquid assets. For purposes of these limits, daily liquid assets and weekly liquid assets are generally defined to include cash, U.S. Treasuries, certain other government securities, as well as other securities that can be readily converted to cash within one or five business days, respectively.

The fund invests in accordance with the quality, maturity, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940 and other rules of the Securities and Exchange Commission.

The fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis. The fund may invest in other government money market funds to the extent permitted by law.

The sub-adviser employs relative value strategies when selling securities that are focused on identifying discrepancies in prices among securities that share similar economic or financial characteristics. This strategy is based on the premise that certain securities are mispriced given that they have consistent valuation factors in common, such as liquidity, interest rate, maturity, or spread. The sub-adviser may employ a variety of qualitative techniques to identify securities they believe to be mispriced relative to fundamental or technical factors.

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If the fund takes a temporary defensive position, it will be more difficult for the fund to achieve its investment objective. Although the sub-adviser has the ability to take temporary defensive positions, it may choose not to do so for a variety of reasons, including during volatile market conditions.

**Transamerica High Yield Bond:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in high-yield bonds (commonly known as "junk bonds"). The fund normally invests primarily in U.S. securities.

Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the sub-adviser). The sub-adviser seeks to achieve high returns for the fund while maintaining a reasonable risk profile.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate and sovereign debt, stressed and distressed securities, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment, and valuation factors that the sub-adviser believes affect the movement of markets and securities prices worldwide. This "top-down" analysis assists the sub-adviser in analyzing fund risk and allocating assets among sectors, industries, and credit quality categories. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness and capital structure. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for high-yield bonds, foreign securities (including emerging markets), investment grade bonds, certain asset-backed securities, private residential mortgage-backed securities, certain preferred equity, privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in certain bank loans, U.S. Treasury and agency mortgage-backed securities, common equity, cash, certain cash equivalent securities, asset-backed commercial paper, repurchase agreements and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management and corporate governance. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund. When assessing a company's or country's ESG practices, the sub-adviser may evaluate a range of environmental, social and/or governance considerations. Environmental considerations may include, but are not limited to, greenhouse gas emissions, water and wastewater effects, hazardous materials, air quality concerns, biodiversity impacts, material sourcing practices and product design and lifecycle management matters. Social considerations may include, but are not limited to, human rights, stakeholder engagement, approach to data privacy, product safety and related sales practices, health and safety in the work environment, underwriting criteria, loan and lease servicing practices, labor management and supply chain management. For sovereigns, social considerations may also include workers' rights, life expectancy, income inequality, healthcare and education. Governance considerations may include, but are not limited to, governance structure, accounting practices, remuneration, alignment of interests and ethical conduct of the business, including the risks of fraud or corruption. For sovereigns, governance considerations may also include rule of law, regulatory effectiveness, freedom of the press, corruption levels and the overall strength of the country's institutions.

The fund has no maturity or duration requirements or limitations. The fund may invest in foreign securities, including up to 10% of its net assets in emerging market securities. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Examples of emerging market countries include China, India, Brazil, Russia, and Mexico. Emerging market country classifications may change over time.

To a lesser extent, the fund may invest in investment grade bonds, bank loans, asset backed and mortgage backed securities, preferred equity securities, common equity securities (received in connection with exchanges or restructurings) and cash equivalents. The fund may also invest in hybrid instruments having both debt and equity characteristics.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

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The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica High Yield Muni:** Under normal circumstances, the fund's sub-adviser, Belle Haven Investments, L.P. (the "sub-adviser"), invests at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in municipal fixed-income securities, the interest from which is exempt from federal income tax and the federal alternative minimum tax ("AMT") applicable to individuals. Interest income from some of the municipal obligations in which the fund may invest may be subject to the AMT. The fund primarily invests in "high yield" municipal bonds under normal market conditions. For this purpose, "high yield" municipal bonds are those rated medium to lower grade. The fund normally invests primarily in general obligation and revenue bonds issued by U.S. municipal issuers, as well as issuers in U.S. territories and possessions. The fund may invest 25% or more of its total net assets in any sector or sub-sector of the municipal bond market.

The fund pursues an actively managed, total return strategy that seeks to identify inefficiencies in the municipal bond market. The sub-adviser's investment process is engineered to seek to exploit mispricing that the sub-adviser aims to identify at the issuer, credit, industry, security and/or maturity level based on macro-economic and fundamental analysis. Analysis is also used to determine the fund's yield curve positioning. Investment decisions are made by the sub-adviser in an effort to maximize total return while balancing portfolio risk.

Medium grade municipal bonds are those rated "A" to "BBB" by Standard & Poor's Rating Services ("S&P"). Lower-grade municipal bonds (commonly known as "junk bonds") are those rated below "Baa" by Moody's Investors Service, Inc. ("Moody's") or lower than "BBB" by S&P or Fitch, Inc. ("Fitch") or comparable ratings by other nationally recognized rating organizations (or, in the case of unrated securities, determined by the sub-adviser to be of comparable quality). The fund has the flexibility to invest the remainder of its assets in a broad array of issuers across the credit spectrum.

The fund may also invest up to 15% of its net assets in municipal bonds that are distressed securities. Distressed securities are securities that are the subject of bankruptcy proceedings or are rated in the lowest rating categories by at least one independent rating agency ("CC" or lower by S&P or Fitch or "Ca" or lower by Moody's), or if unrated, judged to be of comparable quality by the sub-adviser. The fund may also invest in higher quality debt securities.

Under normal conditions, the duration of the fund will generally vary between three and 20 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The fund does not limit the maturity of the securities in which it invests. The maturity of a fixed-income security is the measure of time remaining until the final payment on the security is due. However, under normal circumstances, the fund may focus on longer-term maturities in an effort to capture the higher yields generally associated with such maturities.

The fund may invest more than 25% of its net assets in securities relating to one political subdivision, such as any state or U.S. territory. The fund may, but is not required to, invest in derivative instruments such as options and futures for speculative, hedging, or duration management purposes. The fund may also invest in exchange-traded funds ("ETFs") as well as municipal bond closed-end funds.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The fund is non-diversified.

The sub-adviser's process for selling securities within the fund is predicated upon a number of factors, including but not limited to (i) cash flows within the fund, (ii) relative value considerations, (iii) views on interest rates and (iv) changes in credit. Additionally, the sub-adviser may sell certain securities in an effort to maximize the fund's risk-adjusted returns.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Inflation Opportunities:** The fund's sub-adviser, PineBridge Investments LLC (the "sub-adviser"), seeks to achieve the fund's investment objective by normally investing the fund's assets primarily in inflation-indexed fixed-income securities issued by domestic and foreign governments, their agencies or instrumentalities, and corporations.

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Inflation-indexed fixed-income securities are structured to provide protection against the negative effects of inflation. The value of an inflation-indexed fixed-income security's principal or the interest income paid on the fixed-income security is adjusted to track changes in an official inflation measure, usually the Consumer Price Index for All Urban Consumers ("CPI-U") with respect to domestic issuers.

The fund may also invest in debt securities that are not inflation-indexed, including but not limited to securities issued or guaranteed by national governments, their agencies, instrumentalities, and political sub-divisions, securities of supranational organizations such as bonds, corporate debt securities, adjustable rate bonds, floating rate bonds, principal only bonds, Eurobonds, Eurodollar bonds and Yankee dollar instruments, zero coupon bonds, convertible notes, commercial paper, and commercial mortgage-backed and mortgage-backed and asset-backed securities. The fund also may invest in money market instruments with remaining maturities of one year or less, as well as repurchase agreements, cash and cash equivalents.

The fund may invest in securities of any maturity and does not have a target average duration. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The fund normally invests primarily in investment grade securities, but may invest up to 20% of its total assets in high yield securities (often referred to as "junk bonds") rated BB or below by Moody's Investors Service, Inc., or equivalently rated by Standard & Poor's Corporation or Fitch, Inc., or, if unrated, determined by the sub-adviser to be of comparable quality.

The sub-adviser uses both "top-down" and "bottom-up" analysis to determine security and duration positions for the fund. Both "top-down" and "bottom-up" approaches rely upon the same fundamental, valuation and technical framework and analysis of factors the sub-adviser believes affect pricing, including interest rates, inflation rates, liquidity and currency exposures. These factors are jointly determined and are interdependent.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps (including, but not limited to, interest rate or foreign currency transactions, total return and credit default swaps), provided that the fund's maximum swap underlying notional value exposure does not exceed 40% of the underlying market value of the fund's portfolio. The sub-adviser regularly uses currency swaps, futures and/or forwards to hedge non-U.S. dollar currency exposure. These investment strategies may be employed in an effort to either mitigate risk or generate income.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The fund's investments in securities issued by foreign governments may include securities issued by governments of emerging market countries. The sub-adviser considers emerging market countries as countries that major international financial institutions and financial organizations, such as the World Bank and Bloomberg, generally consider to be less economically mature than developed nations.

The sub-adviser may sell a security for several reasons, including when its price target is attained or when the sub-adviser sees better opportunities in other securities or identifies a change in fundamentals or investment story.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Intermediate Muni:** Under normal circumstances, the fund's sub-adviser, Belle Haven Investments, L.P. (the "sub-adviser"), invests at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in municipal fixed-income securities the interest from which is exempt from federal income tax and the federal alternative minimum tax ("AMT") applicable to individuals. The fund invests primarily in general obligation and revenue bonds issued by U.S. municipal issuers, as well as issuers in U.S. territories and possessions.

The fund is an actively managed, total return strategy that seeks to identify inefficiencies in the municipal bond market. The sub-adviser will invest utilizing a process that seeks to maximize total return, while adhering to longer term strategic risk management through a disciplined commitment to the diversification benefits of investment in a number of security types within the municipal bond market. The sub-adviser does this by taking a flexible approach to where it identifies value opportunities regardless of the par value. The sub-adviser also has the flexibility to invest in a broad array of issuers across the credit spectrum, although the fund is expected to have an investment grade bias.

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The process is engineered to seek to exploit mispricing within the fixed-income markets that may be apparent at the issuer, credit, industry, security and/or maturity level based on macro-economic and fundamental analysis. Analysis is also used to determine the fund's yield curve in an attempt to ensure that the fund's securities have attractive historical valuations and limited exposure to unanticipated market events that may negatively impact fund performance. Investment decisions are made to maintain a balance between total return and portfolio risk.

Under normal conditions, the fund's dollar-weighted duration is more than 3 years and less than 10 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. A fixed-income security's maturity is the date at which the security's issuer legally agrees to repay the principal.

The fund may invest no more than 25% of its net assets in securities of issuers in the same state, political subdivision or U.S. territory. The fund may invest up to 20% of its net assets in taxable investments, including U.S. high yield fixed-income securities (commonly known as "junk bonds") rated B or higher by Standard & Poor's. Junk bonds are those securities rated below investment grade by at least one nationally recognized statistical rating organization, or, if unrated, determined by the sub-adviser to be of comparable quality.

The fund may, but is not required to, invest in derivative instruments such as options and futures for speculative, hedging, or duration management purposes. The fund may also invest in exchange-traded funds ("ETFs").

The sub-adviser's process for selling securities within the fund is predicated upon a number of factors, including but not limited to (i) cash flows within the fund, (ii) relative value considerations, (iii) views on interest rates and (iv) changes in credit. Additionally, the sub-adviser may sell certain securities in an effort to maximize the fund's risk-adjusted returns.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica International Equity:** Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of foreign companies representing at least three countries other than the United States. The fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser"), currently anticipates investing in at least 12 countries other than the United States. The sub-adviser emphasizes established companies in individual foreign markets and seeks to stress companies and markets that it believes are undervalued. The sub-adviser expects capital growth to be the predominant component of the fund's total return.

Generally, the fund will invest primarily in common stocks of companies listed on foreign securities exchanges, but it may also invest in depositary receipts including American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs"). Although the fund will emphasize larger, more seasoned or established companies, it may invest in companies of varying sizes as measured by assets, sales or market capitalization. The fund will invest primarily in securities of companies domiciled in developed markets, but may invest up to 10% of its assets in securities of companies in emerging markets. The sub-adviser seeks to diversify the fund's investments around the world and within markets in an effort to minimize specific country and currency risks.

The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen designed to outperform the MSCI Europe, Australasia and Far East ("EAFE") Index. The initial universe consists of approximately 3,000 actively traded non-U.S. stocks. Parts one and two of the screen attempt to assess a company's attractiveness based on cash flows relative to other international stocks and as compared to their industry or sector peers. The third factor considers the relative earnings prospects of the company. The fourth factor involves looking at the company's recent price action. From the model, approximately 300 stocks are identified for further research. These are the stocks that rank the highest on the basis of these four factors combined. The sub-adviser generally limits its investment universe to companies with a minimum of three years of operating history.

The sub-adviser also performs rigorous fundamental analysis, exploring numerous factors that may affect the outlook for a company. It evaluates publicly available information including sell-side research, company filings, and trade periodicals. The analysts may speak with company management to hear their perspectives and outlook on pertinent business issues. It applies a consistent and disciplined review in a team environment that encourages critical thinking and analysis for each company considered for investment. The fund is typically composed of approximately 80-120 stocks as a result of this process.

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Established positions in the fund are ranked daily and are reviewed regularly in the same manner to re-examine their fundamental and valuation characteristics. The product team meets periodically to discuss each stock's place in the fund. The sub-adviser employs a consistent sell discipline which includes a significant negative earnings revision, a stock being sold when the catalyst is no longer valid or another stock presents a more attractive opportunity.

The sub-adviser may use derivatives for a variety of purposes, including to earn income and enhance returns, to increase or decrease exposure to a particular market, to manage or adjust the risk profile of the fund, or as alternatives to direct investments.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica International Focus:** The fund's sub-adviser, Sands Capital Management, LLC (the "sub-adviser"), invests, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in the equity and equity-related securities of issuers economically tied to a number of countries throughout the world, including emerging markets countries.

Equity-related securities include, but are not limited to, investments such as depositary receipts, preferred stock, convertible securities, real estate investment trusts ("REITs") and warrants. In selecting investments for the fund, the sub-adviser seeks to construct a portfolio of businesses with a broad diversity of growth drivers and an idiosyncratic return stream in an effort to create balanced access to growth businesses, designed to result in a quality growth portfolio with an explicit emphasis on the efficiency of return generation.

The sub-adviser will normally invest the fund's assets in issuers classified in or economically tied to at least three countries, excluding the United States. The sub-adviser may invest a large percentage of the fund's assets in a single country, a limited number of countries, or a particular geographic region. The sub-adviser generally classifies an issuer's primary country in one of the following ways as determined by the sub-adviser: (a) the MSCI Country Classification (i.e., the issuer is included in an index which is representative of that country); (b) the security or other investment is issued or guaranteed by the government of that country or any of its agencies, authorities or instrumentalities; (c) the issuer is organized under the laws of, and maintains a principal office in, that country; (d) the issuer's primary trading market is located in that country; (e) the issuer derives 50% or more of its total revenues or profits from goods sold or services performed in that country; or (f) the issuer has 50% or more of its assets in that country. The sub-adviser considers emerging markets countries to be those countries not included in the MSCI World Index, as determined by the sub-adviser.

The sub-adviser normally allocates the fund's investments across a diverse set of industries and sectors, but the sub-adviser may invest a significant percentage of the fund's assets in issuers of a small number of industries or sectors. The fund typically invests in a relatively small number of companies., and the fund may invest a significant percentage of its assets in securities of a single company.

The sub-adviser utilizes a fundamental, bottom-up, business-focused research approach and seeks to invest the fund's assets in a concentrated and conviction-weighted portfolio of businesses with the belief most wealth created over the long term is concentrated among a select few businesses. To identify these businesses, the sub-adviser leverages the following six investment criteria:

1. Sustainable above-average earnings growth;

2. Leadership position in a promising business space;

3. Significant competitive advantages;

4. Clear mission and value-added focus;

5. Financial strength; and

6. Rational valuation relative to the market and business prospects.

Companies that the sub-adviser determines may meet all six investment criteria are then screened with in-depth qualitative and quantitative research. The fund's investments will typically be held for an average term of three to five years, although the fund may hold any investment for any length of time.

The fund may invest up to 5% of its net assets in China A-shares (equity securities of Chinese companies) listed and traded on Chinese stock exchanges, such as the Shanghai Stock Exchange or the Shenzhen Stock Exchange.

As part of the evaluation of a company, the sub-adviser may consider corporate governance, social, and environmental (collectively, "ESG") factors when it believes they may be material to the long-term shareowner value-creation potential of the company. Such ESG factors may include 1) environmental topics such as environmental policy and strategy, energy use and efficiency, pollution and waste

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management, water use and efficiency, greenhouse gas emissions or climate change strategy, materials use, and sourcing and regulation; 2) social topics such as data security and privacy, human capital management, human rights, labor rights, product safety and impact, diversity and inclusion, regulation, and health and safety; and 3) governance topics such as audit and accounting, board structure or composition, capital structure, executive compensation, related-party transactions, shareholder protection and rights, management accountability, increasing transparency and disclosure, regulation, and ESG strategy and oversight. The sub-adviser conducts proprietary ESG-related research as part of its evaluation of companies where appropriate and as applicable. The relevance and materiality of ESG factors vary and are dependent on the region, country, industry, and company. The sub-adviser's analysis of the ESG factors is integrated into the investment decision making process to the extent the sub-adviser believes they may affect a company's long-term value creation potential. This analysis of ESG factors is subjective, and the sub-adviser may conclude that other attributes of an investment outweigh ESG factors when making investment decisions. The sub-adviser does not evaluate ESG practices with respect to certain fund investments, such as cash and cash equivalents or securities received as part of corporate actions.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica International Small Cap Value:** The fund's sub-adviser, Thompson, Siegel &Walmsley LLC (the "sub-adviser"), invests under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in small-capitalization companies ("small-cap companies"). The sub-adviser considers small-cap companies to be those with market capitalizations within the range of the MSCI Europe, Australia and Far East ("EAFE") Small Cap Index, a benchmark of the fund, at the time of investment. As of December 31, 2025, the market capitalization range of the MSCI EAFE Small Cap Index was between $346 million and $40 billion. The fund primarily invests in equity securities of small-cap companies located outside the United States. The sub-adviser seeks stocks that it believes are undervalued. The sub-adviser expects capital growth to be the predominant component of the fund's total return.

Generally, the fund will invest primarily in common stocks of companies listed on foreign securities exchanges, but it may also invest in depositary receipts including American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs").Although the fund will emphasize small-cap companies, it may invest in companies of varying sizes as measured by assets, sales or market capitalization. The fund will invest primarily in securities of companies domiciled in developed markets, but may invest up to 25% of its net assets in securities of companies in emerging markets. The sub-adviser defines emerging markets countries as those countries included in the MSCI Emerging Markets Index and other countries with similar emerging market characteristics as determined by the sub-adviser. The sub-adviser seeks to diversify the fund's investments around the world and within markets in an effort to moderate specific country and currency risks.

The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen designed to outperform the MSCI EAFE Small Cap Index. The sub-adviser also performs rigorous fundamental analysis. The fund's portfolio is typically composed of approximately 80-140 securities as a result of this process. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

The sub-adviser employs a consistent sell discipline, regularly reviewing the investment thesis and valuation for each stock and selling those where the catalyst is no longer valid or where another stock presents a significantly better combination of risk and expected reward. The sub-adviser trims and reviews for elimination any stock that suffers a significant negative earnings revision and eliminates any stock whose market capitalization reaches twice the maximum market cap of the MSCI EAFE Small Cap Index.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica International Stock:** The fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of companies economically tied to countries outside of the U.S. Equity securities include common and preferred stocks, warrants or rights exercisable into common or preferred stock, convertible preferred stock, American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs"). Issuers considered to be economically tied to countries outside of the U.S. include, without limitation: (1) an issuer organized under the laws of or maintaining a principal office or principal place(s) of business outside of the U.S.; (2) an issuer of securities that are principally traded in one or more markets outside the U.S.; (3) an issuer that derives or is currently expected to

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derive 50% or more of its total sales, revenues, profits, earnings, growth, or another measure of economic activity from, the production or sale of goods or performance of services or making of investments or other economic activity in, one or more countries outside of the U.S., or that maintains or is currently expected to maintain 50% or more of its employees, assets, investments, operations, or other business activity outside of the U.S.; (4) a governmental or quasi-governmental entity of a country outside of the U.S.; (5) an issuer of securities that has been classified as non-U.S. by MSCI; or (6) if not covered by MSCI, an issuer of securities that the sub-adviser reasonably believes would be classified as non-U.S. by MSCI, based on MSCI's classification methodology. The fund's sub-adviser, ClariVest Asset Management LLC (the "sub-adviser"), may consider any one of the six factors when making a determination whether an issuer is "economically tied" to a country outside of the U.S.

In selecting securities for the fund, the fund's sub-adviser utilizes quantitative tools (including an internally developed algorithm) and qualitative analysis in a "bottom-up" investment process to help identify securities that it believes can improve the fund from a risk-reward perspective, with an emphasis on companies that the sub-adviser views as exhibiting characteristics of accelerating growth, favorable valuation, or both. The sub-adviser constructs a portfolio that seeks to maximize expected return, subject to constraints designed to meet long-run expected active risk goals.

The fund may invest in exchange-traded funds ("ETFs") in order to equitize cash positions, seek exposure to certain markets or market sectors and to hedge against certain market movements. The fund may sell securities when they no longer meet the sub-adviser's investment criteria and/or to take advantage of what are believed by the sub-adviser to be more attractive investment opportunities.

The fund's benchmark is the MSCI EAFE Index which measures large- and mid-cap equity performance across 21 of 23 developed countries, excluding the U.S. and Canada.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Large Cap Value:** Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of large cap companies. The fund considers large cap companies to be companies with capitalizations at the time of investment within the range of companies included in the Russell 1000<sup>®</sup> Index. As of December 31, 2025, the market capitalization range of the Russell 1000<sup>®</sup> Index was between approximately $1.3 billion and $4.5 trillion. The fund's sub-adviser, Great Lakes Advisors, LLC (the "sub-adviser"), normally focuses primarily on companies with market capitalizations greater than $5 billion. The fund typically holds between 35 and 50 positions. The Russell 3000<sup>®</sup> Index is the fund's primary benchmark and the Russell 1000<sup>®</sup> Value Index is a secondary benchmark of the fund.

The sub-adviser will employ a relative value approach, combining a quantitative screening tool to identify attractive candidate securities with a bottom-up, fundamental research process to select and weight individual securities. The sub-adviser's proprietary quantitative screening tool is used to narrow the universe of potential investments by comparing stocks to their peers using a combination of factors, including relative valuation, potential for improving business prospects, earnings quality, and short-term price reversal. Valuation is assessed by the sub-adviser on both a relative and absolute basis. Relative valuation compares a stock to comparable assets in order to gauge its value and attractiveness, whereas absolute valuation evaluates a stock's worth in absolute terms with no consideration regarding the value of other comparable assets. The sub-adviser generally invests in securities it believes to be attractively valued with the potential to exceed investor expectations and may sell securities that no longer meet the fund's investment criteria. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

The fund will generally invest in companies across a variety of industries and sectors. The fund will normally invest primarily in common stock and depositary receipts. The fund may invest up to 20% of its net assets in non-U.S. securities. The sub-adviser considers non-U.S. securities to include issuers organized or located outside the U.S. and/or that trade primarily in a market located outside the U.S. The fund may invest up to 20% of its net assets in medium capitalization companies.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

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**Transamerica Large Core ESG:** Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of large-cap companies that have an MSCI ESG rating of A or higher. The fund considers large-cap companies to be the top approximately 1,000 companies by market capitalizations in the U.S. market. As of December 31, 2025, the top 1,000 companies by market capitalization in the U.S. market had a market capitalization of at least $1.3 billion.

The fund's sub-adviser, PineBridge Investments LLC (the "sub-adviser"), believes companies should be analyzed in the context of their life cycle. The sub-adviser employs a process that categorizes companies according to where the sub-adviser believes they reside in their respective company life cycles, and then lets the categorization drive how the companies are analyzed for investment attractiveness. Through a quantitative framework, the sub-adviser ranks companies within what are considered fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). After quantitatively categorizing each company in the investment universe into their six main life-cycle categorizations, the sub-adviser's alpha model then quantitatively assesses the attractiveness of each company based on numerous factors that are considered relevant to each life-cycle category. The model generates a numerical ranking based on this quantitative categorization and factor-based assessment, which indicates the attractiveness of each stock.

The sub-adviser then employs an optimization process to construct the fund's portfolio. The optimization process incorporates the output from the sub-adviser's alpha model and includes an MSCI ESG ratings constraint and certain exclusionary constraints. Under the ratings constraint, the sub-adviser will normally invest at least 80% of the fund's net assets in companies with an MSCI ESG rating of A or higher. The sub-adviser generally expects, as measured on a monthly basis, that at least 85% of the companies the fund holds will have an MSCI ESG rating of A or higher. The sub-adviser obtains third party ESG ratings information from MSCI. MSCI ESG ratings are intended to measure how well a company manages its material ESG risks and opportunities relative to industry peers. MSCI assigns each company an ESG rating on a seven-point scale ranging between "AAA" and "CCC," with "AAA" being the highest followed by "AA" and "A." To arrive at a final ESG rating, MSCI uses a quantitative model to weigh a company's environmental and social key issue scores and a governance pillar score relative to its industry peers. Under the exclusionary constraints, the sub-adviser will exclude investments in: companies that derive 10% or more of total annual revenue from thermal coal; companies that are United Nations Global Compact violators; and companies involved in controversial weapons (landmines, cluster munitions, chemical and biological weapons). These exclusions are based on third party classifications by MSCI obtained by the sub-adviser.

Final stock selection and portfolio positioning are subject to the discretion of the fund's portfolio management team.

The equity securities in which the fund may invest include, but are not limited to, common stocks, depositary receipts, preferred stocks, and securities convertible into common stocks (such as warrants and rights). The fund may also invest up to 5% of its assets in index exchange-traded funds ("ETFs").

Additionally, the fund may also invest its assets in U.S. government securities.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Large Growth:** The fund normally invests primarily in common stocks of companies that its sub-advisers, Morgan Stanley Investment Management Inc. ("MSIM") and Wellington Management Company LLP ("Wellington Management"), believe have the potential for above average growth in earnings. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of large cap companies and other investments with similar economic characteristics. The fund considers large cap companies to be companies with market capitalizations that, at the time of initial purchase, exceed the market capitalization of the smallest company included in the Russell 1000<sup>®</sup> Growth Index, a benchmark of the fund. As of December 31, 2025, the market capitalization of the smallest company in the Russell 1000<sup>®</sup> Growth Index was $1.57 billion. The fund generally emphasizes common and preferred stocks listed on the New York Stock Exchange and other U.S. securities exchanges and, to a lesser extent, equity securities that are listed on foreign securities exchanges and those traded over-the-counter. The fund's investment manager, Transamerica Asset Management, Inc., determines the allocation of the fund's assets between MSIM and Wellington Management and rebalances the allocation periodically to normally maintain approximately a 50% allocation of the fund's assets to each sub-adviser. The fund employs a growth style of investing. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries and securities classified as American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), American Depositary Shares ("ADSs") or Global Depositary Shares ("GDSs"), foreign U.S. dollar denominated securities that are traded on a U.S. exchange or local shares of non-U.S. issuers. The fund considers an issuer to be from a particular country if (i) its

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principal securities trading market is in that country; (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue from goods produced, sales made or services performed in that country; or (iii) it is organized under the laws of, or has a principal office in, that country. By applying these tests, it is possible that a particular company could be deemed to be from more than one country. The securities in which the fund may invest may be denominated in U.S. dollars or in currencies other than U.S. dollars. The fund may utilize foreign currency forward exchange contracts, which are derivatives, in connection with its investment in foreign securities, for hedging purposes. The fund may invest in companies with significant exposure to digital assets, such as Bitcoin, or the digital asset ecosystem, including companies that act as digital asset treasuries by accumulating Bitcoin or other digital assets and/or providing Bitcoin or other digital asset related products and services. The fund does not invest directly in digital assets. The fund may also invest in warrants and rights.

MSIM may purchase and sell certain derivative instruments, such as options, future contracts, options on futures contracts or foreign currency, contracts for difference, swaps and structured investments, for various portfolio management purposes, including to earn income, facilitate portfolio management and mitigate risks. Foreign currency option contracts may be used for hedging purposes or non-hedging purposes in pursuing the fund's investment objective. Consistent with the fund's objective and other policies, Wellington Management may, but is not required to, invest to a lesser extent in derivatives, including futures, forwards, options and swaps primarily for cash equitization purposes. In determining compliance with any percentage limitation or requirement regarding the use or investment of fund assets, the fund will take into account derivative or synthetic instruments or other positions that, in the judgment of the sub-adviser, have economic characteristics similar to the applicable category of investments.

The fund may invest in initial public offerings. The fund may also invest up to 10% of its assets in real estate investment trusts ("REITs") and foreign real estate companies.

MSIM typically invests in unique companies it believes have sustainable competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, strong balance sheets and an attractive risk/reward. MSIM seeks to understand how environmental, social and governance ("ESG") initiatives within companies can create value by strengthening durable competitive advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends. Conversely, the team will evaluate how environmental and social oriented trends create material risks to the prospects of the enterprise. MSIM generally engages with company management teams to discuss their ESG practices, with the aim of identifying how sustainability themes present opportunities and risks that can be material to the value of the security over the long-term. Other aspects of the investment process include a proprietary, systematic evaluation of governance policies, specifically focusing on compensation alignment on long-term value creation. MSIM does not treat ESG factors as a deterministic, reductive screen, nor as a portfolio construction tool layered on top of a passive vehicle.

Wellington Management employs a "bottom-up" approach, using fundamental analysis to identify specific securities within industries or sectors for purchase or sale. A "bottom-up" approach evaluates individual companies in the context of broader market factors. Wellington Management's stock selection process is derived from its observation that the quality and persistence of a company's business is often not reflected in its current stock price. Central to the investment process is fundamental research focused on uncovering companies with improving quality metrics, business momentum, and attractive relative valuations. Wellington Management's investment process is aided by a proprietary screening process that narrows the sub-adviser's investment universe to companies that are consistent with its investment philosophy.

The fund uses multiple sub-advisers in an effort to control the volatility often associated with growth funds, but there can be no assurance that this strategy will succeed.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Long Credit:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, primarily in investment grade debt securities, which may include: investment grade corporate securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. The fund's portfolio weighted average duration will normally be more than 10 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

Under normal circumstances, the fund's portfolio will have a dollar-weighted average credit rating of investment grade. Investment grade debt securities carry a rating of at least BBB from Standard & Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the sub-adviser. The fund may invest in securities of any maturity.

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The fund may also invest in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs") and collateralized debt obligations ("CDOs")), commercial mortgage-backed securities ("CMBS"), high quality short-term debt obligations and repurchase agreements. The fund's investments may include debt securities of foreign issuers, including emerging market debt securities. The fund may invest in securities that are denominated in U.S. dollars and in foreign currencies. The fund may invest up to 15% of its net assets in emerging market debt securities. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Examples of emerging market countries include China, India, Brazil, Russia, and Mexico. Emerging market country classifications may change over time. The fund may invest up to 10% of its net assets in high-yield debt securities (commonly referred to as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the sub-adviser).

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate, government and agency debt, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movements of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve, and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for investment grade corporate debt securities (including emerging markets), foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, asset-backed commercial paper, repurchase agreements, cash, certain cash equivalent securities and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management, and corporate governance. For asset-backed securities and mortgage-backed securities, ESG considerations may also include, but are not limited to, affordability and energy efficiency of collateral, underwriting standards and policies, alignment of interest and control provisions. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund. When assessing a company's or country's ESG practices, the sub-adviser may evaluate a range of environmental, social and/or governance considerations. Environmental considerations may include, but are not limited to, greenhouse gas emissions, water and wastewater effects, hazardous materials, air quality concerns, biodiversity impacts, material sourcing practices and product design and lifecycle management matters. Social considerations may include, but are not limited to, human rights, stakeholder engagement, approach to data privacy, product safety and related sales practices, health and safety in the work environment, underwriting criteria, loan and lease servicing practices, labor management and supply chain management. For sovereigns, social considerations may also include workers' rights, life expectancy, income inequality, healthcare and education. Governance considerations may include, but are not limited to, governance structure, accounting practices, remuneration, alignment of interests and ethical conduct of the business, including the risks of fraud or corruption. For sovereigns, governance considerations may also include rule of law, regulatory effectiveness, freedom of the press, corruption levels and the overall strength of the country's institutions.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

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**Transamerica Mid Cap Growth:** The fund normally invests primarily in stocks of medium sized companies which the fund's sub-adviser, Wellington Management Company LLP (the "sub-adviser"), believes will earn high returns on invested capital, benefit from long term secular growth trends, and meet the sub-adviser's long term valuation criteria. Under normal circumstances, the sub-adviser invests at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in securities of medium sized (or mid-cap) companies and other investments with similar economic characteristics. The sub-adviser considers mid-cap companies to be companies with market capitalizations that, at the time of initial purchase, are within the range of capitalization of the companies that are included in the Russell Midcap<sup>®</sup> Growth Index, a benchmark of the fund. As of December 31, 2025, the market capitalizations of companies in the Russell Midcap<sup>®</sup> Growth Index ranged from approximately $1.57 billion to $101.87 billion. Over time, the capitalizations of the companies in the Russell Midcap<sup>®</sup> Growth Index will change. As they do, the size of the companies in which the fund invests may change.

The fund's equity securities may include common stocks and preferred stocks listed on the New York Stock Exchange and on other national securities exchanges and, generally to a lesser extent, stocks that are traded over-the-counter. The fund normally emphasizes common stocks. The fund may also invest in foreign securities. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

The sub-adviser may sell investments when (i) it believes that they no longer offer attractive future returns compared with other investment opportunities, its underlying investment thesis has changed, it believes the investment presents undesirable risks, or in an attempt to limit losses on the investment.

The fund may also invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Generally, 5% or less of the fund's assets will be invested in cash and cash equivalents.

Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Mid Cap Value Opportunities**: Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of mid cap companies. The fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser"), considers mid cap companies to be those companies, at the time of purchase, with market capitalizations within the range of companies included in the Russell Midcap<sup>®</sup> Value Index, a benchmark of the fund, (between approximately $7 billion and $59 billion as of June 30, 2025, the date of the last reconstitution). The size of the companies in the Russell Midcap<sup>®</sup> Value Index will change with market conditions. The fund invests primarily in common stocks. The fund may invest in other equity and non-equity securities, including preferred stocks, convertible securities and foreign securities, which may take the form of depositary receipts. The fund typically invests in a relatively small number of companies.

The sub-adviser seeks to invest in companies it believes present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. The sub-adviser's mid cap value process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen. Parts one and two of the screen attempt to assess a company's discount to private market value relative to other mid cap stocks. The third factor considers the relative earnings prospects of the company. The fourth factor involves looking at the company's recent price action. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

The sub-adviser's analysts also explore numerous factors that might affect the outlook for a company. They evaluate publicly available information including, but not limited to, sell-side research, company filings, and trade periodicals. The analysts may speak with company management to hear their perspectives and outlook on pertinent business issues. They apply a consistent and disciplined review in a team environment that encourages critical thinking and analysis for each company considered for investment.

The sub-adviser generally considers selling a security when the catalyst for the investment is no longer valid, when the sub-adviser believes that another stock will have a higher expected return, or for portfolio risk management. The fund generally engages in active and frequent trading of portfolio securities as part of its principal investment strategy.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

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**Transamerica Multi-Asset Income:** The fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser"), deploys an active strategy that normally seeks to invest in a range of securities, including primarily U.S. stocks with market capitalizations at the time of purchase in excess of $3 billion, preferred stocks, and income producing fixed-income securities. Under normal market conditions, the fund invests in a diversified portfolio of credit and equity securities and may shift its investments from one asset class to another in seeking to achieve the fund's income objective.

The sub-adviser employs a strategic approach to asset allocation and uses a "bottom-up" fundamental investment approach to security selection. The sub-adviser expects to generally invest the fund's portfolio in a mix of common stock, preferred stock and fixed-income securities. Depending on market factors, allocations may range from approximately 20% to 60% for common stock, 0% to 40% for preferred stock and 20% to 60% for fixed-income securities.

The equity securities in which the fund invests typically consist primarily of common stocks. Debt securities in which the fund invests normally include primarily high yield bonds (also known as "junk bonds"), although the fund may hold other fixed-income securities including various fixed, floating and variable rate instruments, secured and unsecured bonds, bonds convertible into common stock, senior floating rate and term loans, debentures, shorter term instruments and closed-end funds. The fund may invest all of its fixed-income allocation in securities that are rated below investment grade. The fund may invest in fixed-income securities of any maturity and does not have a target average duration. The fund maintains the flexibility to invest in securities of companies from a variety of sectors, but from time to time, based on economic conditions, the fund may have significant investments in one or more particular sectors. The fund may also invest up to 25% of its assets in foreign securities, either directly or through depositary receipts. The fund may also invest in exchange-traded funds ("ETFs").

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser typically sells stocks for several reasons, including when (i) conditions that the sub-adviser believed would increase the stock's value are no longer present, (ii) the sub-adviser deems another investment opportunity to be more appropriate for the fund, (iii) the sub-adviser's risk guidelines require the sale of the stock, or (iv) the fund's position in the stock is no longer consistent with the fund's investment strategies.

The fund may invest its assets directly, or through ETFs, in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Multi-Managed Balanced:** Under normal circumstances, the fund invests approximately 60% of its net assets in equity securities and approximately 40% of its net assets in fixed-income securities (investing at least 25% of its net assets in fixed-income senior securities being those securities that rank above another security in the event of the company's bankruptcy or liquidation). The fund has two sub-advisers. J.P. Morgan Investment Management Inc. (the "equity sub-adviser") manages the equity component of the fund and Aegon USA Investment Management, LLC (the "fixed-income sub-adviser") manages the fixed-income component of the fund. The fund's investment manager, Transamerica Asset Management, Inc., monitors the allocation of the fund's assets between the equity sub-adviser and the fixed-income sub-adviser and rebalances the allocation periodically to maintain these approximate allocations. Each sub-adviser varies the percentage of assets invested in any one type of security in accordance with its interpretation of economic and market conditions, fiscal and monetary policy, and underlying securities values.

• **Equity component** – The equity sub-adviser seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the equity component's net assets in equity securities of large- and medium-capitalization U.S. companies. The fund may invest in foreign companies. The equity sub-adviser will normally keep the equity component as fully invested in equity securities as practicable. Industry by industry, the fund's weightings are generally similar to those of the S&P 500<sup>®</sup> Index. The equity sub-adviser normally does not look to overweight or underweight industries. Holdings by industry sector will normally approximate those of the S&P 500<sup>®</sup> Index. The equity sub-adviser may, but is not required to, use index futures to equitize cash in order to gain general equity market exposure.

The equity sub-adviser also integrates financially material environmental, social and governance ("ESG") factors as part of the fund's investment process ("J.P. Morgan ESG Integration"). J.P. Morgan ESG Integration involves the systematic inclusion of ESG issues in investment analysis and investment decisions. As part of its investment process, the equity sub-adviser seeks to assess the impact of ESG factors on many issuers in the universe in which the fund invests. The equity sub-adviser's assessment is based on an analysis of what it views as key opportunities and risks across industries to seek to identify financially material issues with respect to the fund's investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the fund while the fund may divest or not invest in securities of issuers that may be positively impacted by such factors. In particular, J.P. Morgan ESG

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Integration does not change the fund's investment objective, exclude specific types of industries or companies or limit the fund's investable universe. The fund is not designed for investors who wish to screen out particular types of companies or investments or are looking for funds that meet specific ESG goals.

• **Fixed-income component** – Under normal circumstances, the fixed-income component of the fund is invested primarily in investment grade debt securities, which may include: investment grade corporate debt securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Investment grade debt securities carry a rating of at least BBB from Standard & Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the fixed-income sub-adviser. The fixed-income component's portfolio weighted average duration will typically range from 3 to 10 years.

The fixed-income sub-adviser may also invest the fund's assets in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs") and collateralized debt obligations ("CDOs")), commercial mortgage-backed securities ("CMBS"), high quality short-term debt obligations, dollar rolls and repurchase agreements. The fixed-income sub-adviser's investments for the fund may include debt securities of foreign issuers, including emerging market debt securities. The fixed-income sub-adviser may invest the fund's assets in securities that are denominated in U.S. dollars and in foreign currencies.

The fund may invest up to 10% of the fixed-income component's net assets in emerging market debt securities and up to 10% of the fixed-income component's net assets in high-yield debt securities (commonly referred to as "junk bonds"), but may invest no more than 15% of the fixed-income component's net assets in emerging market debt securities and high-yield debt securities combined. The fixed-income sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Examples of emerging market countries include China, India, Brazil, Russia, and Mexico. Emerging market country classifications may change over time. Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser).

In managing the fund's fixed-income component, the fixed-income sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate and government debt, and other debt instruments. In the fixed-income sub-adviser's "top-down" approach, the fixed-income sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary "bottom-up" research, the fixed-income sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The fixed-income sub-adviser uses this combined "top-down" and "bottom-up" approach to determine sector, security, yield curve positioning, and duration positions for the fixed-income component of the fund. The fixed-income sub-adviser's research analysts also generally integrate ESG matters within their analytical process for investment grade debt securities, investment grade corporate debt securities, private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper), foreign issuers (including emerging markets debt securities) denominated in U.S. dollars or foreign currency and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The fixed-income sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, dollars rolls, repurchase agreements, derivatives, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management, and corporate governance. For asset-backed securities and mortgage-backed securities, ESG considerations may also include, but are not limited to, affordability and energy efficiency of collateral, underwriting standards and policies, alignment of interest and control provisions. Consideration of ESG matters is subjective and not determinative in the fixed-income sub-adviser's investment process. The fixed-income sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The fixed-income sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund. When assessing a company's or country's ESG practices, the fixed-income sub-adviser may evaluate a range of environmental, social and/or governance considerations. Environmental considerations may include, but are not limited to, greenhouse gas emissions, water and wastewater effects, hazardous materials, air quality concerns, biodiversity impacts, material sourcing practices and product design and lifecycle management matters. Social considerations may include, but are not limited to, human rights, stakeholder engagement, approach to data privacy, product safety and related sales practices, health and safety in the work environment, underwriting criteria, loan and lease servicing practices, labor management and supply chain management. For sovereigns, social considerations may also include workers' rights, life expectancy, income inequality, healthcare and education. Governance considerations may include, but are not limited to, governance structure, accounting practices, remuneration, alignment of interests and ethical conduct of the business, including the risks of fraud or corruption. For sovereigns, governance considerations may also include rule of law, regulatory effectiveness, freedom of the press, corruption levels and the overall strength of the country's institutions.

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The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The fixed-income sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

The equity sub-adviser may sell a security for several reasons. A security may be sold due to a change in the company's fundamentals or if the equity sub-adviser believes the security is no longer attractively valued. Investments may also be sold if the equity sub-adviser identifies a stock that it believes offers a better investment opportunity.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Short-Term Bond:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. The fund's portfolio weighted average duration will typically range from 1 to 2.5 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

Securities in which the fund may invest include:

• corporate debt securities of U.S. issuers;

• debt securities of foreign issuers that are denominated in U.S. dollars, including foreign corporate issuers and foreign governments;

• obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities;

• asset-backed securities and mortgage-backed securities, including commercial mortgage-backed securities;

• dollar rolls; and

• bank loans.

The fund expects to typically invest no more than 10% of its net assets, but may invest up to 20% of its net assets, in high-yield debt securities (commonly known as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser). The fund may invest up to 10% of its net assets in emerging market securities. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Examples of emerging market countries include China, India, Brazil, Russia, and Mexico. Emerging market country classifications may change over time.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate and government debt, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for corporate debt securities of U.S. issuers, debt securities of foreign issuers that are denominated in U.S. dollars (including foreign corporate issuers and foreign governments), emerging markets debt securities, certain asset-backed securities, private residential mortgage-backed securities, commercial mortgage-backed securities, privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, dollar rolls, certain bank loans, bank obligations, savings association obligations, derivatives, repurchase agreements, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not

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limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management and corporate governance. For asset-backed securities, ESG considerations may also include, but are not limited to, affordability and energy efficiency of collateral, underwriting standards and policies, alignment of interest and control provisions. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund. When assessing a company's or country's ESG practices, the sub-adviser may evaluate a range of environmental, social and/or governance considerations. Environmental considerations may include, but are not limited to, greenhouse gas emissions, water and wastewater effects, hazardous materials, air quality concerns, biodiversity impacts, material sourcing practices and product design and lifecycle management matters. Social considerations may include, but are not limited to, human rights, stakeholder engagement, approach to data privacy, product safety and related sales practices, health and safety in the work environment, underwriting criteria, loan and lease servicing practices, labor management and supply chain management. For sovereigns, social considerations may also include workers' rights, life expectancy, income inequality, healthcare and education. Governance considerations may include, but are not limited to, governance structure, accounting practices, remuneration, alignment of interests and ethical conduct of the business, including the risks of fraud or corruption. For sovereigns, governance considerations may also include rule of law, regulatory effectiveness, freedom of the press, corruption levels and the overall strength of the country's institutions.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures (including regularly employing interest rate futures), forward currency contracts and swaps, including, but not limited to, interest rate and total return swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund's portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

Bank obligations purchased for the fund are limited to U.S. or foreign banks with total assets of $1.5 billion or more. Similarly, savings association obligations purchased for the fund are limited to U.S. savings association obligations issued by U.S. savings banks with total assets of $1.5 billion or more.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Small Cap Growth:** Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowing, if any, for investment purposes) in stocks of small capitalization companies. The fund's sub-adviser, Ranger Investment Management, L.P. (the "sub-adviser"), primarily focuses on seeking to identify high quality, high-growth small capitalization companies. The sub-adviser considers small capitalization companies to be companies with market capitalizations which, at the initial time of purchase, are within the capitalization range of issuers represented within the Russell 2000<sup>®</sup> Growth Index, a benchmark of the fund, which as of June 27, 2025, the most recent reconstitution date of the index, was between $119.4 million and $7.4 billion.

The sub-adviser's approach to security selection seeks quality growth companies by implementing a "bottom-up", fundamental research driven security selection process. The sub-adviser's focus is to attempt to identify companies with characteristics such as high recurring revenue, steady and/or accelerating sales growth, strong balance sheets and free cash flows, stable/expanding margins, and superior return on equity/return on invested capital. In addition to the quantitative analysis, careful consideration is given to qualitative analysis. The sub-adviser incorporates a preference towards companies with certain qualitative characteristics such as conservative accounting practices, seasoned management team with high corporate integrity, sustainable competitive advantage and ability to grow market share, sound corporate governance, and unique demand drivers. Once these quantitative and qualitative characteristics are analyzed, the sub-adviser then determines whether it believes a company is undervalued and has sufficient upside to the stock price to warrant an investment. The fund is managed using the growth style of investing. At any given time, growth stocks may be out of favor and underperform the overall equity market.

The sub-adviser integrates environmental, social and governance ("ESG") factors into the investment process. The sub-adviser's approach to ESG is non-concessionary, meaning that performance is not actively sacrificed over any ESG criteria, but that ESG criteria are considered as an integral part of the investment and risk mitigation process. The sub-adviser evaluates a company's ESG strengths and weaknesses based on its internal research process, public company documents, websites, SEC filings, third-party research, and conversations with management. The sub-adviser seeks to identify financially material ESG risks and/or opportunities

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for a company and the potential for financial impacts. The sub-adviser's ESG analysis is subjective and ESG factors are not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of a company outweigh ESG factors when making investment decisions.

The fund may invest in foreign securities through American Depositary Receipts ("ADRs"), and generally will not invest more than 10% of the fund's assets in foreign securities. The fund only invests in securities traded on U.S. exchanges.

The sub-adviser's identification and evaluation of fundamental, valuation and technical factors generally lead to most sell decisions in the fund.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Small Cap Value:** The fund's sub-adviser, Systematic Financial Management, L.P. (the "sub-adviser") invests, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of small-capitalization companies. The fund generally considers a small-capitalization company to be a company with a market capitalization within the range of the Russell<sup>®</sup> 2000 Index<sup>1</sup> at the time of initial purchase. As of December 31, 2025, the market capitalization range of the Russell 2000<sup>®</sup> Index was between $6 million and $31.29 billion. The equity securities in which the fund invests are primarily common stocks of U.S. companies.

The sub-adviser generally will invest in common stocks of companies with small capitalizations that it views as attractively valued and possess relatively low price/cash flow ratios, low price/earnings ratios, low price/sales ratios, and/or low price/book ratios. The sub-adviser's security selection process generally favors companies with strong operating cash flow, strong free cash flow, limited financial leverage and strong debt coverage. Trends in balance sheet items including inventories, accounts receivable, and payables are scrutinized as well. The sub-adviser also reviews the company's products/services, market position, industry condition, financial and accounting policies, and quality of management.

Under normal market conditions, cash and cash equivalents are generally less than 5% of the portfolio value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks. The fund may invest up to 10% of its total assets in the securities of foreign issuers, including American Depositary Receipts ("ADRs") and foreign securities trading on U.S. markets. The fund may also invest in real estate investment trusts ("REITs") and may invest up to 5% of its total net assets in exchange traded funds ("ETFs").

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Small/Mid Cap Value:** The fund's sub-advisers, Systematic Financial Management, L.P. and Thompson, Siegel & Walmsley LLC (the "sub-advisers"), seek to achieve the fund's objective by investing, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in small- and mid-cap equity securities (U.S. equity securities, American Depositary Receipts ("ADRs") and foreign securities trading on U.S. markets).

The fund defines small- and mid-cap equities as companies whose market capitalization falls within the range of securities comprising the Russell 2000<sup>®</sup> Index and the Russell Midcap<sup>®</sup> Index respectively, or within the range of the Russell 2500<sup>®</sup> Index, whichever is broader at the time of purchase. Over time, the capitalizations of the companies in the index will change. As they do, the size of the companies in which the fund invests may change. As of December 31, 2025, the market capitalization range of securities comprising the Russell 2000<sup>®</sup> Index was between $6 million and $31.29 billion, the market capitalization range of securities comprising the Russell Midcap<sup>®</sup> Index was between $1.03 billion and $101.64 billion, and the market capitalization range of securities comprising the Russell 2500<sup>®</sup> Index was between $6 million and $37 billion.

The fund's investment manager, Transamerica Asset Management, Inc., determines the allocation of the fund's assets between the fund's sub-advisers and rebalances the allocation periodically to normally maintain an approximate allocation of 60% of the fund's assets to Thompson, Siegel & Walmsley LLC and 40% of the fund's assets to Systematic Financial Management, L.P. The fund emphasizes investments in common stocks.

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Thompson, Siegel & Walmsley LLC is the sub-adviser for the mid cap sleeve. In the mid-cap sleeve the sub-adviser seeks to invest in companies it believes present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. The sub-adviser's mid-cap value process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen. Factors one and two of the screen attempt to assess a company's discount to private market value relative to other mid-cap stocks. The third factor considers the relative earnings prospects of the company. The fourth factor involves looking at the company's recent price action.

Systematic Financial Management, L.P. is the sub-adviser for the small-cap sleeve. In the small-cap sleeve, the sub-adviser generally will invest in common stocks of companies with small capitalizations that are attractively valued and possess low price cash flow ratios or, in the case of certain financial stocks, low price/earnings ratios and/or low price/book ratios. The sub-adviser's security selection process generally favors companies with strong operating cash flow, strong free cash flow, limited financial leverage and strong debt coverage. Trends in balance sheet items including inventories, accounts receivable, and payables are scrutinized as well. The sub-adviser also reviews the company's products/services, market position, industry condition, financial and accounting policies and quality of management.

The fund's investment methodology unifies what both sub-advisers deem to be the best attributes of quantitative screening and fundamental research in an integrated and repeatable process designed to outperform the Russell 2500<sup>®</sup> Value Index over the long term. Under normal market conditions, cash and cash equivalents are generally less than 5% of the portfolio value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

The fund may invest up to 10% of its total assets in the securities of foreign issuers, including ADRs and foreign securities trading on U.S. markets. The fund may also invest in real estate investment trusts ("REITs") and may invest up to 5% of its total net assets in exchange traded funds ("ETFs").

The small-cap sleeve sub-adviser may sell a holding for different reasons, such as if the security trades at a premium to the intrinsic value assigned to it by the small-cap sleeve sub-adviser, if the issuer of the security exhibits deteriorating operating results or shows a meaningful increase in financial leverage or if the small-cap sleeve sub-adviser identifies investment alternatives that it deems more attractive.

The mid-cap sleeve sub-adviser typically sells stocks for several reasons, including when (i) conditions that the mid-cap sleeve sub-adviser believed would increase the stock's value are no longer present, (ii) the mid-cap sleeve sub-adviser deems another investment opportunity to be more appropriate for the fund, (iii) the mid-cap sleeve sub-adviser's risk guidelines require the sale of the stock, or (iv) the fund's position in the stock is no longer consistent with the fund's investment strategies.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Strategic Income:** Under normal circumstances, the fund's sub-adviser, PineBridge Investments LLC (the "sub-adviser"), invests at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in bonds. For purposes of the 80% investment policy, the fund defines bonds to include fixed-income securities such as U.S. government bonds, inflation-protected securities, international government bonds, municipal bonds, corporate bonds, bank loans (including loan participations and loan assignments), high yield bonds, emerging markets sovereign bonds, emerging market corporate bonds, emerging market local currency debt, asset-backed securities (including collateralized loan obligations ("CLOs")), mortgage-backed securities, commercial mortgage-backed securities and other securitized assets. The fund may invest in investment grade and below investment grade (commonly known as "junk bonds") fixed-income securities issued by domestic and foreign issuers, including those in emerging market countries. The bonds in which the fund may invest may be issued by governments, their agencies or instrumentalities, and corporate issuers. The fund generally invests in fixed-income securities diversified across multiple sectors.

The fund may invest opportunistically across a broad array of fixed-income sectors including but not limited to asset-backed securities, including CLOs, bank loans (including loan participations and loan assignments), cash/cash equivalents, commercial mortgage-backed securities, corporate bonds, emerging market corporate bonds, emerging market local currency debt, emerging markets sovereign bonds, high yield bonds, inflation-protected securities, international government bonds, municipal bonds, mortgage-backed securities, other securitized assets and U.S. government bonds. Emerging Markets securities are defined as securities issued by companies determined to have an emerging markets country of risk, as determined by the benchmark provider, Bloomberg. The fund has a broad investment universe that covers multiple sectors, quality grades, and security types. Yield curve exposure can be from U.S. and/or non-U.S. sectors.

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The fund will typically hold 35% to 65% of its bond investments in securities that are rated below investment grade (that is, rated by a major agency, such as Standard & Poor's or Moody's, at the level of BB or below or, if unrated, determined to be of comparable quality by the sub-adviser).

On a portfolio level, the fund actively manages duration and yield curve positioning. The average portfolio duration of the fund will normally vary from +/-3 years from the Bloomberg US Aggregate Bond Index, the fund's primary benchmark. During periods of market volatility, duration may deviate outside this range. Duration is a measure of the sensitivity of a security to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

Based on fundamental macroeconomic research and the resulting asset allocation output, the fund may rotate between the different fixed-income sectors and may exclude certain sectors based on relative attractiveness. At any given time, the fund may have a substantial amount of its assets in one or more sectors. No fixed-income sector is expected to constitute more than 35% of the fund's net assets. Each sector will be actively managed, with the sub-adviser seeking to establish a well-diversified and risk-managed sub-portfolio in each sector of directly invested securities with no more than 5% invested in any non-government issuer.

Investments in preferred and convertible securities generally will not exceed 15% of the fund's net assets. The fund may invest up to 10% of its net assets in CLOs. The fund may invest significantly in non-U.S. dollar denominated developed and emerging market bonds on a hedged or unhedged basis.

The fund's bank loan investments may include senior secured floating rate and fixed rate loans or debt, second lien or other subordinated or unsecured floating rate and fixed rate loans or debt, and other types of secured or unsecured loans with fixed, floating, or variable interest rates. The fund may also invest in To Be Announced ("TBA") mortgages and dollar rolls.

The fund may, but is not required to, use derivatives such as swaps, futures, forwards and structured investments, for investment purposes or in an effort to hedge and mitigate uncertainties from exposure to such factors as credit, interest rates, inflation, and exchange rates. Swaps, such as interest rate, inflation, total return, or credit default (on indices or individual issues) are allowed as long as the maximum underlying notional value does not exceed 65% of the underlying market value of the fund. When segments are believed to be overvalued, the fund may short indices or individual issues. The fund regularly uses derivatives to hedge interest rate duration and non-U.S. dollar currency exposures in the fund, typically using U.S. Treasury futures and non-U.S. dollar currency forwards and/or swaps, respectively. The fund may use derivatives to attempt to increase the fund's return as a non-hedging strategy that may be considered speculative. The fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser employs a disciplined sell process which is research-driven, with a focus on long-term historical valuation ranges and averages.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Sustainable Equity Income:** The fund's sub-adviser, Aegon Asset Management UK plc (the "sub-adviser"), deploys an active strategy that generally invests in large and middle capitalization U.S. companies, focusing on those that pay dividends and that the sub-adviser views as having a favorable sustainability profile. Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities. The sub-adviser generally looks to buy stocks and hold them over multi-year periods in an effort to benefit from the compounding effects of increasing dividends.

When selecting dividend-paying stocks, the sub-adviser normally seeks to invest in companies that fall within one of three groupings established by the sub-adviser. One group is "compounders" or those companies that the sub-adviser sees as consistent annual dividend growers with long-term records of growing dividend-per-share. A second group is "hoarders" or those companies that are viewed by the sub-adviser as having the operating success and balance sheet strength to potentially increase dividend payout ratios and positively surprise the market. The third group is "de-equitizers" with capital structures that the sub-adviser believes offer the potential for mergers and acquisitions or share buy-backs.

In addition, the sub-adviser applies its sustainability assessment framework in evaluating each company considered for the fund. The sub-adviser's Responsible Investment team defines companies as being sustainability "Leaders", "Improvers", "Neutrals" or "Laggards" (as further defined below). The sub-adviser will invest at least 85% of the fund's net assets in stocks of companies with what the sub-adviser views as having positive sustainability credentials, which are companies the sub-adviser's Responsible Investment

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team has identified as "Leaders" or "Improvers." The sub-adviser may invest up to 15% of the fund's net assets in stocks of companies that the Responsible Investment team views as "Neutral." The sub-adviser will not invest in companies identified by the Responsible Investment team as "Laggards."

The sub-adviser maintains an exclusion list containing companies involved in a range of activities that the sub-adviser believes have a negative impact on the environment and/or social factors. These are therefore excluded by the sub-adviser from the investible universe at the start of the investment process, based on the following criteria: adult entertainment (own an adult entertainment company or produce adult entertainment), animal testing (engage in the production or sale of animal tested cosmetics), gambling (derive more than 10% of revenue from gambling), genetic modification (conduct genetic modification for agricultural policies), tobacco (derive more than 10% revenue from tobacco), weapons (produce or sell civilian firearms and firms which manufacture or sell armaments, nuclear weapons or associated products), nuclear power (own a nuclear power facility), fossil fuels (engagement in the extraction of coal and oil) and human rights (companies failing to address serious allegations of violations of international standards on human rights including the use of child forced or bonded labor). In assessing whether an individual company is an eligible investment or excluded based on the exclusionary list, the sub-adviser utilizes Morgan Stanley Capital International ("MSCI") and Institutional Shareholder Services Inc. ("ISS") to check revenue exposure to excluded activities. As the fund's portfolio securities are reviewed during the course of a year, or as material corporate events occur, the sub-adviser utilizes MSCI and ISS to reassess revenue exposures.

Sustainability research by the sub-adviser's Responsible Investment team, composed of employees of the sub-adviser and certain of its affiliates, forms a key part of the sub-adviser's investment process. For companies not excluded based on the sub-adviser's exclusion list, the Responsible Investment team independently conducts sustainability research on each company proposed for investment by the sub-adviser's investment team. The sustainability research uses a three-dimensional framework to analyze each company, focusing on what the sub-adviser views as material sustainability factors with clear links to risks and opportunities. For each company, this process analyzes (i) its products (what it does), (ii) its practices (how it does it) and (iii) its sustainable improvement (is it improving from a sustainability perspective or does it have credible plans to do so?). The outcome of this analysis is that each company proposed for investment by the sub-adviser's investment team is classified by its Responsible Investment team as either a sustainability "Leader", "Improver", "Neutral" or "Laggard" company.

• Sustainability "leaders" are companies that the Responsible Investment team believes exhibit top-quartile performance relative to global and regional peers from a combination of positive operational practices and being strategically well positioned with regard to the impact of their products or services. Activities that generate clear positive impact are viewed positively by the team.

• "Improvers" are companies in which the Responsible Investment team has identified sustainability issues that need to be addressed but where the team believes the company is taking action to address these and is showing clear signs of improvement, or has credible plans to do so.

• "Neutral" companies are those with products and practices that do not have clear positive sustainability characteristics, but which do not also have a meaningful negative impact on the environment or society, as determined by the sub-adviser's Responsible Investment team.

• "Laggards" have, in the Responsible Investment team's view, a poor product impact and/or have unacceptably low operational standards.

A minimum of 85% of the fund's net assets will be invested in any combination of companies classified by the sub-adviser's Responsible Investment team as "Leaders" and "Improvers". If a company is classified as a "Laggard," it cannot be held in the fund. The remaining proportion of the fund (constituting a maximum of 15% of the fund's net assets) may be invested in stocks of companies that are categorized as "Neutral". The sub-adviser's Responsible Investment team may reclassify a company should its sustainability analysis of the company change. A change in classification can cause a security to be sold or render a security eligible for investment.

The sub-adviser uses data provided by third party vendors as one of a range of inputs into its assessment of a company's sustainability credentials. The use of such data assists in initial screening and controversy monitoring but is not used in isolation to draw any final conclusions. The sub-adviser's sustainability analysis process is based on detailed internal sustainability analysis carried out by its Responsible Investment team and it is this internal analysis that determines the sustainability category allocated to each stock.

The sub-adviser constructs a portfolio of individual stocks, selected on a "bottom-up" basis, meaning that it selects individual securities based on their specific merits, using fundamental analysis. The fund will typically consist of approximately 35 to 50 stocks with individual position sizes generally ranging from 1% to 10% of the fund's net assets (10% maximum position weighting). Non-U.S. stocks, including American Depository Receipts (ADRs), are limited to 10% of the fund's net assets. Annual portfolio turnover is anticipated to normally be less than 40%.

The sub-adviser generally employs a fully invested strategy. Therefore, under normal market conditions, cash and cash equivalents will generally be less than 5% of the fund's net assets.

The fund may, but is not required to, invest in index-traded futures to equitize cash in order to gain general equity market exposure until investments are made into stocks of individual companies.

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All investments by the fund, with the exception of cash, cash equivalents, short-term debt securities, repurchase agreements, money market instruments and index-traded futures, are subject to the sub-adviser's sustainability assessment framework.

The sub-adviser will normally sell a holding when it considers the investment thesis to have materially changed, including when it no longer meets the sub-adviser's dividend criteria or sustainability criteria. A downgrade of a company to "laggard" status would prompt the full sale of the fund's holding in the company as soon as is practicable.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica UltraShort Bond:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. The fund's portfolio weighted average duration will typically range from 0.25 to 1.25 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

Securities in which the fund may invest include:

• corporate debt securities of issuers in the U.S. and in developed foreign markets;

• obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities;

• commercial paper;

• asset-backed securities and mortgage-backed securities, including commercial mortgage-backed securities;

• repurchase agreements;

• certificates of deposit and other bank obligations; and

• U.S. dollar-denominated debt securities of emerging market issuers, including corporate and sovereign issuers.

The fund may invest up to 5% of its net assets in high-yield debt securities (commonly known as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser). The fund may invest up to 5% of its net assets in emerging markets. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Examples of emerging market countries include China, India, Brazil, Russia, and Mexico. Emerging market country classifications may change over time.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate, government and agency debt, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movements of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve, and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters, within their analytical process for corporate debt securities of issuers in the U.S. and in developed foreign markets, U.S. dollar-denominated debt securities of emerging market issuers (including corporates and sovereigns), private residential mortgage-backed securities, certain asset-backed securities, CMBS, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of certain investments. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, derivatives, repurchase agreements, asset-backed commercial paper, certificates of deposit and other bank obligations, cash, certain cash equivalent securities and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management, and corporate governance. For asset-backed securities and mortgage-backed securities, ESG considerations may also include, but are not limited to, affordability and energy efficiency of collateral, underwriting standards and policies, alignment of interest and control provisions. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund. When assessing a company's or country's ESG practices, the sub-adviser may evaluate a range of environmental, social and/or governance considerations. Environmental considerations may

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include, but are not limited to, greenhouse gas emissions, water and wastewater effects, hazardous materials, air quality concerns, biodiversity impacts, material sourcing practices and product design and lifecycle management matters. Social considerations may include, but are not limited to, human rights, stakeholder engagement, approach to data privacy, product safety and related sales practices, health and safety in the work environment, underwriting criteria, loan and lease servicing practices, labor management and supply chain management. For sovereigns, social considerations may also include workers' rights, life expectancy, income inequality, healthcare and education. Governance considerations may include, but are not limited to, governance structure, accounting practices, remuneration, alignment of interests and ethical conduct of the business, including the risks of fraud or corruption. For sovereigns, governance considerations may also include rule of law, regulatory effectiveness, freedom of the press, corruption levels and the overall strength of the country's institutions.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund's portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica US Growth:** The fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in domestic common stocks. The fund invests primarily in common stocks of growth-oriented companies. Portfolio construction emphasizes stock specific risk while minimizing other sources of broad market risk. The goal is a portfolio whose relative performance is not dependent on the market environment.

The fund's sub-adviser, Wellington Management Company LLP (the "sub-adviser"), employs a "bottom-up" approach, using fundamental analysis to identify specific securities within industries or sectors for purchase or sale. A "bottom-up" approach evaluates individual companies in the context of broader market factors.

The sub-adviser's stock selection process is derived from its observation that the quality and persistence of a company's business is often not reflected in its current stock price. Central to the investment process is fundamental research focused on uncovering companies with improving quality metrics, business momentum, and attractive relative valuations. The investment process is aided by a proprietary screening process that narrows the investment universe to companies that are consistent with the investment philosophy. The fund employs a growth style of investing. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

The initial investment universe is comprised of:

• Securities held in the Russell 1000<sup>®</sup> Growth and S&P 500<sup>®</sup> Growth Indexes

• Equity securities within the market-cap range of the indexes with historical or projected growth rates greater than the Russell 1000<sup>®</sup> Index median

• Stocks that meet other growth criteria as determined by the sub-adviser

Consistent with the fund's objective and other policies, the fund may, but is not required to, invest to a lesser extent in derivatives, including futures, forwards, options and swaps primarily for cash equitization purposes. The fund may invest up to 20% of its total assets in foreign securities (not including American Depositary Receipts, American Depositary Shares or U.S. dollar denominated securities of foreign issuers).

The sub-adviser may sell investments when it believes that they no longer offer attractive future returns compared with other investment opportunities, its underlying investment thesis has changed, it believes the investment presents undesirable risks, or in an attempt to limit losses on the investment.

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The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**More on Risks of Investing in the Funds**

The value of your investment in a fund changes with the values of that fund's investments. Many factors and risks can affect those values, including the risks described below. There is no guarantee that a fund will be able to achieve its investment objective. It is possible to lose money by investing in a fund.

Some of the risks of investing in the funds, including the principal risks of the funds, are discussed below. Each fund may be subject to factors and risks other than those identified in this prospectus, and these other factors and risks could adversely affect the fund's investment results. More information about risks appears in the Statement of Additional Information ("SAI"). Before investing, you should carefully consider the risks that you will assume.

**Active Trading:** Certain funds may engage in active trading of their portfolios. Active trading will increase transaction costs and could detract from performance. Active trading may generate greater amounts of short-term capital gains, which, for shareholders holding shares in taxable accounts, would generally be subject to tax at ordinary income tax rates upon distribution. During periods of market volatility, active trading may be more pronounced.

**Asset Allocation:** A fund's investment performance is significantly impacted by the fund's asset allocation and reallocation from time to time. The Investment Manager's and/or sub-adviser's decisions regarding whether and when to overweight or underweight asset classes and the selection of underlying funds or ETFs may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the Investment Manager's and/or sub-adviser's judgments about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or ETF or other issuer is incorrect. The available underlying funds and/or ETFs selected by the Investment Manager and/or sub-adviser may underperform the market or similar investments.

**Asset Class Allocation:** A fund's investment performance is significantly impacted by the fund's asset class allocation and reallocation from time to time. The investment manager's and/or sub-adviser's decisions, including with respect to whether and when to overweight or underweight asset classes, may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the investment manager's and/or sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect.

For certain funds, the balance between equity and debt securities limits the potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Asset Class Variation:** Certain funds may invest in underlying funds and/or ETFs. The underlying funds and/or ETFs invest principally in the securities constituting their asset class (*i.e.*, equity or fixed-income) or underlying index components. However, an underlying fund or ETF may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds and ETFs at any given time, and the percentage of the fund's assets invested in the various underlying funds and ETFs, the fund's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the fund's performance.

**Bank Obligations:** Bank obligations include certificates of deposit, fixed time deposits, bankers' acceptances, and other debt and deposit-type instruments issued by banks. To the extent a fund invests in bank obligations, the fund will be more susceptible to negative events affecting the banking industry. Banks are sensitive to changes in money market and general economic conditions, as well as regulatory and political conditions. Banks are highly regulated, and decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Capital Markets Access:** Global financial markets and economic conditions may be volatile due to a variety of factors. Such volatility may affect the cost of raising, and the availability of, capital in the debt and equity capital markets. In particular, concerns about the general stability of financial markets and specifically the solvency of lending counterparties, may impact the cost of raising capital from the credit markets through increased interest rates, tighter lending standards, difficulties in refinancing debt on existing terms or at all and reduced, or in some cases ceasing to provide, funding to borrowers. In addition, lending counterparties under existing revolving credit facilities and other debt instruments may be unwilling or unable to meet their funding obligations. As a result of any of the foregoing, energy companies may be unable to obtain new debt or equity financing on acceptable terms. If funding is not available when needed, or is available only on unfavorable terms, energy companies may not be able to meet obligations as they come

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due. Moreover, without adequate funding, energy companies may be unable to execute their growth strategies, complete future acquisitions, take advantage of other business opportunities or respond to competitive pressures, any of which could have a material adverse effect on their revenues and results of operations.

**Cash Flow:** A substantial portion of the income received by a fund may be derived from investments in equity securities of energy companies. The amount and tax characterization of cash that any such company has available for distribution depends on the amount of cash generated from such company's operations. Cash from operations may vary widely from quarter to quarter, is largely dependent on factors affecting the company's operations, and may be significantly affected by factors affecting the energy industry in general. In addition, operating costs, capital expenditures, acquisition costs, construction costs, exploration costs, borrowing costs and other costs of expenditures may reduce the amount of cash that a company has available for distribution in a given period.

**Cash Management and Defensive Investing:** The value of investments held by a fund for cash management or defensive investing purposes can fluctuate. Like other fixed-income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If a fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. If a significant amount of a fund's assets are used for cash management or defensive investing purposes, it may not achieve its investment objective.

**CFTC Regulation:** The investment manager has registered as a "commodity pool operator" under the Commodity Exchange Act with respect to its service as investment manager to certain funds. The investment manager is therefore subject to dual regulation by the SEC and the Commodity Futures Trading Commission ("CFTC"), and is a member of the National Futures Association and is also subject to its rules and oversight. Regulation of commodity investing continues to change, and additional compliance and other expenses may be incurred.

**China:** China and other emerging market countries may be subject to considerable degrees of economic, political and social instability. Markets in China and other Asian countries are relatively new and undeveloped. China's economic health is largely dependent upon exports, and may be dependent upon the economies of other Asian countries. Investments in Chinese and other Asian issuers could be adversely affected by changes in government policies, or trade or political disputes with major trading partners, including the U.S. China's growing trade surplus with the U.S. has given rise to trade disputes and the imposition of tariffs. The U.S. has also restricted the sale of certain goods to China. In addition, the U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China's economy. China's central government exercises significant control over China's economy and may intervene in the financial markets, such as by imposing trading restrictions, and investments in Chinese issuers could be adversely affected by changes in government policies. The Chinese economy could be adversely affected by supply chain disruptions. An economic slowdown in China could adversely affect economies of other emerging market countries that trade with China, as well as companies operating in those countries. Economies of Asian countries and Asian issuers could be adversely affected by regional security threats. In addition, China's long-running conflict over Taiwan's sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict that could adversely impact the economies of China and other Asian countries, disrupt supply chains, and severely affect global economies and markets.

The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, may, from time to time, be unable to inspect audit work papers of certain foreign issuers. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

**China A–Shares:** Certain funds may invest in equity securities of certain Chinese companies, directly or through ETFs, collectively referred to as China A-shares, through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (collectively, the "Programs"). The Programs are securities trading and clearing linked programs between either Shanghai Stock Exchange ("SSE") or Shenzhen Stock Exchange ("SSZE"), and the Stock Exchange of Hong Kong Limited, Hong Kong Securities Clearing Company Limited, and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the People's Republic of China ("PRC" or "China") and Hong Kong. The Programs are subject to daily quota limitations, which may restrict a fund's ability to invest in China A-shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the Programs are not trading, with the result that prices of China A-shares may fluctuate at times when a fund is unable to add to or exit its position. Only certain China A-shares are eligible to be accessed through the Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Programs. Because the Programs are in their early stages, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is currently unknown. The Programs are subject to regulations promulgated by regulatory authorities for the Shanghai Stock Exchange, the Stock Exchange of Hong Kong Limited and the Shenzhen Stock Exchange, and existing and additional regulations or restrictions, such as limitations on redemptions, suspension of trading and limitations on profits, may adversely impact the Programs and/or a fund's investments through the Programs. There is no guarantee that applicable exchanges will continue to support the Programs in the future.

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Investments in China A-shares are subject to risks specific to the China market. Any significant change in mainland China's political, social or economic policies may have a negative impact on investments in the China market. The regulatory and legal framework for capital markets in mainland China may not be as well developed as those of developed countries. Chinese accounting standards and practices may deviate significantly from international accounting standards. The settlement and clearing systems of the Chinese securities markets may not be well tested and may be subject to increased risks of error or inefficiency.

If a fund was considered to be a tax resident of China, it would be subject to Chinese corporate income tax at the rate of 25% on its worldwide taxable income. If a fund was considered to be a non-resident enterprise with a "permanent establishment" in China, it would be subject to Chinese corporate income tax of 25% on the profits attributable to the permanent establishment.

A fund's investments in securities, including China A-shares, issued by Chinese companies may cause a fund to become subject to withholding and other taxes imposed by China tax authorities. China generally imposes withholding income tax at a rate of 10% on dividends, premiums, interest and capital gains originating in China and paid to a company that is not a resident of China for tax purposes and that has no permanent establishment in China. Currently, the capital gain from disposal of China A-shares by foreign investors via the Programs is temporarily exempt from withholding income tax, but the dividends derived from China A-shares by foreign investors is subject to a 10% withholding income tax. There is no indication of how long the temporary exemption will remain in effect and a fund may be subject to such withholding income tax in the future.

Stamp duty under the PRC laws generally applies to the execution and receipt of taxable documents, which include contracts for the sale of China A-shares traded on PRC stock exchanges. In the case of such contracts, the stamp duty is currently imposed on the seller but not on the purchaser, at the rate of 0.05%. The sale or other transfer by a fund's sub-adviser of China A-shares will accordingly be subject to PRC stamp duty, but a fund will not be subject to PRC stamp duty when it acquires China A-shares. A fund will not be required to pay stamp duty arising from the transactions of SSE-listed and SSZE-listed ETFs for Northbound trading under Stock Connect.

A fund may also potentially be subject to PRC value added tax at the rate of 6% on capital gains derived from trading of China A-shares and interest income (if any). Existing guidance provides a temporary value added tax exemption for Hong Kong and overseas investors in respect of their gains derived from trading of PRC securities through the Programs. Since there is no indication how long the temporary exemption will remain in effect, a fund may be subject to such value added tax in the future. In addition, urban maintenance and construction tax (currently at rates ranging from 1% to 7%), educational surcharge (currently at the rate of 3%) and local educational surcharge (currently at the rate of 2%) (collectively, the "surtaxes") are imposed based on value added tax liabilities, so if a fund were liable for value added tax it would also be required to pay the applicable surtaxes.

Uncertainties in China tax rules governing taxation of income and gains from investments in China A-shares via the Programs could result in unexpected tax liabilities for a fund and therefore could affect the amount of income which may be derived, and the amount of capital returned, from the investments in China A-shares by a fund.

In the event that the depository of the Shanghai Stock Exchange and the Shenzhen Stock Exchange defaulted, a fund may not be able to recover fully its losses from the depository or may be delayed in receiving proceeds as part of any recovery process. In addition, because all trades on the Programs in respect of eligible China A-shares must be settled in Renminbi (RMB), the Chinese currency, funds investing through the Programs must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed.

The Programs are novel in nature and are subject to regulations promulgated by regulatory authorities and implementation rules made by the stock exchanges in China and Hong Kong. The regulations are untested so far and there is no certainty as to how they will be applied. China A-shares purchased through the Programs are held in nominee name and not a fund's name as the beneficial owner. It is possible, therefore, that a fund's ability to exercise its rights as a shareholder and to pursue claims against the issuer of China A-shares may be limited because the nominee structure has not been tested in Chinese courts. In addition, a fund may not be able to participate in corporate actions affecting China A-shares held through the Programs due to time constraints or for other operational reasons.

Trades on the Programs are subject to certain requirements prior to trading. If these requirements are not completed prior to the market opening, a fund cannot sell the shares on that trading day. In addition, these requirements may limit the number of brokers that a fund may use to execute trades. If an investor holds 5% or more of the total shares issued by a China A-share issuer, the investor must return any profits obtained from the purchase and sale of those shares if both transactions occur within a six-month period. If a fund holds 5% or more of the total shares of a China A-share issuer through its Program investments, its profits may be subject to these limitations. It is not expressly provided in China law whether all accounts managed by TAM and/or its affiliates will be aggregated for purposes of this 5% limitation. If that is the case, it makes it more likely that a fund's profits may be subject to these limitations.

**Commodities and Commodity-Related Securities:** If a fund invests in commodities, instruments whose performance is linked to the price of an underlying commodity or commodity index, or the securities of issuers in commodity-related businesses or industries, a fund will be subject to the risks of investing in commodities. These types of risks include changes and volatility in commodity prices generally, regulatory, economic and political developments, weather events and natural disasters, tariffs and trade disruptions,

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pestilence and market disruptions. A fund's investment exposure to the commodities markets may subject the fund to greater volatility. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments also are subject to the credit risk of the issuer, and their value may decline substantially if the issuer's creditworthiness deteriorates.

To the extent a fund invests in companies principally engaged in the commodities industries (including the agriculture, energy, materials and commodity-related industrial sectors) ("commodity-related companies"), the fund will also be subject to the risk factors particular to each such industry. Commodity-related companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations, and natural phenomena such as drought, floods and other adverse weather conditions and livestock disease. Cyclical industries can be significantly affected by import controls, worldwide competition, changes in consumer sentiment and spending, and companies engaged in such industries can be subject to liability for, among other things, environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. In addition, the commodities industries can be significantly affected by the level and volatility of commodity prices, which have historically been among the most volatile of international prices, often exceeding the volatility of exchange rates and interest rates. Investments in commodity-related companies are also subject to the risk that the performance of such companies may not correlate with broader equity market returns or with returns on commodity investments to the extent expected by a fund's sub-adviser.

**Conflicts of Interest:** TAM, an indirect wholly owned subsidiary of Aegon Ltd. and part of Aegon Asset Management ("AAM"), and its affiliates, directors, officers, employees and personnel (collectively, for purposes of this risk, "Transamerica") are engaged in a variety of businesses and have interests other than those related to managing the funds. Transamerica is a diversified global financial services company with many lines of business providing a wide range of financial services to a sizeable and diversified client base. The broad range of activities and interests of Transamerica gives rise to actual and potential conflicts of interest that could affect the funds and their shareholders.

Certain actual and potential conflicts of interest are described below. A further discussion of conflicts of interest appears in the SAI. These discussions are not, and are not intended to be, a complete enumeration or description of all the actual and potential conflicts that Transamerica has now or may have in the future. Other conflicts may arise from time to time.

TAM and the funds have adopted practices, policies and procedures that are intended to identify, manage and, where possible, mitigate conflicts of interest. There is no assurance, however, that these practices, policies and procedures will be effective, and these practices, policies and procedures may limit or restrict the funds' investment activities and adversely affect their performance.

*Activities on Behalf of Other Funds and Accounts.* Transamerica manages or advises other funds and products in addition to the funds, including Transamerica's own accounts, accounts in which Transamerica or its personnel have an interest, and other investment vehicles. Certain other funds and products have investment objectives similar to, the same as or opposite to those of the funds and/or engage in transactions in the same types of securities or other instruments, sectors or strategies as the funds. This creates potential conflicts and could affect the prices and availability of the securities and instruments in which a fund seeks to invest, and could have an adverse impact on the fund's performance. These other accounts and products may buy or sell positions while the funds are undertaking the same or a differing, including potentially opposite, strategy, which could disadvantage the funds. A position taken by Transamerica, on behalf of one or more other funds or products, may be contrary to a position taken on behalf of a fund or may be adverse to a company or issuer in which the fund has invested. A fund on the one hand, and Transamerica or other funds or products, on the other hand, may vote differently on matters affecting, or take or refrain from taking different actions with respect to, the same security, which are disadvantageous to the fund. The results of the investment activities of a fund may differ significantly from the results achieved for other funds or products. Transamerica may receive more compensation, including a performance allocation, with respect to certain other funds or products than is received with respect to a fund. TAM has developed allocation policies and procedures that provide that TAM will make investment decisions and allocate investment opportunities consistent with its fiduciary duties.

*Selection of Service Providers.* TAM and certain of its affiliates provide services including investment management, administration, sub-advisory, shareholder servicing, distribution, and transfer agency services to the funds and earn fees from these relationships with the funds. TAM and its affiliates face conflicts of interest when the funds select affiliated service providers because TAM and/or its affiliates receive greater compensation when they are used. As part of AAM, TAM is aligned under AAM. The affiliated sub-advisers to certain funds are also part of AAM and report to AAM. This reporting structure presents actual and potential conflicts of interest and may influence TAM's selection and retention of affiliated sub-advisers for the funds, and incentivize TAM personnel to recommend that an affiliated sub-adviser be selected or retained for a fund. The funds expect to engage unaffiliated service providers that in certain cases also provide services to Transamerica or other funds or products or that hire Transamerica to provide services to the service providers' clients. These service providers may have business, financial or other relationships with Transamerica, which may influence TAM's recommendation of these service providers for the funds.

*Sales Incentives and Relationships.* Transamerica and other financial service providers have conflicts associated with their promotion of the funds or other dealings with the funds that would create incentives for them to promote the funds. Transamerica will benefit from increased amounts of assets under management. Transamerica and its personnel have relationships (both involving and not

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involving the funds) with distributors, consultants and others who sell or recommend the funds or other funds or products, and such parties may receive compensation from Transamerica or the funds or other accounts in connection with such relationships. Transamerica and/or the funds' sub-advisers or their affiliates, make revenue sharing payments to brokers and other financial intermediaries to promote the distribution of the funds. Transamerica also receives revenue sharing and/or 12b-1 payments from certain of the funds' sub-advisers or their affiliates. These payments present certain conflicts of interest and provide a disincentive for TAM to recommend the termination of such sub-advisers.

*Transamerica Insurance Companies.* The performance of certain funds impacts Transamerica's financial exposure under guarantees that the Transamerica insurance companies provide as issuers of certain variable insurance contracts. Other funds managed by TAM are offered as investment options through variable insurance contracts offered and sold by Transamerica insurance companies, and some of these funds are structured as funds of funds which invest in certain of the funds. TAM's investment decisions and the design of the applicable funds, including the strategies the funds utilize, may be influenced by these factors. Certain non-public portfolio holdings and certain analytical information and algorithm and trade data concerning certain funds is disclosed to the Transamerica insurance companies solely to allow them to hedge their obligations under the variable insurance contracts. This information may only be provided in accordance with procedures approved by the funds' Board of Trustees governing the sharing of such information.

*Transamerica Asset Allocation Funds.* TAM serves as investment manager to Transamerica funds of funds and is subject to conflicts of interest concerning these funds. TAM is responsible for all aspects of the day-to-day investment advice and management for certain funds of funds. For certain other funds of funds, TAM has hired a sub-adviser and benefits when the sub-adviser allocates the fund of funds' assets to a Transamerica mutual fund or TAM-sponsored ETF. TAM has established an investment program for certain funds of funds whereby all or a substantial portion of the fund of funds' assets are invested in underlying Transamerica mutual funds. TAM has also included TAM-sponsored ETFs as investment options for certain funds of funds. TAM does not consider unaffiliated funds as underlying investment options for these funds of funds, even if unaffiliated funds have better investment performance or lower total expenses. This could result in the selection of Transamerica mutual funds or TAM-sponsored ETFs that may perform less well or have higher total expenses than unaffiliated funds. TAM and its affiliates will receive more revenue when TAM or a sub-adviser selects a Transamerica mutual fund or TAM-sponsored ETFs rather than an unaffiliated fund for inclusion in a fund of funds. TAM has an incentive for the funds of funds' assets to be allocated to those underlying Transamerica mutual funds and TAM-sponsored ETFs for which the net management fees payable to TAM are higher than the fees payable by other underlying funds or to those underlying Transamerica mutual funds and TAM-sponsored ETFs for which an affiliate of TAM serves as the sub-adviser. TAM also has an incentive for a fund of funds' assets to be allocated to subscale underlying Transamerica mutual funds and TAM-sponsored ETFs to provide scale and reduce amounts waived and/or reimbursed by TAM to maintain applicable expense caps. Sub-advisers to certain funds of funds also have conflicts of interest in allocating the funds of funds' assets among underlying funds. TAM Compliance monitors allocation changes by the funds of funds.

*Investments in Transamerica Funds.* TAM manages or advises funds and other accounts which may, individually or in the aggregate, own a substantial amount of a fund. Further, TAM and/or its affiliates may invest in a fund at or near the establishment of the fund, which may facilitate the fund achieving a specified size or scale. Seed investors may redeem their investments in a fund, and such redemptions could have a significant negative impact on the fund.

*Fund Structuring and Changes.* TAM may have a financial incentive to implement or not to implement certain changes to the funds. For example, TAM may, from time to time, recommend a change in sub-adviser or the combination of two or more funds. Transamerica will benefit to the extent that an affiliated sub-adviser replaces an unaffiliated sub-adviser or additional assets are combined into a fund having a higher net management fee payable to TAM and/or that is sub-advised by an affiliate of TAM. TAM will also benefit to the extent that it replaces a sub-adviser with a new sub-adviser with a lower sub-advisory fee, or where the change reduces amounts required to be waived and/or reimbursed by TAM, or where the change facilitates hedging of Transamerica insurance companies' obligations under guarantees relating to variable insurance contracts. TAM personnel may also be incentivized to recommend changes to the funds that result in additional assets being sub-advised by an affiliated sub-adviser.

*Sub-Advisory Fee Discount Arrangements.* The aggregation of assets of multiple funds and/or other funds or products for purposes of calculating breakpoints or discounts in sub-advisory fees based on the level of assets allocated to a sub-adviser across funds or otherwise, as applicable, gives rise to actual and/or potential conflicts of interest that could disadvantage the funds and their shareholders. Sub-advisory fee discount arrangements create an incentive for TAM to select and retain sub-advisers, or allocate additional assets to a sub-adviser, where the selection or allocation may serve to lower a sub-advisory fee and possibly increase the management fee retained by TAM on a fund.

*Valuation of Investments.* TAM has been designated as the funds' valuation designee with responsibility for fair valuation subject to oversight by the funds' Board of Trustees. TAM's service as valuation designee is expressly permitted by applicable regulations. TAM performs such valuation services in accordance with joint valuation policies and procedures of the funds and TAM. TAM may value an identical asset differently than a Transamerica affiliate. This is particularly the case in respect of difficult-to-value assets. TAM faces a conflict with respect to valuations generally because of their effect on TAM's fees and other compensation. Valuation decisions by TAM may also result in improved performance of the funds.

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*Allocation of Fund Expenses.* From time to time, TAM will be required to decide whether certain fees, costs and expenses should be borne by a fund, on the one hand, or TAM on the other hand, and/or whether certain fees, costs and expenses should be allocated between or among funds and/or other parties. TAM is faced with a conflict when allocating fees, costs and expenses. TAM will make allocation determinations in a fair and reasonable manner using its good faith judgment, notwithstanding its interest (if any) in the allocation.

*Potential Limitations and Restrictions on Investment Transactions.* TAM may restrict or limit investment decisions and activities on behalf of the funds in various circumstances. These circumstances include instances where TAM is in receipt of confidential or material non-public information, or where a fund, individually or together with other Transamerica funds or accounts, exceeds certain ownership, voting or control thresholds. Restrictions or limitations on the ability to execute investment transactions could have an adverse impact on a fund.

*Other Relationships and Benefits.* Transamerica has existing and may have potential future other business dealings or relationships with current or proposed sub-advisers or other fund service providers (or their affiliates) recommended by TAM. Such other business dealings or relationships present conflicts of interest that could influence TAM's selection and retention or termination of sub-advisers or service providers. For example, TAM has an incentive to hire as a sub-adviser or other service provider an entity with which TAM or one or more of its affiliates have, or would like to have, significant or other business dealings or arrangements, and TAM has a disincentive to recommend the termination of such a sub-adviser or service provider when doing so could be adverse to TAM's and/or its affiliates' relationships or other business dealings with such parties.

*Sub-Advisers.* The range of activities, services and interests of a sub-adviser gives rise to actual and/or potential conflicts of interest that could disadvantage a fund and its shareholders. Such conflicts of interest are in some cases similar to and in other cases different from or supplement those described above relating to Transamerica. For example, a sub-adviser's portfolio managers may manage multiple funds and accounts for multiple clients which gives rise to actual or potential conflicts of interest. A sub-adviser may also limit or restrict its investment decisions and activities on behalf of a fund in various circumstances, including as a result of information held by the sub-adviser or applicable regulatory requirements. A sub-adviser and/or its respective affiliates also may derive ancillary benefits from providing investment sub-advisory services to a fund.

**Convertible Securities:** Convertible securities share investment characteristics of both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of triggering events, and, as a result, are subject to an increased risk of loss. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities may include corporate notes or preferred stock, but ordinarily are a long-term debt obligation of the issuer convertible at a stated exchange rate into common stock of the issuer. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities are normally "junior" securities, meaning that the issuers usually must first make payments on non-convertible securities before making payments on convertible securities. If the issuer of a convertible security stops making payments, these securities may become worthless.

**Counterparty:** A fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. Adverse changes to counterparties may cause the value of financial contracts to go down. If a counterparty becomes bankrupt or otherwise fails to perform its obligations, the value of your investment in the fund may decline. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent a fund has more contractual exposure to a counterparty.

**Country Focus:** To the extent a fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in which a fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Credit:** The value of your investment in a fund could decline if the issuer of a security held by the fund or another obligor for that security (such as a party providing insurance or other credit enhancement) fails to pay, otherwise defaults, is perceived (whether by market participants, ratings agencies, pricing services or otherwise) to be less creditworthy, becomes insolvent or files for bankruptcy. Changes in actual or perceived creditworthiness may occur quickly. The value of your investment in a fund could also decline if the credit rating of a security held by the fund is downgraded or the credit quality or value of any assets underlying the security declines. A decline may be rapid and/or significant, particularly in certain market environments. If a single entity provides credit enhancement to more than one of the fund's investments, the adverse effects resulting from the downgrade or default will increase the adverse effects on a fund. If a fund enters into financial contracts (such as certain derivatives, repurchase agreements, reverse repurchase agreements, and when-issued, delayed delivery, to be announced and forward commitment transactions), the fund will be subject to the credit risk

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presented by the counterparty. In addition, a fund may incur expenses and may be hindered or delayed in an effort to protect the fund's interests or to enforce its rights. The degree of credit risk of a security or financial contract depends upon, among other things, the financial condition of the issuer and the terms of the security or contract. Credit risk may be broadly gauged by the credit ratings of the securities in which a fund invests. However, ratings are only the opinions of the companies issuing them and are not guarantees as to quality. Credit rating may also be influenced by conflicts of interest. Securities rated in the lowest category of investment grade (Baa/BBB or Baa-/BBB-) may possess certain speculative characteristics, and a fund is subject to greater credit risk to the extent it invests in below investment grade securities (that is, securities rated below the Baa/BBB categories or unrated securities of comparable quality), or "junk" bonds. Credit risk is also greater to the extent a fund uses leverage or derivatives in connection with the management of the fund.

A fund may invest in securities which are subordinated to more senior securities of the issuer, or which represent interests in pools of such subordinated securities. A fund is more likely to suffer a credit loss on subordinated securities than on non-subordinated securities of the same issuer. If there is a default, bankruptcy or liquidation of the issuer, most subordinated securities are paid only if sufficient assets remain after payment of the issuer's non-subordinated securities. In addition, any recovery of interest or principal may take more time. As a result, even a perceived decline in creditworthiness of the issuer is likely to have a greater impact on subordinated securities.

**Currency:** The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the revenue earned by issuers of these securities may also be impacted by changes in the issuer's local currency. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time, and they are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A fund may be positively or negatively affected by government strategies intended to make the U.S. dollar, or other currencies to which the fund has exposure, stronger or weaker. Currency markets generally are not as regulated as securities markets, and currency risk may be particularly high to the extent the fund invests in foreign securities or currencies that are economically tied to emerging market or frontier market countries. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective. Derivatives that provide exposure to foreign currencies are also subject to these risks.

**Currency Hedging:** A fund may use currency futures, forwards or options to hedge against declines in the value of securities denominated in, or whose value is tied to, a currency other than the U.S. dollar or to reduce the impact of currency fluctuation on purchases and sales of such securities. Hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments. Shifting a fund's currency exposure from one currency to another may remove a fund's opportunity to profit from the original currency and involves a risk of increased losses for a fund if the sub-adviser's projection of future exchange rates is inaccurate.

**Cybersecurity and Operations:** A fund, and its service providers and distribution platforms, and your ability to transact with a fund, may be negatively impacted by, among other things, human error, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, shareholder data (including private shareholder information), and/or proprietary information, or cause a fund, TAM, a sub-adviser and/or its service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. A cybersecurity incident or operational issue may disrupt the processing of fund or shareholder transactions, impact a fund's ability to calculate its net asset value, prevent shareholders from redeeming their shares, or result in financial losses to a fund and its shareholders. Cybersecurity and operational incidents may result in financial losses to a fund and its shareholders, and substantial costs may be incurred to prevent or mitigate such incidents in the future. Cybersecurity and operational incidents may also lead to violations of applicable privacy and other laws, regulatory fines, penalties, and reputational damage. There is a chance that some cybersecurity and operational risks have not been identified, which limits the ability of a fund and its service providers to plan for or mitigate such risks. Issuers of securities in which a fund invests are also subject to cybersecurity and operational risks, and the value of those securities could decline if the issuers experience cybersecurity incidents or operational issues. In addition, other significant events (e.g., natural disasters or global health emergencies), and measures taken to respond to them and mitigate their effects, could result in disruptions to the services provided to a fund by its service providers. A fund cannot control the cybersecurity and business continuity plans of its service providers, issuers of securities in which it invests or other third parties whose operations may affect the fund and its shareholders.

**Depositary Receipts:** Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit

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exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.

The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding those issuers and there may not be a correlation between such information and the market value of the depositary receipts.

**Derivatives:** Derivatives involve special risks and costs which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds and may result in losses. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Even a small investment in derivatives can have a disproportionate impact on a fund. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. This risk is greater for forward currency contracts, swaps and other over-the-counter traded derivatives. The other parties to derivatives transactions present the same types of credit risk as issuers of fixed-income securities. Derivatives also tend to involve greater liquidity risk and they may be difficult to value. A fund may be unable to terminate or sell its derivative positions. In fact, many over-the-counter derivatives will not have liquidity except through the counterparty to the instrument. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects a fund to certain operational and legal risks. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls, and human error. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. A fund's use of derivatives may also increase the amount of taxes payable by shareholders.

The U.S. government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing and on-facility execution of certain derivatives, margin and reporting requirements. Rule 18f-4 under the 1940 Act governs the use of derivative investments by funds. Among other things, Rule 18f-4 requires funds that invest in derivatives above a specified amount to adopt and implement a derivatives risk management program that a derivatives risk manager administers and that the fund's Board of Trustees oversees, and to comply with an outer limit on fund leverage risk based on value at risk. Funds that use derivative instruments in a limited amount are not subject to the full requirements of Rule 18f-4, but must adopt and implement policies and procedures reasonably designed to manage the fund's derivatives risk. Funds are subject to reporting and recordkeeping requirements regarding their derivatives use. Rule 18f-4 could have an adverse impact on a fund's performance and ability to implement its investment strategies and may increase costs related to a fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives and may not effectively limit the risk of loss from derivatives.

A fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. A fund may be required to pay additional margin or set aside additional collateral to maintain open derivatives positions. If a fund is unable to close out its position in a derivatives contract, it might continue to maintain such assets or accounts or make such payments until the position expired or matured. These actions might impair a fund's ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so, or cause a fund to sell a portfolio security at a disadvantageous time. Also, a fund would be exposed to loss both on the derivative instruments and on the assets used to cover its obligations.

Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets. For derivatives that are required to be cleared by a regulated clearinghouse, a fund may be exposed to risks arising from its relationship with a brokerage firm through which it would submit derivatives trades for clearing. A fund would also be exposed to counterparty risk with respect to the clearinghouse. In certain cases, a fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses.

Derivatives may be used by a fund for a variety of purposes, including:

• As a hedging technique in an attempt to manage risk in the fund's portfolio;

• As a means of changing investment characteristics of the fund's portfolio;

• As a means of attempting to enhance returns;

• As a means of providing additional exposure to types of investments or market factors;

• As a substitute for buying or selling securities; or

• As a cash flow management technique.

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Using derivatives, especially for non-hedging purposes, may involve greater risks to a fund than investing directly in securities, particularly as these instruments may be very complex and may not behave in the manner anticipated by the fund. For example, there is a risk that the performance of the derivatives used by a fund to replicate the performance of a particular asset class may not accurately track the performance of that asset class. Risks associated with the use of derivatives are magnified to the extent that a large portion of the fund's assets are committed to derivatives in general or are invested in just one or a few types of derivatives. Use of derivatives or similar instruments may have different tax consequences for a fund than an investment in the underlying asset or indices, and those differences may affect the amount, timing and character of income distributed to shareholders.

Using derivatives for hedging purposes can reduce or eliminate losses, but doing so can also reduce or eliminate gains. In addition, there can be no assurance that a fund's hedging transactions will be effective. A lack of correlation between changes in the value of derivatives and the value of the fund assets (if any) being hedged may result in losses.

A fund could lose the entire amount of its investment in a derivative and, in some cases, could lose more than the principal amount invested.

Derivatives may include, but are not limited to, the following:

• *Options*. An option is an agreement that, for a premium payment or fee, gives the option holder (the buyer) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying asset (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the exercise price) during a period of time or on a specified date. Investments in options are considered speculative. The fund may lose the premium paid for them if the price of the underlying security or other asset decreased or remained the same (in the case of a call option) or increased or remained the same (in the case of a put option). If a put or call option purchased by the fund were permitted to expire without being sold or exercised, its premium would represent a loss to the fund. Investments in foreign currency options may substantially change a fund's exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as a sub-adviser expects. There is a risk that such transactions could reduce or preclude the opportunity for gain if the value of the currency moves in the direction opposite to the position taken. Options on foreign currencies are affected by all of those factors which influence foreign exchange rates and foreign investment generally. Unanticipated changes in currency prices may result in losses to a fund and poorer overall performance for the fund than if it had not entered into such contracts. Options on foreign currencies are traded primarily in the OTC market, but may also be traded on U.S. and foreign exchanges. Foreign currency options contracts may be used for hedging purposes or non-hedging purposes in pursuing a fund's investment objective, such as when a sub-adviser anticipates that particular non-U.S. currencies will appreciate or depreciate in value, even though securities denominated in those currencies are not then held in the fund's investment portfolio. Investing in foreign currencies for purposes of gaining from projected changes in exchange rates, as opposed to only hedging currency risks applicable to a fund's holdings, further increases the fund's exposure to foreign securities losses. There is no assurance that a sub-adviser's use of currency derivatives will benefit a fund or that they will be, or can be, used at appropriate times.

• *Forwards and Futures Contracts*. The use of futures contracts is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. A futures contract is a sales contract between a buyer (holding the "long" position) and a seller (holding the "short" position) for an asset with delivery deferred until a future date. The buyer agrees to pay a fixed price at the agreed future date and the seller agrees to deliver the asset. The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. The liquidity of the futures markets depends on participants entering into off-setting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced. In addition, futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. The fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. Moreover, to the extent the fund engages in futures contracts on foreign exchanges, such exchanges may not provide the same protection as US exchanges. The loss that may be incurred in entering into futures contracts may exceed the amount of the premium paid and may be potentially unlimited. Futures markets are highly volatile and the use of futures may increase the volatility of the fund's NAV. Additionally, as a result of the low collateral deposits normally involved in futures trading, a relatively small price movement in a futures contract may result in substantial losses to the fund. Investment in these instruments involve risks, including counterparty risk (i.e., the counterparty to the instrument will not perform or be able to perform in accordance with the terms of the instrument), hedging risk (i.e., a hedging strategy may not eliminate the risk that it is intended to offset, and may offset gains, which may lead to losses within the fund) and pricing risk (i.e., the instrument may be difficult to value).

• *Foreign Currency Forward Exchange Contracts.* In connection with its investments in foreign securities, a fund also may enter into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. A foreign currency forward exchange contract is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Foreign currency forward exchange contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, a fund may use cross currency hedging or proxy hedging with respect to currencies in which the fund has or expects to have portfolio or currency

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exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. Investments in foreign currency forward exchange contracts may substantially change a fund's exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as its sub-adviser expects. A sub-adviser's success in these transactions will depend principally on its ability to predict accurately the future exchange rates between foreign currencies and the U.S. dollar. Foreign currency forward exchange contracts may be used for non-hedging purposes in seeking to meet the applicable fund's investment objectives, such as when the sub-adviser anticipates that particular non-U.S. currencies will appreciate or depreciate in value, even though securities denominated in those currencies are not then held in the fund's investment portfolio. Investing in foreign currency forward exchange contracts for purposes of gaining from projected changes in exchange rates, as opposed to hedging currency risks applicable to a fund's holdings, further increases the fund's exposure to foreign securities losses. There is no assurance that a sub-adviser's use of currency derivatives will benefit a fund or that they will be, or can be, used at appropriate times.

• *Swaps*. Swap contracts, including credit default swaps, involve heightened risks and may result in losses to the fund. Swaps may in some cases be illiquid and difficult to value, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the swap. If the fund buys a credit default swap, it will be subject to the risk that the credit default swap may expire worthless, as the credit default swap would only generate income in the event of a default on the underlying debt security or other specified event. As a buyer, the fund would also be subject to credit risk relating to the seller's payment of its obligations in the event of a default (or similar event). If the fund sells a credit default swap, it will be exposed to the credit risk of the issuer of the obligation to which the credit default swap relates. As a seller, the fund would also be subject to leverage risk, because it would be liable for the full notional amount of the swap in the event of default (or similar event). Swaps may be difficult to unwind or terminate. Credit default swaps may in some cases be illiquid, and they increase credit risk since the fund has exposure to the issuer of the referenced obligation and either their counterparty to the credit default swap or, if it is a cleared transaction, the brokerage firm through which the trade was cleared and the clearing organization that is the counterparty to that trade. Certain index-based credit default swaps are structured in tranches, whereby junior tranches assume greater default risk than senior tranches. The absence of a central exchange or market for swap transactions may lead, in some instances, to difficulties in trading and valuation, especially in the event of market disruptions. New regulations require many kinds of swaps to be executed through a centralized exchange or regulated facility and be cleared through a regulated clearinghouse. Although this clearing mechanism is generally expected to reduce counterparty credit risk, it may disrupt or limit the swap market and may not result in swaps being easier to trade or value. As swaps become more standardized, the fund may not be able to enter into swaps that meet its investment needs. The fund also may not be able to find a clearinghouse willing to accept the swaps for clearing. In a cleared swap, a central clearing organization will be the counterparty to the transaction. The fund will assume the risk that the clearinghouse may be unable to perform its obligations. The new regulations may make using swaps more costly, may limit their availability, or may otherwise adversely affect their value or performance.

• *Contracts for Difference.* Contracts for differences ("CFDs") are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its ﬁnancial obligations under the terms of the contract. To the extent that there is an imperfect correlation between the return on the fund's obligation to its counterparty under the CFD and the return on related assets in its portfolio, the CFD transaction may increase the fund's ﬁnancial risk. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the fund to deposit additional sums to cover this, and this may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which the fund is liable. CFDs are not registered with the Securities and Exchange Commission or any U.S. regulator, and are not subject to U.S. regulation.

**Digital Assets:** A fund may gain economic exposure to Bitcoin or other digital assets through investments in operating companies that accumulate Bitcoin or other digital assets and/or provide Bitcoin- or other digital assets-related products and services, and consequently a fund's performance is subject to the risks of the applicable digital assets and the risks of the digital assets industry more generally. The trading prices of many digital assets have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Bitcoin or other digital assets to which a fund has economic exposure could have a material adverse effect on the value of a fund's shares. Digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry. Changes in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively affect that digital asset network's ability to grow and respond to challenges.

Cryptocurrencies, such as Bitcoin, are a subset of digital assets designed to act as a medium of exchange. Despite being referred to as "currencies," crypto assets are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender. The value of digital assets is determined by supply and demand in the global markets, which consist primarily of

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transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading platforms is highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.

**Distressed or Defaulted Securities:** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative. A fund may suffer significant losses if a reorganization or restructuring is not completed as anticipated. A fund will generally not receive interest payments on the distressed securities. Repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. A fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed or defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Dividend Paying Stock:** Certain funds utilize a strategy that focuses on investing in stocks that pay dividends. There can be no assurance that the issuers of the stocks held by a fund will pay dividends in the future or that, if dividends are paid, they will not decrease. A fund's emphasis on dividend paying stocks could cause the fund's share price and total return to fluctuate more than, or cause the fund to underperform similar funds that invest without consideration of an issuer's track record of paying dividends or ability to pay dividends in the future. Dividend paying stocks may not participate in a broad market advance to the same degree as other stocks, and a sharp rise in interest rates or economic downturn could cause an issuer to unexpectedly reduce or eliminate its dividends.

**Dividend Practice (Transamerica Energy Infrastructure):** There can be no assurance that the fund will be able to pay quarterly dividends at a relatively consistent level. The fund's dividend practice can be expected to result in the fund returning capital to its shareholders from time to time. When the fund returns capital, the net asset value of your original investment in the fund goes down to reflect that. The tax status of certain distributions by the fund may be recharacterized at year-end. There can be no assurance that the fund will be able to pay quarterly dividends at a relatively consistent level.

**Dollar Rolls:** A dollar roll transaction involves a sale by a fund of a mortgage-backed or other security concurrently with an agreement by the fund to repurchase a similar security at a later date at an agreed-upon price. The securities that are repurchased will bear the same interest rate and similar maturity as those sold, but pools of mortgages collateralizing those securities may have different prepayment histories than those sold.

The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities a fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom a fund sells securities becomes insolvent, the fund's ability to purchase or repurchase securities may be restricted.

**Early Close/Late Close/Trading Halt:** An exchange or market may close early, close late or issue trading halts generally or on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.

**Emerging Markets:** Investments in securities of issuers located or doing business in emerging markets bear heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Emerging market countries typically have less developed and less stable economic and political systems and regulatory and accounting standards, potentially making it difficult to evaluate issuers. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation, and may be based on only a few industries. Such countries typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a public health emergency or natural disaster. Certain emerging markets may also face other significant internal or external risks, including the risk of war or terrorism, and ethnic, religious or racial conflicts. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will, and such investors are more likely to experience nationalization, expropriation and confiscatory taxation. Such policies may change abruptly. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Some emerging market countries are especially vulnerable to economic conditions in other countries. Low trading volumes may result in a lack of liquidity and extreme price volatility, which could make security valuations more difficult. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. A fund investing in emerging market countries may be required to establish special custody or other arrangements before investing, and the fund may experience problems or delays with the clearing and settling of trades that are not typically experienced in more developed markets. Investments in emerging markets countries may have restrictions that make it difficult or impossible for a fund to exercise rights, pursue legal remedies, and obtain judgments in foreign courts. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or

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operating in emerging market countries, and shareholders may have limited legal remedies. Some securities issued by emerging market governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of such governments. Even where a security is backed by the full faith and credit of a government, it may be difficult for a fund to pursue its rights against the government.

An investment in emerging market securities should be considered speculative. Investments in emerging markets countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, greater vulnerability to market manipulation, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the United States.

**Energy Sector:** To the extent a fund concentrates its investments in industries in the energy sector, it will be more affected by the performance of the energy sector than a fund that is more diversified. Certain risks inherent in investing in energy companies include the following:

• *Supply and Demand*. A decrease in the production of natural gas, natural gas liquids, crude oil, coal or other energy commodities, a decrease in the volume of such commodities available for transportation, mining, processing, storage or distribution or a sustained decline in demand for such commodities, may adversely impact the financial performance of energy companies. Energy companies are subject to supply and demand fluctuations in the markets they serve which will be impacted by a wide range of factors, including fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events and economic conditions, among others. The United States relies heavily on foreign imports of energy such as crude oil and refined products. If a supply source decides to restrict supply to the United States or is unable to meet demand, some energy companies' cash flows may be adversely impacted.

• *Depletion and Exploration*. Energy reserves naturally deplete as they are consumed over time. Energy companies are either engaged in the production of natural gas, natural gas liquids, crude oil, or coal, or are engaged in transporting, storing, distributing and processing these items and refined products on behalf of the owners of such commodities. To maintain or grow their revenues, these companies or their customers need to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources or through acquisitions. The financial performance of energy companies may be adversely affected if they, or the companies to whom they provide services, are unable to cost-effectively acquire additional energy deposits sufficient to replace the natural decline of existing reserves. Also, the quantities of reserves may be overstated, or deposits may not be produced in the time periods anticipated. If an energy company is not able to raise capital on favorable terms, it may not be able to add to or maintain its reserves.

• *Reserve*. Energy companies engaged in the production of natural gas, natural gas liquids, crude oil, coal and other energy commodities are subject to the risk that the quantities of their reserves are overstated, or will not be produced in the time periods anticipated, for a variety of reasons including the risk that no commercially productive amounts of such energy commodities can be produced from estimated reserves because of the curtailment, delay or cancellation of production activities as a result of unexpected conditions or miscalculations, title problems, pressure or irregularities in formations, equipment failures or accidents, adverse weather conditions, compliance with environmental and other governmental requirements and cost of, or shortages or delays in the availability of, drilling rigs and other equipment, and operational risks and hazards associated with the development of the underlying properties, including natural disasters, blowouts, explosions, fires, leakage of such energy commodities, mechanical failures, cratering and pollution.

• *Legal and Regulatory*. Energy companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including (i) how facilities are constructed, maintained and operated, (ii) how and where wells are drilled, (iii) how services are provided, (iv) environmental and safety controls, and, in some cases (v) the prices they may charge for the products and services they provide. Various governmental authorities have the power to enforce compliance with these regulations and the permits issued under them, and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may adversely affect the financial performance of energy companies. Companies in the energy sector may also be at increased risk for litigation.

• *Commodity Pricing*. The operations and financial performance of energy companies may be directly affected by energy commodity prices, especially those energy companies which own the underlying energy commodity or receive payments for services that are based on commodity prices. Such impact may be a result of changes in the price for such commodity or a result of changes in the price of one energy commodity relative to the price of another energy commodity (i.e., the price of natural gas relative to the price of natural gas liquids). These prices may fluctuate widely in response to a variety of factors, including global and domestic economic conditions, weather conditions, the supply and price of imported energy commodities, the production and storage levels of energy commodities in certain regions or in the world, political stability, transportation facilities, energy conservation, domestic and foreign governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems. Volatility of commodity prices may also make it more difficult for energy companies to raise capital to the extent the market perceives that their performance may be directly or indirectly tied to commodity prices.

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• *Acquisition*. The ability of energy companies to grow operating cash flow and increase such company's enterprise value can be highly dependent on their ability to make acquisitions that result in an increase in cash available for distributions. Recently, the acquisition market has become more competitive as a result of the increased amount of energy companies, as well as significant private equity interest in midstream energy assets. As a result, the competitive nature of the market has resulted in higher multiples, which may reduce the attractiveness of returns on acquisitions. Accordingly, MLP Entities may be unable to make accretive acquisitions because they are unable to identify attractive acquisition candidates, negotiate acceptable purchase contracts, raise financing for such acquisitions on economically acceptable terms, or because they are outbid by competitors. Such circumstances may limit future growth and their ability to raise distributions could be reduced. Furthermore, even if energy companies do consummate acquisitions that they believe will be accretive, the acquisitions may instead result in a decrease in operating cash flow or a decrease in enterprise value. Any acquisition involves risks, including, among other things: mistaken assumptions about revenues and costs, including synergies; the assumption of unknown liabilities; limitations on rights to indemnity from the seller; the diversion of management's attention from other business concerns; unforeseen difficulties operating in new product or geographic areas; and customer or key employee losses at the acquired businesses. Substantial market disruptions and slowdowns in economic activity may limit the ability of energy companies to make acquisitions.

• *Affiliated Party*. Certain energy companies are dependent on their parents or sponsors for a majority of their revenues. Any failure by such company's parents or sponsors to satisfy their payments or obligations would impact such company's revenues and operating cash flows and ability to make interest payments and/or distributions.

• *Catastrophe*. The operations of energy companies are subject to many hazards inherent in the exploring, developing, producing, generating, transporting, transmission, storing, gathering, processing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or electricity, including: damage to pipelines, storage tanks, plants or related equipment and surrounding properties caused by hurricanes, tornadoes, floods, fires and other natural disasters or by acts of terrorism; inadvertent damage from construction and farm equipment; well blowouts; leaks of such energy commodities; fires and explosions. These hazards could result in substantial losses, severe damage to and destruction of property and equipment, and pollution or other environmental damage and may result in the curtailment or suspension of their related operations. Energy companies may not be insured against all risks inherent to their businesses. If a significant accident or event occurs that is not fully insured, it could adversely affect the energy company's operations and financial condition.

• *Market Disruption*. Global events and economic conditions could have significant adverse effects on the energy sector, the U.S. economy and financial and commodities markets. Events that may have such an effect include disputes among energy-producing countries and acts of terrorism. Energy assets could be direct targets, or indirect casualties, of an act of terror. The U.S. government has issued warnings that energy assets, specifically the United States' pipeline infrastructure, may be the future target of terrorist organizations.

• *Weather*. Extreme weather conditions, such as hurricanes, (i) could result in substantial damage to the facilities of certain energy companies located in the affected areas, (ii) significantly increase the volatility in the supply of energy commodities and (iii) adversely affect the financial performance of energy companies, and could therefore adversely affect the value of their securities. The damage done by extreme weather also may serve to increase many insurance premiums paid by energy companies and could adversely affect such companies' financial condition. Concerns about global warming trends may result in increased regulation of energy or energy infrastructure companies that produce, transport or rely heavily on fossil fuels such as oil, natural gas and coal and increase their operating costs; moreover, negative investor perception may limit their access to, and increase their cost of, capital.

• *Midstream Companies.* Certain energy infrastructure projects involving midstream companies have experienced significant delays related to difficulties in obtaining the necessary permits to proceed with construction (or some phase of construction). These delays have raised concerns about the ability of midstream companies to place such projects in service and their ability to get the necessary financing to complete such projects. Furthermore, it has become much more common for opponents of energy infrastructure development to utilize the courts, media campaigns and political activism to attempt to stop, or delay as much as possible, these projects. Significant delays could result in a material increase in the cost of developing these projects and could result in midstream companies developing such projects failing to generate the expected return on investment or, if the project does not go forward, realizing a financial loss, either of which would adversely affect the results of operations and financial performance of the affected midstream companies.

Natural gas transmission pipeline systems, crude oil transportation pipeline systems, refined products transportation pipeline systems, and certain classes of storage facilities and related assets owned by midstream companies are subject to regulation by the Federal Energy Regulatory Commission ("FERC"). The regulators have authority to regulate natural gas pipeline transmission, crude oil pipeline transportation services, and refined products pipeline transportation services including the rates charged for the services, terms and conditions of service, certification and construction of new facilities, the extension or abandonment of services and facilities, the maintenance of accounts and records, the acquisition and disposition of facilities, the initiation and discontinuation of services, and various other matters. Action by the FERC could adversely affect the ability of midstream companies to establish or charge rates that would cover future increases in their costs, such as additional costs related to environmental matters including any climate change regulation, or even to continue to collect rates that cover current costs, including a reasonable rate of return. It could also become more common for regulatory agencies (such as FERC) to include the impact of carbon emissions from energy infrastructure assets

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as a consideration in granting permits for the construction or operation of such assets. This could result in costly delays in obtaining permits, requirements to spend additional capital to limit carbon emissions or denial of required permits to operate existing or proposed energy infrastructure assets. Any such change could have an adverse impact on the financial condition, results of operations, or cash flows of midstream companies.

• *Power Infrastructure.* The revenues of power infrastructure companies are often dependent upon the availability of electric power and/or the consumption of electric power and could be adversely affected by reductions in the supply of, or demand for, such power. The adverse impact of these events could lead to a material reduction in the earnings of power infrastructure companies and a substantial reduction (or elimination) of dividends paid to equity holders, and could result in a decline in (i) the equity values of the affected power infrastructure companies and/or (ii) our net investment income. The production or availability of electric power could be negatively affected by a variety of factors, including depressed power prices, high prices for commodities used in the generation of power, lower than expected wind, solar or hydro power resources, catastrophic or extreme weather events, labor relations, increased environmental or other governmental regulation (including policies designed to reduce carbon emissions and/or address climate change), equipment malfunctions, transmission grid disruptions and maintenance difficulties. A decline in demand for power could result from factors such as increased power prices, adverse economic conditions, increased taxation, increased governmental regulation, catastrophic events, extreme weather events, equipment malfunctions, transmission grid disruptions and maintenance difficulties. Certain power infrastructure companies may have assets that focus on generating electricity from renewable resources or provide services supporting such generation. The generation of electricity from renewable resources may be highly dependent upon governmental policies that support such generation and enhance its economic viability (including tax credits, accelerated cost recovery systems of depreciation and renewable portfolio standards).

**Environmental, Social and Governance ("ESG") Investing (Transamerica Large Core ESG):** Applying ESG criteria to a sub-adviser's investment analysis for a fund may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, applicable funds may forgo some investment opportunities available to funds that do not use ESG criteria or that apply different ESG criteria. Applying ESG criteria may impact a fund's exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the fund's investment performance. The relevance and weightings of ESG criteria to a sub-adviser's investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies that are identified by a sub-adviser as having favorable ESG characteristics at the time of investment may shift into and out of favor depending on market and economic conditions, and a company's ESG practices, or the sub-adviser's assessment of such practices, may change over time. A fund's performance may at times be better or worse than the performance of similar funds that do not use ESG criteria or that apply different ESG criteria. ESG is not a uniformly defined characteristic and applying ESG criteria involves subjective assessments. There may be significant differences in views in what constitutes positive or negative ESG characteristics of a company. A sub-adviser's ESG assessment of a company may differ from that of other funds or investors. A fund's investments may include securities of issuers that derive revenue from non-ESG activities. ESG ratings and assessments of issuers can vary across third party data providers, and ESG data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's ESG characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of ESG investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of ESG criteria could have a material adverse effect on a fund's ability to invest in accordance with its ESG strategy.

**Equity Securities:** Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer, and generally have greater risk of loss than debt securities. Equity securities include, among others, common and preferred stocks, convertible securities, and warrants or rights. Stock markets are volatile. Equity securities may have greater price volatility than other asset classes, such as fixed-income securities, and fluctuate in price based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. Because a company's equity securities rank junior in priority to the interests of bond holders and other creditors, a company's equity securities will usually react more strongly than its bonds and other debt to actual or perceived changes in the company's financial condition or prospects. If the market prices of the equity securities owned by a fund fall, the value of your investment in the fund will decline. If a fund holds equity securities in a company that becomes insolvent, the fund's interests in the company will rank junior in priority to the interests of debtholders and general creditors of the company, and the fund may lose its entire investment in the company. These risks are generally magnified for investments in equity securities of distressed companies. A fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**ESG Data (Transamerica Large Core ESG):** ESG information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted ESG standards or standardized practices for researching, generating, or analyzing ESG data, classifications, screens, and ratings ("ESG Data"). The factors and criteria considered when generating ESG Data and the results of such ESG research may differ widely across third-party ESG Data providers. The evaluation of ESG factors and criteria is often subjective, is often evolving and subject to ongoing refinement, and the third-party ESG Data providers used by a fund may not identify or evaluate every relevant ESG factor and/or criteria with respect to every investment. Due to differences in various countries' corporate disclosure and financial statement reporting obligations and availability, as well as

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timeliness of any such available information, a third-party ESG Data provider may not always be successful in identifying material ESG information about a particular company. A fund may invest in companies that do not reflect the beliefs or values of a particular investor and may not be deemed to exhibit the intended ESG characteristics if different metrics or ESG Data providers were used to evaluate them. Because ESG considerations are still an emerging area of investment focus, ESG information and metrics can be difficult to obtain or not able to be obtained. The evaluation of ESG factors and implementation of ESG-related investment restrictions (e.g., screens) rely on the availability of timely, complete, and accurate ESG Data reported by issuers and/or third-party research providers. ESG Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. The successful implementation of a fund's strategy is therefore dependent, in part, on the ESG factors identified and considered and research methodologies employed by applicable third-party ESG Data providers, as well as the timely availability of accurate information. Due to the specialized resources necessary to obtain ESG-related information underlying or related to the ESG Data provided by applicable third-party ESG research firms, a fund's sub-adviser does not independently test or verify the data provided by such firms.

**ESG Integration Data (Transamerica Small Cap Growth):** ESG information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted ESG standards or standardized practices for researching, generating, or analyzing ESG data, classifications, screens, and ratings ("ESG Data"). The factors and criteria considered when generating ESG Data and the results of such ESG research may differ widely across third-party ESG Data providers. The evaluation of ESG factors and criteria is often subjective, are often evolving and subject to ongoing refinement, and the third-party ESG Data providers used by the fund may not identify or evaluate every relevant ESG factor and/or criteria with respect to every investment. Due to differences in various countries' corporate disclosure and financial statement reporting obligations and availability, as well as timeliness of any such available information, a third-party ESG Data provider may not always be successful in identifying material ESG information about a particular company. ESG Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. Due to the specialized resources necessary to obtain ESG-related information underlying or related to the ESG Data provided by applicable third-party ESG research firms, a fund's sub-adviser does not independently test or verify the data provided by such firms.

**Expenses:** Your actual costs of investing in a fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease, or if a fee limitation is changed or terminated, or with respect to a newly offered fund or class, if average net assets are lower than estimated. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.

**Extension:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed-income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause a fund's share price to be more volatile or go down.

**Financial Sector:** To the extent a fund invests a significant portion of its assets in the financial sector, the fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the financial sector. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit rating downgrades resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

**Fixed-Income Securities:** Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by a fund falls, the value of your investment will go down. The prices of fixed-income securities will generally go down when interest rates rise. A general rise in

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interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the fund. A rise in rates also tends to have a greater impact on the prices of longer term or duration securities. A fund may lose its entire investment in the fixed-income securities of an issuer.

**Floating Rate Loans:** Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan's issuer, and adversely affect the fund's investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in a fund not receiving proceeds from the sale of a loan for an extended period. As a result, a fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase. Certain courts have determined that floating rate loans are not securities and, therefore, purchasers such as a fund may not be entitled to the anti-fraud protections of the federal securities laws, including the prohibitions on insider trading.

Floating rate loans may have restrictive covenants limiting the ability of a borrower to further encumber its assets. Floating rate loans held by a fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. Such loans may weaken a lender's ability to access collateral securing the loan; reprice the credit risk associated with the borrower; and mitigate potential loss. A fund may experience greater losses or delays and expenses in enforcing its rights with respect to floating rate loans with fewer restrictive covenants. Bank loans may not be considered "securities," and purchasers, such as a fund, therefore may not be entitled to rely on the protections of federal securities laws, including anti-fraud provisions.

Rule 18f-4 under the 1940 Act permits a fund to invest in non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date. If a non-standard settlement cycle security does not satisfy these provisions, then it is treated as a derivatives transaction under Rule 18f-4.

**Focused Investing:** To the extent a fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments:** Investments in securities of foreign issuers (including those denominated in U.S. dollars) or issuers with significant exposure to foreign markets are subject to additional risks. Foreign markets can be less liquid, less regulated and more volatile than U.S. markets. The value of a fund's foreign investments may decline, sometimes rapidly and unpredictably, because of factors affecting the particular issuers as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, tariffs and trade disruptions, political or financial instability, social unrest or other adverse economic or political developments. Values may also be affected by restrictions on receiving the investment proceeds from a foreign country.

Less information may be publicly available about foreign companies than about U.S. companies. Foreign companies are generally not subject to the same accounting, auditing and financial reporting standards as U.S. companies are. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Some securities issued by non-U.S. governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of such governments. Even where a security is backed by the full faith and credit of a government, it may be difficult or impossible for the fund to pursue its rights against the government. Some non-U.S. governments have defaulted on principal and interest payments. In certain foreign markets, settlement and clearance procedures may result in an inability to execute transactions or delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. Such settlement issues could affect a fund's performance and the liquidity of its portfolio. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes, and special U.S. tax considerations may apply.

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Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, organizations, entities and/or individuals, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures. Economic sanctions could, among other things, effectively restrict or eliminate a fund's ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the fund's investments in such securities harder to value. International trade barriers or economic sanctions against foreign countries, organizations, entities and/or individuals, may adversely affect a fund's foreign holdings or exposures. Investments in foreign markets may also be adversely affected by unfavorable governmental actions such as the imposition of capital and price controls; nationalization of companies or industries; currency exchange controls, currency blockage, or restrictions on the expatriation of foreign currency; expropriation of assets; confiscatory taxation; or the imposition of punitive taxes. In the event of nationalization, expropriation or other confiscation, a fund could lose its entire investment in foreign securities. Governmental actions can have a significant effect on the economic conditions in foreign countries, which also may adversely affect the value and liquidity of a fund's investments. For example, the governments of certain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or liquidity of investments denominated in that currency. Any of these actions could severely affect security prices, impair the fund's ability to purchase or sell foreign securities or transfer a fund's assets back into the United States, or otherwise adversely affect the fund's operations. Certain foreign investments may become less liquid in response to market developments or adverse investor perceptions, or become illiquid after purchase by a fund, particularly during periods of market turmoil. When a fund holds illiquid investments, its portfolio may be harder to value.

Investment in securities of foreign issuers may also be subject to foreign custody risk which refers to the risks inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by banks, agents and depositories in securities markets outside the United States. In addition, it is often more expensive for a fund to buy, hold, and sell securities in certain foreign markets than in the United States. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel non-U.S. agents to hold securities in designated depositories that may not be subject to independent evaluation. The laws of certain countries may place limitations on the ability to recover assets if a non-U.S. bank, agent or depository becomes insolvent or enters bankruptcy. Non-U.S. agents are held only to the standards of care of their local markets, and may be subject to limited or no government oversight. In general, the less developed a country's securities markets are, or the more difficult communication is with that location, the greater the likelihood of custody issues arising.

American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), and European Depositary Receipts ("EDRs") are generally subject to all of the risks that direct investments in foreign securities are.

Sanctions or other government actions against certain countries could negatively impact a fund's investments in securities that have exposure to that country. Circumstances that impact one country could have profound impacts on other countries and on global economies or markets.

**Frontier Markets:** Frontier market countries generally have smaller economies, less developed capital markets, less sophisticated legal, regulatory and political systems, and fewer investor protections than emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. The economies of frontier market countries are generally less correlated to global economic cycles than those of their more developed counterparts and their markets have low trading volumes and the potential for extreme currency fluctuations, price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors or of governments in frontier markets. These factors make investing in frontier market countries significantly riskier than in other countries and any one of them could cause the price of a fund's shares to decline. An investment in frontier market securities should be considered speculative.

**Government Money Market Fund (Transamerica Government Money Market):** You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. The fund's sponsor is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress. The fund operates as a "government" money market fund under applicable federal regulations and invests in U.S. government securities. Circumstances could arise that would prevent the payment of interest or principal on U.S. government securities, which could adversely affect their value and the fund's ability to preserve the value of your investment at $1.00 per share. An increased demand for U.S. government securities could affect the availability of such instruments for investment and the fund's ability to pursue its investment strategies. The fund does not currently intend to avail itself of the ability to impose "liquidity fees" on fund redemptions, as permitted under Rule 2a-7. However, the Board reserves the right, with notice to shareholders, to change this policy.

**Growth Stocks:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks

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typically fall. Growth stocks can be volatile for several reasons. Since growth companies usually reinvest a high proportion of their earnings in their own businesses, they may lack the dividends often associated with value stocks that could cushion their decline in a falling market. The values of growth stocks also tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Also, since investors buy growth stocks because of their expected superior earnings growth, earnings disappointments often result in sharp price declines. Certain types of growth stocks, particularly technology stocks, can be extremely volatile and subject to greater price swings than the broader market. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Hedging:** A fund may buy and sell futures contracts, put and call options, forward contracts, and other instruments as a hedge. Some hedging strategies could hedge a fund against price fluctuations. Other hedging strategies would tend to increase a fund's exposure to the securities market. Forward contracts could be used to try to manage foreign currency risks on a fund's foreign investments. A fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**High-Yield Debt Securities:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" (that is, securities rated below Baa/BBB) or are unrated securities of comparable quality. A fund that invests in high-yield debt securities may be subject to greater levels of credit risk, liquidity risk, and market risk than funds that do not invest in such securities. High-yield debt securities typically have a higher risk of issuer default because, among other reasons, issuers of junk bonds often have more debt in relation to total capitalization than issuers of investment grade securities. These securities are considered speculative, tend to be volatile and less liquid, and are more difficult to value than higher rated securities and may involve major risk of exposure to adverse conditions and negative sentiments, which may result in losses for the fund. These securities may be in default or in danger of default as to principal and interest. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or in bankruptcy. A fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of high-yield debt holders, leaving few or no assets available to repay high-yield debt holders. This could result in the fund losing its entire investment. High-yield securities are not generally meant for short-term investing. Unrated securities of comparable quality share these risks.

**Hybrid Instruments:** Hybrid instruments combine elements of derivative contracts with those of another security (typically a fixed-income security). All or a portion of the interest or principal payable on a hybrid security is determined by reference to changes in the price of an underlying asset or by reference to another benchmark (such as interest rates, currency exchange rates or indices). Hybrid instruments also include convertible securities with conversion terms related to an underlying asset or benchmark. Investing in hybrid instruments involves a combination of risks, including risks of investing in securities, commodities, options, futures, and currencies. Thus, an investment in a hybrid instrument may entail significant risks in addition to those associated with traditional fixed-income or convertible securities. Hybrid instruments are also potentially more volatile and may carry greater interest rate risks than traditional instruments. Moreover, depending on the structure of the particular hybrid instrument, it may expose a fund to leverage risks or carry liquidity risks.

**Industrials Sector:** To the extent a fund invests a significant portion of its assets in the industrials sector, the fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the industrials sector. Industrial companies face a number of risks, including supply chain and distribution disruptions, business interruptions, third-party vendor risks, cyberattacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The products of industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in trade restrictions and tariffs as well as import controls, trade disruptions, commodity prices and availability, exchange rates and broader geopolitical developments could adversely affect industrial companies. These companies also may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations. Industrial companies may depend on public or private sector financing, which may become difficult to obtain due to government spending constraints or reduced availability of capital. Such companies may be unable to protect their intellectual property rights or may be liable for infringing the intellectual property rights of others. In addition, certain companies in the industrials sector may be cyclical and have occasional sharp price movements resulting from changes in the economy, fuel prices, labor agreements and insurance costs.

**Industry Concentration:** Certain funds concentrate their investments in specific industries. Concentration in a particular industry heightens the risks associated with that industry. As a result, a fund may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting that industry than funds investing in a broader range of industries.

**Inflation:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of a fund's assets can decline as can the value of the fund's distributions.

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**Inflation-Protected Securities:** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation. The market for U.S. Treasury inflation-protected securities ("TIPS") and corporate inflation-protected securities ("CIPS") may be less developed or liquid, and more volatile, than certain other securities markets. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected.

**Information Technology Sector:** To the extent a fund invests a significant portion of its assets in the information technology sector, the fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the information technology sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss, impairment of, or inability to enforce these rights may adversely affect the profitability of these companies. Companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. Companies in the application software industry, in particular, may also be negatively affected by the decline or fluctuation of subscription renewal rates for their products and services, which may have an adverse effect on profit margins. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.

**Interest Rate (Transamerica Government Money Market):** The interest rates on short-term obligations held in the fund will vary, rising or falling with short-term interest rates generally. The fund's yield will tend to lag behind general changes in interest rates. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. The ability of the fund's yield to reflect current market rates will depend on how quickly the obligations in its portfolio mature and how much money is available for investment at current market rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the fund. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase. During periods of extremely low or negative short-term interest rates, the fund may not be able to maintain a positive yield or total return or be able to preserve the value of your investment at $1.00 per share.

**Interest Rate:** When interest rates rise, the value of fixed-income securities will generally fall. A change in interest rates will not have the same impact on all fixed-income securities. Generally, the longer the maturity or duration of a fixed-income security, the greater the impact of a rise in interest rates on the security's value. In addition, different interest rate measures (such as short- and long-term interest rates and U.S. and foreign interest rates), or interest rates on different types of securities or securities of different issuers, may not necessarily change in the same amount or in the same direction. A fund may not be able to hedge against changes in interest rates, may choose not to do so for cost or other reasons, and even if the fund does, the hedge may not work as intended. A significant or rapid rise in rates may result in losses. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of a fund's investments and detract from a fund's performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. When interest rates go down, the income received by a fund, and the fund's yield, may decline.

Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Conversely, interest rate reductions may cause the value of fixed-income securities to increase. A fund may be subject to the risk that the returns of the fund will decline during periods of falling interest rates because the fund may have to reinvest the proceeds from matured, traded or called debt obligations at interest rates below the fund's current earnings rate.

The maturity of a security may be significantly longer than its duration. A security's maturity and other features may be more relevant than its duration in determining the security's sensitivity to other factors affecting the issuer or markets generally such as changes in credit quality or in the yield premium that the market may establish for certain types of securities.

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Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security's price to changes in interest rates. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Similarly, a fund with a longer average portfolio duration will generally be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. By way of example, the price of a bond fund with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point.

Certain fixed-income securities pay interest at variable or floating rates. Variable rate securities tend to reset at specified intervals, while floating rate securities may reset whenever there is a change in a specified index rate. In most cases, these reset provisions reduce the impact of changes in market interest rates on the value of the security. However, some securities do not track the underlying index directly, but reset based on formulas that may produce a leveraging effect; others may also provide for interest payments that vary inversely with market rates. The market prices of these securities may fluctuate significantly when interest rates change. If the fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund's shares.

Certain floating and variable rate obligations held by a fund may have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate. Some floating or variable rate obligations or investments of a fund may have previously referenced the London Interbank Offered Rate ("LIBOR"). The publication of LIBOR has ceased. Public and private sector actors have worked to establish alternative reference rates, such as the Secured Overnight Financing Rate ("SOFR"). Applicable funds are subject to "SOFR" risk as there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR.

**Investment Companies:** To the extent that a fund invests in other investment companies such as closed-end or exchange-traded funds ("ETFs"), it bears its pro rata share of those investment companies' expenses. Those expenses are in addition to the advisory and other expenses that the fund bears directly in connection with its own operations. Further, the fund is subject to the effects of the business and regulatory developments that affect these investment companies and the investment company industry generally.

**Investments in the China Interbank Bond Market:** A fund is subject to additional risks when investing through China's Bond Connect program ("Bond Connect"), which allows non-Chinese investors to purchase certain fixed-income investments available from the China Interbank Bond Market ("CIBM"). The Chinese investment and banking systems are materially different in nature from many developed markets, which exposes investors to risks that are different from those in the U.S. because Bond Connect uses the trading infrastructure of both Hong Kong and China. If either one or both markets involved are closed on a day a fund is open, the fund may not be able to add to or exit a position on such a day, which could adversely affect the fund's performance. Securities offered through Bond Connect may lose their eligibility for trading through Bond Connect at any time, and if such an event occurs, a fund could sell, but could no longer purchase, such securities through Bond Connect. Investing through Bond Connect also includes the risk that a fund may have a limited ability to enforce rights as a bondholder as well as the risks of settlement delays and counterparty default related to the sub-custodian. Securities purchased through Bond Connect generally may not be sold, purchased, or otherwise transferred other than through Bond Connect in accordance with applicable rules.

Bond Connect is relatively new. Laws, rules, regulations, policies, notices, circulars or guidelines relating to Bond Connect (the "Applicable Bond Connect Regulations") as published or applied by any of the Bond Connect Authorities (as defined below) are relatively untested and are subject to change from time to time. There can be no assurance that Bond Connect will not be restricted, suspended or abolished. If such event occurs, a fund's ability to invest in the CIBM through Bond Connect may be adversely affected, and if the fund is unable to adequately access the CIBM through other means, the fund's ability to achieve its investment objective may be adversely affected. "Bond Connect Authorities" refers to the exchanges, trading systems, settlement systems, governmental, regulatory or tax bodies which provide services and/or regulate Bond Connect and activities relating to Bond Connect, including, without limitation, the People's Bank of China, Hong Kong Monetary Authority ("HKMA"), Hong Kong Exchanges and Clearing Limited, China Foreign Exchange Trade System & National Interbank Funding Centre, Central Moneymarkets Unit ("CMU"), China Central Depository & Clearing Co., Ltd ("CCDC"), Shanghai Clearing House ("SCH"), and any other regulator, agency or authority with jurisdiction, authority or responsibility in respect of Bond Connect.

Under the prevailing Applicable Bond Connect Regulations, eligible foreign investors who wish to participate in Bond Connect may do so through an offshore custody agent, registration agent or other third parties (as the case may be), who would be responsible for making the relevant filings and account opening with the relevant authorities. A fund is therefore subject to the risk of default or errors on the part of such agents.

Trading through Bond Connect is performed through newly developed trading platforms and operational systems. There is no assurance that such systems will function properly (in particular, under extreme market conditions) or will continue to be adapted to changes and developments in the market. In the event that the relevant systems fail to function properly, trading through Bond Connect

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may be disrupted. A fund's ability to trade through Bond Connect (and hence to pursue its investment strategy) may therefore be adversely affected. In addition, where a fund invests in the CIBM through Bond Connect, it may be subject to risks of delays inherent in the order placing and/or settlement.

A fund's investments through Bond Connect will be held on behalf of the fund via a book entry omnibus account in the name of the CMU maintained with a Mainland China-based custodian (either CCDC or SCH). A fund's ownership interest in investments through Bond Connect will not be reflected directly in book entry with CCDC or SCH and will instead only be reflected on the books of its Hong Kong sub-custodian. While Bond Connect Authorities have expressly stated that investors will enjoy the rights and interests of the bonds acquired through Bond Connect in accordance with applicable laws, the exercise and the enforcement of beneficial ownership rights over such bonds in the courts in China is yet to be tested. As a result, for example, though the HKMA has stated otherwise in its Frequently Asked Questions relating to Bond Connect, it is possible that in the event that the nominee holder (i.e. the CMU or HKMA) becomes insolvent, such bonds may be deemed to form part of the pool of assets of the nominee holder available for distribution to its creditors thereby subjugating the rights of a fund.

With respect to tax treatment, uncertainties in China tax rules governing taxation of income and gains from investments via Bond Connect could result in unexpected tax liabilities for a fund.

The Ministry of Finance of the People's Republic of China ("PRC") and the State Administration of Taxation of the PRC issued Caishui No. 108 on November 7, 2018, which states that bond interest derived from investment in the China bond market by foreign institutional investors will be temporarily exempt from withholding income tax and value added tax until November 6, 2021. Further, according to the Announcement on Continuation of Corporate Income Tax ("CIT") and Value-added Tax ("VAT") Policies for Overseas Institutions Investing in the Domestic Bond Market Announcement No. 34, 2021, which was jointly made by the Ministry of Finance and the State Taxation Administration on November 22, 2021, the temporary exemption applies to the withholding tax and value added tax on the aforementioned bonds interest will continue during the period from November 7, 2021 to December 31, 2025. Since such CIT and VAT exemption is temporary, it is uncertain whether the exemption will continue after December 31, 2025. If, in the future, China begins applying tax rules regarding the taxation of investment in China bonds by foreign investors, and/or begins collecting withholding and other taxes on interest derived by such investment, a fund's return might be adversely affected.

**IPOs:** Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in companies with smaller market capitalizations and often to a heightened degree. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. Because of the price volatility of IPO shares, a fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of a fund and may lead to increased expenses to the fund, such as commissions and transaction costs. By selling IPO shares, a fund may realize taxable gains it subsequently will distribute to shareholders. At any particular time or from time to time, a fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be made available to a fund. The limited number of shares available for trading in some IPOs may make it more difficult for a fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Investors in IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders. There is no assurance that any particular IPO will be successful, or that any gains will be sustainable. Investors should not rely on past gains attributable to IPOs as an indication of future performance.

**Japan:** To the extent a fund invests a significant portion of its assets in companies domiciled in Japan or in securities quoted or denominated in the Japanese yen, the fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the Japanese economy. The Japanese economy is heavily dependent upon international trade, particularly with the U.S. and other Asian countries. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption. In recent times, Japan's economic growth rate has remained relatively low, lagging that of its Asian neighbors and other major developed economies, and it may remain low in the future. The Japanese economic growth rate could be impacted by Bank of Japan monetary policies, rising interest rates, tax increases, budget deficits, consumer confidence and volatility in the Japanese yen. Japan's economy has been adversely affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions of its trading partners. Japan's relations with neighboring countries, particularly China, North Korea, South Korea and Russia, have at times been strained due to territorial disputes, historical animosities and defense concerns. Most recently, the Japanese government has shown concern over the increased nuclear and military activity by North Korea. Strained relations may cause uncertainty in the Japanese markets and adversely affect the overall Japanese economy in times of crisis. China has become an important trading partner with Japan, yet the countries' political relationship has become strained. Should political tension increase, it could adversely affect the economy, especially the export sector, and destabilize the region as a whole. Economic growth in Japan is heavily dependent on continued growth in international trade, government support of the financial services sector, among other troubled sectors, and consistent government policy. The Japanese economy has been adversely affected by certain structural issues, including an aging population, significant non-performing loan portfolios at major financial institutions, substantial government deficits and low domestic consumption. In addition, Japan is located

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in a part of the world that has historically been prone to natural disasters such as earthquakes, volcanic eruptions, typhoons and tsunamis, and is economically sensitive to environmental events. Any such event may negatively affect the securities of Japanese companies held by a fund.

**Junior Loans:** Junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured status, junior loans involve a higher degree of overall risk than senior loans of the same borrower. Second lien loans are secured by the assets of the issuer. In a typical structure, the claim on collateral and right of payment of second lien loans are junior to those of first-lien loans. Subordinated bridge loans are loans that are intended to provide short-term financing to provide a "bridge" to an asset sale, bond offering, stock offering, or divestiture. Generally, bridge loans are provided by arrangers as part of an overall financing package. Typically, the issuer will agree to increasing interest rates if the loan is not repaid as expected. A subordinated bridge loan is junior to a senior bridge loan in right of payment.

**Large Capitalization Companies:** A fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion. As a result, a fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

**Large Shareholder:** The Transamerica Asset Allocation funds designated Conservative, Moderate, Moderate Growth and Growth, the Transamerica Asset Allocation Horizon Funds designated Short, Intermediate and Long, each a separate series of Transamerica Funds, as well as the Transamerica JPMorgan Asset Allocation portfolios designated Conservative, Diversified Equity Allocation, Moderate Growth, Moderate and International Moderate Growth, and Transamerica 60/40 Allocation VP, Transamerica Goldman Sachs 70/30 Allocation VP and Transamerica BlackRock Tactical Allocation VP, each a separate series of Transamerica Series Trust, are asset allocation funds ("Asset Allocation Funds") that may invest in certain series of Transamerica Funds and Transamerica Series Trust and may own a significant portion of the shares of an underlying fund. Certain Asset Allocation Funds may invest in TAM-sponsored ETFs that have investment objectives and strategies similar to certain series of Transamerica Funds and Transamerica Series Trust. Other investment vehicles, including Transamerica collective investment trust funds, and institutional investors may also own a significant portion of a fund's shares.

Unaffiliated funds (the "Unaffiliated Funds") may invest in series of Transamerica Funds subject to the fund of funds restrictions of Section 12(d)(1) of the 1940 Act. Unaffiliated Funds may invest in an underlying fund beyond the limits of Section 12(d)(1), in reliance on certain exemptions, such as Rule 12d1-4 under the 1940 Act, subject to certain terms and conditions. An Unaffiliated Fund may own a significant portion of the shares of an underlying fund.

Transactions by a large shareholder may be disruptive to the management of a fund. A fund may experience large redemptions or investments due to transactions in fund shares by a large shareholder. While it is impossible to predict the overall effect of these transactions over time, there could be an adverse impact on a fund's performance. In the event of such redemptions or investments, a fund could be required to sell securities or to invest cash at a time when it may not otherwise desire to do so. Such transactions may increase a fund's brokerage and/or other transaction costs. In addition, when a large shareholder owns a substantial portion of a fund's shares, a large redemption by that shareholder could cause actual expenses to increase, or could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio. Redemptions of fund shares could also accelerate the realization of taxable capital gains. The impact of these transactions is likely to be greater when a large shareholder purchases, redeems, or owns a substantial portion of a fund's shares. When possible, TAM and/or the sub-adviser will consider how to minimize these potential adverse effects, and may take such actions as it deems appropriate to address potential adverse effects, including carrying out the transactions over a period of time, although there can be no assurance that such actions will be successful.

**Legal and Regulatory:** Legal and regulatory changes could occur that may adversely affect a fund, its investments, and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. New or revised laws or regulations may be imposed by the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, the Internal Revenue Service, the U.S. Federal Reserve or other governmental regulatory authorities or self-regulatory organizations that could adversely affect a fund. A fund also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules by governmental regulatory authorities or self-regulatory organizations.

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Regulations require a fund, to the extent it uses derivatives to a material extent, to, among other things, comply with certain overall limits on leverage. These regulations may limit the ability of a fund to pursue its investment strategies and may not be effective to mitigate a fund's risk of loss from derivatives.

A fund also will be leveraged and can incur losses if the value of the fund's assets declines between the time a redemption request is received or deemed to be received by the fund (which in some cases may be the business day prior to actual receipt of the transaction activity by the fund) and the time at which the fund liquidates assets to meet redemption requests. In the case of redemptions representing a significant portion of the fund, the leverage effects described above can be significant and could expose a fund and non-redeeming shareholders to material losses.

**Liquidity:** A fund may make investments that are illiquid or that become illiquid after purchase. Investments may become illiquid due to the lack of an active market, a reduced number of traditional market participants, legal or contractual restrictions on resale, or reduced capacity of traditional market participants to make a market in securities. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased volatility. As a general matter, a reduction in the willingness or ability of dealers and other institutional investors to make markets in fixed-income securities may result in even less liquidity in certain markets. Liquidity risk may be magnified in rising interest rate or volatile environments. Illiquid investments can be difficult to value. If a fund is forced to sell less liquid or illiquid investments to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss (or may not be able to sell at all), and such sale may involve additional costs or may cause the value of your investment to decline. In addition, securities, once sold by a fund, may not settle for an extended period (for example, several weeks or even longer). The fund will not receive its sales proceeds until that time, which may constrain the fund's ability to meet its obligations (including obligations to redeeming shareholders). Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for a fund to sell. This may prevent a fund from limiting losses. Further, when there is illiquidity in the market for certain investments, a fund, due to limitations on illiquid investments, may be unable to achieve its desired level of exposure to a certain sector or asset class. A fund is required by law to maintain a liquidity risk management program to assess and manage the fund's liquidity risk. This program is intended to reduce liquidity risk, but may not achieve the desired results. Analyses and judgments made under the program may be incorrect, and changes in market conditions, which may be rapid and unexpected, may adversely affect the program.

**Loans:** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. In the event of bankruptcy of a borrower, a fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a loan.

A fund may invest in certain commercial loans, including loans generally known as "syndicated bank loans," by acquiring participations or assignments in such loans. The lack of a liquid secondary market for such securities may have an adverse impact on the value of the securities and a fund's ability to dispose of particular assignments or participations when necessary to meet redemptions of shares or to meet a fund's liquidity needs. When purchasing a participation, a fund may be subject to the credit risks of both the borrower and the lender that is selling the participation. When purchasing a loan assignment, a fund acquires direct rights against the borrowers, but only to the extent of those held by the assigning lender. Investment in loans through a direct assignment from the financial institution's interests with respect to a loan may involve additional risks to a fund.

Junior loans, which have a lower place in the borrower's capital structure than senior loans and may be unsecured, involve a higher degree of overall risk than senior loans of the same borrower. Second lien loans are secured by the assets of the issuer. In a typical structure, the claim on collateral and right of payment of second lien loans are junior to those of first-lien loans. Subordinated bridge loans are loans that are intended to provide short-term financing to provide a "bridge" to an asset sale, bond offering, stock offering, or divestiture. Generally, bridge loans are provided by arrangers as part of an overall financing package. Typically, the issuer will agree to increasing interest rates if the loan is not repaid as expected. A subordinated bridge loan is junior to a senior bridge loan in right of payment.

There may be no active trading market for loans. Loans may have settlement periods in excess of seven days. Failure to receive sales proceeds on a timely basis may constrain a fund's ability to meet its obligations (including obligations to redeeming shareholders).

Certain courts have determined that loans are not securities and, therefore, purchasers such as a fund may not be entitled to the anti-fraud protections of the federal securities laws, including the prohibitions on insider trading.

Loans may have restrictive covenants limiting the ability of a borrower to further encumber its assets. However, in periods of high demand by lenders like a fund for loan investments, borrowers may limit these covenants and weaken a lender's ability to access collateral securing the loan; reprice the credit risk associated with the borrower; and mitigate potential loss. A fund may experience greater losses or delays and expenses in enforcing its rights with respect to loans with fewer restrictive covenants.

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**Management:** The value of your investment in a fund may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results. For example, the value of your investment in a fund may go down if its investment manager's or sub-adviser's judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, is incorrect. A fund may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by its investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. A fund's investment strategies may not work as intended or may otherwise fail to produce the desired results. In addition, a fund's investment strategies or policies may change from time to time. Legislative, regulatory or tax developments may also affect the investment techniques available to an investment manager or sub-adviser in connection with managing a fund. Those changes and developments may not lead to the results intended by the investment manager or sub-adviser and could have an adverse effect on the value or performance of the fund. Any of these things could cause a fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Market:** The market prices of a fund's securities and other assets may go up or down, sometimes sharply and unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning), investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. To the extent a fund may overweight its investments in certain sectors, industries, issuers, or geographies, such position will increase the fund's exposure to the risk of loss from adverse developments affecting those sectors, industries, issuers, or geographies. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the fund's securities and assets fall, the value of your investment will go down. A fund may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a fund's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including a fund's securities.

Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. Following Russia's invasion of Ukraine in 2022, Russian stocks lost all, or nearly all, of their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the fund's investments.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments and generally for economies, and markets in the U.S. and elsewhere and, in the case of Transamerica Government Money Market, the fund's ability to maintain a $1.00 share price. Similarly, political events within the United States at times have resulted, and may in the future result, in a failure to approve a budget for the federal government and a subsequent shutdown of government services, which in turn could negatively affect the U.S. economy, decrease the value of fund investments, and increase uncertainty in or impair the operation of securities markets in the United States and elsewhere. Changes in interest rates and levels of inflation also could adversely affect the value and liquidity of the fund's investments, impair the fund's ability to satisfy redemption requests, and negatively impact the fund's performance.

The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as

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companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the fund's opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, China's long-running conflict over Taiwan's sovereignty, other disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict. If the political climate between the United States and China does not improve or continues to deteriorate, if China enters into military conflict with Taiwan, the Philippines or another neighbor, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the fund's assets may go down.

**Master Limited Partnerships:** Investments in MLPs involve risks that differ from investments in corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks, certain tax risks, and risks related to the general partner's right to require unitholders to sell their common units at an undesirable time or price. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on a fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole.

The yields for equity and debt securities of MLPs and other issuers in the energy sector are susceptible in the short-term to fluctuations in interest rates and the value of a fund's investments in such securities may decline if interest rates rise. Further, rising interest rates could adversely impact the financial performance of MLPs and other issuers in the energy sector by increasing their cost of capital. This may reduce their ability to execute acquisitions or expansion projects in a cost-effective manner. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs are generally considered interest-rate sensitive investments, and during period of interest rate volatility, may not provide attractive returns.

The value of a fund's investment in MLPs depends to a significant extent on the MLPs being treated as partnerships for U.S. federal income tax purposes. If an MLP does not meet the legal requirements to maintain partnership status, it could be taxed as a corporation and there could be a material decrease in the value of its securities. In that case, the MLP would be subject to U.S. federal income taxation, and distributions received by a fund generally would be taxed as dividend income. If any of the MLPs owned by a fund were treated as corporations for U.S. federal income tax purposes, the after-tax return to a fund with respect to its investment in such MLPs could be materially reduced, which could cause a substantial decline in the value of the fund's shares.

Depreciation or other cost recovery deductions passed through to a fund from investments in MLPs in a given year will generally reduce the fund's taxable income, but those deductions may be recaptured in the fund's income in one or more subsequent years. When recognized and distributed, recapture income will generally be taxable to shareholders at the time of the distribution at ordinary income tax rates, even though those shareholders might not have held shares in a fund at the time the deductions were taken by the fund, and even though those shareholders may not have corresponding economic gain on their shares at the time of the recapture. In order to distribute recapture income or to fund redemption requests, a fund may need to liquidate investments, which may lead to additional recapture income.

Noncorporate taxpayers are generally eligible for a deduction of up to 20% of "qualified publicly traded partnership income." A fund will not be able to claim such a deduction in respect of income allocated to it by any MLPs or other publicly traded partnerships in which it invests, and absent any additional guidance, the law does not allow noncorporate shareholders to be able to claim a deduction in respect of fund dividends attributable to any such income.

**Medium Capitalization Companies:** Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. Such companies usually do not pay significant dividends that could cushion returns in a falling market.

**Model and Data:** Certain sub-advisers may utilize quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging a fund's investments.

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If Models and Data prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose a fund to additional risks. For example, by utilizing Models or Data, a sub-adviser may buy certain investments at prices that are priced too high, to sell certain other investments at prices that are too low, or to miss favorable opportunities altogether. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. A fund bears the risk that Models or Data used by its sub-adviser will not be successful in determining the size, direction, and/or weighting of investment positions that will enable the fund to achieve its investment objective.

Models can be predictive in nature. The use of predictive Models has inherent risks. For example, such Models may incorrectly forecast future behavior, leading to potential losses on a cash flow and/or a mark-to-market basis. In addition, in unforeseen or certain low-probability scenarios (often involving a market disruption of some kind), such Models may produce unexpected results, which can result in losses for a fund. Furthermore, the success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data.

Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. To address these issues, a sub-adviser evaluates the performance of the Models utilized, including Model prices and outputs versus recent transactions or similar securities, and as a result, such Models may be modified from time to time. There also can be no assurance that the use of Models will result in effective investment decisions for a fund.

**Money Market Funds:** An investment in a money market fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor is not required to reimburse the fund for losses or to provide financial support to the fund. Although many money market funds seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in such money market funds. Certain other money market funds float their net asset value. An investment in a money market fund is not guaranteed and it is possible for a fund to lose money by investing in money market funds.

**Mortgage-Related and Asset-Backed Securities:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund's net asset value. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae (formally known as Federal National Mortgage Association) or Freddie Mac (formally known as Federal Home Loan Mortgage Corporation) or by agencies of the U.S. government, such as the Government National Mortgage Association ("Ginnie Mae"). Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. Certain asset-backed securities present a heightened level of risk because, in the event of default, the liquidation value of the underlying assets may be inadequate to pay any unpaid principal or interest.

The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee. The risk of default is generally higher in the case of mortgage-backed investments that include so-called "sub-prime" mortgages. For mortgage-backed securities, when market conditions result in an increase in the default rates on the underlying mortgages and the foreclosure values of the underlying real estate are below the outstanding amount of the underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful.

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Mortgage-backed and asset-backed securities are subject to prepayment or call, valuation, liquidity, credit, interest rate and extension risks, and to risks associated with the servicing of the mortgages and loans underlying those securities. The structure of some of these securities may be complex and there may be less available information than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, a fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss.

**Municipal Securities:** Issuers of municipal securities tend to derive a significant portion of their revenue from taxes, particularly property and income taxes, and decreases in personal income levels and property values and other unfavorable economic factors, such as a general economic recession, adversely affect municipal securities. Municipal issuers may also be adversely affected by rising health care costs, increasing unfunded pension liabilities and by the phasing out of federal programs providing financial support. Where municipal securities are issued to finance particular projects, especially those relating to education, health care, transportation, housing, water or sewer and utilities, issuers often depend on revenues from those projects to make principal and interest payments. Adverse conditions and developments in those sectors can result in lower revenues to issuers of municipal securities and can also have an adverse effect on the broader municipal securities market. To the extent a fund invests significantly in a single state, or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, such as health care, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

There may be less public information available on municipal issuers or projects than other issuers, and valuing municipal securities may be more difficult. In addition, the secondary market for municipal securities is less well developed and liquid than other markets, and dealers may be less willing to offer and sell municipal securities in times of market turbulence. Changes in the financial condition of one or more individual municipal issuers (or one or more insurers of municipal issuers), or one or more defaults by municipal issuers or insurers, can adversely affect liquidity and valuations in the overall market for municipal securities. The value of municipal securities can also be adversely affected by regulatory and political developments affecting the ability of municipal issuers to pay interest or repay principal, actual or anticipated tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors.

The rate of interest paid on municipal securities normally is lower than the rate of interest paid on fully taxable securities. Some municipal securities, such as general obligation issues, are backed by the issuer's taxing authority, while other municipal securities, such as revenue issues, are backed only by revenues from certain facilities or other sources and not by the issuer itself.

The municipal market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening.

To the extent that a fund invests in municipal securities whose issuers are located in a single state, such as California, the fund will be more susceptible to economic, political and other developments that may adversely affect issuers in that state than are funds whose portfolios are more geographically diverse. These developments may include state or local legislation or policy changes, voter-passed initiatives, erosion of the tax base or reduction in revenues of the state or one or more local governments, the effects of terrorist acts or the threat of terrorist acts, the effects of possible natural disasters, or other economic or credit problems affecting the state generally or any individual locality. The major sources of revenues for local government, property taxes and sales taxes, as well as fees based on real estate development, may be adversely affected by an economic recession. Unfavorable developments in any economic sector may adversely affect a particular state's overall municipal market. Historically, California's economy has been more volatile than that of the nation as a whole. Although California has a relatively diversified economy, California has concentrations in high technology, trade, entertainment, agriculture, manufacturing, tourism, construction, government and services.

Investment in municipal securities of issuers in U.S. territories may have more risks than in tax-exempt securities issued by other issuers. Municipal securities issued by the Commonwealth of Puerto Rico or its agencies carry substantial risks. From 2017-2022, the Commonwealth, its Sales Tax Financing Corporation, Highways and Transportation Authority, Employees' Retirement System, Public Buildings Authority, and Aqueduct and Sewer Authority, were subject to the equivalent of municipal bankruptcy proceedings, known as "PROMESA" cases. During those proceedings, these municipal entities were unable to issue new municipal securities or repay existing municipal debt. At this time, Puerto Rico's Electric Power Authority ("PREPA") remains in such proceedings and subject to such restrictions. Moreover, the validity of PREPA's debt instruments (and thus whether the holders are entitled to any recovery at all) has been called into question as part of its PROMESA case. PROMESA is a novel federal law and many of its provisions have been disputed. Those agencies of the Commonwealth that are not currently debtors in PROMESA proceedings at this time may enter such proceedings in the future and, in any event, can be expected to be subject to many of the same stressors that caused the proceedings mentioned above. For these and other reasons, the timing and rate of recovery on municipal securities that have been or will be issued by the Commonwealth of Puerto Rico or any of its agencies are highly unpredictable.

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**Natural Resource-Related Securities:** Securities of companies involved with natural resources may be subject to significant price fluctuations for several reasons, including the volatility of prices for energy and basic materials, possible instability of supply, changes in demand or inflation. In addition, some companies may be subject to the risks generally associated with the extraction, handling and use of natural resources.

**Non-Diversification:** As a "non-diversified" fund, a fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent a fund invests its assets in a smaller number of issuers, it may be more susceptible to risks associated with a single economic, political or regulatory occurrence or other risks associated with those issuers than a diversified fund.

**Operational:** Your ability to transact with a fund or the valuation of your investment may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology (including as a result of cybersecurity incidents), changes in personnel, and errors caused by third party service providers or trading counterparties. It is not possible to identify all of the operational risks that may affect a fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. A fund and its shareholders could be negatively impacted as a result.

**Over-the-Counter Transactions:** A fund may engage in over-the-counter ("OTC") transactions, which trade in a dealer network, rather than on an exchange. In general, there is less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges. Transactions in the OTC markets also are subject to the credit risk of the counterparty.

**Precious Metals-Related Securities:** Investments in precious metals-related securities are considered speculative and are affected by a variety of worldwide economic, financial, social and political factors. Prices of precious metals and of precious metals-related securities historically have been very volatile. The high volatility of precious metals prices may adversely affect the financial condition of companies involved with precious metals. The production and sale of precious metals by governments or central banks or other larger holders can be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for inflation and changes in industrial and commercial demand for precious metals.

**Preferred Stock:** Preferred stock represents an interest in a company that generally entitles the holder to receive, in preference to the holders of the company's common stock, dividends and a fixed share of the proceeds resulting from any liquidation of the company. Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise. Shareholders of preferred stock may suffer a loss of value if dividends are not paid. Preferred stock does not generally carry voting rights.

**Prepayment or Call:** Many fixed-income securities give the issuer the option to repay or call the security prior to its maturity date. Issuers often exercise this right when interest rates fall. Accordingly, if a fund holds a fixed-income security subject to prepayment or call risk, it will not benefit fully from the increase in value that other fixed-income securities generally experience when interest rates fall. Upon prepayment of the security, a fund would also be forced to reinvest the proceeds at then current yields, which would be lower than the yield of the security that was paid off. This may adversely affect a fund's net asset value. In addition, if a fund purchases a fixed-income security at a premium (at a price that exceeds its stated par or principal value), the fund may lose the amount of the premium paid in the event of prepayment. Prepayment further tends to reduce the yield to maturity and the average life of the security.

**Privately Placed and Other Restricted Securities:** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted Securities include securities eligible for resale pursuant to Rule 144A, and securities of U.S. and non-U.S. issuers initially offered and sold outside the United States pursuant to Regulation S. Restricted securities also include private placements of securities with agreed upon contractual restrictions on the resale of such securities that are in addition to applicable legal restrictions.

Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale. Restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility. Also, a fund may get only limited information about the issuer of a given restricted security, and therefore may be less able to predict a loss. Restricted securities may involve a high degree of business and financial risk, which may result in substantial losses.

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An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices. For this reason, restricted securities may adversely affect a fund's overall liquidity if eligible buyers are or become uninterested in buying them at a particular time.

Restricted securities may not be listed on an exchange and may have no active trading market. A fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. A fund may incur additional expense when disposing of restricted securities, including all or a portion of the cost to register the securities for resale, and other transaction costs which may be higher for restricted securities than unrestricted securities.

**Real Estate Securities:** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks may include, without limitation:

• declining real estate value

• risks relating to general and local economic conditions

• over-building

• increased competition for assets in local and regional markets

• increases in property taxes

• increases in operating expenses or interest rates

• change in neighborhood value or the appeal of properties to tenants

• insufficient levels of occupancy

• inadequate rents to cover operating expenses

The performance of securities issued by companies in the real estate industry also may be affected by prudent management of insurance risks, adequacy of financing available in capital markets, competent management, changes in applicable laws and government regulations (including zoning, environmental, and tax laws) and social and economic trends.

If the fund's real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**Redemption (Transamerica Government Money Market):** The fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that the fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. The redemption by one or more large shareholders of their holdings in the fund could have an adverse impact on the remaining shareholders in the fund. In addition, the fund may suspend redemptions when permitted by applicable regulations.

**Redemption:** A fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. In that event, the value of your investment in the fund would go down. If a fund is required to liquidate assets to accommodate redemptions, the liquidation could accelerate the recognition of capital gains by the fund, and any capital gains recognized by the fund generally need to be distributed to shareholders in order to avoid fund-level taxation. The non-redeeming shareholders could receive a disproportionate amount of those taxable distributions, even though the capital gains were recognized as a result of the redeeming shareholders. Redemption risk is greater to the extent that a fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in a fund could hurt performance and/or cause the remaining shareholders in the fund to lose money. Further, a fund's redemption risk is increased if one decision maker has control of fund shares owned by separate fund shareholders, including clients or affiliates of the investment manager and/or sub-adviser.

**Regulatory:** In recent years, the U.S. government adopted and implemented regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as margin, reporting and registration requirements. Additional U.S. or other regulations may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. The Dodd-Frank Wall Street Reform Act (the "Reform Act") substantially increased regulation of the over-the-counter ("OTC") derivatives market and participants in that market, including imposing clearing and reporting requirements on transactions involving instruments that fall within the Reform Act's definition of "swap" and "security-based swap," which terms generally include OTC derivatives, and imposing registration and potential substantive requirements on certain swap and security-based swap market participants. In addition, under the Reform Act, a fund may be subject to additional recordkeeping and reporting requirements. Certain SEC rulemakings from recent years that may affect a fund include the following:

• Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by registered investment companies, such as a fund, and set limits on a fund's investments in derivatives.

• Rule 12d1-4 under the 1940 Act provides an enhanced regulatory framework applicable to fund of fund arrangements.

• Rule 2a-5 under the 1940 Act establishes an updated regulatory framework for registered investment company valuation practices.

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• Rule 2a-7 under the 1940 Act was amended to, among other things, increase the daily and weekly liquid asset minimum requirements for money market funds and remove the ability of money market funds to temporarily suspend redemptions.

The impact of these and future regulations cannot be fully known at this time, and there can be no assurance that any new government regulation will not adversely affect a fund's ability to achieve its investment objective.

**REITs:** Investing in real estate investment trusts ("REITs") involves unique risks. When a fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. A decline in rental income could occur because of extended vacancies, increased competition from other properties, tenants' failure to pay rent or poor management. A REIT's performance also depends on the company's ability to finance property purchases and renovations and manage its cash flows. Because REITs are typically invested in a limited number of projects or in a particular market segment, they are more susceptible to adverse developments affecting a single project or market segment than more broadly diversified investments. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, a fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements. A failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs, or changes in the treatment of U.S. REITs under U.S. federal tax law, could adversely affect the value of a particular U.S. REIT or the market for U.S. REITs as a whole.

**Renewable Energy:** Renewable energy companies are dependent upon factors such as available solar resource, wind conditions, weather conditions and power generating equipment performance that may significantly impact the performance of such companies. Investments in renewable energy companies can also be significantly affected by events that adversely affect the renewable energy industry (*e.g.*, obsolescence of existing technology, short product cycles, falling prices and profits, the supply of, and demand for, oil and gas, the price of oil and gas, competition from new market entrants, and general economic conditions) and may fluctuate more than that of investments in other industries. Furthermore, renewable energy companies may be impacted by international politics and various governmental regulatory policies. In particular, renewable energy companies can be highly dependent upon government policies that support renewable energy generation and enhance the economic viability of owning renewable energy generation assets. Such policies can include tax credits, accelerated cost-recovery systems of depreciation, and renewable portfolio standard programs, which mandate that a specified percentage of electricity sales come from eligible sources of renewable energy.

**Renewable Infrastructure Company:** Renewable infrastructure companies are susceptible to various factors that may negatively impact their businesses or operations, including costs associated with compliance with and changes in environmental, governmental and other regulations, rising interest costs in connection with capital construction and improvement programs, government budgetary constraints that impact publicly funded projects, the effects of general economic conditions throughout the world, surplus capacity and depletion concerns, increased competition from other providers of services, uncertainties regarding the availability of fuel and other natural resources at reasonable prices, the effects of energy conservation policies, unfavorable tax laws or accounting policies and high leverage. Renewable infrastructure companies will also be affected by other factors such as innovations in technology that could render the way in which a company delivers a product or service obsolete and natural or man-made disasters. These and other factors may negatively impact renewable infrastructure companies and adversely affect the fund's performance.

**Repurchase Agreements:** In a repurchase agreement, a fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price, which is typically higher than the purchase price paid by the fund. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Sector Focus:** To the extent a fund invests more heavily in a particular market sector, the value of the fund's shares performance will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Securities Lending:** Each fund, except as noted below, may lend securities to other financial institutions that provide cash or U.S. government or agency securities as collateral. When a fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the fund will also receive a fee or interest on the collateral. Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the cash or non-cash collateral falls, including the value of investments made with cash collateral. These events could trigger adverse tax consequences for a fund.

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Transamerica Government Money Market does not participate in securities lending.

**Short Positions:** Certain funds may enter into derivatives transactions that have a similar economic effect as short sales such as taking short positions in futures contracts. A fund will incur a loss as a result of a short position if the price of the asset sold short increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks that could cause or increase losses or reduce gains, including greater reliance on the investment adviser's ability to accurately anticipate the future value of a security or instrument, potentially higher transaction costs, and imperfect correlation between the actual and desired level of exposure. Because a fund's potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited.

**Short Sales:** A short sale may be effected by selling a security that a fund does not own. In order to deliver the security to the purchaser, a fund borrows the security, typically from a broker-dealer or an institutional investor. A fund later closes out the position by returning the security to the lender. If the price of the security sold short increases, a fund would incur a loss; conversely, if the price declines, a fund will realize a gain. Although the gain is limited by the price at which the security was sold short, the loss is potentially unlimited. A fund's use of short sales in an attempt to improve performance or to reduce overall portfolio risk may not be successful and may result in greater losses or lower positive returns than if a fund held only long positions. A fund may be unable to close out a short position at an acceptable price, and may have to sell related long positions at disadvantageous times to produce cash to unwind a short position. Short selling involves higher transaction costs than typical long-only investing. A fund may also take a short position in a derivative instrument, such as a forward, future or swap.

A short sale may also be effected "against the box" if, at all times when the short position is open, a fund contemporaneously owns or has the right to obtain at no additional cost securities identical to those sold short. In the event that a fund were to sell securities short "against the box" and the price of such securities were to then increase rather than decrease, a fund would forego the potential realization of the increased value of the shares sold short.

**Small and Medium Capitalization Companies:** Investing in small- and medium-sized companies involves greater risk than is customarily associated with more established companies. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. Smaller capitalization companies often have limited product lines, markets, or financial resources and their management may lack depth and experience. Such companies usually do not pay significant dividends that could cushion returns in a falling market.

**Small Capitalization Companies:** Investing in small capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of small capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than larger capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small capitalization companies may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. Small capitalization companies often have limited product lines, markets, or financial resources and their management may lack depth and experience. Such companies usually do not pay significant dividends that could cushion returns in a falling market.

**SOFR:** A fund may be exposed to financial instruments that reference Secured Overnight Financing Rate ("SOFR").

Global regulators and private sector actors have established alternative reference rates, such as SOFR, to replace the London Interbank Offered Rate (previously defined as "LIBOR"), which has ceased publication. Today, SOFR is the dominant U.S. dollar interest rate benchmark. Certain floating or variable rate obligations or investments of a fund may reference SOFR.

SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions collateralized by U.S. Treasury securities. SOFR differs fundamentally from LIBOR. LIBOR was intended to be an unsecured rate that represented interbank funding costs for different short-term maturities. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates during certain periods. SOFR also has a limited history. There is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. The future performance of SOFR, and SOFR-based reference rates, is not known. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

**Sovereign Debt:** Sovereign debt instruments, which are debt obligations issued or guaranteed by a foreign governmental entity, are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on debt that it has issued or guaranteed, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, relationships with other lenders such as commercial banks, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental

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entity defaults, it may ask for more time in which to pay or for further loans, the debt may be restructured, or it may ask for forgiveness of interest or principal on its existing debt. Unlike most corporate debt restructurings, the fees and expenses of financial and legal advisers to the creditors in connection with a restructuring may be borne by the holders of the sovereign debt securities instead of the sovereign entity itself. On the other hand, a governmental entity may be unwilling to renegotiate the terms of its sovereign debt. There is no established legal process for a U.S. bondholder (such as a fund) to enforce its rights against a governmental entity that does not fulfill its obligations, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Strategies and Styles:** Investment strategies and styles with different characteristics tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. A fund may outperform or underperform other funds that employ a different strategy or style. A fund may employ a combination of strategies and/or styles that impact its risk characteristics.

**Structure Conflicts:** TAM has established an investment program whereby a substantial portion of the assets of certain funds are invested in underlying Transamerica mutual funds. TAM has also included TAM-sponsored ETFs as investment options for certain funds. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.

**Structured Instruments:** A fund may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. These may include instruments issued by structured investment or special purpose vehicles or conduits, and may be asset-backed or mortgage-backed securities. Structured instruments may take the form of participation interests or receipts in underlying securities or other assets, and in some cases are backed by a financial institution serving as a liquidity provider. The interest rate or principal amount payable at maturity on a structured instrument may vary based on changes in one or more specified reference factors, such as currencies, interest rates, commodities, indices or other financial indicators. Changes in the underlying reference factors may result in disproportionate changes in amounts payable under a structured instrument. Some of these instruments may have an interest rate swap feature which substitutes a floating or variable interest rate for the fixed-interest rate on an underlying security, and some may be asset-backed or mortgage-backed securities. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. For structured securities that have embedded leverage features, small changes in interest or prepayment rates may cause large and sudden price movements. Structured instruments may be less liquid and therefore more difficult to value accurately than more traditional securities and instruments. Structured instruments may behave in ways not anticipated by a fund, or they may not receive the tax, accounting or regulatory treatment anticipated by a fund.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations (Transamerica Bond, Transamerica Capital Growth, Transamerica Core Bond, Transamerica Emerging Markets Debt, Transamerica Floating Rate, Transamerica High Yield Bond, Transamerica International Focus, Transamerica Large Growth, Transamerica Long Credit, Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond, Transamerica Small Cap Growth and Transamerica UltraShort Bond):** For certain funds, the sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." A sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. A sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in a sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of a fund's security selection process may impact a sub-adviser's investment decisions and may affect a fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact a fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact a sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Sustainability Data (Transamerica Sustainable Equity Income):** Sustainability information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted sustainability standards or standardized practices for researching, generating, or analyzing sustainability data, classifications, screens, and ratings ("Sustainability Data"). The factors and criteria considered when generating Sustainability Data and the results of such sustainability research may differ widely across third-party Sustainability Data providers. The evaluation of sustainability factors and criteria is often subjective, is often evolving and subject to ongoing refinement, and the third-party Sustainability Data providers used by a fund may not identify or evaluate every relevant sustainability factor and/or criteria with respect to every investment. Due to differences in various countries' corporate disclosure and financial statement reporting obligations and availability, as well as timeliness of any such available

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information, a third-party Sustainability Data provider may not always be successful in identifying material sustainability information about a particular company. A fund may invest in companies that do not reflect the beliefs or values of a particular investor and may not be deemed to exhibit the intended sustainability characteristics if different metrics or Sustainability Data providers were used to evaluate them. Because sustainability considerations are still an emerging area of investment focus, sustainability information and metrics can be difficult to obtain or not able to be obtained. The evaluation of sustainability factors and implementation of sustainability-related investment restrictions (e.g., screens) rely on the availability of timely, complete, and accurate Sustainability Data reported by issuers and/or third-party research providers. Sustainability Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. The successful implementation of a fund's strategy is therefore dependent, in part, on the sustainability factors identified and considered and research methodologies employed by applicable third-party Sustainability Data providers, as well as the timely availability of accurate information. Due to the specialized resources necessary to obtain sustainability-related information underlying or related to the Sustainability Data provided by applicable third-party sustainability research firms, a fund's sub-adviser does not independently test or verify the data provided by such firms.

**Sustainability Investing (Transamerica Sustainable Equity Income):** Applying sustainability criteria to a sub-adviser's investment analysis for a fund may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, applicable funds may forgo some investment opportunities available to funds that do not apply sustainability investing principals or that apply different sustainability criteria. Applying sustainability criteria may impact a fund's exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the fund's investment performance. The relevance and weightings of sustainability criteria to a sub-adviser's investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies meeting a sub-adviser's sustainability criteria at the time of investment may shift into and out of favor depending on market and economic conditions, and a company's sustainability practices, or the sub-adviser's assessment of such practices, may change over time. A fund's performance may at times be better or worse than the performance of similar funds that do not utilize sustainability investing principals or that apply different sustainability criteria. "Sustainability" is not a uniformly defined characteristic and applying sustainability criteria involves subjective assessments. There may be significant differences in views in what constitutes positive or negative sustainability characteristics of a company. A sub-adviser's sustainability assessment of a company may differ from that of other funds or investors. A fund's investments may include securities of issuers that derive revenue from non-sustainable activities. Sustainability ratings and assessments of issuers can vary across third party data providers, and sustainability data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of sustainability investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of sustainability criteria could have a material adverse effect on a fund's ability to invest in accordance with its sustainability strategy.

**Taiwan:** Investments in Taiwan are subject to legal, regulatory, political, currency, and economic risks that are unique to Taiwan, including risks associated with its ongoing tensions with China. The economy of Taiwan is heavily dependent on exports and key trading partners, including Japan, China, and the United States. Currency fluctuations, increasing competition from Asia's other emerging economies, spending reductions by key trading partners, and conditions that weaken demand for Taiwan's export products worldwide could have a negative impact on the Taiwanese economy as a whole. In addition, Taiwan lacks many natural resources. As such, any significant increase in commodity prices, worldwide shortages, or volatility in the commodities market could have an adverse effect on Taiwan's economy. The Chinese government is engaged in a longstanding dispute with Taiwan, and continually threatens invasion. Continued deterioration of the political and economic relations between the United States and China could exacerbate the tensions between China and Taiwan and cause China to act upon its threat of invasion. Such escalation could adversely affect Taiwan's economy, as well as the value of a fund.

**Tax:** In order to qualify for treatment as a regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), a fund must meet certain requirements regarding the composition of its income, the diversification of its assets, and the amounts of its distributions. In particular, a fund must generally diversify its holdings so that, at the end of each quarter of each taxable year, at least 50% of the value of the fund's total assets is represented by (1) cash and cash items, U.S. government securities, securities of other regulated investment companies, and (2) other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the fund's total assets and to not more than 10% of the outstanding voting securities of such issuer. If a fund were to fail to meet any of these requirements, the fund might not be eligible for treatment as a RIC, in which case it would be subject to federal income tax on its net income at the applicable corporate rate (without reduction for distributions to shareholders). The fund may be able to preserve its RIC qualification by meeting certain conditions, in which case it may be subject to certain additional taxes.

Any income a fund derives from investments in certain hard asset ETFs, such as certain commodity ETFs, and from other non-qualifying sources must be limited to a maximum of 10% of the fund's gross income. If a fund fails to meet the 10% requirement, the fund may be subject to the federal income tax consequences described in the preceding paragraph. A fund may invest no more than 25% of its total assets in the securities of entities treated as qualified publicly traded partnerships for federal income tax purposes. If a fund fails to meet the 25% requirement, the fund may be subject to the federal income tax consequences described in the preceding paragraph.

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An MLP is an entity treated as a partnership under the Internal Revenue Code, the partnership interests of which are traded on securities exchanges like shares of corporate stock. To qualify as an MLP, an entity must receive at least 90% of its income from qualifying sources such as interest, dividends, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. For this purpose, mineral or natural resources activities include exploration, development, production, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. If it does not so qualify, it will generally be subject to tax as a corporation.

Depreciation or other cost recovery deductions passed through to a fund from investments in MLPs in a given year will generally reduce the fund's taxable income, but those deductions may be recaptured in the fund's income in one or more subsequent years. When recognized and distributed, recapture income will generally be taxable to shareholders at the time of the distribution at ordinary income tax rates, even though those shareholders might not have held shares in the fund at the time the deductions were taken by the fund, and even though those shareholders may not have corresponding economic gain on their shares at the time of the recapture. In order to distribute recapture income or to fund redemption requests, a fund may need to liquidate investments, which may lead to additional recapture income.

**Taxable Investments (Transamerica Intermediate Muni and Transamerica High Yield Muni):** Although distributions of interest income from each fund's tax-exempt securities are generally exempt from regular federal income tax, each fund's distributions from other sources, including capital gain distributions, and any gains on the sale of each fund's shares are not. In addition, the interest on each fund's municipal securities could become subject to regular federal income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation, or adverse interpretations by regulatory authorities. You should consult a tax adviser about whether an alternative minimum tax applies to you and about state and local taxes on your fund distributions.

**To Be Announced (TBA) Transactions:** Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by a fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing a fund to further losses. Whether or not a fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement.

**Underlying Exchange-Traded Funds:** To the extent a fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects a fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which a fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of a fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that a fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. The price of an ETF can fluctuate up and down, and a fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to certain risks that do not apply to conventional funds, including: (i) the market price of an ETF's shares may be above or below the shares' net asset value; (ii) during periods of market volatility, the share prices of ETFs may deviate significantly from their NAVs; (iii) an active trading market for an ETF's shares may not develop or be maintained; (iv) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally, or trading in one or more of the ETF's underlying securities is halted, which could result in the ETF being more volatile; or (v) a limited number of institutions may act as authorized participants to create or redeem block-sized units of ETF shares. In the event substantial market or other disruptions affecting ETFs should occur in the future, the liquidity and value of a fund's shares could also be substantially and adversely affected.

Certain funds may invest in underlying Transamerica-sponsored ETFs. To the extent a fund holds a large portion of the outstanding shares of a Transamerica-sponsored ETF and/or represents a large percentage of the trading volume of a Transamerica-sponsored ETF, this could prevent the fund from selling shares of the Transamerica-sponsored ETF on the exchange at such times or price or in such amounts as it may otherwise desire. These risks are in addition to other risks of investing in ETFs.

**Underlying Funds:** When a fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects a fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which a fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that a fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests.

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**Underlying Government Money Market Funds (Transamerica Government Money Market):** The fund may invest in other government money market funds. Each of the underlying government money market funds in which the fund may invest has its own investment risks. There can be no assurance that the investment objective of any underlying government money market fund will be achieved. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying government money market funds in which it invests.

**U.S. Government Securities:** U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates or the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to certain U.S. government-sponsored entities in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**Valuation:** Certain investments may be more difficult to value than other types of investments. Many factors may influence the price at which a fund could sell any particular portfolio investment. The sales price may well differ — higher or lower — from a fund's last valuation, and such differences could be significant, particularly for illiquid securities, securities priced based upon valuations provided by third party pricing services, securities that trade in relatively thin or volatile markets, or securities that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. If market conditions make it difficult to value some investments, a fund may value these investments using more subjective methods, such as fair value methodologies. Investors who purchase or redeem fund shares on days when a fund is holding fair-valued securities may receive a greater or lesser number of shares, or greater or lower redemption proceeds, than they would have received if the fund had not fair-valued the securities or had used a different valuation methodology. The value of foreign securities, certain fixed-income securities and currencies, as applicable, may be materially affected by events after the close of the markets on which they are traded, but before a fund determines its net asset value. A fund's ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing:** The value approach carries the risk that the market will not recognize a security's intrinsic value for a long time, undervaluation may become more severe, or that a stock considered to be undervalued may actually be appropriately priced. A fund may underperform other equity funds that use different investing styles. A fund may also underperform other equity funds using the value style. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Warrants and Rights:** Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. Also, the value of a warrant or right does not necessarily change with the value of the underlying securities. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.

**Yield (Transamerica Government Money Market):** As a money market fund, the fund invests in short-term money market instruments. As a result, the amount of income received by the fund will go up or down depending on variations in short-term interest rates. Investing in high quality, short-term instruments may result in a lower yield (the income on your investment) than investing in lower quality or longer-term instruments. The fund's expenses could absorb all or a significant portion of the fund's income, and, if the fund's expenses exceed the fund's income, the fund that seeks to maintain a stable net asset value (typically, $1.00 per share) may be unable to maintain its $1.00 share price. If interest rates increase, the fund's yield may not increase proportionately. For example, TAM may discontinue any temporary voluntary fee limitation or recoup expenses previously forgone and/or reimbursed. A money market fund is also required to maintain liquidity levels based on the characteristics and anticipated liquidity needs of its shareholders and a fund with greater liquidity needs may have a lower yield than money market funds with a different shareholder base. The fund may hold cash uninvested and, if so, will not earn income on those assets.

**Yield:** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

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Please note that there are other factors that could adversely affect your investment in a fund and that could prevent the fund from achieving its investment objective. More information about risks appears in the SAI. Before investing, you should carefully consider the risks that you will assume.

**Shareholder Information**

**Management of Transamerica Funds** 

The Board of Trustees is responsible for overseeing the management and business affairs of Transamerica Funds. It oversees the operation of Transamerica Funds by its officers. It also reviews the management of each fund's assets by the investment manager and sub-advisers. Information about the Trustees and executive officers of Transamerica Funds is contained in the Statement of Additional Information ("SAI").

**Investment Manager** 

Transamerica Asset Management, Inc. ("TAM"), located at 1801 California Street, Suite 5200, Denver, CO 80202, serves as investment manager for Transamerica Funds. TAM provides continuous and regular investment management services to the funds. For each of the funds, TAM currently acts as a "manager of managers" and hires investment sub-advisers to furnish investment advice and recommendations and has entered into a sub-advisory agreement with each fund's sub-adviser. In acting as a manager of managers, TAM provides investment management services that include, without limitation, selection, proactive oversight and monitoring of the sub-advisers, daily monitoring of the sub-advisers' buying and selling of securities for the funds and regular review and evaluation of sub-adviser performance and adherence to investment style and process. TAM's management services include, among other things, the provision of supervisory, compliance and administrative services to each fund. More information on the investment management services rendered by TAM is included in the SAI. TAM is paid investment management fees for its service as investment manager to each fund. These fees are calculated on the average daily net assets of each fund.

TAM has been a registered investment adviser since 1996. As of December 31, 2025, TAM has approximately $64.2 billion in total assets under management. The funds are operated by TAM pursuant to an exclusion from registration as a commodity pool operator under the Commodity Exchange Act.

TAM is directly owned by Transamerica Life Insurance Company ("TLIC") (77%) and AUSA Holding, LLC ("AUSA") (23%), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd, a Bermuda exempted company with liability limited by shares (formerly, Aegon N.V., a Netherlands corporation), and a publicly traded international insurance group.

TAM acts as a manager of managers for the funds pursuant to an exemptive order from the U.S. Securities and Exchange Commission ("SEC") (Release IC-23379 dated August 5, 1998). TAM has responsibility, subject to oversight by the Board of Trustees, to, among other matters, oversee and monitor sub-advisers, recommend selection of sub-advisers and recommend changes to sub-advisers where it believes appropriate or advisable. The exemptive order permits TAM, subject to certain conditions including the approval of the Board of Trustees, but without the approval of the applicable fund's shareholders, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) employ a new unaffiliated sub-adviser for a fund pursuant to the terms of a new investment sub-advisory agreement, either as a replacement for an existing sub-adviser or as an additional sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) materially change the terms of any sub-advisory agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) continue the employment of an existing sub-adviser on sub-advisory contract terms where a contract has been assigned because of a change of control of the sub-adviser.

Pursuant to the exemptive order, each fund has agreed to provide certain information about new sub-advisers and new sub-advisory agreements to its shareholders.

**Management Fees Paid for the Fiscal Year Ended October 31, 2025**

For the fiscal year ended October 31, 2025, each fund paid the following management fee as a percentage of its average daily net assets:

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| | |
|:---|:---|
| **Name of Fund** | **Management** <br> **Fees (after** <br> **waivers/expense** <br> **reimbursements** <br> **and recapture)**<br>|
| Transamerica Asset Allocation – Conservative Portfolio | &nbsp;&nbsp; 0.00%  |

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| | |
|:---|:---|
| **Name of Fund** | **Management** <br> **Fees (after** <br> **waivers/expense** <br> **reimbursements** <br> **and recapture)**<br>|
| Transamerica Asset Allocation – Growth Portfolio | &nbsp;&nbsp; 0.06% |
| Transamerica Asset Allocation – Moderate Growth Portfolio | &nbsp;&nbsp; 0.08% |
| Transamerica Asset Allocation – Moderate Portfolio | &nbsp;&nbsp; 0.04% |
| Transamerica Bond | &nbsp;&nbsp; 0.36% |
| Transamerica Capital Growth | &nbsp;&nbsp; 0.69% |
| Transamerica Core Bond | &nbsp;&nbsp; 0.38% |
| Transamerica Emerging Markets Debt | &nbsp;&nbsp; 0.62% |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; 0.77% |
| Transamerica Energy Infrastructure | &nbsp;&nbsp; 1.06% |
| Transamerica Floating Rate | &nbsp;&nbsp; 0.48% |
| Transamerica Government Money Market | &nbsp;&nbsp; 0.19% |
| Transamerica High Yield Bond | &nbsp;&nbsp; 0.55% |
| Transamerica High Yield Muni | &nbsp;&nbsp; 0.50% |
| Transamerica Inflation Opportunities | &nbsp;&nbsp; 0.37% |
| Transamerica Intermediate Muni | &nbsp;&nbsp; 0.35% |
| Transamerica International Equity | &nbsp;&nbsp; 0.71% |
| Transamerica International Focus | &nbsp;&nbsp; 0.75% |
| Transamerica International Small Cap Value | &nbsp;&nbsp; 0.86% |
| Transamerica International Stock | &nbsp;&nbsp; 0.69% |
| Transamerica Large Cap Value | &nbsp;&nbsp; 0.59% |
| Transamerica Large Core ESG | &nbsp;&nbsp; 0.45% |
| Transamerica Large Growth | &nbsp;&nbsp; 0.65% |
| Transamerica Long Credit | &nbsp;&nbsp; 0.45% |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; 0.68% |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; 0.69% |
| Transamerica Multi-Asset Income | &nbsp;&nbsp; 0.57% |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; 0.59% |
| Transamerica Short-Term Bond | &nbsp;&nbsp; 0.37% |
| Transamerica Small Cap Growth | &nbsp;&nbsp; 0.77% |
| Transamerica Small Cap Value | &nbsp;&nbsp; 0.61% |
| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; 0.75% |
| Transamerica Strategic Income | &nbsp;&nbsp; 0.48% |
| Transamerica Sustainable Equity Income | &nbsp;&nbsp; 0.66% |
| Transamerica UltraShort Bond | &nbsp;&nbsp; 0.00% |
| Transamerica US Growth | &nbsp;&nbsp; 0.63% |

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**Recent Management Fee Changes** 

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| | | |
|:---|:---|:---|
| **Fund Name** | **Management Fees** | **Management Fees** |
|  | **Current** | **Prior** |
| &nbsp;&nbsp; Transamerica Asset Allocation – <br> Conservative Portfolio<br> Transamerica Asset Allocation – <br> Moderate Portfolio<br> Transamerica Asset Allocation – <br> Moderate Growth Portfolio<br> Transamerica Asset Allocation – <br> Growth Portfolio<br> (effective June 20, 2025)<br>| &nbsp;&nbsp; 0.10% of the first $1 billion<br> 0.0975% over $1 billion up to $2.5 billion<br> 0.090% over $2.5 billion up to $4 billion<br> 0.080% over $4 billion up to $9 billion<br> 0.0725% in excess of $9 billion<br>| &nbsp;&nbsp; 0.104% of the first $1 billion<br> 0.0975% over $1 billion up to $3 billion<br> 0.0925% over $3 billion up to $5 billion<br> 0.085% over $5 billion up to $7 billion<br> 0.080% over $7 billion up to $9 billion<br> 0.0725% in excess of $9 billion <br>|

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| | | |
|:---|:---|:---|
| **Fund Name** | **Management Fees** | **Management Fees** |
| &nbsp;&nbsp; Transamerica Strategic Income<br> (effective March 1, 2025)<br>| &nbsp;&nbsp; 0.544% of the first $500 million<br> 0.534% over $500 million up to $2 billion<br> 0.53% in excess of $2 billion<br>| &nbsp;&nbsp; 0.65% of the first $500 million<br> 0.64% over $500 million up to $1 billion<br> 0.62% over $1 billion up to $2 billion<br> 0.61% in excess of $2 billion<br>|

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***Trustees' Approval of Investment Management Agreement*** 

A discussion regarding the Board of Trustees' renewal of each applicable fund's investment management agreement is available in that fund's report for the fiscal year ended October 31, 2025 as filed on Form N-CSR.

**Sub-Adviser(s)** 

Pursuant to an Investment Sub-advisory Agreement between TAM and each sub-adviser on behalf of the respective fund, each sub-adviser shall provide day-to-day investment advice and recommendations for the applicable fund.

Each sub-adviser receives compensation from TAM.

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| | | |
|:---|:---|:---|
| **Fund** | **Sub-Adviser** | **Sub-Adviser Address** |
| Transamerica Sustainable Equity Income | Aegon Asset Management UK plc | &nbsp;&nbsp; 3 Lochside Crescent<br> Edinburgh EH12 9SA<br>|
| &nbsp;&nbsp; Transamerica Bond <br> Transamerica Core Bond <br> Transamerica Floating Rate <br> Transamerica High Yield Bond <br> Transamerica Long Credit <br> Transamerica Multi-Managed Balanced <br> Transamerica Short-Term Bond <br> Transamerica UltraShort Bond<br>| &nbsp;&nbsp; Aegon USA Investment Management, <br> LLC<br>| &nbsp;&nbsp; 6300 C Street SW<br> Cedar Rapids, IA 52499<br>|
| &nbsp;&nbsp; Transamerica High Yield Muni <br> Transamerica Intermediate Muni<br>| Belle Haven Investments, L.P. | &nbsp;&nbsp; 800 Westchester Avenue, Suite N607<br> Rye Brook, NY 10573<br>|
| Transamerica Government Money Market | &nbsp;&nbsp; BlackRock Investment Management, <br> LLC<br>| &nbsp;&nbsp; 1 University Square Drive<br> Princeton, NJ 08540-6455<br>|
| Transamerica International Stock | ClariVest Asset Management LLC | &nbsp;&nbsp; 3611 Valley Centre Drive, Suite 100<br> San Diego, CA 92130<br>|
| &nbsp;&nbsp; Transamerica Asset Allocation-Conservative Portfolio <br> Transamerica Asset Allocation-Growth Portfolio <br> Transamerica Asset Allocation-Moderate Portfolio <br> Transamerica Asset Allocation-Moderate Growth Portfolio<br>| &nbsp;&nbsp; Goldman Sachs Asset Management, <br> L.P.<br>| &nbsp;&nbsp; 200 West Street<br> New York, NY 10282<br>|
| Transamerica Large Cap Value | Great Lakes Advisors, LLC | &nbsp;&nbsp; Metro Center<br> 1 Station Place, Suite 470<br> Stamford, CT 06902<br>|
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; J.P. Morgan Investment Management <br> Inc.<br>| &nbsp;&nbsp; 383 Madison Avenue<br> New York, NY 10179<br>|
| Transamerica Energy Infrastructure | &nbsp;&nbsp; Kayne Anderson Capital Advisors, <br> L.P.<br>| &nbsp;&nbsp; 717 Texas Avenue, 22nd Floor<br> Houston, TX 77002<br>|
| Transamerica Emerging Markets Debt | &nbsp;&nbsp; MetLife Investment Management, <br> LLC<br>| &nbsp;&nbsp; One MetLife Way<br> Whippany, NJ 07981<br>|
| &nbsp;&nbsp; Transamerica Capital Growth <br> Transamerica Large Growth<br>| &nbsp;&nbsp; Morgan Stanley Investment <br> Management Inc.<br>| &nbsp;&nbsp; 1585 Broadway<br> New York, NY 10036<br>|
| &nbsp;&nbsp; Transamerica Inflation Opportunities<br> Transamerica Large Core ESG<br> Transamerica Strategic Income<br>| PineBridge Investments LLC | &nbsp;&nbsp; Park Avenue Tower<br> 65 East 55th Street<br> New York, NY 10022<br>|
| Transamerica Small Cap Growth | Ranger Investment Management, L.P. | &nbsp;&nbsp; 8115 Preston Road, Suite 590<br> Dallas, TX 75225<br>|
| Transamerica International Focus | Sands Capital Management, LLC | &nbsp;&nbsp; 1000 Wilson Boulevard, Suite 3000<br> Arlington, VA 22209<br>|
| &nbsp;&nbsp; Transamerica Small Cap Value <br> Transamerica Small/Mid Cap Value<br>| &nbsp;&nbsp; Systematic Financial Management, <br> L.P.<br>| &nbsp;&nbsp; 300 Frank W. Burr Blvd. <br> Glenpointe East, 7th Floor<br> Teaneck, NJ 07666 <br>|

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| | | |
|:---|:---|:---|
| **Fund** | **Sub-Adviser** | **Sub-Adviser Address** |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity<br> Transamerica International Equity<br> Transamerica International Small Cap Value<br> Transamerica Mid Cap Value Opportunities<br> Transamerica Multi-Asset Income<br> Transamerica Small/Mid Cap Value<br>| Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; 6641 West Broad Street, Suite 600<br> Richmond, VA 23230<br>|
| &nbsp;&nbsp; Transamerica Large Growth <br> Transamerica Mid Cap Growth <br> Transamerica US Growth<br>| &nbsp;&nbsp; Wellington Management Company <br> LLP<br>| &nbsp;&nbsp; 280 Congress Street<br> Boston, MA 02210<br>|

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**Further Information About Each Sub-Adviser**

Aegon Asset Management UK plc (formerly, Kames Capital plc), a wholly-owned subsidiary of Aegon Ltd, has been a registered investment adviser since 2017. As of December 31, 2025, Aegon Asset Management UK plc had approximately $53.0 billion in total assets under management.

Aegon USA Investment Management, LLC, a wholly-owned and indirect subsidiary of Aegon Ltd, has been a registered investment adviser since December 2001. As of December 31, 2025, Aegon USA Investment Management, LLC had approximately $87.2 billion in total assets under management.

Belle Haven Investments, L.P. has been a registered investment adviser since 2006. As of December 31, 2025, Belle Haven Investments, L.P. had approximately $23.32 billion in total assets under management.

BlackRock Investment Management, LLC, a wholly owned and indirect subsidiary of BlackRock, Inc., has been a registered investment adviser since 1988. As of December 31, 2025, BlackRock, Inc. had approximately $14 trillion in total assets under management.

ClariVest Asset Management LLC, a wholly owned and indirect subsidiary of Raymond James Financial, has been a registered investment adviser since 2006. As of December 31, 2025, ClariVest Asset Management LLC had approximately $3.6 billion in total assets under management.

Goldman Sachs Asset Management, L.P., an affiliate of Goldman Sachs & Co. LLC, has been a registered investment adviser since 1990. As of December 31, 2025, Goldman Sachs Asset Management, L.P., including its investment advisory affiliates, had approximately $3.35 trillion in total assets under supervision.

Great Lakes Advisors, LLC is a wholly owned subsidiary of Wintrust Financial Corporation. Great Lakes Advisors, LLC has been registered as an investment adviser since 1981. As of December 31, 2025, Great Lakes Advisors, LLC had approximately $19.9 billion in total assets under management, including discretionary and non-discretionary (model delivery) portfolios.

J.P. Morgan Investment Management Inc. is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co., a bank holding company. As of December 31, 2025, J.P. Morgan Investment Management Inc. and its affiliates had approximately $4.1 trillion in assets under management.

Kayne Anderson Capital Advisors, L.P. was founded in 1984 and is registered with the SEC as an investment adviser. Kayne Anderson Capital Advisors, L.P. is an independent alternative investment management firm focused on niche investing in upstream oil and gas companies, energy infrastructure, growth private equity, specialty real estate, middle market credit and municipal opportunities. Kayne Anderson Capital Advisors, L.P. and its affiliates had approximately $39.9 billion in assets under management as of December 31, 2025.

MetLife Investment Management, LLC is a wholly-owned indirect subsidiary of MetLife Inc. ("MetLife"). MetLife Investment Management, LLC has been a registered investment adviser since 2006. As of December 31, 2025, MetLife Investment Management, LLC, including its affiliates, had approximately $741.7 billion in total assets under management.

Morgan Stanley Investment Management Inc., a subsidiary of Morgan Stanley, has been a registered investment adviser since 1981. As of December 31, 2025, Morgan Stanley Investment Management Inc. had approximately $1.89 trillion in total assets under management.

PineBridge Investments LLC is a wholly-owned indirect subsidiary of MetLife Inc. ("MetLife"), and is part of MetLife Investment Management, LLC, the institutional asset management business of MetLife. PineBridge Investments LLC has been a registered investment adviser since 2016. As of December 31, 2025, PineBridge Investments LLC, including its affiliates, had approximately $741.7 billion in total assets under management.

Ranger Investment Management, L.P. has been a registered investment adviser since 2003. As of December 31, 2025, Ranger Investment Management, L.P. had approximately $1.5 billion in total assets under management.

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Sands Capital Management, LLC is an independent investment management firm registered with the SEC as investment adviser under the Investment Advisers Act of 1940 since 2005. As of December 31, 2025, Sands Capital Management, LLC had approximately $51.4 billion in discretionary and nondiscretionary assets under management in the firm's public equity strategies.

Systematic Financial Management, L.P. has been a registered investment adviser since 1982. Affiliated Managers Group, Inc. (NYSE: AMG), a publicly traded asset management company, holds its equity interest in Systematic Financial Management, L.P. through its holding companies Titan NJ LP Holdings LLC and Titan NJ GP Holdings, Inc. Systematic Financial Management, L.P.'s Management Team retains autonomous control of the investment philosophy and process, as well as comprehensive management of the firm. As of December 31, 2025, Systematic Financial Management, L.P. had approximately $4.2 billion in total assets under management.

Thompson, Siegel & Walmsley LLC is an indirect wholly owned subsidiary of Perpetual Limited. Thompson, Siegel & Walmsley LLC has been a registered investment adviser since 1970. As of December 31, 2025, Thompson, Siegel & Walmsley LLC had approximately $20.6 billion in total assets under management.

Wellington Management Company LLP and its predecessor entities have been registered as an investment adviser since 1960. As of December 31, 2025, Wellington Management Company LLP and its advisory affiliates had approximately $1.33 trillion in total assets under management.

**Portfolio Manager(s)** 

Each fund is managed by the portfolio manager(s) listed below. The SAI provides additional information about each portfolio manager's compensation, other accounts managed by the portfolio manager, and the portfolio manager's ownership in each fund they manage.

**Transamerica Asset Allocation-Conservative Portfolio**

**Transamerica Asset Allocation-Growth Portfolio**

**Transamerica Asset Allocation-Moderate Portfolio**

**Transamerica Asset Allocation-Moderate Growth Portfolio** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | **Positions Over Past Five Years** |
| Alexandra Wilson-Elizondo | Goldman Sachs Asset Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the funds since 2022; <br> Managing Director and Co-Chief Investment <br> Officer of the Multi-Asset Solutions Group; <br> employed with Goldman Sachs Asset Management, <br> L.P. since 2021; prior to 2021, employed by <br> MacKay Shields since 2015<br>|
| Siwen Wu | Goldman Sachs Asset Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the funds since 2024; <br> Managing Director of the Multi-Asset Solutions <br> Group; employed with Goldman Sachs Asset <br> Management, L.P. since 2014<br>|

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**Transamerica Bond** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | **Positions Over Past Five Years** |
| Tyler A. Knight, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2021; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2008; Currently Head of <br> Public Securitized<br>|
| Brian W. Westhoff, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2005; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2011; Currently Head of <br> US Multi-Sector and Investment Grade<br>|
| Norbert King | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2025; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2017; Currently Head of <br> Investment Grade Credit<br>|
| Sivakumar N. Rajan | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2022; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2015; Currently Head of <br> Multi-Sector Portfolio Management<br>|

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**Transamerica Capital Growth** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Dennis P. Lynch | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Lead Portfolio Manager of the fund since 2011; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 1998; Managing Director; Head of <br> Counterpoint Global<br>|
| Sam G. Chainani, CFA | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 1996; Managing Director; Investor <br> on Counterpoint Global<br>|
| Jason C. Yeung, CFA | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 2002; Managing Director; Investor <br> on Counterpoint Global<br>|
| Armistead B. Nash | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 2002; Managing Director; Investor <br> on Counterpoint Global<br>|
| Alexander T. Norton | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 2000; Executive Director; Investor <br> on Counterpoint Global<br>|

---

**Transamerica Core Bond** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Daniel Belton, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2025; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2023; Vice President of <br> investment grade credit strategy at BMO Capital <br> Markets from 2018 to 2023<br>|
| Tyler A. Knight, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2015; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2008; Currently Head of <br> Public Securitized<br>|
| Brian W. Westhoff, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2014; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2011; Currently Head of <br> US Multi-Sector and Investment Grade<br>|
| Sivakumar N. Rajan | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2015; Currently Head of <br> Multi-Sector Portfolio Management<br>|

---

**Transamerica Emerging Markets Debt** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Todd Howard, CFA | MetLife Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; <br> Employee of MetLife Investment Management, <br> LLC and its predecessor firm since 2007<br>|
| Scott Moses, CFA | MetLife Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; <br> Employee of MetLife Investment Management, <br> LLC and its predecessor firm since 2007<br>|

---

------

**Transamerica Emerging Markets Equity** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Elliott W. Jones, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2024; Portfolio <br> Manager on the Emerging Markets Strategy and a <br> Research Analyst dedicated to the non-U.S. team; <br> Joined Thompson, Siegel & Walmsley LLC in <br> 2012<br>|

---

**Transamerica Energy Infrastructure** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| James Baker | Kayne Anderson Capital Advisors, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2024; <br> Employed with Kayne Anderson Capital Advisors, <br> L.P. since 2004; Managing Partner and Co-Head of <br> Kayne Energy Infrastructure; Chief Executive <br> Officer of Kayne Anderson Energy Infrastructure <br> Fund, Inc. (NYSE: KYN) (since 2019); Director, <br> President and Co-Portfolio Manager of KYN <br> (since 2017)<br>|
| Harrison Little | Kayne Anderson Capital Advisors, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2024; <br> Employed with Kayne Anderson Capital Advisors, <br> L.P. since 2023; Head of Research and Deputy <br> Co-Head of Kayne Energy Infrastructure; Partner, <br> Co-Founder and Director of Research at Decade <br> Renewable Partners (2021-2023); Senior Associate <br> at Citadel (2017-2020)<br>|

---

**Transamerica Floating Rate** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Jason P. Felderman, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2013; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2007; Head of Leveraged <br> Loans since 2022<br>|
| Zach Halstead | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2018; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2016 and Credit Research <br> Analyst from 2013-2016<br>|

---

**Transamerica High Yield Bond** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Kevin Bakker, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2007; <br> Employee with Aegon USA Investment <br> Management, LLC since 2003, initially as a <br> research analyst and became a portfolio manager in <br> 2007; Currently Co-Head of U.S. High Yield<br>|
| Benjamin D. Miller, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2006; <br> Employee with Aegon USA Investment <br> Management, LLC since 1993, initially as a <br> research analyst and became a portfolio manager in <br> 2006; Currently Co-Head of U.S. High Yield<br>|
| James K. Schaeffer, Jr. | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; <br> Employee with Aegon USA Investment <br> Management, LLC since 2004 and held various <br> investment management roles; Currently Head of <br> US Leveraged Finance and Global CLOs<br>|

---

------

**Transamerica High Yield Muni** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Max Christiana | Belle Haven Investments, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2021; joined <br> Belle Haven Investments, L.P. in 2016, Partner <br> since 2023; Portfolio Manager since 2020; Prior <br> Vice President of Trading<br>|
| Matthew Dalton | Belle Haven Investments, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2013; joined <br> Belle Haven Investments, L.P. in 1996; Chief <br> Executive Officer since 2002<br>|

---

**Transamerica Inflation Opportunities** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Robert A. Vanden Assem, CFA | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2014; <br> Employee of PineBridge Investments LLC since <br> 2001; Managing Director and Head of Investment <br> Grade Fixed-Income<br>|
| Roberto Coronado | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2016; <br> Employee of PineBridge Investments LLC since <br> 2014; Managing Director and Senior Portfolio <br> Manager of Global Rates and Investment Grade <br> Fixed-Income<br>|
| Gunter H. Seeger | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2018; <br> Employee of PineBridge Investments LLC since <br> 2009; Senior Vice President, Senior Portfolio <br> Manager and Research Analyst, U.S. Rates and <br> Securitized Products<br>|

---

**Transamerica Intermediate Muni** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Max Christiana | Belle Haven Investments, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2021; joined <br> Belle Haven Investments, L.P. in 2016, Partner <br> since 2023; Portfolio Manager since 2020; Prior <br> Vice President of Trading<br>|
| Matthew Dalton | Belle Haven Investments, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2012; joined <br> Belle Haven Investments, L.P. in 1996; Chief <br> Executive Officer since 2002<br>|

---

**Transamerica International Equity** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Brandon H. Harrell, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; Portfolio <br> Manager of TS&W International Equity Portfolio <br> from October 31, 2005 to February 28, 2011; <br> Portfolio Manager at Thompson, Siegel & <br> Walmsley LLC since 1996<br>|
| Stedman D. Oakey, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2025; Portfolio <br> Manager at Thompson, Siegel & Walmsley LLC <br> since 2011 and International Research Analyst <br> since 2005<br>|

---

------

**Transamerica International Focus** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Danielle J. Menichella, CFA | Sands Capital Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2024; Senior <br> Research Analyst and Portfolio Manager on the <br> International Growth, Global Shariah, Global <br> Focus, Global Leaders, and International Leaders <br> strategies; Joined Sands Capital Management, LLC <br> in 2013<br>|
| Michael F. Raab, CFA | Sands Capital Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2024; <br> Executive Managing Director, Director of <br> Research, Senior Research Analyst and Portfolio <br> Manager on the Global Leaders and International <br> Leaders strategies; Joined Sands Capital <br> Management, LLC in 2007<br>|

---

**Transamerica International Small Cap Value** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Brandon H. Harrell, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2013; Portfolio <br> Manager at Thompson, Siegel & Walmsley LLC <br> since 1996<br>|
| Stedman D. Oakey, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2013; Portfolio <br> Manager at Thompson, Siegel & Walmsley LLC <br> since 2011 and International Research Analyst <br> since 2005<br>|

---

**Transamerica International Stock** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Nicholas Stavrou, CFA | ClariVest Asset Management LLC | &nbsp;&nbsp; Assistant Portfolio Manager of the fund since <br> 2026; joined ClariVest Asset Management LLC in <br> 2022; prior to 2022, Computational Biologist at <br> NeoGenomics Laboratories from 2017 to 2022<br>|
| Alex Turner, CFA | ClariVest Asset Management LLC | &nbsp;&nbsp; Senior Portfolio Manager of the fund since 2021; <br> Portfolio Manager of the fund since 2018; joined <br> ClariVest Asset Management LLC in 2008<br>|
| David R. Vaughn, CFA | ClariVest Asset Management LLC | &nbsp;&nbsp; Senior Portfolio Manager of the fund since 2018; <br> founder of ClariVest Asset Management LLC in <br> 2006; primarily responsible for international, <br> global and emerging market strategies<br>|
| Gashi Zengeni, CFA | ClariVest Asset Management LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2021; <br> Assistant Portfolio Manager of the fund from 2020 <br> - 2021; joined ClariVest Asset Management LLC <br> in 2015<br>|

---

**Transamerica Large Cap Value** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Paul Roukis, CFA | Great Lakes Advisors, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2020; <br> Managing Director and Co-Portfolio Manager with <br> Great Lakes Advisors, LLC since 2023; Managing <br> Director and Co-Portfolio Manager with <br> Rothschild & Co Asset Management US Inc. from <br> 2005 to 2023 <br>|

---

------

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Jeff Agne | Great Lakes Advisors, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2020; <br> Managing Director and Co-Portfolio Manager with <br> Great Lakes Advisors, LLC since 2023; Managing <br> Director and Co-Portfolio Manager with <br> Rothschild & Co Asset Management US Inc. from <br> 2015 to 2023<br>|

---

**Transamerica Large Core ESG** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Sheedsa Ali, CFA | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2018; <br> Employee of PineBridge Investments LLC since <br> 2005; Head of quantitative equity research and <br> Portfolio Manager of Research Enhanced <br> Strategies at PineBridge Investments LLC<br>|

---

**Transamerica Large Growth** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Dennis P. Lynch | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Lead Portfolio Manager of the fund since 2019; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 1998; Managing Director; Head of <br> Counterpoint Global<br>|
| Sam G. Chainani, CFA | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2019; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 1996; Managing Director; Investor <br> on Counterpoint Global<br>|
| Jason C. Yeung, CFA | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2019; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 2002; Managing Director; Investor <br> on Counterpoint Global<br>|
| Armistead B. Nash | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2019; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 2002; Managing Director; Investor <br> on Counterpoint Global<br>|
| Alexander T. Norton | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2019; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 2000; Executive Director; Investor <br> on Counterpoint Global<br>|
| Douglas McLane, CFA | Wellington Management Company LLP | &nbsp;&nbsp; Lead Portfolio Manager of the fund since 2022; <br> Portfolio Manager of the fund since 2017; Senior <br> Managing Director and Equity Portfolio Manager <br> of Wellington Management Company LLP; joined <br> the firm in 2011<br>|
| David Siegle, CFA | Wellington Management Company LLP | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; <br> Managing Director and Equity Portfolio Manager <br> of Wellington Management Company LLP; joined <br> the firm in 2001<br>|

---

------

**Transamerica Long Credit** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Norbert King | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2023; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2017; Currently Head of <br> Investment Grade Credit<br>|
| Sivakumar N. Rajan | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2023; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2015; Currently Head of <br> Multi-Sector Portfolio Management<br>|

---

**Transamerica Mid Cap Growth** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Timothy N. Manning | Wellington Management Company LLP | &nbsp;&nbsp; Portfolio Manager of the fund since 2018; Senior <br> Managing Director and Equity Portfolio Manager <br> with Wellington Management Company LLP and <br> Leader of the Mid Cap Growth Team; joined the <br> firm in 2007<br>|

---

**Transamerica Mid Cap Value Opportunities** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| R. Michael Creager, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2019; <br> Research Analyst at Thompson, Siegel & Walmsley <br> LLC since 2006<br>|
| Brett P. Hawkins, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2014; Chief <br> Investment Officer; Portfolio Manager at <br> Thompson, Siegel & Walmsley LLC since 2001<br>|

---

**Transamerica Multi-Asset Income** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| William M. Bellamy, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2014; Director <br> of Income Strategies at Thompson, Siegel & <br> Walmsley LLC since 2002<br>|
| David McMackin, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2025; <br> Research Analyst at Thompson, Siegel & Walmsley <br> LLC since 2004<br>|

---

**Transamerica Multi-Managed Balanced** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Daniel Belton, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2025; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2023; Vice President of <br> investment grade credit strategy at BMO Capital <br> Markets from 2018 to 2023<br>|
| Tyler A. Knight, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2015; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2008; Currently Head of <br> Public Securitized<br>|
| Brian W. Westhoff, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2014; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2011; Currently Head of <br> US Multi-Sector and Investment Grade <br>|

---

------

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Sivakumar N. Rajan | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2015; Currently Head of <br> Multi-Sector Portfolio Management<br>|
| Tim Snyder, CFA | J.P. Morgan Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2013; <br> Employee of J.P. Morgan Investment Management <br> Inc. since 2003; Executive Director; Portfolio <br> Manager on the U.S. Structured Equity Team; <br> Specialties include Research Enhanced Index <br> (REI) strategies<br>|
| Raffaele Zingone, CFA | J.P. Morgan Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; <br> Employee of J.P. Morgan Investment Management <br> Inc. since 1991; Managing Director; Portfolio <br> Manager on the U.S. Structured Equity Team; <br> Specialties include Research Enhanced Index <br> (REI) strategies<br>|

---

**Transamerica Short-Term Bond** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Tyler A. Knight, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2008; Currently Head of <br> Public Securitized<br>|
| Brian W. Westhoff, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2015; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2011; Currently Head of <br> US Multi-Sector and Investment Grade<br>|
| Norbert King | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2017; Currently Head of <br> Investment Grade Credit<br>|
| Sivakumar N. Rajan | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2022; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2015; Currently Head of <br> Multi-Sector Portfolio Management<br>|

---

**Transamerica Small Cap Growth** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| W. Conrad Doenges | Ranger Investment Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2012; Portfolio <br> Manager at Ranger Investment Management, L.P. <br> since 2004<br>|
| Andrew Hill | Ranger Investment Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; Portfolio <br> Manager at Ranger Investment Management, L.P. <br> since 2017<br>|
| Joseph LaBate | Ranger Investment Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; Portfolio <br> Manager at Ranger Investment Management, L.P. <br> since 2017<br>|
| Brown McCullough | Ranger Investment Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2023; Director <br> and Sector Manager at Ranger Investment <br> Management, L.P. since 2015<br>|

---

------

**Transamerica Small Cap Value** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Kenneth W. Burgess, CFA | Systematic Financial Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2024; Portfolio <br> Manager since 1996; Employed by Systematic <br> Financial Management, L.P. since 1993<br>|
| Rick Plummer, CFA | Systematic Financial Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2025; <br> Employed by Systematic Financial Management, <br> L.P. since 2004<br>|
| W. Ryan Wick, CFA | Systematic Financial Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2024; <br> Assistant Portfolio Manager since 2014; Employed <br> by Systematic Financial Management, L.P. since <br> 2005<br>|

---

**Transamerica Small/Mid Cap Value** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Kenneth W. Burgess, CFA | Systematic Financial Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; Portfolio <br> Manager since 1996; Employed by Systematic <br> Financial Management, L.P. since 1993<br>|
| Rick Plummer, CFA | Systematic Financial Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2025; <br> Employed by Systematic Financial Management, <br> L.P. since 2004<br>|
| W. Ryan Wick, CFA | Systematic Financial Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2022; <br> Assistant Portfolio Manager since 2014; Employed <br> by Systematic Financial Management, L.P. since <br> 2005<br>|
| R. Michael Creager, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2019; <br> Research Analyst at Thompson, Siegel & Walmsley <br> LLC since 2006<br>|
| Brett P. Hawkins, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2016; Chief <br> Investment Officer; Portfolio Manager at <br> Thompson, Siegel & Walmsley LLC since 2001<br>|

---

**Transamerica Strategic Income** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Peter Hu, CFA | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2014; <br> Employee of PineBridge Investments LLC since <br> 2006; Portfolio Manager at PineBridge <br> Investments LLC since 2006<br>|
| Michael J. Kelly, CFA | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2014; <br> Employee of PineBridge Investments LLC since <br> 1999; Portfolio Manager at PineBridge <br> Investments LLC since 1999<br>|
| Steven Oh, CFA | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2014; <br> Employee of PineBridge Investments LLC since <br> 2000; Portfolio Manager at PineBridge <br> Investments LLC since 2000<br>|
| Robert A. Vanden Assem, CFA | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2014; <br> Employee of PineBridge Investments LLC since <br> 2001; Portfolio Manager at PineBridge <br> Investments LLC since 2001<br>|
| Roberto Coronado | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2016; <br> Employee of PineBridge Investments LLC since <br> 2014; Managing Director and Senior Portfolio <br> Manager of Global Rates and Investment Grade <br> Fixed-Income <br>|

---

------

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Gunter H. Seeger | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2019; <br> Employee of PineBridge Investments LLC since <br> 2009; Senior Vice President, Senior Portfolio <br> Manager and Research Analyst, U.S. Rates and <br> Securitized Products<br>|

---

**Transamerica Sustainable Equity Income** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Mark Peden, CFA | Aegon Asset Management UK plc | &nbsp;&nbsp; Portfolio Manager of the fund since 2020; Lead <br> Portfolio Manager of the Aegon Global Equity <br> Income strategy since 2011; joined Aegon Asset <br> Management UK plc in 1992<br>|
| Robin Black | Aegon Asset Management UK plc | &nbsp;&nbsp; Portfolio Manager of the fund since 2020; Portfolio <br> Manager of the Aegon Global Equity Income <br> strategy since 2017; joined Aegon Asset <br> Management UK plc in 2016; prior to 2016, <br> Managing Director at Macquarie from 2010-2016<br>|

---

**Transamerica UltraShort Bond** 

---

| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Brian Barnhart, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2023; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2008; Currently Head of <br> Short-Term Fixed Income<br>|
| Ryan Baue, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2024; <br> Employed with Aegon USA Investment <br> Management, LLC since 2019; Portfolio Manager <br> in the Public Structured Finance Team focusing on <br> asset-backed securities and collateralized loan <br> obligations<br>|
| Tyler A. Knight, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2023; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2008; Currently Head of <br> Public Securitized<br>|

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**Transamerica US Growth** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Douglas McLane, CFA | Wellington Management Company LLP | &nbsp;&nbsp; Lead Portfolio Manager of the fund since 2022; <br> Portfolio Manager of the fund since 2017; Senior <br> Managing Director and Equity Portfolio Manager <br> of Wellington Management Company LLP; joined <br> the firm in 2011<br>|
| David Siegle, CFA | Wellington Management Company LLP | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; <br> Managing Director and Equity Portfolio Manager <br> of Wellington Management Company LLP; joined <br> the firm in 2001<br>|

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***Trustees' Approval of Sub-Advisory Agreements*** 

Except as noted, a discussion regarding the Board of Trustees' renewal of each applicable fund's investment sub-advisory agreement is available in that fund's report for the fiscal year ended October 31, 2025 as filed on Form N-CSR. A discussion regarding the Board of Trustees' approval of the investment sub-advisory agreement for Transamerica International Focus is available in the fund's report for the fiscal period ended April 30, 2025 as filed on Form N-CSR.

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**Disclosure of Portfolio Holdings** 

A detailed description of each fund's policies and procedures with respect to the disclosure of its portfolio holdings is available in the SAI.

**Fund Expenses** 

During times of market volatility or decline, assets of your fund may decline significantly, causing total annual fund operating expenses (as a percentage of the value of your investment) to become higher than the numbers shown in your fund's Annual Fund Operating Expenses table under "Fees and Expenses" in this prospectus. In addition, the total annual fund operating expenses shown in your fund's Annual Fund Operating Expenses table may not correlate to the ratios of expenses to average net assets shown in the Financial Highlights section of the prospectus, which reflect the operating expenses of your fund and do not include certain expenses such as acquired (i.e., underlying) funds' fees and expenses.

The "Other expenses" items in the Annual Fund Operating Expenses table for your fund include fees for custodial, legal and transfer agency services. "Other expenses" may include additional expenses such as interest expense (including borrowing costs and overdraft charges) as well as various other expenses applicable to each share class of your fund.

*Sub-Transfer Agency Fees* 

In addition to transfer agency fees, Class R3 shares pay sub-transfer agency fees of 0.15% to financial intermediaries (including affiliates of TAM) that provide sub-transfer agency, recordkeeping and/or shareholder services with respect to certain shareholder accounts in lieu of the transfer agent providing such services.

The other share classes do not pay sub-transfer agency fees directly, but the transfer agent may use its available resources to pay for sub-transfer agency services for any class.

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**How To Contact the Funds**

• Customer Service: 1-888-233-4339 – Monday through Friday; hours of operation as posted on the funds' website at www.transamerica.com/contact-us.

• Internet: www.transamerica.com

• Fax: 1-888-329-4339

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| | |
|:---|:---|
| ***Mailing Address:*** | &nbsp;&nbsp;&nbsp; Transamerica Fund Services, Inc.<br> P.O. Box 219945<br> Kansas City, MO 64121-9945<br>|
| ***Overnight Address:*** | &nbsp;&nbsp;&nbsp; Transamerica Fund Services, Inc.<br> 801 Pennsylvania Avenue<br> Suite 219945<br> Kansas City, MO 64105-1307<br>|

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Retirement plan participants in a retirement plan administered by Transamerica Retirement Solutions, TAM's affiliate, may contact 1-800-755-5801 for additional information. If you hold your account through an unaffiliated plan administrator, recordkeeper or financial intermediary, please contact them directly for account specific questions.

**The Following Information Applies to Class A, Class C, Class I, Class I2, Class R, Class R3, Class R6 and Class T Shares (Class T Shares are Closed to New Investors). Certain funds also offer other share classes in separate prospectuses.**

**Opening an Account**

Fill out the New Account Application for the desired registration type, which is available on our website at www.transamerica.com, or call Customer Service. Transamerica Funds requires all applications to include an investment representative or an approved broker-dealer of record. An approved broker-dealer is one that is providing services under a valid dealer sales agreement with the funds' distributor. If you are an institutional entity or an employee of Transamerica and its affiliates that qualifies for Class I share purchases, Transamerica may not require a broker-dealer on your application at the time the account is established.

Federal regulations may require a fund to obtain, verify and record certain information from you and persons authorized to act on your behalf in order to establish an account. Required information includes name, date of birth (for an individual), permanent residential address or principal place of business and Social Security Number or Employer Identification Number. The fund may also ask to see other identifying documents. If you do not provide the information, the fund may not be able to open your account. Identifying information must be provided for each trader on an account. The fund may also place limits on account transactions while it is in the process of verifying your identity. If the fund is unable to verify your identity, or that of another person(s) authorized to act on your behalf, or if the fund believes it has identified potentially criminal activity, the fund reserves the right to take action it deems appropriate or as required by law, which may include redeeming your shares and closing your account.

The funds are offered for sale in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands and are not registered for sale outside the United States. If you are a Non-U.S. Person, you must provide a U.S. mailing address to establish an account, unless your broker-dealer firm submits your account through the National Securities Clearing Corporation, and an appropriate tax form (e.g., Form W-8BEN) and documentary evidence and letter of explanation. Your broker-dealer may be required to submit a foreign certification form and other information as instructed by the fund's distributor. Non-U.S. investors should be aware that U.S. withholding and estate taxes and certain U.S. tax reporting requirements may apply to any investment in a fund.

Additional shares may be purchased through a retirement plan's administrator, record-keeper or financial service firm serving as an intermediary. There is no minimum investment for eligible plans investing in Class I2, R, R3 and R6 shares.

**Minimum Investment** 

**Class A, Class C and Class T Shares:** 

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| | | |
|:---|:---|:---|
| **Type of Account** | **Minimum**<br> **Initial**<br> **Investment**<br> **(per fund**<br> **account)**<br>| **Minimum**<br> **Subsequent**<br> **Investment**<br> **(per fund**<br> **account)**<br>|
| Regular Accounts | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $50 |
| IRA, Roth IRA or Coverdell ESA | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $50  |

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| | | |
|:---|:---|:---|
| **Type of Account** | **Minimum**<br> **Initial**<br> **Investment**<br> **(per fund**<br> **account)**<br>| **Minimum**<br> **Subsequent**<br> **Investment**<br> **(per fund**<br> **account)**<br>|
| Employer-sponsored Retirement Plans (includes 403(b), SEP and SIMPLE IRA plans) | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $50 |
| Uniform Gift to Minors ("UGMA") or Transfer to Minors ("UTMA") | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $50 |
| Payroll Deduction and Automatic Investment Plans | &nbsp;&nbsp; $500 | &nbsp;&nbsp; $50\* |

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**Class I Shares\*\*:** 

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| | | |
|:---|:---|:---|
| **Type of Account** | **Minimum**<br> **Initial**<br> **Investment**<br> **(per fund**<br> **account)**<br>| **Minimum**<br> **Subsequent**<br> **Investment**<br> **(per fund**<br> **account)**<br>|
| Regular Accounts | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; N/A |
| IRA, Roth IRA or Coverdell ESA | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; N/A |
| Employer-sponsored Retirement Plans (omnibus or plan level arrangements) | &nbsp;&nbsp; Waived | &nbsp;&nbsp; N/A |
| Uniform Gift to Minors ("UGMA") or Transfer to Minors ("UTMA") | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; N/A |
| Payroll Deduction and Automatic Investment Plans | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $50 |

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\*

Minimum monthly per fund account investment.

\*\*

Class I shares are currently primarily offered for investment to institutional investors including, but not limited to, fee-based programs, qualified retirement plans, certain endowment plans and foundations and Directors, Trustees and employees of the funds' affiliates. Class I shares may also be available on certain brokerage platforms. An investor transacting in Class I shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker. The minimum investment for Class I shares is $1,000,000 per fund account, but will be waived for certain investors, including wrap accounts or fee-based programs, qualified retirement plans, certain endowment plans and foundations, financial intermediaries that submit trades on behalf of underlying investors, shareholders who received Class I shares in the conversion of Class P shares to Class I shares on February 10, 2012, Directors, Trustees and officers of any Transamerica-sponsored funds and employees of Transamerica and its affiliates. The minimum initial investment on Class I shares is waived for investors investing through the Merrill Lynch fee-based advisory platform.

Note: Transamerica Funds reserves the right to change the amount of these minimums from time to time or to waive them in whole or in part. Omnibus accounts maintained on behalf of certain 401(k) and other retirement plans are not subject to these account minimum requirements. The Class A and Class C shares minimums may be waived for certain employer-sponsored retirement plans under which the employee limits his or her salary deferral purchase to one fund account. There are no minimums for "wrap" accounts for the benefit of clients of certain broker-dealers, financial institutions, or financial planners who have entered into arrangements with Transamerica Funds or Transamerica Capital, LLC, and for investments made by a retirement plan described in Section 401(a), 401(k), 401(m), 403(b) or 457 of the Internal Revenue Code.

**By Mail** 

• Send your completed application and check made payable to Transamerica Fund Services, Inc.

**Through an Authorized Dealer** 

• The dealer is responsible for opening your account and may need to provide Transamerica Funds with your taxpayer identification number.

**Buying Shares**

Investors may purchase shares of the funds at the "offering price" of the shares, which is the net asset value per share ("NAV") plus any applicable initial sales charge. Please note that purchase requests initiated through an automated service that exceed $50,000 per day may be rejected and must be submitted by check or via bank wire.

Class I2 shares of the funds in this prospectus are currently primarily offered for investment in certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the funds are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new Class I2 share accounts. Purchase requests initiated through an automated service that exceed $50,000 per day are not permitted and must be submitted by check or via bank wire. Class I2 shares are purchased at NAV, without a sales charge.

Please refer to the retirement plan documents for information on how to purchase Class R3 and Class R6 shares of the funds and any fees that may apply.

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Class T shares are not available to new investors; only existing Class T shareholders may purchase additional Class T shares.

Transamerica Funds must receive payment for NSCC purchase orders within one business day of the order.

Transamerica Funds or its agents may reject a request for purchase of shares at any time, in whole or in part, including any purchase under the exchange privilege, without notice and regardless of size. Each fund reserves the right to discontinue offering any class of shares at any time, to liquidate any class of shares or merge any class of shares into another class of shares, or to cease investment operations entirely.

Each fund reserves the right to make additional exceptions or otherwise to modify the foregoing policies at any time.

**By Check** 

• Make your check payable and send to Transamerica Fund Services, Inc.

• If you are purchasing shares in an existing account(s), please reference your account number(s) and the Transamerica fund(s) in which you wish to invest. If you do not specify the fund(s) in which you wish to invest, and your referenced account is invested in one Transamerica fund, your check will be deposited into such fund. If you do not specify the fund(s) in which you wish to invest and own more than one fund, your investment may be rejected.

• Redemption proceeds will be withheld for up to 10 calendar days from the date of purchase for funds to clear.

• Transamerica Funds does not accept cash, money orders, traveler's checks, credit card convenience checks, counter checks or starter checks without pre-printed information. Cashier's checks and third party checks may be accepted, subject to approval by Transamerica Funds. We reserve the right to reject or accept any form of payment. Any unacceptable forms of payment will be returned.

• If you are opening a new account, send your completed application along with your check.

**By Automatic Investment Plan** 

• With an Automatic Investment Plan ("AIP"), a specific dollar amount is invested on predetermined date(s) and the payment is deducted electronically from your bank account. Due to your bank's requirements, please allow up to 30 days for your AIP to begin. Investments may be made between the 3rd and 28th of each month only, and will occur on the 15th if no selection is made. Call Customer Service for information on how to establish an AIP or visit our website to obtain an AIP request form.

**By Telephone** 

• You may request an electronic transfer of funds from your bank account to your Transamerica Funds account. The electronic bank link option must be established in advance before Automated Clearing House ("ACH") purchases will be accepted. Call Customer Service or visit our website at www.transamerica.com for information on how to establish an electronic bank link. Due to your bank's requirements, please allow up to 30 days to establish this option.

**Through an Authorized Dealer** 

• If your dealer has already established your account for you, no additional documentation is needed. Call your dealer to place your order. Transamerica Funds must receive your payment within two business days after your order is accepted.

**By Internet** 

• You may request an electronic transfer of funds from your bank account to your Transamerica Funds account. The electronic bank link option must be established in advance before ACH purchases will be accepted. If you have established online access to your account, you can add the electronic bank link option by accessing our website. You can also call Customer Service or visit our website at www.transamerica.com for information on how to establish an electronic bank link.

**By Payroll Deduction** 

• You may have money transferred regularly from your payroll to your Transamerica Funds account. Call Customer Service to establish this option.

**By Wire Transfer** 

• You may request that your bank wire funds to your Transamerica Funds account (note that your bank may charge a fee for such service). You must have an existing account to make a payment by wire transfer. Ask your bank to send your payment to:

State Street Bank and Trust Company, Boston, MA, ABA#011000028

Credit: Transamerica Funds Acct #00418533

Ref: Shareholder name, Transamerica fund and account numbers.

• Shares will be purchased at the next determined public offering price after receipt of your wire if you have supplied all other required information.

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**Other Information** 

If your check, draft or electronic transfer is returned unpaid by your bank, you will be charged a fee of $20 for each item that has been returned.

Transamerica Funds reserves the right to terminate your electronic draft privileges if the drafts are returned unpaid by your bank.

Transamerica Funds or its agents may reject a request for purchase of shares at any time, in whole or in part, in its discretion for any reason at any time, and is not obligated to provide notice before rejecting or canceling an order, including, but not limited to, any purchase under the exchange privilege and any purchase request that does not include an investment representative or an approved broker-dealer.

Investors changing a mailing address to a non-U.S. address will be required to have a foreign certification form completed by their broker-dealer and returned to us and submit an appropriate tax form (e.g. Form W-8BEN) and documentary evidence and letter of explanation before future purchases can be accepted.

**Selling Shares**

Shares may be sold (or "redeemed") on any day the New York Stock Exchange is open for business. Proceeds from the redemption of shares will normally be sent to redeeming shareholders within two business days after receipt of a redemption request in good order, but in any event within seven days, regardless of the method the fund uses to make such payment (e.g., check, wire or electronic funds transfer (ACH)). However, Transamerica Funds may postpone payment under certain circumstances, such as when the New York Stock Exchange is closed (other than on weekends or holidays) or trading is restricted, if an emergency exists, or otherwise as permitted by order of the SEC or authorized by law.

If you have recently purchased your shares by check or electronic funds transfer, your redemption payment may be delayed until the fund is reasonably satisfied that the check or electronic funds transfer has cleared (which may take up to ten calendar days). This delay may be avoided if you purchase shares by Federal Funds wire or certified check.

Please note that redemption requests greater than $50,000 per day must be submitted in writing. In addition, amounts greater than $50,000 cannot be sent via ACH (check or federal funds wire only). Additionally, requests totaling more than $100,000 must be in writing with an original signature guarantee for all shareholders. Certain direct institutional accounts may utilize alternative methods in place of a signature guarantee.

The electronic bank link option must be established in advance for payments made electronically to your bank such as ACH or expedited wire redemptions. Call Customer Service to verify this feature is in place on your account or to obtain information on how to establish the electronic bank link.

Shares are redeemed at NAV, minus any applicable sales charge.

**To request your redemption and receive payment:** 

**Direct Deposit – ACH** 

• You may request an "ACH redemption" in writing, by phone or by internet access to your account. The electronic bank link must be established in advance. Payment should usually be received by your bank account 2-4 banking days after your request is received in good order. Transamerica Funds does not charge for this payment option. Certain IRAs and qualified retirement plans may not be eligible to request redemptions via the internet.

**Direct Deposit – Wire** 

• You may request an expedited wire redemption in writing or by phone. The electronic bank link must be established in advance. Otherwise, an original signature guarantee will be required. Wire redemptions have a minimum of $1,000 per wire. Payment should be received by your bank account the next banking day after your request is received in good order. Transamerica Funds charges $10 for this service. Your bank may charge a fee as well.

**Check to Address of Record** 

• **Telephone or Internet Request –** You may request your redemption by phone or internet. Certain IRAs and qualified retirement plans may not be eligible.

• **Written Request –** Send a letter requesting a withdrawal to Transamerica Funds. Specify the fund, account number, and dollar amount or number of shares you wish to redeem. Be sure to include all shareholders' signatures and any additional documents, as well as an original signature guarantee(s) if required. If you are requesting a distribution from an IRA, federal tax withholding of 10% will apply unless you elect otherwise. If you elect to withhold, the minimum tax withholding rate is 10%.

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**Check to Another Party/Address** 

• This request must be in writing, regardless of amount, signed by all account owners with an original signature guarantee.

**Systematic Withdrawal Plan (by Direct Deposit – ACH or Check)** 

• You can establish a Systematic Withdrawal Plan ("SWP") either at the time you open your account or at a later date. Systematic withdrawals may be made via ACH between the 3rd and 28th day of the month only, or via check on the 20th day of the month only. If you have established online access to your account, you can add, update or stop your systematic withdrawal by accessing our website. You can also call Customer Service for information on how to establish a SWP, or access our website to obtain the form to request this option.

**Through an Authorized Dealer** 

• You may redeem your shares through an authorized dealer (they may impose a service charge). Contact your Registered Representative or Dealer for assistance.

**Your Request to Sell Your Shares and Receive Payment May Be Subject to:** 

• The type of account you have and if there is more than one shareholder. For example, we may require additional documentation for certain account types or multiple signatures.

• The dollar amount you are requesting; redemptions over $50,000 must be in writing and those redemptions totaling more than $100,000 require a written request with an original signature guarantee for all shareholders on the account.

• A written request and original signature guarantee may be required if there have been recent changes made to your account (such as an address change) or other such circumstances. For your protection, if an address change was made in the last 10 days, Transamerica Funds requires a redemption request in writing, signed by all account owners with an original signature guarantee.

• When redeeming all shares from an account with an active AIP, your AIP will automatically be stopped. Please contact Customer Service if you wish to re-activate your AIP.

• Each fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

• Redemption proceeds will be withheld for up to 10 calendar days from the date of purchase for funds to clear.

• If you request that a withdrawal check be delivered overnight, a $20 overnight fee will be charged.

Please see additional information relating to original signature guarantee later in this prospectus.

Shares will normally be redeemed for cash, although each fund retains the right to wholly or partly redeem its shares in kind, under unusual circumstances (such as adverse or unstable market, economic, or political conditions), in an effort to protect the interests of shareholders by the delivery of securities selected from its assets at its discretion. On the same redemption date, some shareholders may be paid in whole or in part in securities (which may differ among those shareholders), while other shareholders may be paid entirely in cash. The disposal of the securities received in-kind may be subject to brokerage costs and, until sold, such securities remain at market risk and liquidity risk, including the risk that such securities are or become difficult to sell. If the fund pays your redemption with illiquid or less liquid securities, you will bear the risk of not being able to sell such securities. Each fund may pay redemption proceeds with cash obtained through short-term borrowing arrangements, if available. Please see the SAI for more details.

**Involuntary Redemptions** 

Each fund reserves the right, to the fullest extent permitted by law, to close your account if, for example, the account value falls below the fund's minimum account balance, including solely due to declines in NAV, or you are deemed to engage in activities that are illegal (such as late trading), activity that is believed to be detrimental to the fund (such as market timing), or other potential criminal or fraudulent activity.

**Exchanging Shares**

• You may request an exchange in writing, by phone, or by accessing your account through the internet.

• You can exchange shares in one fund for shares in the same class of another fund, except as noted below.

• Class A, Class C and Class T shares minimum exchange to a new fund account is $1,000. This minimum is reduced to $500 per fund account if you elect to establish an AIP and invest a minimum of $50 per month, per fund account.

• Class I shares minimum exchange to a new fund account is $1,000,000 per fund account but will be waived for certain investors as outlined within the Minimum Investment Section.

• Class I2 shareholders of Transamerica High Yield Bond and Transamerica US Growth who received their shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund have no exchange privileges within Class I2.

• Class R3 and Class R6 shares, if authorized by your plan, can request an exchange of your shares in one fund for corresponding shares of another fund. Please refer to your plan's documents for additional information.

• Class T shares of Transamerica US Growth may be exchanged for only Class A shares of any Transamerica fund, other than Transamerica US Growth.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• You may not exchange other classes of shares of Transamerica Funds for Class T shares of Transamerica US Growth.

• An exchange is treated as a redemption of a fund's shares, followed by a purchase of the shares of the fund into which you exchanged. Prior to making exchanges into a fund that you do not own, please read the prospectus for that fund carefully.

• If you exchange all your shares to a new fund, any active systematic plan that you maintain with Transamerica Funds will also carry over to this new fund unless otherwise instructed.

• In certain circumstances, shares of one class of a fund may also be exchanged directly for shares of another class of the same fund, as described in the Statement of Additional Information and/or in the "Converting Shares" section below.

• Transamerica Funds reserves the right to modify or terminate the exchange privilege at any time upon 60 days' written notice.

• Transamerica Funds reserves the right to deny any exchange request involving transactions between classes of shares. Please review your individual circumstances with your financial professional.

• The minimum exchange amount may be waived with respect to transactions in omnibus accounts maintained on behalf of certain 401(k) and other retirement plans.

An exchange of shares in one fund for shares of another fund is considered a redemption followed by a purchase and generally results in a capital gain or loss for federal income tax purposes, unless you are investing through an IRA, 401(k) or other tax-advantaged account. An exchange of shares of one class directly for shares of another class of the same fund normally should not be taxable for federal income tax purposes. You should consult your tax advisor before making an exchange.

**Converting Shares** 

If you hold Class A, Class C, Class T or Class I2 shares and are eligible for purchase of Class I shares as described under the Minimum Investment section, you may be eligible to convert your Class A, Class C, Class T or Class I2 shares to Class I shares (or, under certain circumstances, convert to Class A shares) of the same fund, subject to the discretion of Transamerica Fund Services, Inc. ("TFS"), to permit or reject such a conversion. If you hold Class I shares and are eligible to purchase Class I2 or Class R6 shares, you may be eligible to convert Class I shares to Class I2 or Class R6 shares of the same fund, subject to certain conditions. Class I investors that are no longer eligible for wrap or fee based programs may convert from Class I shares to Class A shares at the request of the financial intermediary. Please contact your financial adviser or Customer Service for conversion requirements and instructions.

A conversion between share classes of the same fund is a nontaxable event.

If you convert from one class of shares to another, the transaction will be based on the respective NAVs of the two classes on the trade date for the conversion. Consequently, a conversion may provide you with fewer shares or more shares than you originally owned, depending on that day's NAV. At the time of conversion, the total dollar value of your "old" shares will equal the total dollar value of your "new" shares. However, subsequent share price fluctuations may decrease or increase the total dollar value of your "new" shares compared with that of your "old" shares. Note that you may be responsible for paying a CDSC upon conversion if the shares have not reached the applicable holding period.

**Choosing a Share Class**

Individual investors can generally invest in Class A and Class C shares. The amount of your investment and the amount of time that you plan to hold your shares will determine which class of shares you should choose. You should make this decision carefully because all of your future investments in your account will be in the same share class that you designate when you open your account. Your financial professional can help you choose the share class that makes the best sense for you.

If you are investing a large amount and/or plan to hold your shares for a long period, Class A shares may make the most sense for you. If you are investing a lesser amount, you may want to consider Class C shares if you plan to invest for a period of less than 5 years. Effective March 16, 2021, if you hold Class C shares for eight years from the date of purchase, they generally automatically convert to Class A shares of the same fund, resulting in lower 12b-1 distribution and fees after conversion. Please see the section *"Class C Shares – Level Load"* for further information of the conversion process.

Transamerica Funds may, at any time and in its sole discretion, add, delete, or change the sales charges for any share class.

Information regarding sales charges can be found (free of charge) on the Transamerica Funds website at: https://www.transamerica.com/sites/default/files/files/e070d/choosing-a-share-class.pdf.

**Class A Shares – Front Load** 

With Class A shares, you pay an initial sales charge only when you buy shares. (The offering price includes the sales charge.) There are 12b-1 distribution and service fees of up to 0.25% per year.

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Initial sales charges do not apply to Transamerica Government Money Market or Transamerica UltraShort Bond. However, a contingent deferred sales charge ("CDSC") may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Any CDSC imposed will be based on the period that begins when you bought shares of the original fund and ends when you sell the applicable shares of Transamerica Government Money Market or Transamerica UltraShort Bond from the exchange.

If you purchase Class A shares of a Transamerica Fund (other than Transamerica Government Money Market, Transamerica UltraShort Bond, Transamerica Short-Term Bond and, as of September 1, 2024, Transamerica Multi-Managed Balanced) in an amount of $1 million or more, your purchase will not be subject to an initial sales charge. However, if you redeem any of those shares within 24 months after buying them, you will pay a 1.00% CDSC. For such purchases made prior to September 1, 2024, in the event you exchange any of these shares for Class A shares of another fund and subsequently redeem some or all of those shares, you will be subject to the term and CDSC imposed by the fund into which you exchange your shares. For such purchases made on or after September 1, 2024, in the event you exchange any of those shares for Class A shares of another fund and subsequently redeem some or all of those shares, you will be subject to the term and CDSC imposed by the fund originally purchased. For such purchases made on or after September 1, 2024 through an exchange from Transamerica Government Money Market or Transamerica UltraShort Bond, you will be subject to the term and CDSC imposed by the fund into which you exchange your shares, and if any of those shares are exchanged for shares of another fund and subsequently redeemed, you will remain subject to the term and CDSC imposed by the fund into which you originally exchanged from Transamerica Government Money Market or Transamerica UltraShort Bond. The term of any applicable CDSC will commence on the date you initially purchased Class A shares of a Transamerica fund in an amount of $1 million or more as described in this paragraph. The CDSC may be waived if shares were purchased through a retirement plan described in Section 401(a), 401(k), 401(m), 403(b) or 457 of the Internal Revenue Code with assets of $1 million or more and whose accounts are held through an omnibus or plan level arrangement, or through a "wrap" account or fee-based program for the benefit of clients of certain broker-dealers, financial institutions, or financial planners who have entered into arrangements with Transamerica Funds or TCL and did not receive an upfront commission (finder's fee).

If you purchase Class A shares of Transamerica Multi-Managed Balanced in an amount of $250,000 or more on or after September 1, 2024, including through an exchange from Transamerica Government Money Market or Transamerica UltraShort Bond, your purchase will not be subject to an initial sales charge. However, if you redeem any of these shares within the first 18 months after buying them, you will pay a 1.00% CDSC. In the event you exchange any of these shares for Class A shares of another fund and subsequently redeem some or all of those shares, you will be subject to the term and CDSC imposed by Transamerica Multi-Managed Balanced. The term of this CDSC will commence on the date that you initially purchase Class A shares of Transamerica Multi-Managed Balanced in an amount of $250,000 or more as described in this paragraph. The CDSC may be waived if shares were purchased in a retirement plan or "wrap" account or fee-based program as described above and the applicable broker-dealer, financial institution, or financial planner did not receive an upfront commission (finder's fee).

If you purchase Class A shares of Transamerica Short-Term Bond in an amount of $250,000 or more, your purchase will not be subject to an initial sales charge. However, if you redeem any of these shares within the first 12 months after buying them, you will pay a 0.75% CDSC. For such purchases made prior to September 1, 2024, in the event you exchange any of these shares for Class A shares of another fund and subsequently redeem some or all of those shares, you will be subject to the term and CDSC imposed by the fund into which you exchange your shares. For such purchases made on or after September 1, 2024, in the event you exchange any of these shares for Class A shares of another fund and subsequently redeem some or all of those shares, you will be subject to the term and CDSC imposed by Transamerica Short-Term Bond. For such purchases made on or after September 1, 2024 through an exchange from Transamerica Government Money Market or Transamerica UltraShort Bond, you will be subject to the term and CDSC imposed by Transamerica Short-Term Bond, and if any of those shares are exchanged for shares of another fund and subsequently redeemed, you will remain subject to the term and CDSC imposed by Transamerica Short-Term Bond. The term of this CDSC will commence on the date that you initially purchase Class A shares of Transamerica Short-Term Bond in an amount of $250,000 or more as described in this paragraph. The CDSC may be waived if shares were purchased in a retirement plan or "wrap" account or fee-based program as described above and the applicable broker-dealer, financial institution, or financial planner did not receive an upfront commission (finder's fee).

Sales charge ("load") waivers may be available for eligible purchases made through financial intermediaries that offer Transamerica Funds Class A shares on a load-waived basis to certain investors in accordance with the intermediary's policies and procedures. Sales charge waivers may also be available for certain employee benefits or retirement plans, other than employee benefits or retirement plans that purchase Class A Shares through brokerage relationships in which sales charges are customarily imposed.

Whether a sales charge waiver is available depends upon the policies and procedures of your brokerage firm or intermediary. Purchasers must notify their financial intermediary if they believe they are eligible for a discount or waiver before the placement of an order, and provide information requested by the financial intermediary. Not all financial intermediaries that sell the funds may offer any or all of the discounts or waivers. See the section *Waivers and/or Reductions of Charges* for further details.

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**Class C Shares – Level Load** 

With Class C shares, you pay no initial sales charge. You will pay a 1.00% CDSC if shares are redeemed during the first 12 months. There are 12b-1 distribution and service fees of up to 1.00% per year.

The maximum purchase order in Class C shares is $999,999.99.

Subject to the conditions and circumstances set out below, effective March 16, 2021, Class C shares automatically convert to Class A shares after eight years from the date of purchase, provided that the relevant Transamerica Funds or the financial intermediary through which you have purchased or hold Class C shares, has records verifying that the Class C shares have been held for at least eight years. Conversion is done at NAV. Please check with your financial intermediary for details. Please note that the financial intermediary involved with your share purchase is solely responsible for converting any eligible Class C shares in an omnibus arrangement. Certain financial intermediaries may choose to convert your Class C shares in an omnibus arrangement earlier than eight years. The automatic conversion of Class C shares to Class A shares will not apply to Class C shares held through group retirement plan recordkeeping platforms of certain financial intermediaries who hold such shares in an omnibus account. Account numbers will need to be provided by the financial intermediary holding the group retirement plan(s) to have those accounts excluded from the automatic conversion. In such circumstances, please speak to your financial advisor (or the plan provider's financial intermediary) for further information.

Following the conversion of your Class C shares, your new Class A shares will be subject to those charges as set out for Class A shares (above).

**Class T Shares – Front Load (Transamerica US Growth)** 

**(Closed to new investors)** 

When you buy Class T shares of Transamerica US Growth, you pay an initial sales charge (the offering price includes the sales charge). You can reduce the sales charge percentage in the same ways that are described under Class A shares. Class T shares are not subject to annual 12b-1 distribution and service fees.

You pay no sales charge when you redeem Class T shares. As with Class A shares, if you pay no up-front sales charge because you are purchasing $1 million or more of Class T shares, you will pay a deferred sales charge of 1.00% if you redeem any of those shares within the first 24 months after buying them, unless they were purchased through a retirement plan described in Section 401(a), 401(k), 401(m), 403(b) or 457 of the Internal Revenue Code.

Waivers of the sales charges are granted under certain conditions. Persons eligible to buy Class T shares at NAV may not impose a sales charge when they re-sell those shares.

**Contingent Deferred Sales Charge** 

Your shares may be subject to a CDSC. Dividends and capital gains are not subject to the sales charge. There is no charge on any increase in the value of your shares. Transamerica Funds will always use the first in, first out method to fulfill your redemption requests. If your shares are worth less than when you bought them, the charge will be assessed on their current, lower value. In some cases, the sales charge may be waived.

**Waivers and Reductions of Sales Charges** 

You may be eligible for reductions and waivers of sales charges. Sales charges may be reduced or waived under certain circumstances and for certain groups. Information about reductions and waivers of sales charges is set forth below. In addition, certain intermediaries may provide different sales charge discounts and/or waivers. These sales charge variations and the applicable intermediaries are described in an Appendix to this prospectus, "Waivers and Discounts Available from Intermediaries." You should consult your broker or financial advisor or TAM for assistance.

**Class A and Class T Sales Charge Reductions** 

You can lower the sales charge percentage in the following ways:

• Substantial investments receive lower sales charge rates (see tables below).

• The "rights of accumulation" allows you, your spouse and children under age 21 to include the value of your existing holdings in any class of shares of the Transamerica Funds to determine your Class A or Class T sales charge. Breakpoints are derived from the daily NAV at the market close, the current combined account value at the time of the purchase and the gross amount of the new purchase.

• A Letter of Intent ("LOI") allows you, your spouse and children under age 21 to count all share investments, up to a maximum of $1 million, in a Transamerica fund (except as noted below for Transamerica Multi-Managed Balanced on and after September 1, 2024, and Transamerica Short-Term Bond) over the next 13 months, as if you were making them all at once, to qualify for reduced sales charges on your Class A or Class T investments. The 13-month period will begin on the date of your first

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purchase following the execution of your LOI. The market value of your existing holdings eligible to be aggregated as of the trading day immediately before the start of your LOI period will be credited toward satisfying your LOI. Purchases made at NAV after the establishment of your LOI (as a result of another waiver or sales charge reduction) shall not count toward meeting the amount stated in your LOI. Transamerica Funds will reserve a portion of your shares to cover any additional sales charge that may apply if your LOI amount is not met. Additionally, purchases of one Transamerica fund will not count towards satisfying the amount stated in your LOI for any other Transamerica fund.

• You may purchase shares of Transamerica Multi-Managed Balanced on or after September 1, 2024, pursuant to the LOI terms described above. However, an LOI for such purchases of Transamerica Multi-Managed Balanced may be used only to aggregate investments in Transamerica Multi-Managed Balanced up to a maximum of $250,000. Purchases of other Transamerica funds may not be aggregated with purchases of Transamerica Multi-Managed Balanced for purposes of reaching the $250,000 threshold described in this paragraph. Additionally, purchases of Transamerica Multi-Managed Balanced will not count towards satisfying the amount stated in your LOI for any other Transamerica fund.

• You may purchase shares of Transamerica Short-Term Bond pursuant to the LOI terms described above. However, an LOI for such purchases of Transamerica Short-Term Bond may be used only to aggregate investments in Transamerica Short-Term Bond up to a maximum of $250,000. Purchases of other Transamerica funds may not be aggregated with purchases of Transamerica Short-Term Bond for purposes of reaching the $250,000 threshold described in this paragraph. Additionally, purchases of Transamerica Short-Term Bond will not count towards satisfying the amount stated in your LOI for any other Transamerica fund.

• By investing as part of a qualified group. An individual who is a member of a qualified group may purchase Class A or Class T shares at the reduced sales charge applicable to that group as a whole. A "qualified group" is one which has at least ten members; has been in existence for at least six months; has some purpose in addition to the purchase of mutual fund shares at a discount; has agreed to include fund sales publications in mailings to members; has arrangements made for access to the group which are satisfactory to Transamerica Funds' transfer agent; has arrangements satisfactory to Transamerica Funds' transfer agent established for verification that the group meets these requirements; and the group's sole organizational nexus or connection is not that the members are credit card holders of a company, policy holders of an insurance company, customers of a bank or a broker-dealer, clients of an investment manager or security holders of a company. Transamerica Funds reserves the right to waive the requirement that the group continue to meet the minimum membership requirement or the requirement that an investor continues to belong to the group in order to qualify for lower sales charges (but not to waive either of these requirements initially). To establish a group purchase program, both the group itself and each participant must complete an application. Please contact Customer Service (1-888-233-4339) for further information and assistance. Qualified group accounts are not eligible to be counted under a rights of accumulation or LOI sales charge reduction or waiver with accounts other than accounts in the qualified group.

• By investing in a SIMPLE IRA plan held by Transamerica Fund Services, Inc. with UMB Bank, N.A. as custodian, you and all plan participants will receive a reduced sales charge on all plan contributions that exceed quantity discount amounts. SIMPLE IRA plan accounts are not eligible to be counted toward a sales charge reduction or waiver with accounts other than accounts in the SIMPLE IRA plan.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(all funds except Transamerica Multi-Managed Balanced and Transamerica bond funds**<sup>1</sup>**)** | &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(all funds except Transamerica Multi-Managed Balanced and Transamerica bond funds**<sup>1</sup>**)** | &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(all funds except Transamerica Multi-Managed Balanced and Transamerica bond funds**<sup>1</sup>**)** |
| **Amount of Purchase\*** | **Sales Charge**<br> **as % of**<br> **Offering Price**<br>| **Sales Charge**<br> **as % of**<br> **Amount Invested**<br>|
| Under $50,000 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.82% |
| $50,000 to under $100,000 | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.99% |
| $100,000 to under $250,000 | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 3.63% |
| $250,000 to under $500,000 | &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 2.83% |
| $500,000 to under $1,000,000 | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.04% |
| $1,000,000 and over | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(Transamerica Multi-Managed Balanced)** | &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(Transamerica Multi-Managed Balanced)** | &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(Transamerica Multi-Managed Balanced)** |
| **Amount of Purchase\*** | **Sales Charge**<br> **as % of**<br> **Offering Price**<br>| **Sales Charge**<br> **as % of**<br> **Amount Invested**<br>|
| Under $50,000 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.82% |
| $50,000 to under $100,000 | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.99% |
| $100,000 to under $250,000 | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 3.63% |
| $250,000 and over | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(Transamerica bond funds**<sup>1</sup> **except Transamerica Short-Term Bond, Transamerica High Yield Muni and Transamerica Intermediate** <br> **Muni)** | &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(Transamerica bond funds**<sup>1</sup> **except Transamerica Short-Term Bond, Transamerica High Yield Muni and Transamerica Intermediate** <br> **Muni)** | &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(Transamerica bond funds**<sup>1</sup> **except Transamerica Short-Term Bond, Transamerica High Yield Muni and Transamerica Intermediate** <br> **Muni)** |
| **Amount of Purchase\*** | **Sales Charge**<br> **as % of**<br> **Offering Price**<br>| **Sales Charge**<br> **as % of**<br> **Amount Invested**<br>|
| Under $50,000 | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.99% |
| $50,000 to under $100,000 | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.17% |
| $100,000 to under $250,000 | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 3.63% |
| $250,000 to under $500,000 | &nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 2.30% |
| $500,000 to under $1,000,000 | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.27% |
| $1,000,000 and over | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(Transamerica High Yield Muni and Transamerica Intermediate Muni)** | &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(Transamerica High Yield Muni and Transamerica Intermediate Muni)** | &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(Transamerica High Yield Muni and Transamerica Intermediate Muni)** |
| **Amount of Purchase\*** | **Sales Charge**<br> **as % of**<br> **Offering Price**<br>| **Sales Charge**<br> **as % of**<br> **Amount Invested**<br>|
| Under $50,000 | &nbsp;&nbsp; 3.25% | &nbsp;&nbsp; 3.36% |
| $50,000 to under $100,000 | &nbsp;&nbsp; 2.50% | &nbsp;&nbsp; 2.56% |
| $100,000 to under $250,000 | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.04% |
| $250,000 to under $500,000 | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.52% |
| $500,000 to under $1,000,000 | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% |
| $1,000,000 and over | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(Transamerica Short-Term Bond)** | &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(Transamerica Short-Term Bond)** | &nbsp;&nbsp; **Class A Share Quantity Discounts**<br> **(Transamerica Short-Term Bond)** |
| **Amount of Purchase\*** | **Sales Charge**<br> **as % of**<br> **Offering Price**<br>| **Sales Charge**<br> **as % of**<br> **Amount Invested**<br>|
| Under $250,000 | &nbsp;&nbsp; 2.50% | &nbsp;&nbsp; 2.56% |
| $250,000 and over | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Class T Share Quantity Discounts**<br> **(Transamerica US Growth)** | &nbsp;&nbsp; **Class T Share Quantity Discounts**<br> **(Transamerica US Growth)** | &nbsp;&nbsp; **Class T Share Quantity Discounts**<br> **(Transamerica US Growth)** |
| **Amount of Purchase\*** | **Sales Charge as** <br> **% of Offering** <br> **Price**<br>| **Sales Charge as** <br> **% of Amount** <br> **Invested**<br>|
| Under $10,000 | &nbsp;&nbsp; 8.50% | &nbsp;&nbsp; 9.29% |
| $10,000 to under $25,000 | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 8.40% |
| $25,000 to under $50,000 | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.67% |
| $50,000 to under $75,000 | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 6.10% |
| $75,000 to under $100,000 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.26% |
| $100,000 to under $250,000 | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.44% |
| $250,000 to under $500,000 | &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; 3.09% |
| $500,000 to under $1,000,000 | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.27% |
| $1,000,000 and over | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% |

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<sup>1</sup>

Transamerica bond funds include Transamerica Bond, Transamerica Core Bond, Transamerica Emerging Markets Debt, Transamerica Floating Rate, Transamerica High Yield Bond, Transamerica High Yield Muni, Transamerica Inflation Opportunities, Transamerica Intermediate Muni, Transamerica Long Credit, Transamerica Short-Term Bond and Transamerica Strategic Income.

\*

The transfer agent, Transamerica Fund Services, Inc. must be notified when a purchase is made that qualifies under any of the above provisions. Consequently, when a purchaser acquires shares directly from Transamerica Funds, the purchaser must indicate in the purchase order that such purchase qualifies under any of the above provisions, and must provide enough information to substantiate that claim. When a purchaser acquires shares through a dealer or other financial intermediary, the purchaser must inform the dealer or other financial intermediary of any facts that may qualify a purchase for any of the above provisions, such as, for example, information about other holdings of Class A or Class T shares of the funds that the purchaser has, directly with Transamerica Funds, or through other accounts with dealers or financial intermediaries. To substantiate a claim, it may be necessary for a purchaser to provide TFS or the dealer or other financial intermediary information or records regarding shares of Transamerica Funds held in all accounts (e.g., retirement plan accounts) of the purchaser directly with Transamerica Funds or with one or several dealers or other financial intermediaries, including to substantiate "rights of accumulation" accounts held by a spouse and children under age 21.

There is no sales charge or dealer reallowances on Class A shares of Transamerica Government Money Market or Transamerica UltraShort Bond.

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**Waiver of Class A and Class T Initial Sales Charges** 

Class A and Class T shares may be purchased without a sales charge by:

• Current and former trustees, directors, officers, and employees of Transamerica Funds and its affiliates; employees of Transamerica Funds sub-advisers; sales representatives and employees of dealers having a sales agreement with Transamerica Funds' distributor, TCL; and any family members thereof;

• Any trust, pension, profit-sharing or other benefit plan for any of the foregoing persons;

• "Wrap" accounts or fee-based programs for the benefit of clients of certain broker-dealers or financial institutions;

• Employer-sponsored retirement plans described in Section 401(a), 401(k), 401(m), 403(b) or 457 of the Internal Revenue Code with assets of $1 million or more and whose accounts are held through an Omnibus or plan level arrangement;

• Retirement plans described in Section 401(a), 401(k), 401(m), 403(b), or 457 of the Internal Revenue Code whose accounts are held through an Omnibus or plan level arrangement that purchased Class A shares without a sales charge prior to August 31, 2007;

• Other retirement plans that purchased Class A shares without a sales charge prior to April 28, 2006;

• Other retirement plans whose accounts are held through an arrangement with Morgan Stanley & Co. Incorporated;

• Other retirement plans whose accounts are held through an arrangement with Ascensus (formerly BISYS Retirement);

• Other retirement plans whose accounts are held through an arrangement with Sammons Financial Network<sup>SM</sup> LLC;

• Other retirement plans, non-qualified brokerage accounts, and other accounts that are opened through an arrangement with Transamerica Retirement Advisors, Inc., Transamerica Retirement Solutions Corporation, Transamerica Investors Securities Corporation or Clark Consulting, LLC;

• Other individual retirement accounts held in the Merrill Lynch Investor Choice Annuity (IRA Series) with Transamerica Advisors Life Insurance Company and Transamerica Financial Life Insurance Company;

• Certain financial intermediaries who have entered into an agreement with Transamerica Capital, LLC to offer shares to self-directed investment brokerage accounts or on self-directed platforms that may or may not charge a transaction fee to their customers (Please see the "Appendix – Waivers and Discounts Available from Intermediaries" for more information);

• Employees of SS&C Global Investor & Distribution Solutions, Inc., for such time as SS&C Global Investor & Distribution Solutions, Inc. has an active service agreement with Transamerica Funds; and

• Employees of State Street Bank & Trust Company, for such time as State Street Bank & Trust Company has an active service agreement with Transamerica Funds.

Investments by the retirement plan accounts mentioned above are not eligible to be counted under a rights of accumulation or letter of intent sales charge reduction or waiver with accounts other than accounts in the retirement plan.

Any person listed above (including retirement plan accounts and retirement plans) who requests a waiver of sales charges must provide adequate information to his/her broker-dealer or other financial intermediary or the funds' distributor to substantiate such request.

Persons eligible to buy Class A and Class T shares at NAV may not impose a sales charge when they re-sell those shares.

**Waiver of Class A, Class C and Class T Contingent Deferred Sales Charges** 

You will not be assessed a sales charge in the following situations:

• Following the death of the shareholder on redemptions from the deceased person's account only. If this deceased person's account is re-registered to another name, sales charges would continue to apply to this new account. The transfer agent will require satisfactory proof of death before it determines to waive the CDSC fee.

• Following the total disability of the shareholder (as determined by the Social Security Administration — applies only to shares held at the time the disability is determined). The transfer agent will require satisfactory proof of disability before it determines to waive the CDSC fee.

• On redemptions made under Transamerica Funds' systematic withdrawal plan (may not exceed an annualized 12% of the account value per fund on the day the systematic withdrawal plan was established).

• If you redeem your shares and reinvest the proceeds in the same class of any fund within 90 days of redeeming, the sales charge on the first redemption is waived. Please refer to the Reinvestment Privilege section for further instructions.

• For clients of broker-dealers that redeem Class C shares for which the selling broker-dealer was not paid an up-front commission by TCL. Please refer to the Reinvestment Privilege section for further instructions.

Information on sales charge reductions and/or waivers can also be found (free of charge) on the Transamerica Funds website at https://www.transamerica.com/sites/default/files/files/e070d/choosing-a-share-class.pdf.

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**The Following Information Applies to Class R, Class R3 and Class R6 Shares** 

**Class R Availability** 

Class R shares are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. A plan's record-keeper or financial service firm serving as an intermediary must have an agreement with Transamerica Funds or its agents to utilize Class R shares in certain investment products or programs.

Class R shares are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments.

**Class R3 Availability**

Class R3 shares are intended for purchase by investors with IRAs sponsored by an affiliate of Transamerica Asset Management, Inc., when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds or its agents to utilize Class R3 shares in certain investment products or programs.

**Class R6 Availability**

Class R6 shares of the funds are intended for purchase by participants in certain eligible accounts described below and under the following conditions:

• 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans and non-qualified deferred compensation plans, IRAs, and certain Transamerica-sponsored asset allocation funds, as well as participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans).

• For applicable plans, Class R6 shares are available only to eligible plans where Class R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

• The plan's record-keeper or financial service firm serving as an intermediary must have an agreement with Transamerica Funds or its agents to utilize Class R6 shares in certain investment products or programs.

**The Following Information Applies to Class R, Class R3 and Class R6** 

The financial service firm serving as an intermediary can provide participants with detailed information on how to participate in the plan, elect a fund as an investment option, elect different investment options, alter the amounts contributed to the plan or change allocations among investment options. For questions about participant accounts or to obtain an application to participate in a plan, participants should contact their financial service firm serving as an intermediary, employee benefits office, the plan administrator, or the organization that provides recordkeeping services for the plan.

Financial service firms may provide some of the shareholder servicing and account maintenance services required by retirement plan accounts and their plan participants, including transfers of registration, dividend payee charges and generation of confirmation statements, and may arrange for plan administrators to provide other investment or administrative services. Financial service firms may charge retirement plans and plan participants transaction fees and/or other additional amounts for such services. Similarly, retirement plans may charge plan participants for certain expenses. These fees and additional amounts could reduce the return of investments in Class R, Class R3 and Class R6 shares of the funds.

**Opening an Account and Purchasing Shares** 

Eligible retirement plans generally may open an account and purchase Class R and Class R6 shares by contacting any broker, dealer or other financial service firm authorized to sell Class R and Class R6 shares of the funds. Additional shares may be purchased through a retirement plan's administrator, record-keeper or financial service firm serving as an intermediary.

Class R3 shares are intended for purchase by investors with IRAs sponsored by an affiliate of Transamerica Asset Management, Inc., when a plan's recordkeeper or financial service firm serving as an intermediary has an agreement with Transamerica Funds or its agents to utilize Class R3 shares in certain investment products or programs.

There is no minimum investment for eligible retirement plans investing in Class R, Class R3 or Class R6 shares.

Please refer to the retirement plan documents for information on how to purchase Class R, Class R3 and Class R6 shares of the funds and any fees that may apply.

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Transamerica Funds must receive your payment within two business days after your order is accepted.

**Selling Shares** 

If you own Class R, Class R3 or Class R6 shares, please refer to the retirement plan documents for information on how to redeem those shares of the funds.

Shares are redeemed at NAV.

Shares will normally be redeemed for cash, although the fund retains the right to wholly or partly redeem its shares in kind, under unusual circumstances (such as adverse or unstable market, economic, or political conditions), in an effort to protect the interests of shareholders by the delivery of securities selected from its assets at its discretion. On the same redemption date, some shareholders may be paid in whole or in part in securities (which may differ among those shareholders), while other shareholders may be paid entirely in cash. The disposal of the securities received in-kind may be subject to brokerage costs and, until sold, such securities remain at market risk and liquidity risk, including the risk that such securities are or become difficult to sell. If the fund pays your redemption with illiquid or less liquid securities, you will bear the risk of not being able to sell such securities. The fund may pay redemption proceeds with cash obtained through short-term borrowing arrangements, if available. Please see the SAI for more details.

**Exchanging Shares** 

For Class R, Class R3 and Class R6 shares, if authorized by your plan, you can request an exchange of your shares in one fund for corresponding shares of another fund. Please refer to your plan's documents for additional information. An exchange is treated as a redemption of a fund's shares followed by a purchase of the shares of the fund into which you exchanged. Prior to making exchanges into a fund you do not own, please read the prospectus of that fund.

**Features and Policies**

**Checkwriting Service (For Class A and I shares of Transamerica Government Money Market only)** 

If you would like to use the checkwriting service, mark the appropriate box on the application or authorization form. Your Transamerica Government Money Market fund account must have a minimum balance of $1,000 to establish checkwriting privileges. The fund will send you checks when it receives these properly completed documents, and your check has cleared the up to 10 calendar day holding period. Checks must be written for at least $250, or, a $10 service fee will be assessed to your account. Investments made by check or ACH must have been in your account for at least 10 calendar days before you can write checks against them. When the check is presented for payment, the fund will redeem a sufficient number of full and fractional shares in your account at that day's net asset value to cover the amount of the check. Checks presented against your account in an amount that exceeds your available balance will be returned for "insufficient funds", and your account will incur a $20 service fee. Due to dividends accruing on your account, it is not possible to determine your account's value in advance so you should not write a check for the entire value or try to close your account by writing a check. A stop payment on a check may be requested for a $20 service fee. The payment of funds is authorized by the signature(s) appearing on the Transamerica Funds application or authorization form. Each signatory guarantees the genuineness of the other signatures.

The use of checks is subject to the rules of the Transamerica Funds designated bank for its checkwriting service. Transamerica Funds has chosen UMB Bank, N.A. as its designated bank for this service. UMB Bank, N.A., or its bank affiliate (the Bank), is appointed agent by the person(s) signing the Transamerica Funds application or authorization form (the Investor(s)) and, as agent, is authorized and directed upon presentment of checks to the Bank to transmit such checks to Transamerica Funds as requests to redeem shares registered in the name of the Investor(s) in the amounts of such checks.

This checkwriting service is subject to the applicable terms and restrictions, including charges, set forth in this prospectus. The Investor(s) agrees that he/she is subject to the rules, regulations, and laws governing check collection including the Uniform Commercial Code as enacted in the state of Missouri, pertaining to this checkwriting service, as amended from time to time. The Bank and/or Transamerica Funds has the right not to honor checks presented to it and the right to change, modify or terminate this checkwriting service at any time.

The checkwriting service is not available for IRAs, Coverdell ESAs, qualified retirement plans or Class C shares of Transamerica Government Money Market.

Shareholders who previously had checkwriting privileges in Transamerica Government Money Market Class P and received Transamerica Government Money Market Class I shares as a result of the conversion of Class P shares to Class I shares on February 10, 2012 may continue to utilize their checkwriting privileges in Class I.

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**Customer Service** 

Occasionally, Transamerica Funds experiences high call volume due to unusual market activity or other events that may make it difficult for you to reach a Customer Service Representative by telephone. If you are unable to reach Transamerica Funds by telephone, please consider visiting our website at www.transamerica.com.

You may also send instructions by mail or by fax by using the information in the "How to Contact the Funds" section above, or by using our automated phone system at 1-888-233-4339.

Please contact your retirement plan's administrator, recordkeeper or financial service firm acting as intermediary for account specific information.

**Uncashed Checks Issued on Your Account** 

If any check Transamerica Funds issues is returned by the Post Office as undeliverable, or remains outstanding (uncashed) for six months, we reserve the right to reinvest check proceeds back into your account at the NAV next calculated after reinvestment. If applicable, we will also change your account distribution option from cash to reinvest. Interest does not accrue on amounts represented by uncashed checks. In case we are unable to reinvest check proceeds in the original funds that you held, for example, if a fund has been liquidated or is closed to new investments, we reserve the right to reinvest the proceeds in Transamerica Government Money Market.

**Minimum Dividend Check Amounts** 

To control costs associated with issuing and administering dividend checks, we reserve the right not to issue checks under a specified amount. For accounts with the cash by check dividend distribution option, if the dividend payment total is less than $10, the distribution will be reinvested into the account and no check will be issued.

**Minimum Account Balance** 

Due to the proportionately higher cost of maintaining customer fund accounts with balances below the stated minimums for each class of shares, Transamerica Funds reserves the right to close such accounts or assess an annual fee on such fund accounts to help offset the costs associated with maintaining the account. Transamerica Funds generally provides a 60-day notification to the address of record prior to assessing a minimum fund account fee, or closing any fund account. The following describes the fees assessed against fund accounts with balances below the stated minimum:

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| | |
|:---|:---|
| **Account Balance (per fund account)** | **Fee Assessment (per fund account)** |
| &nbsp;&nbsp; If your balance is below $1,000 per fund account, <br> including solely due to declines in NAV<br>| $25 annual fee assessed, until balance reaches $1,000 |

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No fees will be charged on:

• accounts opened within the preceding 12 months

• accounts with an active monthly Automatic Investment Plan or payroll deduction ($50 minimum per fund account)

• accounts owned by an individual that, when combined by Social Security Number, have a balance of $5,000 or more

• accounts owned by individuals in the same household (by address) that have a combined balance of $5,000 or more

• accounts for which Transamerica Funds in its discretion has waived the minimum account balance requirements

• UTMA/UGMA accounts (held at Transamerica Funds)

• UMB Bank, N.A. Custodial Accounts (held at Transamerica Funds)

• Coverdell ESA accounts (held at Transamerica Funds)

• Omnibus and Network Level 3 accounts

While there is currently no minimum account size for maintaining a Class I share account, the funds reserve the right, without prior notice, to establish a minimum amount required to maintain an account.

**Telephone Transactions** 

Transamerica Funds, and its transfer agent TFS, are not liable for complying with telephone instructions that are deemed by them to be genuine. Transamerica Funds and TFS will employ reasonable procedures to help ensure telephone instructions are genuine. These procedures may include requiring personal identification, providing written confirmation of transactions, and tape recording conversations. In situations where Transamerica Funds or TFS reasonably believe they were acting on genuine telephone instructions, you bear the risk of loss. Transamerica Funds reserves the right to modify the telephone redemption privilege at any time. Customers can remove telephone options by submitting a letter of instructions.

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**Retirement and Coverdell ESA UMB Bank, N.A. Account Maintenance Fees** 

Retirement plan and Coverdell ESA accounts custodied by UMB Bank, N.A. and held directly with Transamerica Funds are subject to an annual custodial fee of $17.50 per fund account.

An A-share account that holds shares converted from a C-share account shall be considered as part of the original C-share account for purposes of this fee and only the A-share account will be subject to the fee. TFS may waive the annual custodial fee at its discretion.

**Professional Fees** 

Your financial professional may charge a fee for his or her services. This fee will be in addition to any fees charged by Transamerica Funds. Your financial professional will answer any questions that you may have regarding such fees.

**Signature Guarantee** 

An original signature guarantee assures that a signature is genuine so that you are protected from unauthorized account transactions. Acceptable guarantors only include participants in the Securities Transfer Agents Medallion Program ("STAMP2000"). Participants in STAMP2000 may include financial institutions such as banks, savings and loan associations, trust companies, credit unions, broker-dealers, and member firms of a national securities exchange. For certain requests, a notary may be accepted.

An original signature guarantee is typically required if any of the following is applicable:

• You request a redemption or distribution transaction totaling more than $100,000 or, in the case of an IRA with a market value in excess of $100,000, you request a custodian to custodian transfer.

• You would like a check made payable to anyone other than the shareholder(s) of record.

• You would like a check mailed to an address which has been changed within 10 days of the redemption request.

• You would like a check mailed to an address other than the address of record.

• You would like your redemption proceeds wired to a bank account other than a bank account of record.

• Wire or ACH proceeds to a bank account changed within 10 days of the redemption request.

• You are adding or removing a shareholder from an account.

• You are changing ownership of an account.

• When establishing an electronic bank link, if the Transamerica Funds' account holder's name does not appear on the check.

• Transactions requiring supporting legal documentation.

The funds reserve the right to require an original signature guarantee or a notary under other circumstances or to reject or delay a redemption on certain legal grounds.

An original signature guarantee or notary may be refused if any of the following is applicable:

• It does not appear valid or in good form.

• The transaction amount exceeds the surety bond limit of the signature guarantee.

• The guarantee stamp has been reported as stolen, missing or counterfeit.

Certain direct institutional accounts may utilize alternative methods in place of a signature guarantee with prior approval from Transamerica. Contact Transamerica for additional details.

**Note:** For certain maintenance and non-financial requests, Transamerica Funds may require a Signature Validation Program Stamp for your protection. When an institution provides a Signature Validation Program Stamp, it assures Transamerica Funds that the signature and instructions are yours and that you have the authority to provide the instruction(s) contained within the request.

**Electronic Signatures** 

Transamerica may accept electronic signatures in certain circumstances. Please contact Customer Service (1-888-233-4339) to see if you are eligible for this feature.

**Paperless Legal Program** 

Transamerica may accept requests to transfer or redeem accounts having an original signature guarantee without the necessity to include additional legal documentation. The shareholder should contact their signature guarantor regarding all documentation that may be required to obtain an original signature guarantee.

**Employer Sponsored Accounts** 

If you participate in an employer sponsored retirement plan and wish to make an allocation change to your current fund selection, you or your financial professional must notify Transamerica Funds by phone or in writing. Please also remember to inform your employer of the change(s) to your fund allocation. Documentation for allocations submitted online or in writing from your employer will be used

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to allocate your contributions. This documentation will supersede all other prior instructions received from you or your financial professional. (Note: If you perform a partial or complete exchange to a new fund selection, your current fund allocation will remain unchanged for future contributions unless specified otherwise.)

**E-Mail Communication** 

As e-mail communications may not be secure, and because we are unable to take reasonable precautions to verify your shareholder and transaction information, we cannot respond to account-specific requests received via e-mail. For your protection, we ask that all account-specific requests be submitted only via online (required to be established in advance), telephone, mail or fax. Establishing an online account can be done by logging into the Transamerica Funds website at https://secureaccountview.com/BFWeb/clients/transamerica/index.

• The Account Login page will be displayed, underneath the Login screen, select the Red "New User" button.

• The Account Access: New User Setup screen will be displayed.

• Select a username, enter your social security number/EIN, account number and establish your password, following the instructions on the page.

You can also contact Transamerica at 1-888-233-4339, Monday through Friday between 8:00 a.m. and 7:00 p.m. (Eastern time) to establish an online account.

**Reinvestment Privilege (Does not apply to Class I, Class I2, Class R3 or Class R6 shares)** 

Within a 90-day period after you sell your shares, you have the right to "reinvest" your money in any fund, in shares of the same class as the shares that you sold. You will not incur a new sales charge if you use this privilege within the allotted time frame. Any CDSC you paid on your shares will be credited to your account. To take advantage of the 90-day reinvestment privilege, a written request must accompany your investment check.

**Statements and Reports** 

Transamerica Funds will send you a confirmation statement after every transaction that affects your account balance or registration, with the exception of systematic transactions or transactions necessary to assess account fees. Systematic transactions and fees will be shown on your next regularly scheduled quarterly statement. Information regarding these fees is disclosed in this prospectus. Please review the confirmation statement carefully and promptly notify Transamerica Funds of any error. Information about the tax status of the prior year's income dividends and capital gains distributions will be mailed to shareholders early each year.

Please retain your statements. If you require historical statements, Transamerica Funds may charge $10 per statement year up to a maximum of $50 per Social Security Number. Financial reports for the funds, which include a list of the holdings, will be mailed twice a year to all shareholders.

**eDelivery** 

By enrolling in eDelivery, you are notified via e-mail when shareholder documents are available for viewing on our website such as account statements, financial transaction confirmations, prospectuses, tax forms, and annual and semi-annual reports. With eDelivery, you can save time by receiving e-mail notifications days before documents might be received through the postal service; reduce clutter by reducing the amount of paper for filing, shredding, or recycling; lower environmental impact by cutting paper waste and transportation requirements; and enjoy added security by accessing your information electronically through our secure website link.

You can enroll in eDelivery when you initially complete your application and include your e-mail address. If your account is already established, visit our website at https://www.transamerica.com/investments/mutual-fund-prospectus. Click on "Login," select "Individual", click next; select "Mutual Funds", click next; and log into your account. When you have logged into your account, select the "Electronic Delivery" option and follow the simple enrollment steps provided.

**Right to Terminate or Suspend Account Privileges** 

Each fund may, in its discretion, limit or terminate trading activity by any person, group or account that it believes would be disruptive, even if the activity has not exceeded the policy described in this prospectus. As part of the fund's policy to detect and deter frequent purchases, redemptions and exchanges, the fund may review and consider the history of frequent trading activity in all accounts in the Transamerica Funds known to be under common ownership or control. The fund may send a written warning to a shareholder that it believes may be engaging in disruptive or excessive trading activity; however, the fund reserves the right to suspend or terminate the ability to purchase or exchange shares, with or without warning, for any account that the fund determines, in the exercise of its discretion, has engaged in such trading activity.

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**Market Timing/Excessive Trading** 

Some investors try to profit from various short-term or frequent trading strategies known as market timing. Examples of market timing include switching money into funds when their share prices are expected to rise and taking money out when their share prices are expected to fall, and switching from one fund to another and then back again after a short period of time. As money is shifted in and out, a fund may incur expenses for buying and selling securities. Excessive purchases, redemptions or exchanges of fund shares may disrupt portfolio management, hurt fund performance and drive fund expenses higher. For example, a fund may be forced to liquidate investments as a result of short-term trading and incur increased brokerage costs or realize capital gains without attaining any investment advantage. These costs are generally borne by all shareholders, including long-term investors who do not generate these costs.

The Board of Trustees has approved policies and procedures that are designed to discourage market timing or excessive trading, which include limitations on the number of transactions in fund shares. If you intend to engage in such practices, we request that you do not purchase shares of any of the funds. Each fund reserves the right to reject any request to purchase shares, including purchases in connection with an exchange transaction, which the fund reasonably believes to be in connection with market timing or excessive trading.

While the funds discourage market timing and excessive short-term trading, the funds cannot always recognize or detect such trading, particularly if it is facilitated by financial intermediaries or done through Omnibus Account arrangements.

The funds' distributor has entered into agreements with intermediaries requiring the intermediaries to provide certain information to help identify harmful trading activity and to prohibit further purchases or exchanges by a shareholder identified as having engaged in excessive trading. There is no guarantee that the procedures used by financial intermediaries will be able to curtail frequent, short-term trading activity. For example, shareholders who seek to engage in frequent, short-term trading activity may use a variety of strategies to avoid detection, and the financial intermediaries' ability to deter such activity may be limited by the capabilities of operational and information systems. Due to the risk that the funds and financial intermediaries may not detect all harmful trading activity, it is possible that shareholders may bear the risks associated with such activity.

Orders to purchase, redeem or exchange shares forwarded by certain omnibus accounts with Transamerica Funds will not be considered to be market timing or excessive trading for purposes of Transamerica Funds' policies. However, the market timing and excessive trading policies of these omnibus firms or plans may apply to transactions by the underlying shareholders.

Class I2 shares of the funds may be sold to strategic asset allocation funds, other investors (including institutional investors such as foreign insurers, domestic insurance companies, and their separate accounts), and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents, the funds' policies and procedures to discourage market timing or excessive trading are enforced by those entities, as appropriate, rather than the funds. In addition, transactions by certain institutional investors, such as asset allocators, wrap programs, other advisory programs and non-Transamerica fund of funds products, may be excepted by the funds' Chief Compliance Officer from the transaction limit set forth in the funds' policies and procedures.

Orders to purchase, redeem or exchange shares forwarded by accounts maintained on behalf of institutional investors or insurers (for example, separate accounts of insurance companies) with respect to their accounts with Transamerica Funds will not be considered to be market timing or excessive trading for purposes of Transamerica Funds' policies. However, the market timing and excessive trading policies of these investors/insurers (or their accounts) may apply to transactions by persons who, in turn, invest through these investors/insurers (or through their accounts).

Reallocations in underlying series of Transamerica Funds by an Asset Allocation Fund that invests in other series of Transamerica Funds in furtherance of a fund's objective are not considered to be market timing or excessive trading.

Transamerica Funds' excessive trading policies do not apply to Transamerica Government Money Market, Transamerica Short-Term Bond and Transamerica UltraShort Bond.

**Additional Information** 

This prospectus and the SAI provide information concerning the funds that you should consider in determining whether to purchase shares of a fund. A fund may make changes to this information from time to time. A fund's investment strategies and policies may be changed from time to time without shareholder approval, unless specifically stated otherwise in this prospectus or in the SAI.

A fund that has a policy of investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the particular type of securities suggested by its name will provide its shareholders with at least 60 days' prior written notice before making changes to such policy. Such notice will comply with the conditions set forth in any applicable SEC rules then in effect.

Neither this prospectus nor the SAI is intended to give rise to any contract rights or other rights of any shareholder, other than rights conferred by federal or state securities laws.

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The funds may enter into contractual arrangements with various parties, including the funds' investment manager, who provides services to the funds. Shareholders are not parties to, or intended (or "third party") beneficiaries of those contractual arrangements.

To the extent authorized by law, the funds reserve the right to discontinue offering shares at any time, to merge or liquidate a class of shares or to cease operations entirely.

**Abandoned or Unclaimed Property** 

Every state has unclaimed property laws that generally provide for escheatment to the state of unclaimed property under various circumstances. In addition to the state unclaimed property laws, we may be required to escheat property pursuant to regulatory demand, finding, agreement or settlement. To help prevent such escheatment, it is important that you keep your contact and other information on file with us up to date, including the names, contact information and identifying information for customers, beneficiaries and other payees. Such updates should be communicated in a form and manner satisfactory to us. Individual states may have their own requirements. For more information regarding escheatment and unclaimed property in your state, ask your salesperson or visit your financial intermediary's website.

**Sending Forms and Transaction Requests in Good Order** 

We cannot process your requests for transactions relating to the funds until they are received in good order. "Good order" means the actual receipt of the instructions relating to the requested transaction in writing (or, when appropriate, by telephone or electronically), along with all forms, information and supporting legal documentation necessary to effect the transaction. This information and documentation generally includes, to the extent applicable to the transaction: your completed application; the transaction amount (in dollars, shares or percentage terms); the names, fund and account number(s) and allocations to and/or from the fund accounts affected by the requested transaction; the signatures of all owners (exactly as registered on the account) if necessary; Social Security Number or Taxpayer I.D.; and any other information or supporting documentation that we may require, including any spousal or joint owner's consents and signature guarantees. With respect to purchase requests, "good order" also generally includes receipt of sufficient funds to effect any purchase. We may, in our sole discretion, determine whether any particular transaction request is in good order, and we reserve the right to change or waive any good order requirements at any time. "Received" or receipt in good order generally means that everything necessary must be received by the funds, at our mailing address specified in this prospectus. We reserve the right to reject electronic transactions that do not meet our requirements.

**Pricing of Shares**

**How Share Price Is Determined** 

The price at which shares are purchased or redeemed is the NAV, plus any applicable sales charge, that is next calculated following receipt and acceptance of a purchase order in good order or receipt of a redemption order in good order by the fund, an authorized intermediary, or the mail processing center located in Kansas City, Missouri.

**When Share Price Is Determined** 

The NAV of each fund (or class thereof) is determined on each day the NYSE is open for business as of the scheduled close of regular trading (normally 4:00 p.m. Eastern time). If the NYSE closes at another time, each fund will calculate a NAV for each class of shares as of the scheduled closing time. The NAV is not determined on days when the NYSE is closed (generally New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving and Christmas). Foreign securities may trade in their primary markets on weekends or other days when a fund does not price its shares (therefore, the value of a fund's foreign securities may change on days when shareholders will not be able to buy or sell shares of the funds). These securities will be valued pursuant to the funds' Pricing and Valuation procedures for such securities.

Purchase orders received in good order and accepted, and redemption orders received in good order, as of the scheduled close of regular trading of the NYSE, usually 4:00 p.m. Eastern Time, receive the NAV determined as of the close of the NYSE that day. Purchase and redemption requests received after the NYSE is closed receive the NAV determined as of the close of the NYSE the next day the NYSE is open.

Purchase orders for shares of the Asset Allocation Funds that are received in good order and accepted as of the scheduled close of regular trading on the NYSE receive the NAV determined as of the close of the NYSE that day. For direct purchases, corresponding orders for shares of the underlying constituent funds are priced on the same day that orders for shares of the Asset Allocation Funds are received and accepted. For purchases of shares of the Asset Allocation Funds through the National Securities Clearing Corporation ("NSCC"), orders for shares of the underlying constituent funds will be placed after the receipt and acceptance of the settled purchase order for shares of the Asset Allocation Funds.

For investments in separate accounts of insurance companies that invest in Class I2 shares of the funds, orders for Class I2 shares will be placed after the receipt and acceptance of the investment in the insurance company separate account.

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**How NAV Is Calculated** 

The NAV of each fund (or class thereof) is calculated by taking the value of its net assets (which may include realized and unrealized capital gain and income) and dividing by the number of shares of the fund (or class) that are then outstanding.

The value of a fund's securities and other assets for purposes of determining the fund's NAV is determined pursuant to valuation procedures of the funds and TAM. TAM has been designated as the funds' valuation designee with responsibility for fair valuation subject to oversight by the funds' Board. TAM has formed a valuation committee to assist with its designated responsibilities as valuation designee (the "Valuation Committee").

*For funds other than Transamerica Government Money Market:* In general, securities and other investments are valued based on prices at the close of regular trading on the NYSE.

Equity securities, swaps, and options listed or traded on securities exchanges (except for the securities traded on NASDAQ/NMS), including ETFs, dollar-denominated foreign securities and ADRs, are normally valued at the closing price on the exchange or system where the security is principally traded. With respect to securities traded on the NASDAQ/NMS, such closing price will generally be the NASDAQ Official Closing Price ("NOCP").

The market price for debt obligations (except short-term obligations that will mature in 60 days or less) and for swaps that are not traded on a securities exchange is generally the price supplied by an independent third-party pricing service, which may use market prices or quotations or a variety of fair value techniques and methodologies to identify the market value of the security or instrument.

Short-term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment's fair value.

Foreign securities are generally priced as described above for the particular type of security (*i.e.*, equity securities or debt securities). The prices for foreign securities are converted from the local currency into U.S. dollars using current exchange rates.

Market quotations for securities prices may be obtained from automated pricing services.

Shares of open-end funds (other than ETF shares) are generally valued at the NAV reported by that investment company.

ETF shares are normally valued at the most recent sale price or official closing price on the exchange on which they are traded.

When an authorized pricing service does not provide a price or the price provided is believed by the Valuation Committee to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. When such a price or quotation for a security is not readily available, or is believed by the Valuation Committee to be unreliable, then the Valuation Committee will fair value such fund investment, in good faith, in accordance with fair valuation procedures.

The types of securities for which such fair value pricing may be required include, but are not limited to: foreign securities, where a significant event occurs after the close of the foreign market on which such security principally trades that is likely to have changed the value of such security, or the closing value is otherwise deemed unreliable; securities of an issuer that has entered into a restructuring; securities whose trading has been halted or suspended; fixed-income securities that have gone into default and for which there is no current market value quotation; and securities that are restricted as to transfer or resale. The funds use a fair value model developed by an independent third party pricing service to price foreign equity securities on days when there is a certain percentage change in the value of a domestic equity security index, as such percentage may be determined by TAM from time to time.

Valuing securities in accordance with fair valuation procedures involves greater reliance on judgment than valuing securities based on readily available market quotations. The Valuation Committee makes fair value determinations in good faith in accordance with the valuation procedures. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service. There can be no assurance that a fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the fund determines its NAV.

The prices that a fund uses may differ from the amounts that would be realized if the investments were sold and the differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility.

*For Transamerica Government Money Market:* The fund generally values its securities using the amortized cost method. This valuation method assumes a steady rate of amortization of any premium or discount from the date of purchase until the maturity of each security. This valuation method is designed to permit a money market fund to maintain a constant net asset value of $1.00 per share, but there is no guarantee that it will do so.

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**Distribution of Shares**

**Distributor**

Transamerica Capital, LLC ("TCL"), located at 1801 California Street, Suite 5200, Denver, CO 80202, underwrites and distributes all classes of fund shares and bears the expenses of offering these shares to the public. TCL is an affiliate of the investment manager and the funds.

The funds may pay TCL, or its agent, fees for its services. Of the distribution and service fees it usually receives for Class A shares, TCL, or its agent, may reallow or pay to brokers or dealers who sold them 0.25% of the average daily net assets of those shares. In the case of Class C, Class R, Class R3 and Class R6 shares, among other share classes, TCL, or its agent, may share revenue with brokers, dealers or intermediaries who sold shares.

**Distribution Plan**

Each fund has adopted a Rule 12b-1 Plan under the Investment Company Act of 1940 (the "Plan") for each class of shares (except Class I, Class I2, Class R6 and Class T shares).

The Plan permits the use of fund assets to pay distribution and service fees for the sale and distribution of its shares. These fees are used to pay TCL, broker-dealers, financial intermediaries and other professionals who sell fund shares and provide ongoing services to shareholders and to pay other marketing and advertising expenses.

Under the Plan, each fund pays the following distribution and service fees (as a percentage of the fund's average daily net assets):

• **Class A Shares** – Up to 0.25% (Transamerica High Yield Muni and Transamerica Intermediate Muni will waive 0.10% of the 0.25% 12b-1 fee on Class A shares through March 1, 2027)

• **Class C Shares** – Up to 1.00% (Transamerica High Yield Muni and Transamerica Intermediate Muni will waive 0.25% of the 1.00% 12b-1 fee on Class C shares through March 1, 2027)

• **Class R Shares** – Up to 0.50%

• **Class R3 Shares** – Up to 0.25%

Because these fees are paid out of each fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

Even though Class C shares do not carry up-front sales loads, the higher distribution and service fees payable by those shares under the Rule 12b-1 Plan, may over time, be higher than the total fees paid by owners of Class A shares.

**Other Distribution and Service Arrangements**

TCL, TAM and their affiliates may enter into arrangements with affiliated entities that provide administrative, recordkeeping and other services with respect to one or more of the funds. Payment for these services is made by TCL, TAM and their affiliates out of past profits and other available sources and may take the form of internal credit, recognition or cash payments. TCL, TAM and their affiliates may also enter into similar arrangements with unaffiliated entities.

TCL engages in wholesaling activities designed to support, maintain, and increase the number of financial intermediaries who sell shares of the funds. Wholesaling activities include, but are not limited to, recommending and promoting, directly or through intermediaries but without ever engaging with a retail client, the funds to financial intermediaries and providing sales training, retail broker support and other services. Payment for these activities is made by TCL, TAM and their affiliates out of profits and other available sources, including revenue sharing payments from others.

TCL (in connection with, or in addition to, wholesaling services), TAM and fund sub-advisers, directly or through TCL, out of their past profits and other available sources, typically provide cash payments or non-cash compensation to unaffiliated brokers and other financial intermediaries who have sold shares of the funds, promote the distribution of the funds or render investor services to fund shareholders. Such payments and compensation are in addition to the sales charges, Rule 12b-1 Plan fees, service fees and other fees that may be paid, directly or indirectly, to such brokers and other financial intermediaries. These arrangements are sometimes referred to as "revenue sharing" arrangements. The amount of revenue sharing payments is substantial, may be substantial to any given recipient and may exceed the costs and expenses incurred by the recipient for any fund-related distribution or shareholder servicing activities. The presence of these payments and the basis on which an intermediary compensates its registered representatives or salespersons may create an incentive for a particular intermediary, registered representative or salesperson to highlight, feature or recommend the funds, at least in part, based on the level of compensation paid. Revenue sharing arrangements are separately negotiated. Revenue sharing payments are not an additional charge to the funds.

Such additional cash payments may be made to brokers and other financial intermediaries that provide services to the funds and/or fund shareholders, including (without limitation) shareholder servicing, marketing support and/or access to meetings and/or events, sales representatives and management representatives of the broker or other financial intermediaries. Cash compensation may also be

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paid to brokers and other financial intermediaries for inclusion of a fund on a sales list or mutual fund trading platform, including a preferred or select sales list or trading platform, in other sales programs, or as an expense reimbursement or compensation in cases where the broker or other financial intermediary provides services to fund shareholders. To the extent permitted by applicable law, TCL and other parties may pay or allow other incentives and compensation to brokers and other financial intermediaries. TCL, TAM and the other parties making these payments generally assess the advisability of continuing making these payments periodically. These cash payments may take a variety of forms, including (without limitation), annual flat fees, reimbursement of ticket charges, additional compensation based on sales, on-going fees for shareholder servicing and maintenance of investor accounts, and finder's fees that vary depending on the fund or share class and the dollar amount of shares sold. Revenue sharing payments can be calculated: (i) as a percentage of gross or net sales for a particular period; (ii) as a percentage of gross or net assets under management; (iii) as a fixed or negotiated flat fee dollar amount; or (iv) based on a combination of any of these methods. During 2025, in general, payments calculated as a percentage of sales ranged from 8 basis points (0.08%) to 50 basis points (0.50%), payments calculated as a percentage of assets under management ranged from 2 basis points (0.02%) to 16 basis points (0.16%), and flat annual fees ranged from $3,000.00 to $655,299.95 (calculated after revenue sharing offsets for sales), which included at times payments for a series of meetings and/or events of other broker-dealers and banks.

As of December 31, 2025, TCL had revenue sharing agreements with more than 71 broker dealers and other financial intermediaries including, without limitation: Ameriprise Financial Services, Inc.; Advisor Group, Inc./Osaic, Inc. (Osaic Wealth, Inc., SagePoint Financial, Inc., Securities America Advisors, Triad, American Portfolios, and Osaic Institutions, Inc.); Atria Wealth Solutions, Inc. (Cadaret Grant & Co., CUSO Financial Services, L.P., Grove Point Investments, Next Financial Group, Inc., SCF Securities, Inc., and Western International Securities, Inc.); Cambridge Investment Research, Inc.; Centaurus Financial, Inc.; Aretec Group, Inc./Cetera Financial Group, Inc. (Avantax Insurance Agency, Cetera Advisors, LLC, Cetera Advisor Networks, LLC, Cetera Financial Specialists, LLC, Cetera Investment Services, LLC and Cetera Wealth Services); CFD Investments Inc.; Charles Schwab & Co., Inc.; Citigroup Global Markets, Inc.; Clear Financial; Commonwealth Financial Network; Community America Financial Solutions LLC/Copper Financial; D.A. Davidson & Co., Inc.; Edward Jones; EF Legacy Securities; Equitable Advisors, LLC; Equity Services, Inc.; Financial Data Services, Inc.; First Trust Capital Management, L.P; Geneos Wealth Management, Inc.; Great West Financial; Hantz Financial Services, Inc.; Hornor Townsend & Kent Inc.; Independent Financial Group, LLC; Janney Montgomery Scott; J.P. Morgan Securities LLC; Kestra Investment Services; Lincoln Investment; Lion Street Financial, LLC; LPL Financial Corp.; Logan Group Securities; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley Smith Barney LLC; MML Investors Services, LLC; Mutual of Omaha Investor Services Inc.; National Financial Services, Inc.; Nations Financial Group Inc.; OneAmerica Securities Inc.; Oppenheimer & Co. Inc.; Park Avenue Securities LLC; Pershing LLC; Principal Connectivity; PNC Investments; Raymond James and Associates, Inc.; Raymond James Financial Services, Inc.; RBC Capital Markets; Stifel Nicolaus & Company Inc.; Trinity Wealth Securities LLC; UBS Financial Services, Inc.; United Planners Financial Services of America; US Bancorp Investments, Inc.; Voya Financial Advisors, Inc.; and Wells Fargo Advisors, LLC. For the calendar year ended December 31, 2025, TCL paid approximately $41 million to these brokers and other financial intermediaries in connection with revenue sharing arrangements. TCL expects to have revenue sharing arrangements with a number of brokers and other financial intermediaries in 2026, including some or all of the foregoing brokers and financial intermediaries, among others, on terms similar to those discussed above.

For the calendar year ended December 31, 2025, TCL and its affiliates received revenue sharing payments from asset managers including Alliance Bernstein; BlackRock Investment Management, LLC; Fidelity; First Trust; Goldman Sachs Asset Management, L.P.; Great Lakes Advisors, LLC; Janus Henderson Investors US LLC; JP Morgan Asset Management Inc; Kayne Anderson Capital Advisors, L.P.; Madison Asset Management, LLC; Milliman Financial Risk Management LLC; Morgan Stanley Investment Management Inc.; NASDAQ; PGIM Quantitative Solutions LLC; PineBridge Investments LLC; Raymond James Investment Management/Clarivest Asset Management; Systematic Financial Management, L.P.; T. Rowe Price Associates, Inc.; Thompson, Siegel & Walmsley LLC; Wellington Management Company LLP; and Westfield Capital Management Company, L.P. in the amount of $690,000.00 to participate in TCL sponsored events.

As of December 31, 2025, TAM made revenue sharing payments to approximately 8 financial intermediaries with respect to the funds, the most sizeable of which were to TCL and Transamerica Life Insurance Company. For the same period, TAM did not receive any revenue sharing payments from financial services firms.

TAM also serves as investment manager to certain funds of funds that are underlying investment options for Transamerica insurance products. TCL and its affiliates make revenue sharing payments to, or receive revenue sharing payments from, affiliates of certain underlying unaffiliated funds within Transamerica insurance products for the provision of services to investors and distribution activities. These amounts are in addition to any revenue sharing programs described above with respect to mutual fund distributors. A financial intermediary may receive both mutual fund-related and insurance-related revenue sharing payments.

In addition, while TCL typically pays most of the sales charge applicable to the sale of fund shares to brokers and other financial intermediaries through which purchases are made, TCL may, on occasion, pay the entire sales charge. (Additional information about payments of sales charges to brokers is available in the section titled "Dealer Reallowances" of the SAI.)

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As of the date of this prospectus, TAM has agreed to pay Universal Life Insurance Company ("Universal Life") a fee equal, on an annual basis, to 0.25% of the average daily net assets attributable to investments by Universal Life's separate accounts in the Class I2 shares of the funds for administrative and other services provided or procured by Universal Life in connection with such investments in the funds. Investors may be able to obtain more information about these arrangements from their financial intermediaries.

From time to time, TCL, its affiliates and/or TAM and/or fund sub-advisers may also, to the extent permitted by applicable law, pay non-cash compensation or revenue sharing to brokers and other financial intermediaries and their sales representatives in the form of, for example: (i) occasional gifts or prizes; (ii) occasional meals, tickets or other entertainment; and/or (iii) ad hoc sponsorship support of broker marketing events, programs, sales contests, promotions or other activities. Such non-cash compensation may also include, in part, assistance with the costs and expenses associated with travel, lodging, and educational sales and promotional meetings, seminars, programs and conferences, entertainment and meals to the extent permitted by law. TCL and TAM may also make payments in connection with the sponsorship by Transamerica or its affiliates of special events which may be attended by brokers and other financial intermediaries. Such non-cash compensation is in addition to the overall revenue sharing arrangements described above.

The non-cash compensation to sales representatives and compensation or reimbursement received by brokers and other financial intermediaries through sales charges, other fees payable from the funds, and/or revenue sharing arrangements for selling shares of the funds may be more or less than the overall compensation or reimbursement on similar or other products and may influence your broker or other financial intermediary to present and recommend the funds over other investment options available in the marketplace. In addition, depending on the arrangements in place at any particular time, your broker or other financial intermediary may have a financial incentive for recommending a particular class of fund shares over other share classes.

Shareholders may obtain more information about these arrangements, including the conflicts of interests that such arrangements may create, from their brokers and other financial intermediaries, and should so inquire if they would like additional information. Intermediaries may categorize and disclose these arrangements to their clients and to members of the public in a manner different from the disclosures in this prospectus and the SAI. A shareholder should ask his/her broker or financial intermediary how he/she will be compensated for investments made in the funds. Revenue sharing payments, as well as payments under the shareholder services and distribution plan (where applicable), also benefit TAM, TCL and their affiliates and fund sub-advisers to the extent the payments result in more assets being invested in the funds on which fees are being charged.

Although a fund may use financial firms that sell fund shares to effect transactions for the fund's portfolio, the fund and its investment manager or sub-adviser will not consider the sale of fund shares as a factor when choosing financial firms to effect those transactions.

Class I shares of the funds may be offered through certain brokers and financial intermediaries ("service agents") that have established a shareholder servicing relationship with Transamerica Funds on behalf of their customers. Service agents may impose additional or different conditions than Transamerica Funds on purchases, redemptions or exchanges of fund shares by their customers. Service agents may also independently establish and charge their customers transaction fees, account fees or other amounts in connection with purchases, sales and redemptions of fund shares in addition to any fees charged by Transamerica Funds. These additional fees may vary over time and would increase the cost of the customer's investment and lower investment returns. Each service agent is responsible for transmitting to its customers a schedule of any such fees and information regarding any additional or different conditions regarding purchases, redemptions and exchanges. Shareholders who are customers of service agents should consult their service agents for information regarding these fees and conditions. Among the service agents with whom Transamerica Funds may enter into a shareholder servicing relationship are firms whose business involves or includes investment consulting, or whose parent or affiliated companies are in the investment consulting business, that may recommend that their clients utilize TAM's investment management services or invest in the funds or in other products sponsored by TAM and its affiliates.

**Distributions and Taxes**

**Dividends and Distributions** 

Each fund intends to distribute all or substantially all of its net investment income and net capital gains, if any, to its shareholders each year. Dividends will be reinvested in additional shares unless you elect to take your dividends in cash. Each fund generally pays any distributions of net capital gains annually.

Each fund generally pays any dividends from net investment income annually, except the following:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Pay quarterly** <br> **dividends**<br>| &nbsp;&nbsp; **Pay monthly** <br> **dividends**<br>| **Declare**<br> **dividends daily**<br> **and pay monthly**<br>|
| Transamerica Asset Allocation-Conservative Portfolio | &nbsp;&nbsp; X |  |  |
| Transamerica Bond |  |  | &nbsp;&nbsp; X |
| Transamerica Core Bond |  |  | &nbsp;&nbsp; X  |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Pay quarterly** <br> **dividends**<br>| **Pay monthly** <br> **dividends**<br>| **Declare**<br> **dividends daily**<br> **and pay monthly**<br>|
| Transamerica Emerging Markets Debt | &nbsp;&nbsp; X |  |  |
| Transamerica Energy Infrastructure<sup>\*</sup> <br>| &nbsp;&nbsp; X |  |  |
| Transamerica Floating Rate |  |  | &nbsp;&nbsp; X |
| Transamerica Government Money Market |  |  | &nbsp;&nbsp; X |
| Transamerica High Yield Bond |  |  | &nbsp;&nbsp; X |
| Transamerica High Yield Muni |  |  | &nbsp;&nbsp; X |
| Transamerica Inflation Opportunities |  | &nbsp;&nbsp; X |  |
| Transamerica Intermediate Muni |  |  | &nbsp;&nbsp; X |
| Transamerica Large Cap Value | &nbsp;&nbsp; X |  |  |
| Transamerica Large Core ESG | &nbsp;&nbsp; X |  |  |
| Transamerica Long Credit |  |  | &nbsp;&nbsp; X |
| Transamerica Multi-Asset Income |  | &nbsp;&nbsp; X |  |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; X |  |  |
| Transamerica Short-Term Bond |  |  | &nbsp;&nbsp; X |
| Transamerica Strategic Income |  |  | &nbsp;&nbsp; X |
| Transamerica Sustainable Equity Income | &nbsp;&nbsp; X |  |  |
| Transamerica UltraShort Bond |  |  | &nbsp;&nbsp; X |

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\* The fund attempts to pay quarterly dividends at a relatively consistent level, but there can be no assurance the fund can continue to do so. This dividend practice can be expected to result in the fund returning capital to its shareholders from time to time. When the fund returns capital, the net asset value of your shares in the fund goes down to reflect that. When a distribution includes what the fund estimates to be a return of capital, the fund will send shareholders a written notice. The tax status of certain distributions may be recharacterized at year-end.

Notwithstanding the foregoing, the Board of Trustees of Transamerica Funds has delegated authority to TAM to change the frequency with which dividends are declared and paid by a fund, including if a fund does not have any income to distribute, and to declare and make payments of long-term capital gains with respect to a fund as permitted or required by law or in order to avoid tax penalties. Further, each fund reserves the right to change its dividend distribution policy at the discretion of the Board of Trustees.

**Taxes on Distributions in General**

A fund will not generally have to pay income tax on amounts it distributes to shareholders. Shareholders will generally be taxed on distributions (other than exempt-interest dividends paid by Transamerica High Yield Muni and Transamerica Intermediate Muni and any distributions treated as a return of capital) whether such distributions are paid in cash or reinvested in additional shares.

The following are guidelines for how certain distributions by a fund are generally taxed to non-corporate shareholders under current federal income tax law:

• Distributions of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) will be taxed as long-term capital gains, generally at reduced rates, regardless of how long the shareholders have held their shares. Certain capital gain dividends attributable to dividends received from U.S. REITs may be taxable to noncorporate shareholders at a rate other than the generally applicable reduced rates.

• Distributions reported as paid from a fund's "qualified dividend income" may be taxable to shareholders as qualified dividend income at reduced rates. Qualified dividend income generally is income derived from certain dividends from U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that a fund receives in respect of stock of certain foreign corporations will be qualified dividend income if that stock is readily tradable on an established U.S. securities market. A shareholder (and the fund in which the shareholder invests) will have to satisfy certain holding period requirements in order for the shareholder to obtain the benefit of the tax rates applicable to qualified dividend income.

• Distributions from tax-exempt interest income earned by Transamerica High Yield Muni and Transamerica Intermediate Muni, called "exempt-interest dividends," are exempt from regular federal income tax and, in general, are not tax preference items for purposes of the federal alternative minimum tax (the "AMT") applicable to individuals.

• Distributions in excess of a fund's earnings and profits will, as to each shareholder, be treated as a return of capital to the extent of the shareholder's basis in his or her fund shares, and as a capital gain thereafter (assuming the shareholder holds the shares as capital assets). A distribution treated as a return of capital will not be taxable currently but will reduce the shareholder's tax basis in his or her shares, which will generally increase the gain (or decrease the loss) that will be recognized on a subsequent sale or exchange of the shares.

• Other distributions generally will be taxed at ordinary income tax rates.

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A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount. This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates or trusts. For these purposes, dividends (other than exempt-interest dividends), interest, and certain capital gains are generally taken into account in computing a shareholder's net investment income.

If a fund declares a dividend in October, November, or December, payable to shareholders of record in such a month, and pays it in the following January, shareholders will be taxed on the dividend as if they received it in the year in which it was declared.

Each fund in which you invest will send you a tax report annually summarizing the amount and tax aspects of your distributions. If you buy shares of a fund at a time when the fund has income or net capital gain that has not been declared before it makes a taxable distribution (other than, in general, regular monthly distributions paid by funds that declare dividends daily), the distribution will be generally taxable to you even though it may effectively represent a return of a portion of your investment. This is known as "buying a dividend."

Investors who invest through tax-deferred accounts, such as IRAs, 403(b) accounts, and qualified retirement plans, will ordinarily not be subject to tax until a distribution is made from the account, at which time such distribution is generally taxed as ordinary income, even if the distribution is wholly or in part attributable to exempt-interest dividends received by the tax-deferred account. These accounts are subject to complex tax rules, and tax-deferred account investors should therefore consult their tax advisers regarding their investments in a tax-deferred account.

Funds that invest in other funds ("asset allocation funds") may recognize income on distributions from underlying funds in which they invest and may also recognize gains and losses if they redeem or sell shares in underlying funds. Distributions of net capital gains or qualified dividend income of either the asset allocation funds or underlying funds will generally be taxed at reduced long-term capital gain rates when distributed to noncorporate shareholders of the asset allocation funds. Other distributions, including short-term capital gains, generally will be taxed as ordinary income. The structure of such asset allocation funds and the reallocation of investments among underlying funds could affect the amount, timing and character of distributions.

**Taxes on the Sale or Exchange of Shares** 

If you sell shares of a fund or exchange them for shares of another fund, you generally will have a capital gain or loss, which will generally be a long-term capital gain or loss if you held the shares for more than one year; otherwise it will generally be a short-term capital gain or loss. Sales or exchanges of shares of Transamerica Government Money Market will not result in capital gain or loss if that fund maintains a constant net asset value per share.

Any loss recognized on shares held for six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions of long-term capital gain that were received with respect to the shares.

Any gain or loss on the sale or exchange of shares is computed by subtracting your tax basis in the shares from the redemption proceeds in the case of a sale or the value of the shares received in the case of an exchange. Because your tax basis depends on the original purchase price, on the price at which any dividends may have been reinvested, and on the amount of any distributions treated as returns of capital for federal income tax purposes, you should be sure to keep account statements so that you or your tax return preparer will be able to determine whether a sale will result in a taxable gain or loss.

**Withholding Taxes** 

A fund in which you invest may be required to apply backup withholding of U.S. federal income tax on all distributions payable to you (including exempt-interest dividends) if you fail to provide the funds with your correct taxpayer identification number or to make required certifications, or if you have been notified by the Internal Revenue Service (the "IRS") that you are subject to backup withholding.

The backup withholding rate is currently 24%. Backup withholding is not an additional tax, but is a method by which the IRS ensures that it will collect taxes otherwise due. Any amounts withheld may be credited against your U.S. federal income tax liability. Backup withholding will not be applied to payments that have been subject to the 30% withholding tax applicable to shareholders that are not U.S. persons.

**Non-Resident Alien Withholding** 

Dividends and certain other payments (but not distributions of net capital gains or exempt-interest dividends) to persons who are not citizens or residents of the United States or U.S. entities ("Non-U.S. Persons") are generally subject to U.S. tax withholding at the rate of 30%. The 30% withholding described in this paragraph will not be imposed on any dividends reported as interest-related dividends or as short-term capital gain dividends. Each fund intends to withhold U.S. federal income tax at the rate of 30% on taxable distributions and other payments to Non-U.S. Persons that are subject to withholding, regardless of whether a lower rate may be permitted under an applicable treaty.

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Non-U.S. Persons and investors changing a mailing address to a non-U.S. address will need to provide an appropriate tax form (e.g., Form W-8BEN) and documentary evidence and letter of explanation.

Unless certain non-U.S. entities that hold fund shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to fund distributions (but not distributions of exempt-interest dividends) payable to such entities. A non-U.S. shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement.

**Other Tax Information** 

This tax discussion is for general information only. In addition to federal income taxes, you may be subject to state, local or foreign taxes on payments received from, and investments made in shares of, a fund. More information is provided in the SAI of the funds. You should also consult your own tax adviser for information regarding all tax consequences applicable to your investments in the funds.

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**List and Description of Certain Underlying Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

This section lists and describes the underlying Transamerica-sponsored funds in which some or all of the Asset Allocation Funds may invest. This section summarizes the principal investment strategies and risks of the Transamerica-sponsored ETFs not described elsewhere in this prospectus. Further information about the underlying Transamerica mutual funds can be found in this prospectus and further information about the underlying Transamerica-sponsored ETFs is contained in the prospectus of those underlying funds, available at https://www.transamerica.com/financial-pro/investments/prospectus<u>.</u> 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Transamerica** <br> **Asset Allocation-**<br> **Conservative** <br> **Portfolio**<br>| **Transamerica** <br> **Asset Allocation-**<br> **Growth Portfolio**<br>| **Transamerica** <br> **Asset Allocation-**<br> **Moderate** <br> **Growth Portfolio**<br>| **Transamerica** <br> **Asset Allocation-**<br> **Moderate** <br> **Portfolio**<br>|
| Transamerica Bond | &nbsp;&nbsp; X |  | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Bond Active ETF | &nbsp;&nbsp; X |  | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Capital Growth | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Core Bond | &nbsp;&nbsp; X |  | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Emerging Markets Debt | &nbsp;&nbsp; X |  | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Energy Infrastructure | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Floating Rate | &nbsp;&nbsp; X |  | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Government Money Market | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica High Yield Bond | &nbsp;&nbsp; X |  | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica High Yield Muni | &nbsp;&nbsp; X |  | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Inflation Opportunities | &nbsp;&nbsp; X |  | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Intermediate Muni | &nbsp;&nbsp; X |  | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica International Equity | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica International Focus | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica International Small Cap Value | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica International Stock | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Large Cap Value | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Large Value Active ETF | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Long Credit | &nbsp;&nbsp; X |  | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Short-Term Bond | &nbsp;&nbsp; X |  | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Small Cap Growth | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Small Cap Value | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Strategic Income | &nbsp;&nbsp; X |  | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica Sustainable Equity Income | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Transamerica US Growth | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X | &nbsp;&nbsp; X |

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***Transamerica Bond Active ETF*** 

**Principal Investment Strategies:** The Fund is an actively-managed exchange-traded fund (ETF") that seeks total return consisting of current income and capital appreciation. Aegon USA Investment Management, LLC ("Aegon"), an investment sub-adviser to the Fund, invests, under normal circumstances, at least 80% of the Fund's net assets (plus the amount of borrowings, if any, for investment purposes) in a portfolio of bonds and/or derivative instruments having economic characteristics similar to bonds. For purposes of this 80% policy, bonds includes dollar rolls, U.S. government and foreign government bonds and notes (including emerging markets), agency and non-agency mortgage-backed, commercial mortgage-backed, and asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), convertible bonds and other convertible securities, bank loans and loan participations, structured notes, and preferred securities.

The Fund normally invests primarily in: (a) debt securities rated investment grade or higher (rated at least BBB by Standard & Poor's or Fitch or Baa by Moody's) by at least two rating agencies or, if unrated, that are determined to be of comparable quality by Aegon; (b) securities issued or guaranteed by the U.S. government or its agencies or instrumentalities; (c) commercial paper rated Prime, Prime-1 or Prime-2 by NCO/Moody's Commercial Paper Division, or A-1 or A-2 by Standard & Poor's; and/or (d) cash or cash equivalents.

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Up to 20% of the Fund's net assets may be invested in debt securities that do not meet the investment grade criteria referred to above (commonly known as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by Aegon). The Fund may invest in securities of any maturity and does not have a target average duration. Duration is a measure of a bond's price sensitivity to changes in interest rates, with a higher duration indicating a greater potential price drop when interest rates rise (or price increase when interest rates decline). For example, if a bond has a duration of 5 years, and interest rates increase by 1%, the bond's price would be expected to decline by approximately 5%. Conversely, if a bond has a duration of 5 years and interest rates fall by 1%, the bond's price would be expected to increase by approximately 5%.

Aegon uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environments and global asset classes and proprietary "bottom-up" research of sectors, industries, issuers and individual securities. In Aegon's "top-down" approach, Aegon analyzes various fundamental, technical, sentiment and valuation factors that affect the movement and relative value of markets and securities prices worldwide. In its proprietary "bottom-up" research of corporate and sovereign debt and other fixed-income securities, Aegon considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. Aegon uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the Fund.

Independent, bottom-up research of issuers, securities and sectors is the foundation of the investment process and is performed by dedicated credit, emerging markets debt and securitized research teams within the firm. Top-down, macroeconomic views guide broader investment themes, influencing allocations to sectors, ratings categories, duration buckets and the overall risk profile of the Fund.

Aegon research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, commercial mortgage-backed securities, certain asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), structured notes, certain preferred securities, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. Aegon's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in dollar rolls, U.S. government bonds and notes, U.S. agency securities, convertible bonds, other convertible securities, certain bank loans and loan participations, asset-backed commercial paper, cash, certain cash equivalent securities, equity securities, common stocks, rights, warrants, derivatives, repurchase agreements and money market instruments. Consideration of ESG matters is subjective and not determinative in Aegon's investment process. Aegon may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. Aegon's research analysts do not take ESG factors into consideration with respect to every investment in the Fund.

The Fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the Fund (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The Fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The Fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The Fund may engage in active trading of its portfolio investments.

Aegon considers emerging market countries as countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations.

***Transamerica Large Value Active ETF*** 

**Principal Investment Strategies:** The Fund is an actively-managed exchange-traded fund ("ETF") that seeks long-term capital appreciation. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of large cap companies. The Fund considers large cap companies to be companies with capitalizations at the time of investment within the range of companies included in the Russell 1000<sup>®</sup> Index<sup>1</sup>. As of October 31, 2025, the market capitalization range of the Russell 1000<sup>®</sup> Index was between approximately $1.1 billion and $3.4 trillion.

Great Lakes Advisors, LLC ("Great Lakes"), a sub-adviser to the Fund, is responsible for implementing the Fund's investment strategy and normally focuses primarily on companies with market capitalizations greater than $5 billion. The Fund typically holds between 65 and 85 positions.

------

Great Lakes employs a relative value investing approach, combining a quantitative screening tool to identify attractive candidate securities, with a bottom-up, fundamental research process to select and weight individual securities.

Great Lakes' proprietary quantitative screening tool is used to narrow the universe of potential investments by comparing stocks to their peers using a combination of factors, including relative valuation, potential for improving business prospects, earnings quality, and short-term price reversal. Valuation is assessed by Great Lakes on both a relative and absolute basis. Relative valuation compares a stock to comparable assets in order to gauge its value and attractiveness, whereas absolute valuation evaluates a stock's worth in absolute terms with no consideration regarding the value of other comparable assets.

Great Lakes employs fundamental research and analysis to evaluate and select securities based on various information, including, but not limited to, company-specific, peer and industry relative research, various valuation techniques, and information comparing its closest competitors. The team seeks to hold securities that typically exhibit a combination of the following attributes, relative to company peers: low expectations, sustainable cash flows, high earnings quality, shareholder-friendly capital management, and improving business trends.

Through this combined proprietary screening and bottom-up research approach, the Fund generally invests in securities Great Lakes believes to be attractively valued with the potential to exceed investor expectations. Holdings are generally sold when they no longer meet Great Lakes' investment criteria. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

The Fund may engage in active trading of its portfolio investments.

The Fund will generally invest in companies across a variety of industries and sectors. To this end, while the Fund's sector investments are expected to change over time, the Fund currently expects to have significant exposure to the financial sector. The Fund will normally invest primarily in common stock and depositary receipts of foreign companies (e.g., American depositary receipts ("ADRs")) . The Fund may invest up to 20% of its net assets in non-U.S. securities through ADRs. Great Lakes considers non-U.S. securities to include issuers organized or located outside the U.S. and/or that trade primarily in a market located outside the U.S. The Fund may invest up to 20% of its net assets in medium capitalization companies.

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

**Principal Risks of the Underlying Funds** 

---

| | | |
|:---|:---|:---|
|  | **Underlying Fund Name** | **Underlying Fund Name** |
| **Principal Risks** | **Transamerica** <br> **Bond Active ETF**<br>| **Transamerica** <br> **Large Value** <br> **Active ETF**<br>|
| Active Trading | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Bank Obligations | &nbsp;&nbsp; X |  |
| Convertible Securities | &nbsp;&nbsp; X |  |
| Counterparty | &nbsp;&nbsp; X |  |
| Credit | &nbsp;&nbsp; X |  |
| Currency | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Currency Hedging | &nbsp;&nbsp; X |  |
| Cybersecurity | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Depositary Receipts |  | &nbsp;&nbsp; X |
| Derivatives | &nbsp;&nbsp; X |  |
| Dollar Rolls | &nbsp;&nbsp; X |  |
| Emerging Markets | &nbsp;&nbsp; X |  |
| Equity Securities |  | &nbsp;&nbsp; X |
| Exchange-Traded Funds | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Extension | &nbsp;&nbsp; X |  |
| Financial Sector |  | &nbsp;&nbsp; X |
| Fixed-Income Securities | &nbsp;&nbsp; X |  |
| Floating Rate Loans | &nbsp;&nbsp; X |  |
| Focused Investing |  | &nbsp;&nbsp; X |
| Foreign Investments | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Hedging | &nbsp;&nbsp; X |  |
| High-Yield Debt Securities | &nbsp;&nbsp; X |  |
| Inflation | &nbsp;&nbsp; X |  |
| Interest Rate | &nbsp;&nbsp; X |  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Underlying Fund Name** | **Underlying Fund Name** |
| **Principal Risks** | **Transamerica** <br> **Bond Active ETF**<br>| **Transamerica** <br> **Large Value** <br> **Active ETF**<br>|
| Large Capitalization Companies |  | &nbsp;&nbsp; X |
| Large Shareholder | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Leveraging | &nbsp;&nbsp; X |  |
| Liquidity | &nbsp;&nbsp; X |  |
| Loans | &nbsp;&nbsp; X |  |
| Management | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Market | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Medium Capitalization Companies |  | &nbsp;&nbsp; X |
| Mortgage-Related and Asset-Backed Securities | &nbsp;&nbsp; X |  |
| New Fund | &nbsp;&nbsp; X | &nbsp;&nbsp; X |
| Preferred Stock | &nbsp;&nbsp; X |  |
| Prepayment or Call | &nbsp;&nbsp; X |  |
| Privately Placed and Other Restricted Securities | &nbsp;&nbsp; X |  |
| SOFR | &nbsp;&nbsp; X |  |
| Sovereign Debt | &nbsp;&nbsp; X |  |
| Structured Instruments | &nbsp;&nbsp; X |  |
| Sustainability and/or Environmental, Social and Governance ("ESG") Considerations | &nbsp;&nbsp; X |  |
| To Be Announced (TBA) Transactions | &nbsp;&nbsp; X |  |
| U.S. Government Securities | &nbsp;&nbsp; X |  |
| Valuation | &nbsp;&nbsp; X |  |
| Value Investing |  | &nbsp;&nbsp; X |
| Yield | &nbsp;&nbsp; X |  |

---

------

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Financial Highlights tables are intended to help you understand a fund's performance for the past five years or since its inception if less than five years. Certain information reflects financial results for a single fund share. The total returns in the tables represent the rate an investor would have earned (or lost) on an investment in the fund for the period shown, assuming reinvestment of all dividends and distributions. Information has been derived from financial statements audited by Ernst & Young LLP, an Independent Registered Public Accounting firm, whose report, along with the fund's financial statements, is included in the October 31, 2025 report filed on Form N-CSR, which is available to you upon request. All references to a fund's Notes to Financial Statements within the Financial Highlights tables refer to the applicable section of a fund's applicable report filed on Form N-CSR.

**Transamerica Asset Allocation - Conservative Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.61 | $9.25 | $9.22 | $12.13 | $11.04 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.30 | 0.31 | 0.20 | 0.29 | 0.27 |
| Net realized and unrealized gain (loss) | 0.92 | 1.36 | 0.04 | (2.30)<br>| 1.33 |
| Total investment operations | 1.22 | 1.67 | 0.24 | (2.01)<br>| 1.60 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.27)<br>| (0.31)<br>| (0.21)<br>| (0.29)<br>| (0.27)<br>|
| Net realized gains |  |  |  | (0.61)<br>| (0.24)<br>|
| Total dividends and/or distributions to shareholders | (0.27)<br>| (0.31)<br>| (0.21)<br>| (0.90)<br>| (0.51)<br>|
| **Net asset value, end of year** | $11.56 | $10.61 | $9.25 | $9.22 | $12.13 |
| **Total return** <sup>(E)</sup> | 11.72<br> %<br>| 18.11<br> %<sup>(C)</sup><br>| 2.60<br> %<br>| (17.75)%<sup>(D)</sup><br>| 14.80<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $250466 | $412873 | $399522 | $460692 | $637631 |
| Expenses to average net assets <sup>(F)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.50<br> %<br>| 0.47<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>| 0.45<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.50<br> %<br>| 0.47<br> %<br>| 0.48<br> %<sup>(G)</sup><br>| 0.47<br> %<sup>(G)</sup><br>| 0.45<br> %<br>|
| Net investment income (loss) to average net assets | 2.70<br> %<br>| 2.99<br> %<br>| 2.09<br> %<br>| 2.76<br> %<br>| 2.32<br> %<br>|
| Portfolio turnover rate | 36<br> %<br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>| 6<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Asset Allocation - Conservative Portfolio (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.49 | $9.14 | $9.11 | $11.99 | $10.91 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.21 | 0.23 | 0.12 | 0.21 | 0.23 |
| Net realized and unrealized gain (loss) | 0.90 | 1.34 | 0.04 | (2.27)<br>| 1.27 |
| Total investment operations | 1.11 | 1.57 | 0.16 | (2.06)<br>| 1.50 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.19)<br>| (0.22)<br>| (0.13)<br>| (0.21)<br>| (0.18)<br>|
| Net realized gains |  |  |  | (0.61)<br>| (0.24)<br>|
| Total dividends and/or distributions to shareholders | (0.19)<br>| (0.22)<br>| (0.13)<br>| (0.82)<br>| (0.42)<br>|
| **Net asset value, end of year** | $11.41 | $10.49 | $9.14 | $9.11 | $11.99 |
| **Total return** <sup>(E)</sup> | 10.74<br> %<br>| 17.24<br> %<sup>(C)</sup><br>| 1.77<br> %<br>| (18.38)%<sup>(D)</sup><br>| 13.98<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $15275 | $16661 | $20880 | $29806 | $50580 |
| Expenses to average net assets <sup>(F)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.27<br> %<br>| 1.28<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 1.23<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.27<br> %<br>| 1.28<br> %<br>| 1.27<br> %<br>| 1.26<br> %<sup>(G)</sup><br>| 1.23<br> %<br>|
| Net investment income (loss) to average net assets | 1.98<br> %<br>| 2.22<br> %<br>| 1.30<br> %<br>| 2.07<br> %<br>| 1.96<br> %<br>|
| Portfolio turnover rate | 36<br> %<br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>| 6<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.69 | $9.31 | $9.27 | $12.18 | $11.08 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.34 | 0.34 | 0.23 | 0.33 | 0.30 |
| Net realized and unrealized gain (loss) | 0.92 | 1.37 | 0.05 | (2.32)<br>| 1.34 |
| Total investment operations | 1.26 | 1.71 | 0.28 | (1.99)<br>| 1.64 |
| **Contributions from affiliate** |  |  |  | 0.03<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.30)<br>| (0.33)<br>| (0.24)<br>| (0.34)<br>| (0.30)<br>|
| Net realized gains |  |  |  | (0.61)<br>| (0.24)<br>|
| Total dividends and/or distributions to shareholders | (0.30)<br>| (0.33)<br>| (0.24)<br>| (0.95)<br>| (0.54)<br>|
| **Net asset value, end of year** | $11.65 | $10.69 | $9.31 | $9.27 | $12.18 |
| **Total return** | 12.04<br> %<br>| 18.46<br> %<br>| 2.93<br> %<br>| (17.25)%<sup>(B)</sup><br>| 15.07<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $16636 | $12647 | $11401 | $13009 | $19731 |
| Expenses to average net assets<sup>(C)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.26<br> %<br>| 0.26<br> %<br>| 0.26<br> %<br>| 0.25<br> %<br>| 0.24<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.17<br> %<sup>(D)</sup><br>| 0.16<br> %<sup>(D)</sup><br>| 0.16<br> %<sup>(D)</sup><br>| 0.16<br> %<sup>(E)</sup><br>| 0.15<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 3.06<br> %<br>| 3.31<br> %<br>| 2.42<br> %<br>| 3.17<br> %<br>| 2.55<br> %<br>|
| Portfolio turnover rate | 36<br> %<br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>| 6<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.29%.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(E)</sup> *TAM contractually agreed to reimburse 0.09% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are* *not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Asset Allocation - Conservative Portfolio (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.78 | $9.38 | $9.34 | $12.27 | $11.16 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.28 | 0.29 | 0.18 | 0.28 | 0.25 |
| Net realized and unrealized gain (loss) | 0.93 | 1.38 | 0.05 | (2.34)<br>| 1.34 |
| Total investment operations | 1.21 | 1.67 | 0.23 | (2.06)<br>| 1.59 |
| **Contributions from affiliate** |  | 0.01<br> <sup>(B)</sup><br>|  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.25)<br>| (0.28)<br>| (0.19)<br>| (0.26)<br>| (0.24)<br>|
| Net realized gains |  |  |  | (0.61)<br>| (0.24)<br>|
| Total dividends and/or distributions to shareholders | (0.25)<br>| (0.28)<br>| (0.19)<br>| (0.87)<br>| (0.48)<br>|
| **Net asset value, end of year** | $11.74 | $10.78 | $9.38 | $9.34 | $12.27 |
| **Total return** | 11.43<br> %<br>| 17.98<br> %<sup>(B)</sup><br>| 2.38<br> %<br>| (17.97)%<br>| 14.50<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $530 | $467 | $401 | $547 | $916 |
| Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.72<br> %<br>| 0.73<br> %<br>| 0.75<br> %<br>| 0.72<br> %<br>| 0.71<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.72<br> %<br>| 0.73<br> %<br>| 0.75<br> %<sup>(D)</sup><br>| 0.72<br> %<br>| 0.71<br> %<br>|
| Net investment income (loss) to average net assets | 2.52<br> %<br>| 2.73<br> %<br>| 1.83<br> %<br>| 2.67<br> %<br>| 2.09<br> %<br>|
| Portfolio turnover rate | 36<br> %<br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>| 6<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.14%.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $10.62 | $9.26 | $9.24 | $10.66 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.32 | 0.31 | 0.22 | 0.11 |
| Net realized and unrealized gain (loss) | 0.92 | 1.37 | 0.03 | (1.45)<br>|
| Total investment operations | 1.24 | 1.68 | 0.25 | (1.34)<br>|
| **Contributions from affiliate** |  |  |  | 0.00 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.30)<br>| (0.32)<br>| (0.23)<br>| (0.08)<br>|
| **Net asset value, end of year** | $11.56 | $10.62 | $9.26 | $9.24 |
| **Total return** | 11.90<br> %<br>| 18.25<br> %<br>| 2.66<br> %<br>| (12.57)%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of year (000's) | $421676 | $996 | $391 | $63 |
| Expenses to average net assets <sup>(D)</sup> |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.56<br> %<br>| 0.56<br> %<br>| 0.56<br> %<br>| 0.55<br> %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 2.91<br> %<br>| 3.00<br> %<br>| 2.24<br> %<br>| 1.78<br> %<sup>(E)</sup><br>|
| Portfolio turnover rate | 36<br> %<br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

------

**Transamerica Asset Allocation - Growth Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $15.42 | $12.01 | $12.09 | $16.86 | $12.53 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.12 | 0.15 | 0.06 | 0.46 | 0.06 |
| Net realized and unrealized gain (loss) | 3.06 | 3.63 | 0.86 | (3.95)<br>| 4.86 |
| Total investment operations | 3.18 | 3.78 | 0.92 | (3.49)<br>| 4.92 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.17)<br>| (0.06)<br>| (0.47)<br>| (0.10)<br>|
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>| (0.81)<br>| (0.49)<br>|
| Total dividends and/or distributions to shareholders | (0.77)<br>| (0.37)<br>| (1.00)<br>| (1.28)<br>| (0.59)<br>|
| **Net asset value, end of year** | $17.83 | $15.42 | $12.01 | $12.09 | $16.86 |
| **Total return** <sup>(E)</sup> | 21.58<br> %<br>| 31.97<br> %<sup>(C)</sup><br>| 7.98<br> %<br>| (22.39)%<sup>(D)</sup><br>| 40.12<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $931558 | $886737 | $747924 | $760822 | $1072922 |
| Expenses to average net assets <sup>(F)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.48<br> %<br>| 0.48<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.48<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.48<br> %<br>| 0.48<br> %<br>| 0.50<br> %<sup>(G)</sup><br>| 0.49<br> %<br>| 0.48<br> %<br>|
| Net investment income (loss) to average net assets | 0.74<br> %<br>| 1.05<br> %<br>| 0.51<br> %<br>| 3.37<br> %<br>| 0.41<br> %<br>|
| Portfolio turnover rate | 14<br> %<br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $14.78 | $11.51 | $11.66 | $16.27 | $12.11 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.00<br> <sup>(B)</sup><br>| 0.04 | (0.03)<br>| 0.39 | (0.03)<br>|
| Net realized and unrealized gain (loss) | 2.92 | 3.48 | 0.82 | (3.89)<br>| 4.68 |
| Total investment operations | 2.92 | 3.52 | 0.79 | (3.50)<br>| 4.65 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.01<br> <sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  | (0.05)<br>|  | (0.31)<br>|  |
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>| (0.81)<br>| (0.49)<br>|
| Total dividends and/or distributions to shareholders | (0.65)<br>| (0.25)<br>| (0.94)<br>| (1.12)<br>| (0.49)<br>|
| **Net asset value, end of year** | $17.05 | $14.78 | $11.51 | $11.66 | $16.27 |
| **Total return** <sup>(E)</sup> | 20.54<br> %<br>| 30.92<br> %<sup>(C)</sup><br>| 7.07<br> %<br>| (23.00)%<sup>(D)</sup><br>| 39.09<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $44091 | $46767 | $48950 | $64542 | $116319 |
| Expenses to average net assets <sup>(F)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.30<br> %<br>| 1.31<br> %<br>| 1.33<br> %<br>| 1.30<br> %<br>| 1.26<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.30<br> %<br>| 1.31<br> %<br>| 1.33<br> %<sup>(G)</sup><br>| 1.29<br> %<br>| 1.26<br> %<br>|
| Net investment income (loss) to average net assets | (0.02)%<br>| 0.31<br> %<br>| (0.25)%<br>| 2.89<br> %<br>| (0.23)%<br>|
| Portfolio turnover rate | 14<br> %<br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Asset Allocation - Growth Portfolio (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $15.48 | $12.04 | $12.11 | $16.88 | $12.53 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.17 | 0.19 | 0.11 | 0.50 | 0.12 |
| Net realized and unrealized gain (loss) | 3.06 | 3.66 | 0.85 | (3.95)<br>| 4.86 |
| Total investment operations | 3.23 | 3.85 | 0.96 | (3.45)<br>| 4.98 |
| **Contributions from affiliate** |  |  |  | 0.02<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.16)<br>| (0.21)<br>| (0.09)<br>| (0.53)<br>| (0.14)<br>|
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>| (0.81)<br>| (0.49)<br>|
| Total dividends and/or distributions to shareholders | (0.81)<br>| (0.41)<br>| (1.03)<br>| (1.34)<br>| (0.63)<br>|
| **Net asset value, end of year** | $17.90 | $15.48 | $12.04 | $12.11 | $16.88 |
| **Total return** | 21.89<br> %<br>| 32.47<br> %<br>| 8.37<br> %<br>| (22.01)%<sup>(B)</sup><br>| 40.62<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $50280 | $40340 | $29828 | $30933 | $42252 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.25<br> %<br>| 0.24<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.24<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.15<br> %<sup>(D)</sup><br>| 0.15<br> %<sup>(D)</sup><br>| 0.15<br> %<sup>(D)</sup><br>| 0.15<br> %<sup>(E)</sup><br>| 0.15<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.06<br> %<br>| 1.35<br> %<br>| 0.86<br> %<br>| 3.65<br> %<br>| 0.77<br> %<br>|
| Portfolio turnover rate | 14<br> %<br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.14%.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(E)</sup> *TAM contractually agreed to reimburse 0.09% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are* *not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $15.31 | $11.90 | $11.96 | $16.70 | $12.41 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.08 | 0.12 | 0.04 | 0.47 | 0.04 |
| Net realized and unrealized gain (loss) | 3.03 | 3.61 | 0.85 | (3.98)<br>| 4.81 |
| Total investment operations | 3.11 | 3.73 | 0.89 | (3.51)<br>| 4.85 |
| **Contributions from affiliate** |  | 0.01<br> <sup>(B)</sup><br>|  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.09)<br>| (0.13)<br>| (0.01)<br>| (0.42)<br>| (0.07)<br>|
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>| (0.81)<br>| (0.49)<br>|
| Total dividends and/or distributions to shareholders | (0.74)<br>| (0.33)<br>| (0.95)<br>| (1.23)<br>| (0.56)<br>|
| **Net asset value, end of year** | $17.68 | $15.31 | $11.90 | $11.96 | $16.70 |
| **Total return** | 21.20<br> %<br>| 31.84<br> %<sup>(B)</sup><br>| 7.76<br> %<br>| (22.64)%<br>| 39.84<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $807 | $693 | $589 | $750 | $1519 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.73<br> %<br>| 0.75<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.73<br> %<br>| 0.75<br> %<sup>(D)</sup><br>| 0.73<br> %<br>| 0.72<br> %<br>|
| Net investment income (loss) to average net assets | 0.49<br> %<br>| 0.81<br> %<br>| 0.29<br> %<br>| 3.43<br> %<br>| 0.26<br> %<br>|
| Portfolio turnover rate | 14<br> %<br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.10%.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Asset Allocation - Growth Portfolio (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $15.41 | $12.00 | $12.10 | $13.86 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.15 | 0.13 | 0.02 | 0.02 |
| Net realized and unrealized gain (loss) | 3.05 | 3.68 | 0.91 | (1.78)<br>|
| Total investment operations | 3.20 | 3.81 | 0.93 | (1.76)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.18)<br>| (0.20)<br>| (0.09)<br>|  |
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>|  |
| Total dividends and/or distributions to shareholders | (0.83)<br>| (0.40)<br>| (1.03)<br>|  |
| **Net asset value, end of year** | $17.78 | $15.41 | $12.00 | $12.10 |
| **Total return** | 21.76<br> %<br>| 32.22<br> %<br>| 8.05<br> %<br>| (12.70)%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of year (000's) | $262600 | $3467 | $1529 | $186 |
| Expenses to average net assets <sup>(D)</sup> |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.29<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 0.95<br> %<br>| 0.92<br> %<br>| 0.16<br> %<br>| 0.24<br> %<sup>(E)</sup><br>|
| Portfolio turnover rate | 14<br> %<br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

------

**Transamerica Asset Allocation - Moderate Growth Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.45 | $11.02 | $10.84 | $14.72 | $11.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.23 | 0.25 | 0.14 | 0.37 | 0.17 |
| Net realized and unrealized gain (loss) | 2.03 | 2.59 | 0.43 | (3.12)<br>| 3.21 |
| Total investment operations | 2.26 | 2.84 | 0.57 | (2.75)<br>| 3.38 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.25)<br>| (0.22)<br>| (0.12)<br>| (0.38)<br>| (0.15)<br>|
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>| (0.75)<br>| (0.38)<br>|
| Total dividends and/or distributions to shareholders | (0.82)<br>| (0.41)<br>| (0.39)<br>| (1.13)<br>| (0.53)<br>|
| **Net asset value, end of year** | $14.89 | $13.45 | $11.02 | $10.84 | $14.72 |
| **Total return** <sup>(E)</sup> | 17.81<br> %<br>| 26.18<br> %<sup>(C)</sup><br>| 5.33<br> %<br>| (20.18)%<sup>(D)</sup><br>| 29.05<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1275051 | $1329914 | $1186870 | $1256097 | $1756950 |
| Expenses to average net assets <sup>(F)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.47<br> %<br>| 0.47<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>| 0.46<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.47<br> %<br>| 0.47<br> %<br>| 0.48<br> %<sup>(G)</sup><br>| 0.47<br> %<sup>(G)</sup><br>| 0.46<br> %<br>|
| Net investment income (loss) to average net assets | 1.71<br> %<br>| 1.93<br> %<br>| 1.24<br> %<br>| 3.05<br> %<br>| 1.19<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.69 | $11.19 | $10.98 | $14.85 | $11.96 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.13 | 0.15 | 0.05 | 0.31 | 0.09 |
| Net realized and unrealized gain (loss) | 2.08 | 2.64 | 0.44 | (3.22)<br>| 3.21 |
| Total investment operations | 2.21 | 2.79 | 0.49 | (2.91)<br>| 3.30 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.01<br> <sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.10)<br>| (0.01)<br>| (0.22)<br>| (0.03)<br>|
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>| (0.75)<br>| (0.38)<br>|
| Total dividends and/or distributions to shareholders | (0.70)<br>| (0.29)<br>| (0.28)<br>| (0.97)<br>| (0.41)<br>|
| **Net asset value, end of year** | $15.20 | $13.69 | $11.19 | $10.98 | $14.85 |
| **Total return** <sup>(E)</sup> | 16.91<br> %<br>| 25.16<br> %<sup>(C)</sup><br>| 4.51<br> %<br>| (20.81)%<sup>(D)</sup><br>| 28.03<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $54101 | $61020 | $69100 | $94276 | $166140 |
| Expenses to average net assets <sup>(F)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.28<br> %<br>| 1.28<br> %<br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.24<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.28<br> %<br>| 1.28<br> %<br>| 1.29<br> %<sup>(G)</sup><br>| 1.26<br> %<br>| 1.24<br> %<br>|
| Net investment income (loss) to average net assets | 0.96<br> %<br>| 1.17<br> %<br>| 0.45<br> %<br>| 2.47<br> %<br>| 0.66<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Asset Allocation - Moderate Growth Portfolio (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.48 | $11.04 | $10.85 | $14.73 | $11.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.27 | 0.29 | 0.18 | 0.42 | 0.21 |
| Net realized and unrealized gain (loss) | 2.05 | 2.59 | 0.43 | (3.14)<br>| 3.21 |
| Total investment operations | 2.32 | 2.88 | 0.61 | (2.72)<br>| 3.42 |
| **Contributions from affiliate** |  |  |  | 0.02<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.29)<br>| (0.25)<br>| (0.15)<br>| (0.43)<br>| (0.18)<br>|
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>| (0.75)<br>| (0.38)<br>|
| Total dividends and/or distributions to shareholders | (0.86)<br>| (0.44)<br>| (0.42)<br>| (1.18)<br>| (0.56)<br>|
| **Net asset value, end of year** | $14.94 | $13.48 | $11.04 | $10.85 | $14.73 |
| **Total return** | 18.24<br> %<br>| 26.52<br> %<br>| 5.69<br> %<br>| (19.78)%<sup>(B)</sup><br>| 29.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $62632 | $52245 | $47351 | $50808 | $73488 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.24<br> %<br>| 0.24<br> %<br>| 0.24<br> %<br>| 0.24<br> %<br>| 0.23<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.15<br> %<sup>(D)</sup><br>| 0.14<br> %<sup>(D)</sup><br>| 0.14<br> %<sup>(D)</sup><br>| 0.14<br> %<sup>(D)(E)</sup><br>| 0.14<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 2.00<br> %<br>| 2.26<br> %<br>| 1.57<br> %<br>| 3.40<br> %<br>| 1.52<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.16%.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(E)</sup> *TAM contractually agreed to reimburse 0.09% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are* *not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.44 | $11.01 | $10.82 | $14.68 | $11.84 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.21 | 0.21 | 0.11 | 0.34 | 0.14 |
| Net realized and unrealized gain (loss) | 2.02 | 2.59 | 0.43 | (3.12)<br>| 3.19 |
| Total investment operations | 2.23 | 2.80 | 0.54 | (2.78)<br>| 3.33 |
| **Contributions from affiliate** |  | 0.01<br> <sup>(B)</sup><br>|  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.23)<br>| (0.19)<br>| (0.08)<br>| (0.33)<br>| (0.11)<br>|
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>| (0.75)<br>| (0.38)<br>|
| Total dividends and/or distributions to shareholders | (0.80)<br>| (0.38)<br>| (0.35)<br>| (1.08)<br>| (0.49)<br>|
| **Net asset value, end of year** | $14.87 | $13.44 | $11.01 | $10.82 | $14.68 |
| **Total return** | 17.56<br> %<br>| 25.92<br> %<sup>(B)</sup><br>| 5.08<br> %<br>| (20.34)%<br>| 28.63<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1517 | $1609 | $1215 | $1236 | $1781 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.70<br> %<br>| 0.70<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.70<br> %<br>| 0.70<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>|
| Net investment income (loss) to average net assets | 1.51<br> %<br>| 1.67<br> %<br>| 0.97<br> %<br>| 2.78<br> %<br>| 1.00<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.11%.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Asset Allocation - Moderate Growth Portfolio (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $13.46 | $11.04 | $10.85 | $12.38 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.24 | 0.24 | 0.15 | 0.07 |
| Net realized and unrealized gain (loss) | 2.03 | 2.61 | 0.44 | (1.60)<br>|
| Total investment operations | 2.27 | 2.85 | 0.59 | (1.53)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.30)<br>| (0.24)<br>| (0.13)<br>|  |
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>|  |
| Total dividends and/or distributions to shareholders | (0.87)<br>| (0.43)<br>| (0.40)<br>|  |
| **Net asset value, end of year** | $14.86 | $13.46 | $11.04 | $10.85 |
| **Total return** | 17.93<br> %<br>| 26.29<br> %<br>| 5.50<br> %<br>| (12.36)%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of year (000's) | $300681 | $2385 | $720 | $215 |
| Expenses to average net assets <sup>(D)</sup> |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.54<br> %<br>| 0.54<br> %<br>| 0.54<br> %<br>| 0.54<br> %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.32<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.77<br> %<br>| 1.85<br> %<br>| 1.36<br> %<br>| 0.93<br> %<sup>(E)</sup><br>|
| Portfolio turnover rate | 13<br> %<br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

------

**Transamerica Asset Allocation - Moderate Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $12.00 | $10.23 | $10.01 | $13.31 | $11.48 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.27 | 0.29 | 0.18 | 0.32 | 0.22 |
| Net realized and unrealized gain (loss) | 1.39 | 1.88 | 0.20 | (2.62)<br>| 2.11 |
| Total investment operations | 1.66 | 2.17 | 0.38 | (2.30)<br>| 2.33 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.24)<br>| (0.25)<br>| (0.16)<br>| (0.32)<br>| (0.20)<br>|
| Net realized gains | (0.33)<br>| (0.15)<br>|  | (0.68)<br>| (0.30)<br>|
| Total dividends and/or distributions to shareholders | (0.57)<br>| (0.40)<br>| (0.16)<br>| (1.00)<br>| (0.50)<br>|
| **Net asset value, end of year** | $13.09 | $12.00 | $10.23 | $10.01 | $13.31 |
| **Total return** <sup>(E)</sup> | 14.50<br> %<br>| 21.58<br> %<sup>(C)</sup><br>| 3.78<br> %<br>| (18.65)%<sup>(D)</sup><br>| 20.68<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $637883 | $793634 | $745159 | $821113 | $1171334 |
| Expenses to average net assets <sup>(F)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.48<br> %<br>| 0.47<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>| 0.44<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.48<br> %<br>| 0.47<br> %<br>| 0.48<br> %<sup>(G)</sup><br>| 0.47<br> %<sup>(G)</sup><br>| 0.44<br> %<br>|
| Net investment income (loss) to average net assets | 2.23<br> %<br>| 2.52<br> %<br>| 1.75<br> %<br>| 2.86<br> %<br>| 1.76<br> %<br>|
| Portfolio turnover rate | 21<br> %<br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $12.18 | $10.36 | $10.11 | $13.38 | $11.52 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.18 | 0.20 | 0.10 | 0.25 | 0.17 |
| Net realized and unrealized gain (loss) | 1.42 | 1.91 | 0.20 | (2.66)<br>| 2.07 |
| Total investment operations | 1.60 | 2.11 | 0.30 | (2.41)<br>| 2.24 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.14)<br>| (0.05)<br>| (0.18)<br>| (0.08)<br>|
| Net realized gains | (0.33)<br>| (0.15)<br>|  | (0.68)<br>| (0.30)<br>|
| Total dividends and/or distributions to shareholders | (0.46)<br>| (0.29)<br>| (0.05)<br>| (0.86)<br>| (0.38)<br>|
| **Net asset value, end of year** | $13.32 | $12.18 | $10.36 | $10.11 | $13.38 |
| **Total return** <sup>(E)</sup> | 13.64<br> %<br>| 20.57<br> %<sup>(C)</sup><br>| 2.97<br> %<br>| (19.23)%<sup>(D)</sup><br>| 19.75<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $27443 | $33310 | $41482 | $59744 | $104930 |
| Expenses to average net assets <sup>(F)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.28<br> %<br>| 1.28<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 1.23<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.28<br> %<br>| 1.28<br> %<br>| 1.28<br> %<sup>(G)</sup><br>| 1.25<br> %<br>| 1.23<br> %<br>|
| Net investment income (loss) to average net assets | 1.48<br> %<br>| 1.75<br> %<br>| 0.95<br> %<br>| 2.20<br> %<br>| 1.30<br> %<br>|
| Portfolio turnover rate | 21<br> %<br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Asset Allocation - Moderate Portfolio (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $12.04 | $10.25 | $10.02 | $13.32 | $11.48 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.31 | 0.32 | 0.22 | 0.35 | 0.27 |
| Net realized and unrealized gain (loss) | 1.39 | 1.90 | 0.19 | (2.61)<br>| 2.10 |
| Total investment operations | 1.70 | 2.22 | 0.41 | (2.26)<br>| 2.37 |
| **Contributions from affiliate** |  |  |  | 0.02<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.28)<br>| (0.28)<br>| (0.18)<br>| (0.38)<br>| (0.23)<br>|
| Net realized gains | (0.33)<br>| (0.15)<br>|  | (0.68)<br>| (0.30)<br>|
| Total dividends and/or distributions to shareholders | (0.61)<br>| (0.43)<br>| (0.18)<br>| (1.06)<br>| (0.53)<br>|
| **Net asset value, end of year** | $13.13 | $12.04 | $10.25 | $10.02 | $13.32 |
| **Total return** | 14.82<br> %<br>| 22.02<br> %<br>| 4.12<br> %<br>| (18.24)%<sup>(B)</sup><br>| 21.03<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $30826 | $27636 | $26556 | $33414 | $47079 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.24<br> %<br>| 0.22<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.15<br> %<sup>(D)</sup><br>| 0.15<br> %<sup>(D)</sup><br>| 0.15<br> %<sup>(D)</sup><br>| 0.15<br> %<sup>(D)(E)</sup><br>| 0.13<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 2.57<br> %<br>| 2.83<br> %<br>| 2.08<br> %<br>| 3.15<br> %<br>| 2.09<br> %<br>|
| Portfolio turnover rate | 21<br> %<br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.15%.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(E)</sup> *TAM contractually agreed to reimburse 0.09% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are* *not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $11.95 | $10.17 | $9.96 | $13.24 | $11.42 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.25 | 0.25 | 0.17 | 0.28 | 0.17 |
| Net realized and unrealized gain (loss) | 1.38 | 1.89 | 0.17 | (2.59)<br>| 2.11 |
| Total investment operations | 1.63 | 2.14 | 0.34 | (2.31)<br>| 2.28 |
| **Contributions from affiliate** |  | 0.01<br> <sup>(B)</sup><br>|  | 0.00<br> <sup>(C)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.24)<br>| (0.22)<br>| (0.13)<br>| (0.29)<br>| (0.16)<br>|
| Net realized gains | (0.33)<br>| (0.15)<br>|  | (0.68)<br>| (0.30)<br>|
| Total dividends and/or distributions to shareholders | (0.57)<br>| (0.37)<br>| (0.13)<br>| (0.97)<br>| (0.46)<br>|
| **Net asset value, end of year** | $13.01 | $11.95 | $10.17 | $9.96 | $13.24 |
| **Total return** | 14.29<br> %<br>| 21.42<br> %<sup>(B)</sup><br>| 3.47<br> %<br>| (18.78)%<sup>(D)</sup><br>| 20.34<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $3393 | $3598 | $1759 | $2500 | $2991 |
| Expenses to average net assets <sup>(E)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.70<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.71<br> %<br>| 0.70<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.70<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.71<br> %<sup>(F)</sup><br>| 0.70<br> %<br>|
| Net investment income (loss) to average net assets | 2.03<br> %<br>| 2.17<br> %<br>| 1.58<br> %<br>| 2.53<br> %<br>| 1.36<br> %<br>|
| Portfolio turnover rate | 21<br> %<br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Asset Allocation - Moderate Portfolio (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $12.02 | $10.26 | $10.02 | $11.45 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.30 | 0.29 | 0.19 | 0.09 |
| Net realized and unrealized gain (loss) | 1.37 | 1.90 | 0.20 | (1.52)<br>|
| Total investment operations | 1.67 | 2.19 | 0.39 | (1.43)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.29)<br>| (0.28)<br>| (0.15)<br>|  |
| Net realized gains | (0.33)<br>| (0.15)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.62)<br>| (0.43)<br>| (0.15)<br>|  |
| **Net asset value, end of year** | $13.07 | $12.02 | $10.26 | $10.02 |
| **Total return** | 14.62<br> %<br>| 21.70<br> %<br>| 3.95<br> %<br>| (12.49)%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of year (000's) | $429914 | $1040 | $485 | $71 |
| Expenses to average net assets <sup>(D)</sup> |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 2.48<br> %<br>| 2.49<br> %<br>| 1.80<br> %<br>| 1.33<br> %<sup>(E)</sup><br>|
| Portfolio turnover rate | 21<br> %<br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

------

**Transamerica Bond** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.04 | $7.55 | $7.78 | $9.53 | $9.57 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.33 | 0.32 | 0.28 | 0.22 | 0.20 |
| Net realized and unrealized gain (loss) | 0.13 | 0.50 | (0.22)<br>| (1.69)<br>| 0.03 |
| Total investment operations | 0.46 | 0.82 | 0.06 | (1.47)<br>| 0.23 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.33)<br>| (0.33)<br>| (0.29)<br>| (0.23)<br>| (0.21)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|
| Total dividends and/or distributions to shareholders | (0.33)<br>| (0.33)<br>| (0.29)<br>| (0.28)<br>| (0.27)<br>|
| **Net asset value, end of year** | $8.17 | $8.04 | $7.55 | $7.78 | $9.53 |
| **Total return** <sup>(E)</sup> | 5.87<br> %<br>| 10.91<br> %<sup>(C)</sup><br>| 0.58<br> %<br>| (15.75)%<sup>(D)</sup><br>| 2.34<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $106707 | $97351 | $93194 | $107307 | $142958 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.84<br> %<br>| 0.84<br> %<br>| 0.89<br> %<br>| 0.90<br> %<br>| 0.88<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.83<br> %<sup>(F)</sup><br>| 0.84<br> %<br>| 0.89<br> %<sup>(G)</sup><br>| 0.90<br> %<sup>(G)</sup><br>| 0.88<br> %<br>|
| Net investment income (loss) to average net assets | 4.09<br> %<br>| 4.03<br> %<br>| 3.51<br> %<br>| 2.51<br> %<br>| 2.07<br> %<br>|
| Portfolio turnover rate <sup>(H)</sup> | 59<br> %<br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(H)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 127%, 118%, 102%, 80% and 81%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $7.98 | $7.49 | $7.72 | $9.47 | $9.50 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.27 | 0.27 | 0.23 | 0.16 | 0.14 |
| Net realized and unrealized gain (loss) | 0.13 | 0.49 | (0.23)<br>| (1.69)<br>| 0.04 |
| Total investment operations | 0.40 | 0.76 |  | (1.53)<br>| 0.18 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.27)<br>| (0.27)<br>| (0.23)<br>| (0.17)<br>| (0.15)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|
| Total dividends and/or distributions to shareholders | (0.27)<br>| (0.27)<br>| (0.23)<br>| (0.22)<br>| (0.21)<br>|
| **Net asset value, end of year** | $8.11 | $7.98 | $7.49 | $7.72 | $9.47 |
| **Total return** <sup>(E)</sup> | 5.15<br> %<br>| 10.19<br> %<sup>(C)</sup><br>| (0.10)%<br>| (16.40)%<sup>(D)</sup><br>| 1.80<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $33393 | $36856 | $32667 | $39109 | $71237 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.52<br> %<br>| 1.53<br> %<br>| 1.55<br> %<br>| 1.53<br> %<br>| 1.50<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.52<br> %<br>| 1.53<br> %<br>| 1.55<br> %<sup>(F)</sup><br>| 1.53<br> %<sup>(F)</sup><br>| 1.50<br> %<br>|
| Net investment income (loss) to average net assets | 3.40<br> %<br>| 3.33<br> %<br>| 2.85<br> %<br>| 1.85<br> %<br>| 1.45<br> %<br>|
| Portfolio turnover rate <sup>(G)</sup> | 59<br> %<br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(G)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 127%, 118%, 102%, 80% and 81%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Bond (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.05 | $7.57 | $7.79 | $9.55 | $9.59 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.36 | 0.35 | 0.31 | 0.25 | 0.24 |
| Net realized and unrealized gain (loss) | 0.14 | 0.48 | (0.21)<br>| (1.70)<br>| 0.02 |
| Total investment operations | 0.50 | 0.83 | 0.10 | (1.45)<br>| 0.26 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.36)<br>| (0.35)<br>| (0.32)<br>| (0.26)<br>| (0.24)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|
| Total dividends and/or distributions to shareholders | (0.36)<br>| (0.35)<br>| (0.32)<br>| (0.31)<br>| (0.30)<br>|
| **Net asset value, end of year** | $8.19 | $8.05 | $7.57 | $7.79 | $9.55 |
| **Total return** | 6.35<br> %<br>| 11.11<br> %<br>| 1.11<br> %<br>| (15.48)%<sup>(C)</sup><br>| 2.73<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1759055 | $1742186 | $1049832 | $704476 | $1144560 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.53<br> %<br>| 0.53<br> %<br>| 0.54<br> %<br>| 0.54<br> %<br>| 0.53<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Net investment income (loss) to average net assets | 4.41<br> %<br>| 4.36<br> %<br>| 3.93<br> %<br>| 2.89<br> %<br>| 2.45<br> %<br>|
| Portfolio turnover rate <sup>(D)</sup> | 59<br> %<br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 127%, 118%, 102%, 80% and 81%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.06 | $7.57 | $7.80 | $9.56 | $9.59 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.36 | 0.36 | 0.32 | 0.26 | 0.24 |
| Net realized and unrealized gain (loss) | 0.13 | 0.49 | (0.23)<br>| (1.70)<br>| 0.04 |
| Total investment operations | 0.49 | 0.85 | 0.09 | (1.44)<br>| 0.28 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.36)<br>| (0.36)<br>| (0.32)<br>| (0.27)<br>| (0.25)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|
| Total dividends and/or distributions to shareholders | (0.36)<br>| (0.36)<br>| (0.32)<br>| (0.32)<br>| (0.31)<br>|
| **Net asset value, end of year** | $8.19 | $8.06 | $7.57 | $7.80 | $9.56 |
| **Total return** | 6.28<br> %<br>| 11.32<br> %<br>| 1.03<br> %<br>| (15.42)%<br>| 2.90<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $395529 | $393975 | $363743 | $283641 | $376686 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.44<br> %<br>| 0.44<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.43<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.44<br> %<br>| 0.44<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.43<br> %<br>|
| Net investment income (loss) to average net assets | 4.48<br> %<br>| 4.43<br> %<br>| 3.97<br> %<br>| 2.95<br> %<br>| 2.52<br> %<br>|
| Portfolio turnover rate <sup>(B)</sup> | 59<br> %<br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 127%, 118%, 102%, 80% and 81%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Bond (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.04 | $7.56 | $7.79 | $9.55 | $9.58 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.36 | 0.36 | 0.32 | 0.26 | 0.24 |
| Net realized and unrealized gain (loss) | 0.14 | 0.48 | (0.23)<br>| (1.70)<br>| 0.04 |
| Total investment operations | 0.50 | 0.84 | 0.09 | (1.44)<br>| 0.28 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.36)<br>| (0.36)<br>| (0.32)<br>| (0.27)<br>| (0.25)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|
| Total dividends and/or distributions to shareholders | (0.36)<br>| (0.36)<br>| (0.32)<br>| (0.32)<br>| (0.31)<br>|
| **Net asset value, end of year** | $8.18 | $8.04 | $7.56 | $7.79 | $9.55 |
| **Total return** | 6.42<br> %<br>| 11.19<br> %<br>| 1.03<br> %<br>| (15.43)%<br>| 2.90<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $115351 | $190700 | $83563 | $79972 | $26448 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.44<br> %<br>| 0.44<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.43<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.44<br> %<br>| 0.44<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.43<br> %<sup>(B)</sup><br>|
| Net investment income (loss) to average net assets | 4.48<br> %<br>| 4.45<br> %<br>| 3.97<br> %<br>| 3.05<br> %<br>| 2.52<br> %<br>|
| Portfolio turnover rate <sup>(C)</sup> | 59<br> %<br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(C)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 127%, 118%, 102%, 80% and 81%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

------

**Transamerica Capital Growth** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $31.18 | $19.12 | $19.80 | $60.69 | $46.11 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.35)<br>| (0.22)<br>| (0.18)<br>| (0.28)<br>| (0.53)<br>|
| Net realized and unrealized gain (loss) | 18.22 | 12.28 | (0.50)<br>| (31.69)<br>| 17.94 |
| Total investment operations | 17.87 | 12.06 | (0.68)<br>| (31.97)<br>| 17.41 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  |  |  | (0.00)<sup>(B)</sup><br>|  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>|
| Return of capital |  |  |  | (0.00)<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders |  |  |  | (8.92)<br>| (2.83)<br>|
| **Net asset value, end of year** | $49.05 | $31.18 | $19.12 | $19.80 | $60.69 |
| **Total return** <sup>(E)</sup> | 57.31<br> %<br>| 63.08<br> %<sup>(C)</sup><br>| (3.48)%<br>| (60.80)%<sup>(D)</sup><br>| 38.29<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $560460 | $391125 | $319552 | $396598 | $1213394 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.09<br> %<br>| 1.14<br> %<br>| 1.20<br> %<br>| 1.10<br> %<br>| 1.01<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.11<br> %<br>| 1.11<br> %<br>| 1.16<br> %<br>| 1.10<br> %<sup>(F)</sup><br>| 1.01<br> %<br>|
| Net investment income (loss) to average net assets | (0.86)%<br>| (0.85)%<br>| (0.91)%<br>| (0.94)%<br>| (0.95)%<br>|
| Portfolio turnover rate | 74<br> %<br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $20.79 | $12.85 | $13.40 | $44.66 | $34.77 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.43)<br>| (0.28)<br>| (0.23)<br>| (0.36)<br>| (0.70)<br>|
| Net realized and unrealized gain (loss) | 12.10 | 8.22 | (0.32)<br>| (21.98)<br>| 13.42 |
| Total investment operations | 11.67 | 7.94 | (0.55)<br>| (22.34)<br>| 12.72 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>|
| **Net asset value, end of year** | $32.46 | $20.79 | $12.85 | $13.40 | $44.66 |
| **Total return** <sup>(E)</sup> | 56.13<br> %<br>| 61.79<br> %<sup>(C)</sup><br>| (4.18)%<br>| (61.12)%<sup>(D)</sup><br>| 37.23<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $154939 | $129506 | $124654 | $167725 | $594592 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.87<br> %<br>| 1.92<br> %<br>| 1.98<br> %<br>| 1.86<br> %<br>| 1.77<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.88<br> %<br>| 1.88<br> %<br>| 1.90<br> %<br>| 1.86<br> %<sup>(F)</sup><br>| 1.77<br> %<br>|
| Net investment income (loss) to average net assets | (1.63)%<br>| (1.62)%<br>| (1.64)%<br>| (1.70)%<br>| (1.70)%<br>|
| Portfolio turnover rate | 74<br> %<br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Capital Growth (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $34.04 | $20.81 | $21.48 | $64.85 | $49.02 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.25)<br>| (0.16)<br>| (0.13)<br>| (0.22)<br>| (0.44)<br>|
| Net realized and unrealized gain (loss) | 19.90 | 13.39 | (0.54)<br>| (34.23)<br>| 19.10 |
| Total investment operations | 19.65 | 13.23 | (0.67)<br>| (34.45)<br>| 18.66 |
| **Contributions from affiliate** |  |  |  | 0.04<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>|
| Return of capital |  |  |  | (0.04)<br>|  |
| Total dividends and/or distributions to shareholders |  |  |  | (8.96)<br>| (2.83)<br>|
| **Net asset value, end of year** | $53.69 | $34.04 | $20.81 | $21.48 | $64.85 |
| **Total return** | 57.73<br> %<br>| 63.58<br> %<br>| (3.16)%<br>| (60.63)%<sup>(B)</sup><br>| 38.57<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $883372 | $670845 | $672765 | $978757 | $3792557 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.83<br> %<br>| 0.83<br> %<br>| 0.86<br> %<br>| 0.82<br> %<br>| 0.78<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.81<br> %<br>| 0.78<br> %<br>|
| Net investment income (loss) to average net assets | (0.57)%<br>| (0.56)%<br>| (0.57)%<br>| (0.65)%<br>| (0.73)%<br>|
| Portfolio turnover rate | 74<br> %<br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.64 | $5.89 | $6.07 | $25.60 | $20.68 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.06)<br>| (0.04)<br>| (0.03)<br>| (0.08)<br>| (0.15)<br>|
| Net realized and unrealized gain (loss) | 5.65 | 3.79 | (0.15)<br>| (10.53)<br>| 7.90 |
| Total investment operations | 5.59 | 3.75 | (0.18)<br>| (10.61)<br>| 7.75 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>|
| **Net asset value, end of year** | $15.23 | $9.64 | $5.89 | $6.07 | $25.60 |
| **Total return** | 57.99<br> %<br>| 63.67<br> %<br>| (3.12)%<br>| (60.64)%<br>| 38.69<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $113259 | $98497 | $34765 | $27957 | $473580 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.73<br> %<br>| 0.69<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.74<br> %<sup>(B)</sup><br>| 0.75<br> %<br>| 0.72<br> %<br>| 0.69<br> %<br>|
| Net investment income (loss) to average net assets | (0.48)%<br>| (0.47)%<br>| (0.50)%<br>| (0.60)%<br>| (0.63)%<br>|
| Portfolio turnover rate | 74<br> %<br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Capital Growth (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.65 | $5.89 | $6.08 | $25.60 | $20.68 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.06)<br>| (0.04)<br>| (0.03)<br>| (0.05)<br>| (0.15)<br>|
| Net realized and unrealized gain (loss) | 5.64 | 3.80 | (0.16)<br>| (10.55)<br>| 7.90 |
| Total investment operations | 5.58 | 3.76 | (0.19)<br>| (10.60)<br>| 7.75 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>|
| **Net asset value, end of year** | $15.23 | $9.65 | $5.89 | $6.08 | $25.60 |
| **Total return** | 57.82<br> %<br>| 63.84<br> %<br>| (3.12)%<br>| (60.64)%<br>| 38.69<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $25191 | $24810 | $17916 | $18793 | $47106 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.73<br> %<br>| 0.69<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.74<br> %<br>| 0.74<br> %<sup>(B)</sup><br>| 0.74<br> %<br>| 0.72<br> %<br>| 0.69<br> %<br>|
| Net investment income (loss) to average net assets | (0.48)%<br>| (0.48)%<br>| (0.49)%<br>| (0.55)%<br>| (0.63)%<br>|
| Portfolio turnover rate | 74<br> %<br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

------

**Transamerica Core Bond** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $8.60 | $8.12 | $8.41 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.34 | 0.35 | 0.33 |
| Net realized and unrealized gain (loss) | 0.13 | 0.48 | (0.31)<br>|
| Total investment operations | 0.47 | 0.83 | 0.02 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.34)<br>| (0.35)<br>| (0.31)<br>|
| **Net asset value, end of year** | $8.73 | $8.60 | $8.12 |
| **Total return** <sup>(C)</sup> | 5.64<br> %<br>| 10.32<br> %<br>| 0.09<br> %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $1179 | $1555 | $766 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.76<br> %<br>| 0.74<br> %<br>| 0.81<br> %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.76<br> %<br>| 0.74<br> %<br>| 0.81<br> %<sup>(E)(F)</sup><br>|
| Net investment income (loss) to average net assets | 3.97<br> %<br>| 4.05<br> %<br>| 3.93<br> %<sup>(E)</sup><br>|
| Portfolio turnover rate <sup>(G)</sup> | 75<br> %<br>| 56<br> %<br>| 57<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on November 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(G)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305% and 310%, for the years ended October 31,* *2025, October 31, 2024 and October 31, 2023, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $8.57 | $8.09 | $8.42 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.28 | 0.28 | 0.27 |
| Net realized and unrealized gain (loss) | 0.13 | 0.48 | (0.34)<br>|
| Total investment operations | 0.41 | 0.76 | (0.07)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.28)<br>| (0.28)<br>| (0.26)<br>|
| **Net asset value, end of year** | $8.70 | $8.57 | $8.09 |
| **Total return** <sup>(C)</sup> | 4.84<br> %<br>| 9.49<br> %<br>| (0.99)%<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $261 | $296 | $340 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.57<br> %<br>| 1.53<br> %<br>| 1.47<br> %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.52<br> %<br>| 1.51<br> %<br>| 1.47<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 3.21<br> %<br>| 3.27<br> %<br>| 3.14<br> %<sup>(E)</sup><br>|
| Portfolio turnover rate <sup>(F)</sup> | 75<br> %<br>| 56<br> %<br>| 57<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on November 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305% and 310%, for the years ended October 31,* *2025, October 31, 2024 and October 31, 2023, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Core Bond (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $8.54 | $8.08 | $8.39 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.37 | 0.37 | 0.35 |
| Net realized and unrealized gain (loss) | 0.14 | 0.46 | (0.32)<br>|
| Total investment operations | 0.51 | 0.83 | 0.03 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.37)<br>| (0.37)<br>| (0.34)<br>|
| **Net asset value, end of year** | $8.68 | $8.54 | $8.08 |
| **Total return** | 6.11<br> %<br>| 10.38<br> %<br>| 0.23<br> %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $11478 | $9498 | $1985 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.53<br> %<br>| 0.53<br> %<br>| 0.53<br> %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.44<br> %<sup>(E)</sup><br>| 0.44<br> %<sup>(E)</sup><br>| 0.44<br> %<sup>(D)(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.30<br> %<br>| 4.35<br> %<br>| 4.19<br> %<sup>(D)</sup><br>|
| Portfolio turnover rate <sup>(F)</sup> | 75<br> %<br>| 56<br> %<br>| 57<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on November 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *TAM has contractually agreed to reimburse 0.09% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(F)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305% and 310%, for the years ended October 31,* *2025, October 31, 2024 and October 31, 2023, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.58 | $8.10 | $8.37 | $10.34 | $10.85 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.37 | 0.37 | 0.34 | 0.23 | 0.19 |
| Net realized and unrealized gain (loss) | 0.13 | 0.49 | (0.27)<br>| (1.80)<br>| (0.14)<br>|
| Total investment operations | 0.50 | 0.86 | 0.07 | (1.57)<br>| 0.05 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.37)<br>| (0.38)<br>| (0.34)<br>| (0.23)<br>| (0.20)<br>|
| Net realized gains |  |  |  | (0.17)<br>| (0.36)<br>|
| Total dividends and/or distributions to shareholders | (0.37)<br>| (0.38)<br>| (0.34)<br>| (0.40)<br>| (0.56)<br>|
| **Net asset value, end of year** | $8.71 | $8.58 | $8.10 | $8.37 | $10.34 |
| **Total return** | 5.99<br> %<br>| 10.67<br> %<br>| 0.74<br> %<br>| (15.67)%<br>| 0.45<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1413220 | $1523300 | $1800512 | $1974697 | $1131283 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.43<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.43<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>|
| Net investment income (loss) to average net assets | 4.31<br> %<br>| 4.36<br> %<br>| 3.96<br> %<br>| 2.49<br> %<br>| 1.81<br> %<br>|
| Portfolio turnover rate <sup>(B)</sup> | 75<br> %<br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305%, 310%, 286% and 258%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Core Bond (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $8.60 | $8.11 | $8.38 | $10.36 | $10.35 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.37 | 0.38 | 0.35 | 0.26 | 0.08 |
| Net realized and unrealized gain (loss) | 0.13 | 0.49 | (0.27)<br>| (1.84)<br>| 0.01<br> <sup>(C)</sup><br>|
| Total investment operations | 0.50 | 0.87 | 0.08 | (1.58)<br>| 0.09 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.37)<br>| (0.38)<br>| (0.35)<br>| (0.23)<br>| (0.08)<br>|
| Net realized gains |  |  |  | (0.17)<br>|  |
| Total dividends and/or distributions to shareholders | (0.37)<br>| (0.38)<br>| (0.35)<br>| (0.40)<br>| (0.08)<br>|
| **Net asset value, end of year** | $8.73 | $8.60 | $8.11 | $8.38 | $10.36 |
| **Total return** | 5.99<br> %<br>| 10.81<br> %<br>| 0.76<br> %<br>| (15.74)%<br>| 0.89<br> %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $48834 | $14210 | $4164 | $693 | $10 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.43<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41<br> %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.43<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.32<br> %<br>| 4.37<br> %<br>| 4.12<br> %<br>| 2.99<br> %<br>| 1.78<br> %<sup>(E)</sup><br>|
| Portfolio turnover rate <sup>(F)</sup> | 75<br> %<br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to* *the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305%, 310%, 286% and 258%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

------

**Transamerica Emerging Markets Debt** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.24 | $8.45 | $7.91 | $10.57 | $10.33 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.66 | 0.61 | 0.53 | 0.50 | 0.46 |
| Net realized and unrealized gain (loss) | 0.31 | 0.65 | 0.46 | (2.81)<br>| 0.07 |
| Total investment operations | 0.97 | 1.26 | 0.99 | (2.31)<br>| 0.53 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.54)<br>| (0.47)<br>| (0.43)<br>| (0.35)<br>| (0.29)<br>|
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.54)<br>| (0.47)<br>| (0.45)<br>| (0.35)<br>| (0.29)<br>|
| **Net asset value, end of year** | $9.67 | $9.24 | $8.45 | $7.91 | $10.57 |
| **Total return** <sup>(E)</sup> | 10.93<br> %<br>| 15.07<br> %<sup>(C)</sup><br>| 11.94<br> %<br>| (21.97)%<sup>(D)</sup><br>| 5.20<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $9285 | $8627 | $7964 | $7220 | $11114 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.30<br> %<br>| 1.34<br> %<br>| 1.45<br> %<br>| 1.36<br> %<br>| 1.21<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.26<br> %<sup>(F)</sup><br>| 1.26<br> %<sup>(F)</sup><br>| 1.30<br> %<sup>(F)</sup><br>| 1.25<br> %<br>| 1.21<br> %<br>|
| Net investment income (loss) to average net assets | 7.12<br> %<br>| 6.71<br> %<br>| 6.08<br> %<br>| 5.39<br> %<br>| 4.26<br> %<br>|
| Portfolio turnover rate | 199<br> %<br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Includes interest expense outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.20 | $8.41 | $7.87 | $10.51 | $10.22 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.60 | 0.55 | 0.47 | 0.44 | 0.39 |
| Net realized and unrealized gain (loss) | 0.29 | 0.65 | 0.46 | (2.79)<br>| 0.07 |
| Total investment operations | 0.89 | 1.20 | 0.93 | (2.35)<br>| 0.46 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.47)<br>| (0.41)<br>| (0.37)<br>| (0.29)<br>| (0.17)<br>|
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.47)<br>| (0.41)<br>| (0.39)<br>| (0.29)<br>| (0.17)<br>|
| **Net asset value, end of year** | $9.62 | $9.20 | $8.41 | $7.87 | $10.51 |
| **Total return** <sup>(D)</sup> | 10.06<br> %<br>| 14.37<br> %<br>| 11.32<br> %<br>| (22.56)%<sup>(C)</sup><br>| 4.55<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $872 | $1310 | $1781 | $2178 | $4203 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.94<br> %<br>| 1.89<br> %<br>| 1.95<br> %<br>| 1.92<br> %<br>| 1.86<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.94<br> %<br>| 1.89<br> %<br>| 1.95<br> %<sup>(E)</sup><br>| 1.92<br> %<sup>(E)</sup><br>| 1.86<br> %<br>|
| Net investment income (loss) to average net assets | 6.53<br> %<br>| 6.09<br> %<br>| 5.40<br> %<br>| 4.71<br> %<br>| 3.61<br> %<br>|
| Portfolio turnover rate | 199<br> %<br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Emerging Markets Debt (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.28 | $8.49 | $7.94 | $10.63 | $10.40 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.70 | 0.66 | 0.56 | 0.54 | 0.51 |
| Net realized and unrealized gain (loss) | 0.30 | 0.64 | 0.47 | (2.84)<br>| 0.07 |
| Total investment operations | 1.00 | 1.30 | 1.03 | (2.30)<br>| 0.58 |
| **Contributions from affiliate** |  |  |  | 0.04<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.57)<br>| (0.51)<br>| (0.46)<br>| (0.43)<br>| (0.35)<br>|
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.57)<br>| (0.51)<br>| (0.48)<br>| (0.43)<br>| (0.35)<br>|
| **Net asset value, end of year** | $9.71 | $9.28 | $8.49 | $7.94 | $10.63 |
| **Total return** | 11.33<br> %<br>| 15.60<br> %<br>| 12.42<br> %<br>| (21.42)%<sup>(B)</sup><br>| 5.66<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $120822 | $143882 | $165110 | $149943 | $251616 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.87<br> %<br>| 0.84<br> %<br>| 0.89<br> %<br>| 0.86<br> %<br>| 0.81<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.86<br> %<sup>(C)</sup><br>| 0.85<br> %<br>| 0.90<br> %<sup>(C)</sup><br>| 0.85<br> %<br>| 0.81<br> %<br>|
| Net investment income (loss) to average net assets | 7.55<br> %<br>| 7.13<br> %<br>| 6.44<br> %<br>| 5.76<br> %<br>| 4.67<br> %<br>|
| Portfolio turnover rate | 199<br> %<br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.36%.*

<sup>(C)</sup> *Includes interest expense outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.27 | $8.47 | $7.93 | $10.63 | $10.41 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.71 | 0.66 | 0.57 | 0.54 | 0.52 |
| Net realized and unrealized gain (loss) | 0.29 | 0.66 | 0.46 | (2.84)<br>| 0.07 |
| Total investment operations | 1.00 | 1.32 | 1.03 | (2.30)<br>| 0.59 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.58)<br>| (0.52)<br>| (0.46)<br>| (0.40)<br>| (0.37)<br>|
| Return of capital |  |  | (0.03)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.58)<br>| (0.52)<br>| (0.49)<br>| (0.40)<br>| (0.37)<br>|
| **Net asset value, end of year** | $9.69 | $9.27 | $8.47 | $7.93 | $10.63 |
| **Total return** | 11.33<br> %<br>| 15.62<br> %<br>| 12.43<br> %<br>| (21.83)%<br>| 5.71<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $84543 | $102716 | $72198 | $7318 | $140018 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.75<br> %<br>| 0.80<br> %<br>| 0.77<br> %<br>| 0.71<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.75<br> %<br>| 0.80<br> %<sup>(B)</sup><br>| 0.77<br> %<br>| 0.71<br> %<br>|
| Net investment income (loss) to average net assets | 7.65<br> %<br>| 7.23<br> %<br>| 6.49<br> %<br>| 5.54<br> %<br>| 4.76<br> %<br>|
| Portfolio turnover rate | 199<br> %<br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Emerging Markets Debt (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.29 | $8.50 | $7.95 | $10.63 | $10.40 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.71 | 0.67 | 0.57 | 0.55 | 0.52 |
| Net realized and unrealized gain (loss) | 0.30 | 0.64 | 0.47 | (2.83)<br>| 0.08 |
| Total investment operations | 1.01 | 1.31 | 1.04 | (2.28)<br>| 0.60 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.58)<br>| (0.52)<br>| (0.46)<br>| (0.40)<br>| (0.37)<br>|
| Return of capital |  |  | (0.03)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.58)<br>| (0.52)<br>| (0.49)<br>| (0.40)<br>| (0.37)<br>|
| **Net asset value, end of year** | $9.72 | $9.29 | $8.50 | $7.95 | $10.63 |
| **Total return** | 11.41<br> %<br>| 15.58<br> %<br>| 13.10<br> %<br>| (21.55)%<br>| 5.71<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $23316 | $22404 | $20169 | $25467 | $12395 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.75<br> %<br>| 0.79<br> %<br>| 0.76<br> %<br>| 0.71<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.75<br> %<br>| 0.79<br> %<br>| 0.76<br> %<br>| 0.71<br> %<br>|
| Net investment income (loss) to average net assets | 7.63<br> %<br>| 7.25<br> %<br>| 6.55<br> %<br>| 5.95<br> %<br>| 4.78<br> %<br>|
| Portfolio turnover rate | 199<br> %<br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica Emerging Markets Equity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.10 | $7.00 | $6.59 | $11.81 | $9.90 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.14 | 0.12 | 0.13 | 0.25 | 0.19 |
| Net realized and unrealized gain (loss) | 2.56 | 1.18 | 0.48 | (4.30)<br>| 1.78 |
| Total investment operations | 2.70 | 1.30 | 0.61 | (4.05)<br>| 1.97 |
| **Contributions from affiliate** |  |  |  | 0.01<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  | (0.20)<br>| (0.20)<br>| (0.14)<br>| (0.06)<br>|
| Net realized gains |  |  |  | (1.04)<br>|  |
| Total dividends and/or distributions to shareholders |  | (0.20)<br>| (0.20)<br>| (1.18)<br>| (0.06)<br>|
| **Net asset value, end of year** | $10.80 | $8.10 | $7.00 | $6.59 | $11.81 |
| **Total return** | 33.33<br> %<br>| 18.94<br> %<br>| 9.13<br> %<br>| (37.56)%<sup>(B)</sup><br>| 19.96<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $607 | $4094 | $5593 | $5366 | $8503 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.07<br> %<br>| 1.04<br> %<br>| 1.02<br> %<br>| 0.97<br> %<br>| 0.97<br> %<sup>(C)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.98<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>| 0.97<br> %<br>| 0.97<br> %<sup>(C)(D)</sup><br>|
| Net investment income (loss) to average net assets | 1.58<br> %<br>| 1.62<br> %<br>| 1.67<br> %<br>| 2.80<br> %<br>| 1.57<br> %<br>|
| Portfolio turnover rate | 35<br> %<br>| 71<br> %<br>| 68<br> %<br>| 66<br> %<br>| 85<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.11 | $7.01 | $6.60 | $11.82 | $9.90 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.14 | 0.13 | 0.26 | 0.12 |
| Net realized and unrealized gain (loss) | 2.53 | 1.17 | 0.49 | (4.30)<br>| 1.87 |
| Total investment operations | 2.69 | 1.31 | 0.62 | (4.04)<br>| 1.99 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.01)<br>| (0.21)<br>| (0.21)<br>| (0.14)<br>| (0.07)<br>|
| Net realized gains |  |  |  | (1.04)<br>|  |
| Total dividends and/or distributions to shareholders | (0.01)<br>| (0.21)<br>| (0.21)<br>| (1.18)<br>| (0.07)<br>|
| **Net asset value, end of year** | $10.79 | $8.11 | $7.01 | $6.60 | $11.82 |
| **Total return** | 33.24<br> %<br>| 19.02<br> %<br>| 9.23<br> %<br>| (37.55)%<br>| 20.11<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $191781 | $115068 | $348221 | $749653 | $1323558 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.97<br> %<br>| 0.94<br> %<br>| 0.92<br> %<br>| 0.87<br> %<br>| 0.87<br> %<sup>(B)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.95<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.87<br> %<br>| 0.87<br> %<sup>(B)</sup><br>|
| Net investment income (loss) to average net assets | 1.78<br> %<br>| 1.78<br> %<br>| 1.74<br> %<br>| 2.90<br> %<br>| 0.98<br> %<br>|
| Portfolio turnover rate | 35<br> %<br>| 71<br> %<br>| 68<br> %<br>| 66<br> %<br>| 85<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Emerging Markets Equity (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $8.15 | $7.04 | $6.64 | $11.82 | $12.58 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.16 | 0.12 | 0.12 | 0.24 | 0.09 |
| Net realized and unrealized gain (loss) | 2.55 | 1.20 | 0.49 | (4.30)<br>| (0.85)<sup>(C)</sup><br>|
| Total investment operations | 2.71 | 1.32 | 0.61 | (4.06)<br>| (0.76)<br>|
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.01)<br>| (0.21)<br>| (0.21)<br>| (0.08)<br>|  |
| Net realized gains |  |  |  | (1.04)<br>|  |
| Total dividends and/or distributions to shareholders | (0.01)<br>| (0.21)<br>| (0.21)<br>| (1.12)<br>|  |
| **Net asset value, end of year** | $10.85 | $8.15 | $7.04 | $6.64 | $11.82 |
| **Total return** | 33.34<br> %<br>| 19.03<br> %<br>| 9.17<br> %<br>| (37.58)%<br>| (5.96)%<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $7712 | $6617 | $5747 | $49613 | $9 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.97<br> %<br>| 0.94<br> %<br>| 0.92<br> %<br>| 0.87<br> %<br>| 0.87<br> %<sup>(E)(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.95<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.87<br> %<br>| 0.87<br> %<sup>(E)(F)</sup><br>|
| Net investment income (loss) to average net assets | 1.79<br> %<br>| 1.59<br> %<br>| 1.58<br> %<br>| 2.92<br> %<br>| 1.73<br> %<sup>(E)</sup><br>|
| Portfolio turnover rate | 35<br> %<br>| 71<br> %<br>| 68<br> %<br>| 66<br> %<br>| 85<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to* *the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

------

**Transamerica Energy Infrastructure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.30 | $6.43 | $7.03 | $6.84 | $4.73 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.22 | 0.19 | 0.22 | 0.05 | 0.11 |
| Net realized and unrealized gain (loss) | 0.34 | 2.17 | (0.55)<br>| 0.43 | 2.27 |
| Total investment operations | 0.56 | 2.36 | (0.33)<br>| 0.48 | 2.38 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.22)<br>| (0.33)<br>| (0.27)<br>|  |  |
| Return of capital | (0.13)<br>| (0.16)<br>|  | (0.29)<br>| (0.27)<br>|
| Total dividends and/or distributions to shareholders | (0.35)<br>| (0.49)<br>| (0.27)<br>| (0.29)<br>| (0.27)<br>|
| **Net asset value, end of year** | $8.51 | $8.30 | $6.43 | $7.03 | $6.84 |
| **Total return** <sup>(D)</sup> | 6.60<br> %<br>| 38.40<br> %<br>| (4.73)%<br>| 7.30<br> %<sup>(C)</sup><br>| 51.20<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $32243 | $33007 | $27310 | $32347 | $20495 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.53<br> %<br>| 1.55<br> %<br>| 1.57<br> %<br>| 1.54<br> %<br>| 1.60<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.53<br> %<br>| 1.55<br> %<br>| 1.59<br> %<br>| 1.60<br> %<br>| 1.60<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 2.46<br> %<br>| 2.59<br> %<br>| 3.31<br> %<br>| 0.73<br> %<br>| 1.72<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 55<br> %<br>| 15<br> %<br>| 20<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.29 | $6.42 | $7.02 | $6.83 | $4.71 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.15 | 0.13 | 0.17 | 0.03 | 0.07 |
| Net realized and unrealized gain (loss) | 0.34 | 2.17 | (0.55)<br>| 0.40 | 2.28 |
| Total investment operations | 0.49 | 2.30 | (0.38)<br>| 0.43 | 2.35 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.17)<br>| (0.29)<br>| (0.22)<br>|  |  |
| Return of capital | (0.10)<br>| (0.14)<br>|  | (0.24)<br>| (0.23)<br>|
| Total dividends and/or distributions to shareholders | (0.27)<br>| (0.43)<br>| (0.22)<br>| (0.24)<br>| (0.23)<br>|
| **Net asset value, end of year** | $8.51 | $8.29 | $6.42 | $7.02 | $6.83 |
| **Total return** <sup>(D)</sup> | 5.83<br> %<br>| 37.32<br> %<br>| (5.51)%<br>| 6.42<br> %<sup>(C)</sup><br>| 50.48<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $3467 | $4578 | $4469 | $6753 | $7313 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 2.32<br> %<br>| 2.33<br> %<br>| 2.35<br> %<br>| 2.33<br> %<br>| 2.39<br> %<br>|
| Including waiver and/or reimbursement and recapture | 2.35<br> %<br>| 2.35<br> %<br>| 2.35<br> %<sup>(E)</sup><br>| 2.35<br> %<br>| 2.35<br> %<br>|
| Net investment income (loss) to average net assets | 1.65<br> %<br>| 1.81<br> %<br>| 2.56<br> %<br>| 0.38<br> %<br>| 1.13<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 55<br> %<br>| 15<br> %<br>| 20<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Energy Infrastructure (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.29 | $6.42 | $7.03 | $6.84 | $4.72 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.24 | 0.21 | 0.25 | 0.08 | 0.11 |
| Net realized and unrealized gain (loss) | 0.35 | 2.17 | (0.57)<br>| 0.43 | 2.30 |
| Total investment operations | 0.59 | 2.38 | (0.32)<br>| 0.51 | 2.41 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.23)<br>| (0.34)<br>| (0.29)<br>|  |  |
| Return of capital | (0.14)<br>| (0.17)<br>|  | (0.32)<br>| (0.29)<br>|
| Total dividends and/or distributions to shareholders | (0.37)<br>| (0.51)<br>| (0.29)<br>| (0.32)<br>| (0.29)<br>|
| **Net asset value, end of year** | $8.51 | $8.29 | $6.42 | $7.03 | $6.84 |
| **Total return** | 7.00<br> %<br>| 38.81<br> %<br>| (4.56)%<br>| 7.75<br> %<sup>(C)</sup><br>| 51.99<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $33468 | $34564 | $35971 | $51296 | $36098 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.29<br> %<br>| 1.28<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 1.28<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.29<br> %<br>| 1.28<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 1.28<br> %<br>|
| Net investment income (loss) to average net assets | 2.68<br> %<br>| 2.90<br> %<br>| 3.65<br> %<br>| 1.18<br> %<br>| 1.70<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 55<br> %<br>| 15<br> %<br>| 20<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.30 | $6.43 | $7.03 | $6.84 | $4.72 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.25 | 0.22 | 0.25 | 0.15 | 0.14 |
| Net realized and unrealized gain (loss) | 0.34 | 2.17 | (0.55)<br>| 0.36 | 2.28 |
| Total investment operations | 0.59 | 2.39 | (0.30)<br>| 0.51 | 2.42 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.24)<br>| (0.35)<br>| (0.30)<br>|  |  |
| Return of capital | (0.14)<br>| (0.17)<br>|  | (0.32)<br>| (0.30)<br>|
| Total dividends and/or distributions to shareholders | (0.38)<br>| (0.52)<br>| (0.30)<br>| (0.32)<br>| (0.30)<br>|
| **Net asset value, end of year** | $8.51 | $8.30 | $6.43 | $7.03 | $6.84 |
| **Total return** | 6.97<br> %<br>| 38.90<br> %<br>| (4.32)%<br>| 7.78<br> %<br>| 52.12<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $51744 | $53213 | $53763 | $57944 | $154852 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.19<br> %<br>| 1.18<br> %<br>| 1.18<br> %<br>| 1.16<br> %<br>| 1.18<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.19<br> %<br>| 1.18<br> %<br>| 1.18<br> %<br>| 1.16<br> %<br>| 1.18<br> %<br>|
| Net investment income (loss) to average net assets | 2.79<br> %<br>| 3.01<br> %<br>| 3.69<br> %<br>| 2.23<br> %<br>| 2.25<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 55<br> %<br>| 15<br> %<br>| 20<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica Floating Rate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.04 | $8.95 | $8.91 | $9.50 | $9.27 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.67 | 0.73 | 0.70 | 0.34 | 0.27 |
| Net realized and unrealized gain (loss) | (0.16)<br>| 0.10 | 0.04 | (0.58)<br>| 0.27 |
| Total investment operations | 0.51 | 0.83 | 0.74 | (0.24)<br>| 0.54 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.66)<br>| (0.74)<br>| (0.70)<br>| (0.35)<br>| (0.31)<br>|
| Return of capital |  |  |  | (0.00)<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.66)<br>| (0.74)<br>| (0.70)<br>| (0.35)<br>| (0.31)<br>|
| **Net asset value, end of year** | $8.89 | $9.04 | $8.95 | $8.91 | $9.50 |
| **Total return** <sup>(C)</sup> | 5.85<br> %<br>| 9.55<br> %<br>| 8.51<br> %<br>| (2.61)%<br>| 5.85<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $14982 | $13486 | $12779 | $15531 | $13805 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.00<br> %<br>| 0.99<br> %<br>| 1.05<br> %<br>| 1.09<br> %<br>| 1.15<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.96<br> %<br>| 0.97<br> %<br>| 1.00<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>|
| Net investment income (loss) to average net assets | 7.46<br> %<br>| 8.09<br> %<br>| 7.78<br> %<br>| 3.71<br> %<br>| 2.90<br> %<br>|
| Portfolio turnover rate | 41<br> %<br>| 64<br> %<br>| 37<br> %<br>| 75<br> %<br>| 41<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.05 | $8.96 | $8.92 | $9.51 | $9.28 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.60 | 0.67 | 0.64 | 0.27 | 0.20 |
| Net realized and unrealized gain (loss) | (0.16)<br>| 0.09 | 0.03 | (0.58)<br>| 0.27 |
| Total investment operations | 0.44 | 0.76 | 0.67 | (0.31)<br>| 0.47 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.60)<br>| (0.67)<br>| (0.63)<br>| (0.28)<br>| (0.24)<br>|
| Return of capital |  |  |  | (0.00)<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.60)<br>| (0.67)<br>| (0.63)<br>| (0.28)<br>| (0.24)<br>|
| **Net asset value, end of year** | $8.89 | $9.05 | $8.96 | $8.92 | $9.51 |
| **Total return** <sup>(D)</sup> | 4.96<br> %<br>| 8.78<br> %<br>| 7.71<br> %<br>| (3.33)%<sup>(C)</sup><br>| 5.06<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $15717 | $16780 | $15661 | $15790 | $14222 |
| Expenses to average net assets <sup>(E)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.70<br> %<br>| 1.69<br> %<br>| 1.77<br> %<br>| 1.83<br> %<br>| 1.88<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.70<br> %<br>| 1.69<br> %<br>| 1.73<br> %<br>| 1.80<br> %<br>| 1.80<br> %<br>|
| Net investment income (loss) to average net assets | 6.70<br> %<br>| 7.37<br> %<br>| 7.08<br> %<br>| 2.96<br> %<br>| 2.15<br> %<br>|
| Portfolio turnover rate | 41<br> %<br>| 64<br> %<br>| 37<br> %<br>| 75<br> %<br>| 41<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Floating Rate (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.00 | $8.91 | $8.87 | $9.45 | $9.23 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.70 | 0.76 | 0.72 | 0.36 | 0.29 |
| Net realized and unrealized gain (loss) | (0.17)<br>| 0.10 | 0.04 | (0.57)<br>| 0.26 |
| Total investment operations | 0.53 | 0.86 | 0.76 | (0.21)<br>| 0.55 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.69)<br>| (0.77)<br>| (0.72)<br>| (0.37)<br>| (0.33)<br>|
| Return of capital |  |  |  | (0.00)<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.69)<br>| (0.77)<br>| (0.72)<br>| (0.37)<br>| (0.33)<br>|
| **Net asset value, end of year** | $8.84 | $9.00 | $8.91 | $8.87 | $9.45 |
| **Total return** | 6.08<br> %<br>| 9.95<br> %<br>| 8.85<br> %<br>| (2.29)%<sup>(C)</sup><br>| 6.02<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $80524 | $72033 | $87230 | $107287 | $112017 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.71<br> %<br>| 0.78<br> %<br>| 0.84<br> %<br>| 0.89<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63<br> %<sup>(E)</sup><br>| 0.62<br> %<sup>(E)</sup><br>| 0.67<br> %<sup>(E)</sup><br>| 0.80<br> %<br>| 0.80<br> %<br>|
| Net investment income (loss) to average net assets | 7.78<br> %<br>| 8.41<br> %<br>| 8.07<br> %<br>| 3.87<br> %<br>| 3.08<br> %<br>|
| Portfolio turnover rate | 41<br> %<br>| 64<br> %<br>| 37<br> %<br>| 75<br> %<br>| 41<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.04 | $8.95 | $8.91 | $9.50 | $9.27 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.70 | 0.76 | 0.73 | 0.34 | 0.28 |
| Net realized and unrealized gain (loss) | (0.16)<br>| 0.10 | 0.03 | (0.56)<br>| 0.28 |
| Total investment operations | 0.54 | 0.86 | 0.76 | (0.22)<br>| 0.56 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.69)<br>| (0.77)<br>| (0.72)<br>| (0.37)<br>| (0.33)<br>|
| Return of capital |  |  |  | (0.00)<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.69)<br>| (0.77)<br>| (0.72)<br>| (0.37)<br>| (0.33)<br>|
| **Net asset value, end of year** | $8.89 | $9.04 | $8.95 | $8.91 | $9.50 |
| **Total return** | 6.21<br> %<br>| 9.96<br> %<br>| 8.86<br> %<br>| (2.32)%<br>| 6.13<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $149811 | $146684 | $55776 | $51209 | $146186 |
| Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.62<br> %<br>| 0.68<br> %<br>| 0.74<br> %<br>| 0.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.62<br> %<br>| 0.67<br> %<br>| 0.74<br> %<sup>(D)</sup><br>| 0.80<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 7.78<br> %<br>| 8.46<br> %<br>| 8.17<br> %<br>| 3.72<br> %<br>| 2.94<br> %<br>|
| Portfolio turnover rate | 41<br> %<br>| 64<br> %<br>| 37<br> %<br>| 75<br> %<br>| 41<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

------

**Transamerica Government Money Market** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.04 | 0.05 | 0.04 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.00<br> <sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| 0.00<br> <sup>(B)</sup><br>|
| Total investment operations | 0.04 | 0.05 | 0.04 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  |  | 0.00<br> <sup>(B)(D)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00)<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00)<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00)<sup>(B)</sup><br>|
| **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** <sup>(E)</sup> | 3.95<br> %<br>| 4.78<br> %<sup>(C)</sup><br>| 4.30<br> %<br>| 0.75<br> %<br>| 0.28<br> %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $70492 | $179918 | $223345 | $241113 | $258675 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.79<br> %<br>| 0.65<br> %<br>| 0.64<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.73<br> %<sup>(F)</sup><br>| 0.65<br> %<br>| 0.53<br> %<br>| 0.26<br> %<br>| 0.01<br> %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 3.73<br> %<br>| 4.68<br> %<br>| 4.20<br> %<br>| 0.73<br> %<br>| 0.10<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.18% lower had the affiliate not made additional contributions.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield* *from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long* *as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the* *contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.03 | 0.04 | 0.04 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.01 | (0.00)<sup>(B)</sup><br>| 0.00<br> <sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| 0.00<br> <sup>(B)</sup><br>|
| Total investment operations | 0.04 | 0.04 | 0.04 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  |  | 0.00<br> <sup>(B)(D)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.04)<br>| (0.04)<br>| (0.01)<br>| (0.00)<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00)<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (0.04)<br>| (0.04)<br>| (0.04)<br>| (0.01)<br>| (0.00)<sup>(B)</sup><br>|
| **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** <sup>(E)</sup> | 3.64<br> %<br>| 3.98<br> %<sup>(C)</sup><br>| 3.83<br> %<br>| 0.74<br> %<br>| 0.16<br> %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $5351 | $5801 | $6846 | $8812 | $9593 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.46<br> %<br>| 1.43<br> %<br>| 1.42<br> %<br>| 1.40<br> %<br>| 1.40<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.46<br> %<sup>(F)</sup><br>| 1.43<br> %<br>| 0.99<br> %<br>| 0.27<br> %<br>| 0.10<br> %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 2.99<br> %<br>| 3.91<br> %<br>| 3.75<br> %<br>| 0.73<br> %<br>| 0.01<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.14% lower had the affiliate not made additional contributions.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield* *from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long* *as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the* *contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Government Money Market (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.04 | 0.05 | 0.04 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | (0.00)<sup>(B)</sup><br>| 0.00<br> <sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| 0.00<br> <sup>(B)</sup><br>|
| Total investment operations | 0.04 | 0.05 | 0.04 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>| 0.00<br> <sup>(B)(D)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00)<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00)<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00)<sup>(B)</sup><br>|
| **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 4.14<br> %<br>| 5.06<br> %<br>| 4.47<br> %<br>| 0.83<br> %<sup>(C)</sup><br>| 0.21<br> %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $16747 | $18494 | $30373 | $27320 | $24620 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.47<br> %<br>| 0.42<br> %<br>| 0.39<br> %<br>| 0.42<br> %<br>| 0.46<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.38<br> %<sup>(E)</sup><br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.28<br> %<br>| 0.00<br> %<sup>(E)(F)</sup><br>|
| Net investment income (loss) to average net assets | 4.07<br> %<br>| 4.95<br> %<br>| 4.40<br> %<br>| 0.76<br> %<br>| 0.11<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.10% lower had the affiliate not made additional contributions.*

<sup>(E)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield* *from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long* *as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the* *contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.*

<sup>(F)</sup> *Rounds to less than 0.01% or (0.01)%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.04 | 0.05 | 0.04 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | (0.00)<sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| 0.00<br> <sup>(B)</sup><br>|
| Total investment operations | 0.04 | 0.05 | 0.04 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| **Contributions from affiliate** |  |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00)<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00)<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00)<sup>(B)</sup><br>|
| **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 4.16<br> %<br>| 5.12<br> %<br>| 4.52<br> %<br>| 0.79<br> %<br>| 0.30<br> %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $2407 | $2366 | $2865 | $3412 | $3837 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.37<br> %<br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.31<br> %<br>| 0.30<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.37<br> %<sup>(D)</sup><br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.21<br> %<br>| 0.06<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 4.08<br> %<br>| 4.99<br> %<br>| 4.42<br> %<br>| 0.75<br> %<br>| 0.05<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.25% lower had the affiliate not made additional contributions.*

<sup>(D)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield* *from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long* *as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the* *contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.*

------

**Transamerica High Yield Bond** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.10 | $7.50 | $7.68 | $9.13 | $8.56 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.53 | 0.48 | 0.41 | 0.39 | 0.37 |
| Net realized and unrealized gain (loss) | 0.04 | 0.59 | (0.17)<br>| (1.44)<br>| 0.58 |
| Total investment operations | 0.57 | 1.07 | 0.24 | (1.05)<br>| 0.95 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.53)<br>| (0.47)<br>| (0.42)<br>| (0.40)<br>| (0.38)<br>|
| **Net asset value, end of year** | $8.14 | $8.10 | $7.50 | $7.68 | $9.13 |
| **Total return** <sup>(E)</sup> | 7.27<br> %<br>| 14.56<br> %<sup>(C)</sup><br>| 3.10<br> %<br>| (11.74)%<sup>(D)</sup><br>| 11.38<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $64739 | $61651 | $57317 | $62992 | $85643 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.04<br> %<br>| 1.03<br> %<br>| 1.02<br> %<br>| 1.00<br> %<br>| 0.98<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.04<br> %<sup>(F)(G)</sup><br>| 1.03<br> %<br>| 1.02<br> %<sup>(G)</sup><br>| 1.00<br> %<sup>(G)</sup><br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 6.52<br> %<br>| 5.99<br> %<br>| 5.32<br> %<br>| 4.64<br> %<br>| 4.09<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.09 | $7.49 | $7.65 | $9.10 | $8.52 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.47 | 0.42 | 0.36 | 0.33 | 0.30 |
| Net realized and unrealized gain (loss) | 0.05 | 0.60 | (0.16)<br>| (1.44)<br>| 0.59 |
| Total investment operations | 0.52 | 1.02 | 0.20 | (1.11)<br>| 0.89 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.48)<br>| (0.42)<br>| (0.36)<br>| (0.34)<br>| (0.31)<br>|
| **Net asset value, end of year** | $8.13 | $8.09 | $7.49 | $7.65 | $9.10 |
| **Total return** <sup>(D)</sup> | 6.57<br> %<br>| 13.83<br> %<sup>(C)</sup><br>| 2.64<br> %<br>| (12.42)%<br>| 10.58<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $6218 | $7711 | $6593 | $8914 | $14407 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.71<br> %<br>| 1.72<br> %<br>| 1.74<br> %<br>| 1.72<br> %<br>| 1.71<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.71<br> %<br>| 1.72<br> %<br>| 1.74<br> %<sup>(E)</sup><br>| 1.72<br> %<br>| 1.71<br> %<br>|
| Net investment income (loss) to average net assets | 5.87<br> %<br>| 5.35<br> %<br>| 4.61<br> %<br>| 3.91<br> %<br>| 3.37<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica High Yield Bond (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.18 | $7.58 | $7.74 | $9.21 | $8.63 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.56 | 0.50 | 0.45 | 0.43 | 0.41 |
| Net realized and unrealized gain (loss) | 0.04 | 0.61 | (0.15)<br>| (1.46)<br>| 0.59 |
| Total investment operations | 0.60 | 1.11 | 0.30 | (1.03)<br>| 1.00 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.56)<br>| (0.51)<br>| (0.46)<br>| (0.44)<br>| (0.42)<br>|
| **Net asset value, end of year** | $8.22 | $8.18 | $7.58 | $7.74 | $9.21 |
| **Total return** | 7.66<br> %<br>| 14.98<br> %<br>| 3.83<br> %<br>| (11.44)%<sup>(B)</sup><br>| 11.74<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $86774 | $116219 | $525490 | $562580 | $841173 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.71<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.68<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.62<br> %<sup>(D)</sup><br>| 0.62<br> %<sup>(D)</sup><br>| 0.61<br> %<sup>(D)</sup><br>| 0.61<br> %<sup>(D)(E)</sup><br>| 0.60<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 6.92<br> %<br>| 6.27<br> %<br>| 5.75<br> %<br>| 5.02<br> %<br>| 4.44<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *TAM has contractually agreed to reimburse 0.085% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(E)</sup> *TAM contractually agreed to reimburse 0.08% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are* *not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.57 | 0.52 | 0.46 | 0.43 | 0.41 |
| Net realized and unrealized gain (loss) | 0.05 | 0.61 | (0.16)<br>| (1.46)<br>| 0.60 |
| Total investment operations | 0.62 | 1.13 | 0.30 | (1.03)<br>| 1.01 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.57)<br>| (0.52)<br>| (0.46)<br>| (0.44)<br>| (0.42)<br>|
| **Net asset value, end of year** | $8.26 | $8.21 | $7.60 | $7.76 | $9.23 |
| **Total return** | 7.87<br> %<br>| 15.11<br> %<br>| 3.85<br> %<br>| (11.42)%<br>| 11.87<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $469526 | $878559 | $759753 | $251872 | $931699 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>|
| Net investment income (loss) to average net assets | 6.98<br> %<br>| 6.47<br> %<br>| 5.92<br> %<br>| 4.90<br> %<br>| 4.49<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica High Yield Bond (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.57 | 0.52 | 0.45 | 0.43 | 0.41 |
| Net realized and unrealized gain (loss) | 0.05 | 0.60 | (0.15)<br>| (1.46)<br>| 0.60 |
| Total investment operations | 0.62 | 1.12 | 0.30 | (1.03)<br>| 1.01 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.57)<br>| (0.51)<br>| (0.46)<br>| (0.44)<br>| (0.42)<br>|
| **Net asset value, end of year** | $8.26 | $8.21 | $7.60 | $7.76 | $9.23 |
| **Total return** | 7.88<br> %<br>| 15.11<br> %<br>| 3.85<br> %<br>| (11.41)%<br>| 11.87<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $78569 | $76011 | $65466 | $59709 | $61417 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>|
| Net investment income (loss) to average net assets | 6.99<br> %<br>| 6.47<br> %<br>| 5.78<br> %<br>| 5.07<br> %<br>| 4.48<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica High Yield Muni** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.60 | $9.51 | $9.47 | $12.36 | $11.59 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.45 | 0.43 | 0.42 | 0.34 | 0.35 |
| Net realized and unrealized gain (loss) | (0.14)<br>| 1.09 | 0.04 | (2.86)<br>| 0.78 |
| Total investment operations | 0.31 | 1.52 | 0.46 | (2.52)<br>| 1.13 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.45)<br>| (0.43)<br>| (0.42)<br>| (0.34)<br>| (0.36)<br>|
| Net realized gains |  |  |  | (0.03)<br>|  |
| Total dividends and/or distributions to shareholders | (0.45)<br>| (0.43)<br>| (0.42)<br>| (0.37)<br>| (0.36)<br>|
| **Net asset value, end of year** | $10.46 | $10.60 | $9.51 | $9.47 | $12.36 |
| **Total return** <sup>(D)</sup> | 3.07<br> %<br>| 16.14<br> %<sup>(C)</sup><br>| 4.73<br> %<br>| (20.80)%<br>| 9.81<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $15438 | $16081 | $12746 | $16721 | $29316 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.01<br> %<br>| 0.99<br> %<br>| 1.03<br> %<br>| 1.01<br> %<sup>(E)</sup><br>| 0.98<br> %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.91<br> %<br>| 0.91<br> %<br>| 0.91<br> %<br>| 0.91<br> %<sup>(E)</sup><br>| 0.91<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.36<br> %<br>| 4.13<br> %<br>| 4.20<br> %<br>| 2.98<br> %<br>| 2.86<br> %<br>|
| Portfolio turnover rate | 61<br> %<br>| 77<br> %<br>| 69<br> %<br>| 53<br> %<br>| 96<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.61 | $9.52 | $9.48 | $12.38 | $11.60 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.39 | 0.37 | 0.36 | 0.27 | 0.28 |
| Net realized and unrealized gain (loss) | (0.15)<br>| 1.09 | 0.04 | (2.87)<br>| 0.79 |
| Total investment operations | 0.24 | 1.46 | 0.40 | (2.60)<br>| 1.07 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.39)<br>| (0.37)<br>| (0.36)<br>| (0.27)<br>| (0.29)<br>|
| Net realized gains |  |  |  | (0.03)<br>|  |
| Total dividends and/or distributions to shareholders | (0.39)<br>| (0.37)<br>| (0.36)<br>| (0.30)<br>| (0.29)<br>|
| **Net asset value, end of year** | $10.46 | $10.61 | $9.52 | $9.48 | $12.38 |
| **Total return** <sup>(B)</sup> | 2.36<br> %<br>| 15.44<br> %<br>| 4.11<br> %<br>| (21.32)%<br>| 9.24<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $4637 | $6115 | $8041 | $8587 | $13390 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.78<br> %<br>| 1.76<br> %<br>| 1.79<br> %<br>| 1.74<br> %<sup>(C)</sup><br>| 1.73<br> %<sup>(C)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.51<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>| 1.51<br> %<sup>(C)</sup><br>| 1.51<br> %<sup>(C)</sup><br>|
| Net investment income (loss) to average net assets | 3.75<br> %<br>| 3.53<br> %<br>| 3.60<br> %<br>| 2.41<br> %<br>| 2.28<br> %<br>|
| Portfolio turnover rate | 61<br> %<br>| 77<br> %<br>| 69<br> %<br>| 53<br> %<br>| 96<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica High Yield Muni (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.58 | $9.49 | $9.46 | $12.36 | $11.59 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.47 | 0.44 | 0.43 | 0.35 | 0.37 |
| Net realized and unrealized gain (loss) | (0.15)<br>| 1.10 | 0.04 | (2.86)<br>| 0.78 |
| Total investment operations | 0.32 | 1.54 | 0.47 | (2.51)<br>| 1.15 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.47)<br>| (0.45)<br>| (0.44)<br>| (0.36)<br>| (0.38)<br>|
| Net realized gains |  |  |  | (0.03)<br>|  |
| Total dividends and/or distributions to shareholders | (0.47)<br>| (0.45)<br>| (0.44)<br>| (0.39)<br>| (0.38)<br>|
| **Net asset value, end of year** | $10.43 | $10.58 | $9.49 | $9.46 | $12.36 |
| **Total return** | 3.13<br> %<br>| 16.35<br> %<br>| 4.78<br> %<br>| (20.75)%<sup>(B)</sup><br>| 9.98<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $126059 | $95301 | $77126 | $93760 | $129929 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.79<br> %<br>| 0.82<br> %<br>| 0.77<br> %<sup>(D)</sup><br>| 0.77<br> %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<sup>(D)</sup><br>| 0.76<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 4.50<br> %<br>| 4.28<br> %<br>| 4.34<br> %<br>| 3.14<br> %<br>| 3.00<br> %<br>|
| Portfolio turnover rate | 61<br> %<br>| 77<br> %<br>| 69<br> %<br>| 53<br> %<br>| 96<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.60 | $9.51 | $9.48 | $12.38 | $11.60 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.48 | 0.45 | 0.44 | 0.37 | 0.38 |
| Net realized and unrealized gain (loss) | (0.15)<br>| 1.09 | 0.03 | (2.87)<br>| 0.79 |
| Total investment operations | 0.33 | 1.54 | 0.47 | (2.50)<br>| 1.17 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.48)<br>| (0.45)<br>| (0.44)<br>| (0.37)<br>| (0.39)<br>|
| Net realized gains |  |  |  | (0.03)<br>|  |
| Total dividends and/or distributions to shareholders | (0.48)<br>| (0.45)<br>| (0.44)<br>| (0.40)<br>| (0.39)<br>|
| **Net asset value, end of year** | $10.45 | $10.60 | $9.51 | $9.48 | $12.38 |
| **Total return** | 3.22<br> %<br>| 16.41<br> %<br>| 4.87<br> %<br>| (20.65)%<br>| 10.17<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $13 | $12 | $10 | $10 | $12 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.71<br> %<br>| 0.69<br> %<br>| 0.72<br> %<br>| 0.68<br> %<sup>(B)</sup><br>| 0.68<br> %<sup>(B)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.71<br> %<br>| 0.69<br> %<br>| 0.72<br> %<br>| 0.68<br> %<sup>(B)</sup><br>| 0.68<br> %<sup>(B)</sup><br>|
| Net investment income (loss) to average net assets | 4.57<br> %<br>| 4.36<br> %<br>| 4.40<br> %<br>| 3.28<br> %<br>| 3.11<br> %<br>|
| Portfolio turnover rate | 61<br> %<br>| 77<br> %<br>| 69<br> %<br>| 53<br> %<br>| 96<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

------

**Transamerica Inflation Opportunities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.67 | $9.08 | $9.39 | $11.09 | $10.78 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.32 | 0.23 | 0.30 | 0.50 | 0.32 |
| Net realized and unrealized gain (loss) | 0.16 | 0.60 | (0.17)<br>| (1.80)<br>| 0.29 |
| Total investment operations | 0.48 | 0.83 | 0.13 | (1.30)<br>| 0.61 |
| **Contributions from affiliate** |  |  |  | 0.01<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.35)<br>| (0.24)<br>| (0.24)<br>| (0.37)<br>| (0.30)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.35)<br>| (0.24)<br>| (0.44)<br>| (0.41)<br>| (0.30)<br>|
| **Net asset value, end of year** | $9.80 | $9.67 | $9.08 | $9.39 | $11.09 |
| **Total return** <sup>(C)</sup> | 5.02<br> %<br>| 9.16<br> %<br>| 1.32<br> %<br>| (11.94)%<sup>(B)</sup><br>| 5.73<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1640 | $1781 | $1883 | $2291 | $1430 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.89<br> %<br>| 0.87<br> %<br>| 1.08<br> %<br>| 0.98<br> %<br>| 1.02<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.89<br> %<sup>(E)</sup><br>| 0.87<br> %<br>| 0.99<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 3.35<br> %<br>| 2.40<br> %<br>| 3.18<br> %<br>| 4.84<br> %<br>| 2.90<br> %<br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.39 | $8.84 | $9.15 | $10.79 | $10.52 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.22 | 0.14 | 0.23 | 0.43 | 0.25 |
| Net realized and unrealized gain (loss) | 0.18 | 0.58 | (0.16)<br>| (1.78)<br>| 0.26 |
| Total investment operations | 0.40 | 0.72 | 0.07 | (1.35)<br>| 0.51 |
| **Contributions from affiliate** |  |  |  | 0.05<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.27)<br>| (0.17)<br>| (0.18)<br>| (0.30)<br>| (0.24)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.27)<br>| (0.17)<br>| (0.38)<br>| (0.34)<br>| (0.24)<br>|
| **Net asset value, end of year** | $9.52 | $9.39 | $8.84 | $9.15 | $10.79 |
| **Total return** <sup>(C)</sup> | 4.27<br> %<br>| 8.21<br> %<br>| 0.68<br> %<br>| (12.26)%<sup>(B)</sup><br>| 4.89<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $96 | $165 | $384 | $747 | $934 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.80<br> %<br>| 1.72<br> %<br>| 1.85<br> %<br>| 1.72<br> %<br>| 1.70<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.69<br> %<br>| 1.71<br> %<br>| 1.71<br> %<br>| 1.71<br> %<br>| 1.72<br> %<br>|
| Net investment income (loss) to average net assets | 2.30<br> %<br>| 1.53<br> %<br>| 2.44<br> %<br>| 4.24<br> %<br>| 2.37<br> %<br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.46%.*

<sup>(C)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Inflation Opportunities (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.77 | $9.17 | $9.46 | $11.18 | $10.86 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.35 | 0.26 | 0.35 | 0.53 | 0.37 |
| Net realized and unrealized gain (loss) | 0.16 | 0.60 | (0.17)<br>| (1.81)<br>| 0.29 |
| Total investment operations | 0.51 | 0.86 | 0.18 | (1.28)<br>| 0.66 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.37)<br>| (0.26)<br>| (0.27)<br>| (0.40)<br>| (0.34)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.37)<br>| (0.26)<br>| (0.47)<br>| (0.44)<br>| (0.34)<br>|
| **Net asset value, end of year** | $9.91 | $9.77 | $9.17 | $9.46 | $11.18 |
| **Total return** | 5.34<br> %<br>| 9.42<br> %<br>| 1.86<br> %<br>| (11.73)%<br>| 6.08<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $5692 | $5185 | $5800 | $10169 | $14310 |
| Expenses to average net assets<sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.64<br> %<br>| 0.62<br> %<br>| 0.81<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.62<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|
| Net investment income (loss) to average net assets | 3.61<br> %<br>| 2.69<br> %<br>| 3.62<br> %<br>| 5.05<br> %<br>| 3.31<br> %<br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.78 | $9.18 | $9.49 | $11.21 | $10.88 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.36 | 0.26 | 0.34 | 0.53 | 0.35 |
| Net realized and unrealized gain (loss) | 0.16 | 0.61 | (0.18)<br>| (1.81)<br>| 0.32 |
| Total investment operations | 0.52 | 0.87 | 0.16 | (1.28)<br>| 0.67 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.38)<br>| (0.27)<br>| (0.27)<br>| (0.40)<br>| (0.34)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.38)<br>| (0.27)<br>| (0.47)<br>| (0.44)<br>| (0.34)<br>|
| **Net asset value, end of year** | $9.92 | $9.78 | $9.18 | $9.49 | $11.21 |
| **Total return** | 5.44<br> %<br>| 9.49<br> %<br>| 1.66<br> %<br>| (11.66)%<br>| 6.16<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $127096 | $106225 | $111418 | $102380 | $118370 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.54<br> %<br>| 0.52<br> %<br>| 0.71<br> %<br>| 0.62<br> %<br>| 0.63<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.53<br> %<br>| 0.52<br> %<sup>(C)</sup><br>| 0.64<br> %<br>| 0.62<br> %<br>| 0.63<br> %<sup>(C)</sup><br>|
| Net investment income (loss) to average net assets | 3.72<br> %<br>| 2.71<br> %<br>| 3.53<br> %<br>| 5.07<br> %<br>| 3.15<br> %<br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(C)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Inflation Opportunities (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.79 | $9.18 | $9.49 | $11.21 | $10.89 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.36 | 0.35 | 0.34 | 0.56 | 0.35 |
| Net realized and unrealized gain (loss) | 0.16 | 0.53 | (0.18)<br>| (1.84)<br>| 0.31 |
| Total investment operations | 0.52 | 0.88 | 0.16 | (1.28)<br>| 0.66 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.38)<br>| (0.27)<br>| (0.27)<br>| (0.40)<br>| (0.34)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.38)<br>| (0.27)<br>| (0.47)<br>| (0.44)<br>| (0.34)<br>|
| **Net asset value, end of year** | $9.93 | $9.79 | $9.18 | $9.49 | $11.21 |
| **Total return** | 5.43<br> %<br>| 9.61<br> %<br>| 1.65<br> %<br>| (11.66)%<br>| 6.07<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $158 | $164 | $131 | $156 | $72 |
| Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.54<br> %<br>| 0.52<br> %<br>| 0.71<br> %<br>| 0.62<br> %<br>| 0.63<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.53<br> %<br>| 0.52<br> %<sup>(C)</sup><br>| 0.64<br> %<br>| 0.62<br> %<br>| 0.63<br> %<sup>(C)</sup><br>|
| Net investment income (loss) to average net assets | 3.67<br> %<br>| 3.60<br> %<br>| 3.55<br> %<br>| 5.41<br> %<br>| 3.14<br> %<br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(C)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

------

**Transamerica Intermediate Muni** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.69 | $9.99 | $9.86 | $11.99 | $11.84 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.35 | 0.33 | 0.26 | 0.20 | 0.20 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 0.70 | 0.13 | (2.09)<br>| 0.16 |
| Total investment operations | 0.34 | 1.03 | 0.39 | (1.89)<br>| 0.36 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.35)<br>| (0.33)<br>| (0.26)<br>| (0.20)<br>| (0.21)<br>|
| Net realized gains |  |  |  | (0.04)<br>|  |
| Total dividends and/or distributions to shareholders | (0.35)<br>| (0.33)<br>| (0.26)<br>| (0.24)<br>| (0.21)<br>|
| **Net asset value, end of year** | $10.68 | $10.69 | $9.99 | $9.86 | $11.99 |
| **Total return** <sup>(D)</sup> | 3.30<br> %<br>| 10.36<br> %<br>| 3.90<br> %<br>| (15.92)%<sup>(C)</sup><br>| 3.03<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $112621 | $137610 | $142644 | $179426 | $284610 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.79<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.69<br> %<br>| 0.67<br> %<br>| 0.66<br> %<br>| 0.64<br> %<br>| 0.63<br> %<br>|
| Net investment income (loss) to average net assets | 3.33<br> %<br>| 3.09<br> %<br>| 2.50<br> %<br>| 1.83<br> %<br>| 1.69<br> %<br>|
| Portfolio turnover rate | 118<br> %<br>| 95<br> %<br>| 66<br> %<br>| 28<br> %<br>| 35<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.67 | $9.97 | $9.84 | $11.96 | $11.82 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.29 | 0.26 | 0.20 | 0.13 | 0.13 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 0.70 | 0.13 | (2.07)<br>| 0.14 |
| Total investment operations | 0.28 | 0.96 | 0.33 | (1.94)<br>| 0.27 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.29)<br>| (0.26)<br>| (0.20)<br>| (0.14)<br>| (0.13)<br>|
| Net realized gains |  |  |  | (0.04)<br>|  |
| Total dividends and/or distributions to shareholders | (0.29)<br>| (0.26)<br>| (0.20)<br>| (0.18)<br>| (0.13)<br>|
| **Net asset value, end of year** | $10.66 | $10.67 | $9.97 | $9.84 | $11.96 |
| **Total return** <sup>(E)</sup> | 2.68<br> %<br>| 9.69<br> %<sup>(C)</sup><br>| 3.26<br> %<br>| (16.40)%<sup>(D)</sup><br>| 2.30<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $28213 | $40038 | $56454 | $77442 | $131738 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.56<br> %<br>| 1.55<br> %<br>| 1.54<br> %<br>| 1.52<br> %<br>| 1.50<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.29<br> %<br>| 1.29<br> %<br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.25<br> %<br>|
| Net investment income (loss) to average net assets | 2.73<br> %<br>| 2.46<br> %<br>| 1.87<br> %<br>| 1.20<br> %<br>| 1.06<br> %<br>|
| Portfolio turnover rate | 118<br> %<br>| 95<br> %<br>| 66<br> %<br>| 28<br> %<br>| 35<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Intermediate Muni (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.73 | $10.02 | $9.90 | $12.03 | $11.88 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.37 | 0.35 | 0.28 | 0.22 | 0.22 |
| Net realized and unrealized gain (loss) | (0.00)<sup>(B)</sup><br>| 0.71 | 0.12 | (2.10)<br>| 0.15 |
| Total investment operations | 0.37 | 1.06 | 0.40 | (1.88)<br>| 0.37 |
| **Contributions from affiliate** |  |  |  | 0.01<br> <sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.38)<br>| (0.35)<br>| (0.28)<br>| (0.22)<br>| (0.22)<br>|
| Net realized gains |  |  |  | (0.04)<br>|  |
| Total dividends and/or distributions to shareholders | (0.38)<br>| (0.35)<br>| (0.28)<br>| (0.26)<br>| (0.22)<br>|
| **Net asset value, end of year** | $10.72 | $10.73 | $10.02 | $9.90 | $12.03 |
| **Total return** | 3.50<br> %<br>| 10.64<br> %<br>| 3.98<br> %<br>| (15.67)%<sup>(C)</sup><br>| 3.16<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $813246 | $926186 | $925923 | $1168497 | $2315780 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.59<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.56<br> %<br>| 0.55<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>|
| Net investment income (loss) to average net assets | 3.53<br> %<br>| 3.27<br> %<br>| 2.68<br> %<br>| 1.96<br> %<br>| 1.84<br> %<br>|
| Portfolio turnover rate | 118<br> %<br>| 95<br> %<br>| 66<br> %<br>| 28<br> %<br>| 35<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.10%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.73 | $10.03 | $9.91 | $12.04 | $11.90 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.37 | 0.35 | 0.28 | 0.23 | 0.23 |
| Net realized and unrealized gain (loss) | (0.00)<sup>(B)</sup><br>| 0.71 | 0.13 | (2.09)<br>| 0.14 |
| Total investment operations | 0.37 | 1.06 | 0.41 | (1.86)<br>| 0.37 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.38)<br>| (0.36)<br>| (0.29)<br>| (0.23)<br>| (0.23)<br>|
| Net realized gains |  |  |  | (0.04)<br>|  |
| Total dividends and/or distributions to shareholders | (0.38)<br>| (0.36)<br>| (0.29)<br>| (0.27)<br>| (0.23)<br>|
| **Net asset value, end of year** | $10.72 | $10.73 | $10.03 | $9.91 | $12.04 |
| **Total return** | 3.52<br> %<br>| 10.58<br> %<br>| 4.02<br> %<br>| (15.67)%<br>| 3.14<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $12 | $11 | $10 | $10 | $12 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.50<br> %<br>| 0.49<br> %<br>| 0.48<br> %<br>| 0.46<br> %<br>| 0.44<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.50<br> %<br>| 0.49<br> %<br>| 0.48<br> %<br>| 0.46<br> %<br>| 0.44<br> %<br>|
| Net investment income (loss) to average net assets | 3.53<br> %<br>| 3.29<br> %<br>| 2.70<br> %<br>| 2.03<br> %<br>| 1.93<br> %<br>|
| Portfolio turnover rate | 118<br> %<br>| 95<br> %<br>| 66<br> %<br>| 28<br> %<br>| 35<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

------

**Transamerica International Equity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $21.02 | $17.96 | $16.03 | $21.36 | $15.73 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.42 | 0.38 | 0.35 | 0.40 | 0.31 |
| Net realized and unrealized gain (loss) | 4.17 | 3.24 | 1.69 | (5.03)<br>| 5.45 |
| Total investment operations | 4.59 | 3.62 | 2.04 | (4.63)<br>| 5.76 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.46)<br>| (0.56)<br>| (0.11)<br>| (0.70)<br>| (0.13)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.53)<br>| (0.56)<br>| (0.11)<br>| (0.70)<br>| (0.13)<br>|
| **Net asset value, end of year** | $25.08 | $21.02 | $17.96 | $16.03 | $21.36 |
| **Total return** <sup>(E)</sup> | 22.45<br> %<br>| 20.37<br> %<sup>(C)</sup><br>| 12.73<br> %<br>| (22.39)%<sup>(D)</sup><br>| 36.70<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $166652 | $143866 | $140914 | $142550 | $111299 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.37<br> %<br>| 1.67<br> %<br>| 1.74<br> %<br>| 1.45<br> %<br>| 1.40<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.26<br> %<sup>(F)</sup><br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>|
| Net investment income (loss) to average net assets | 1.87<br> %<br>| 1.85<br> %<br>| 1.87<br> %<br>| 2.18<br> %<br>| 1.52<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Includes interest expense outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $20.68 | $17.65 | $15.77 | $21.00 | $15.46 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.26 | 0.22 | 0.22 | 0.25 | 0.18 |
| Net realized and unrealized gain (loss) | 4.14 | 3.21 | 1.66 | (4.94)<br>| 5.36 |
| Total investment operations | 4.40 | 3.43 | 1.88 | (4.69)<br>| 5.54 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.30)<br>| (0.40)<br>|  | (0.54)<br>|  |
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.37)<br>| (0.40)<br>|  | (0.54)<br>|  |
| **Net asset value, end of year** | $24.71 | $20.68 | $17.65 | $15.77 | $21.00 |
| **Total return** <sup>(E)</sup> | 21.71<br> %<br>| 19.54<br> %<sup>(C)</sup><br>| 11.92<br> %<br>| (22.86)%<sup>(D)</sup><br>| 35.77<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $15529 | $13611 | $14549 | $19439 | $30911 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.92<br> %<br>| 1.92<br> %<br>| 1.93<br> %<br>| 1.91<br> %<br>| 1.91<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.91<br> %<sup>(F)</sup><br>| 1.92<br> %<br>| 1.93<br> %<br>| 1.91<br> %<sup>(G)</sup><br>| 1.91<br> %<br>|
| Net investment income (loss) to average net assets | 1.18<br> %<br>| 1.11<br> %<br>| 1.17<br> %<br>| 1.35<br> %<br>| 0.88<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica International Equity (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $21.31 | $18.20 | $16.25 | $21.62 | $15.95 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.50 | 0.46 | 0.44 | 0.47 | 0.40 |
| Net realized and unrealized gain (loss) | 4.24 | 3.29 | 1.69 | (5.09)<br>| 5.51 |
| Total investment operations | 4.74 | 3.75 | 2.13 | (4.62)<br>| 5.91 |
| **Contributions from affiliate** |  |  |  | 0.02<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.54)<br>| (0.64)<br>| (0.18)<br>| (0.77)<br>| (0.24)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.61)<br>| (0.64)<br>| (0.18)<br>| (0.77)<br>| (0.24)<br>|
| **Net asset value, end of year** | $25.44 | $21.31 | $18.20 | $16.25 | $21.62 |
| **Total return** | 23.00<br> %<br>| 20.84<br> %<br>| 13.15<br> %<br>| (22.03)%<sup>(B)</sup><br>| 37.24<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $2654478 | $2764252 | $2683142 | $2315412 | $2994603 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.87<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.87<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>|
| Net investment income (loss) to average net assets | 2.20<br> %<br>| 2.23<br> %<br>| 2.30<br> %<br>| 2.49<br> %<br>| 1.95<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $21.36 | $18.24 | $16.28 | $21.65 | $15.97 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.54 | 0.46 | 0.44 | 0.47 | 0.42 |
| Net realized and unrealized gain (loss) | 4.23 | 3.32 | 1.72 | (5.07)<br>| 5.51 |
| Total investment operations | 4.77 | 3.78 | 2.16 | (4.60)<br>| 5.93 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.57)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.64)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>|
| **Net asset value, end of year** | $25.49 | $21.36 | $18.24 | $16.28 | $21.65 |
| **Total return** | 23.07<br> %<br>| 20.96<br> %<br>| 13.31<br> %<br>| (22.01)%<br>| 37.36<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1012043 | $829139 | $815534 | $1168404 | $1548574 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) to average net assets | 2.34<br> %<br>| 2.20<br> %<br>| 2.31<br> %<br>| 2.51<br> %<br>| 2.06<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica International Equity (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $21.59 | $18.44 | $16.46 | $21.88 | $16.13 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.56 | 0.49 | 0.46 | 0.48 | 0.43 |
| Net realized and unrealized gain (loss) | 4.27 | 3.32 | 1.72 | (5.13)<br>| 5.57 |
| Total investment operations | 4.83 | 3.81 | 2.18 | (4.65)<br>| 6.00 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.57)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.64)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>|
| **Net asset value, end of year** | $25.78 | $21.59 | $18.44 | $16.46 | $21.88 |
| **Total return** | 23.10<br> %<br>| 20.90<br> %<br>| 13.28<br> %<br>| (21.97)%<br>| 37.37<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $561920 | $510370 | $472709 | $397503 | $451687 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) to average net assets | 2.42<br> %<br>| 2.32<br> %<br>| 2.40<br> %<br>| 2.53<br> %<br>| 2.05<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica International Focus** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $7.93 | $7.67 | $6.97 | $10.07 | $7.77 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.01)<br>| 0.12 | 0.15 | 0.15 | 0.14 |
| Net realized and unrealized gain (loss) | 0.57 | 0.79 | 0.66 | (2.69)<br>| 2.23 |
| Total investment operations | 0.56 | 0.91 | 0.81 | (2.54)<br>| 2.37 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.10)<br>| (0.26)<br>| (0.11)<br>| (0.26)<br>| (0.07)<br>|
| Net realized gains | (1.22)<br>| (0.39)<br>|  | (0.30)<br>|  |
| Total dividends and/or distributions to shareholders | (1.32)<br>| (0.65)<br>| (0.11)<br>| (0.56)<br>| (0.07)<br>|
| **Net asset value, end of year** | $7.17 | $7.93 | $7.67 | $6.97 | $10.07 |
| **Total return** <sup>(D)</sup> | 8.74<br> %<br>| 11.98<br> %<br>| 11.78<br> %<br>| (26.67)%<sup>(C)</sup><br>| 30.55<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $2149 | $991 | $690 | $480 | $530 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.41<br> %<br>| 1.46<br> %<br>| 1.52<br> %<br>| 1.45<br> %<br>| 1.42<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.20<br> %<br>| 1.20<br> %<br>| 1.20<br> %<br>| 1.21<br> %<sup>(E)</sup><br>| 1.21<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | (0.15)%<br>| 1.46<br> %<br>| 1.91<br> %<br>| 1.79<br> %<br>| 1.48<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 169<br> %<br>| 37<br> %<br>| 36<br> %<br>| 21<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Includes interest expense outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.00 | $7.74 | $7.02 | $10.12 | $7.79 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.01 | 0.16 | 0.18 | 0.16 | 0.16 |
| Net realized and unrealized gain (loss) | 0.58 | 0.77 | 0.67 | (2.69)<br>| 2.24 |
| Total investment operations | 0.59 | 0.93 | 0.85 | (2.53)<br>| 2.40 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.11)<br>| (0.28)<br>| (0.13)<br>| (0.27)<br>| (0.07)<br>|
| Net realized gains | (1.22)<br>| (0.39)<br>|  | (0.30)<br>|  |
| Total dividends and/or distributions to shareholders | (1.33)<br>| (0.67)<br>| (0.13)<br>| (0.57)<br>| (0.07)<br>|
| **Net asset value, end of year** | $7.26 | $8.00 | $7.74 | $7.02 | $10.12 |
| **Total return** | 9.21<br> %<br>| 12.16<br> %<br>| 12.16<br> %<br>| (26.47)%<br>| 30.95<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $93 | $1481 | $241 | $73 | $29 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.92<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>| 1.02<br> %<br>| 1.33<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82<br> %<sup>(B)</sup><br>| 0.83<br> %<sup>(B)</sup><br>| 0.84<br> %<sup>(B)</sup><br>| 0.98<br> %<sup>(C)</sup><br>| 0.91<br> %<sup>(C)</sup><br>|
| Net investment income (loss) to average net assets | 0.07<br> %<br>| 1.92<br> %<br>| 2.29<br> %<br>| 2.05<br> %<br>| 1.59<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 169<br> %<br>| 37<br> %<br>| 36<br> %<br>| 21<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(C)</sup> *TAM contractually agreed to reimburse certain per account transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica International Focus (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $7.96 | $7.70 | $7.00 | $10.09 | $7.78 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.02 | 0.15 | 0.19 | 0.17 | 0.16 |
| Net realized and unrealized gain (loss) | 0.57 | 0.78 | 0.65 | (2.66)<br>| 2.24 |
| Total investment operations | 0.59 | 0.93 | 0.84 | (2.49)<br>| 2.40 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.28)<br>| (0.14)<br>| (0.30)<br>| (0.09)<br>|
| Net realized gains | (1.22)<br>| (0.39)<br>|  | (0.30)<br>|  |
| Total dividends and/or distributions to shareholders | (1.34)<br>| (0.67)<br>| (0.14)<br>| (0.60)<br>| (0.09)<br>|
| **Net asset value, end of year** | $7.21 | $7.96 | $7.70 | $7.00 | $10.09 |
| **Total return** | 9.28<br> %<br>| 12.31<br> %<br>| 12.17<br> %<br>| (26.24)%<br>| 31.01<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $641315 | $510720 | $647678 | $862508 | $1467721 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>|
| Net investment income (loss) to average net assets | 0.31<br> %<br>| 1.86<br> %<br>| 2.34<br> %<br>| 2.06<br> %<br>| 1.69<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 169<br> %<br>| 37<br> %<br>| 36<br> %<br>| 21<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.00 | $7.74 | $7.03 | $10.13 | $7.81 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.02 | 0.15 | 0.19 | 0.19 | 0.17 |
| Net realized and unrealized gain (loss) | 0.57 | 0.78 | 0.66 | (2.69)<br>| 2.24 |
| Total investment operations | 0.59 | 0.93 | 0.85 | (2.50)<br>| 2.41 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.28)<br>| (0.14)<br>| (0.30)<br>| (0.09)<br>|
| Net realized gains | (1.22)<br>| (0.39)<br>|  | (0.30)<br>|  |
| Total dividends and/or distributions to shareholders | (1.34)<br>| (0.67)<br>| (0.14)<br>| (0.60)<br>| (0.09)<br>|
| **Net asset value, end of year** | $7.25 | $8.00 | $7.74 | $7.03 | $10.13 |
| **Total return** | 9.22<br> %<br>| 12.24<br> %<br>| 12.11<br> %<br>| (26.23)%<br>| 31.02<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $6499 | $13937 | $12484 | $11765 | $14 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>|
| Net investment income (loss) to average net assets | 0.30<br> %<br>| 1.84<br> %<br>| 2.34<br> %<br>| 2.28<br> %<br>| 1.71<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 169<br> %<br>| 37<br> %<br>| 36<br> %<br>| 21<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica International Small Cap Value** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $15.17 | $12.55 | $11.25 | $16.30 | $11.94 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.44 | 0.35 | 0.33 | 0.27 | 0.28 |
| Net realized and unrealized gain (loss) | 3.07 | 2.69 | 1.41 | (4.74)<br>| 4.23 |
| Total investment operations | 3.51 | 3.04 | 1.74 | (4.47)<br>| 4.51 |
| **Contributions from affiliate** |  |  |  | 0.01<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.63)<br>| (0.42)<br>| (0.09)<br>| (0.42)<br>| (0.15)<br>|
| Net realized gains | (0.21)<br>|  | (0.35)<br>| (0.17)<br>|  |
| Total dividends and/or distributions to shareholders | (0.84)<br>| (0.42)<br>| (0.44)<br>| (0.59)<br>| (0.15)<br>|
| **Net asset value, end of year** | $17.84 | $15.17 | $12.55 | $11.25 | $16.30 |
| **Total return** | 24.70<br> %<br>| 24.55<br> %<br>| 15.54<br> %<br>| (28.23)%<sup>(B)</sup><br>| 37.93<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $474887 | $359244 | $304824 | $233431 | $348810 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.02<br> %<br>| 1.09<br> %<br>| 1.11<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.02<br> %<br>| 1.09<br> %<br>| 1.11<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>|
| Net investment income (loss) to average net assets | 2.67<br> %<br>| 2.39<br> %<br>| 2.47<br> %<br>| 2.06<br> %<br>| 1.82<br> %<br>|
| Portfolio turnover rate | 6<br> %<br>| 15<br> %<br>| 18<br> %<br>| 14<br> %<br>| 14<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.07%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $15.21 | $12.58 | $11.28 | $16.34 | $11.96 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.46 | 0.37 | 0.34 | 0.29 | 0.30 |
| Net realized and unrealized gain (loss) | 3.08 | 2.70 | 1.41 | (4.75)<br>| 4.24 |
| Total investment operations | 3.54 | 3.07 | 1.75 | (4.46)<br>| 4.54 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.65)<br>| (0.44)<br>| (0.10)<br>| (0.43)<br>| (0.16)<br>|
| Net realized gains | (0.21)<br>|  | (0.35)<br>| (0.17)<br>|  |
| Total dividends and/or distributions to shareholders | (0.86)<br>| (0.44)<br>| (0.45)<br>| (0.60)<br>| (0.16)<br>|
| **Net asset value, end of year** | $17.89 | $15.21 | $12.58 | $11.28 | $16.34 |
| **Total return** | 24.82<br> %<br>| 24.67<br> %<br>| 15.63<br> %<br>| (28.23)%<br>| 38.13<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $490652 | $412657 | $312707 | $334444 | $489410 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.93<br> %<br>| 0.99<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 0.99<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.93<br> %<br>| 0.99<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 0.99<br> %<br>|
| Net investment income (loss) to average net assets | 2.80<br> %<br>| 2.49<br> %<br>| 2.53<br> %<br>| 2.18<br> %<br>| 1.92<br> %<br>|
| Portfolio turnover rate | 6<br> %<br>| 15<br> %<br>| 18<br> %<br>| 14<br> %<br>| 14<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica International Small Cap Value (continued)**

---

| | | |
|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $15.21 | $15.32 |
| **Investment operations:** |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.29 | 0.12 |
| Net realized and unrealized gain (loss) | 3.31 | (0.23)<sup>(C)</sup><br>|
| Total investment operations | 3.60 | (0.11)<br>|
| **Contributions from affiliate** |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |
| Net investment income | (0.38)<br>|  |
| Net realized gains | (0.21)<br>|  |
| Total dividends and/or distributions to shareholders | (0.59)<br>|  |
| **Net asset value, end of year** | $18.22 | $15.21 |
| **Total return** | 24.76<br> %<br>| (0.72)%<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |
| Net assets end of year (000's) | $69431 | $10 |
| Expenses to average net assets |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.93<br> %<br>| 0.98<br> %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.93<br> %<sup>(F)</sup><br>| 0.98<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.59<br> %<br>| 1.84<br> %<sup>(E)</sup><br>|
| Portfolio turnover rate | 6<br> %<br>| 15<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 31, 2024.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to* *the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

------

**Transamerica International Stock** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $12.21 | $9.96 | $8.75 | $11.77 | $8.62 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.25 | 0.21 | 0.20 | 0.31 | 0.23 |
| Net realized and unrealized gain (loss) | 2.81 | 2.38 | 1.23 | (2.42)<br>| 3.03 |
| Total investment operations | 3.06 | 2.59 | 1.43 | (2.11)<br>| 3.26 |
| **Contributions from affiliate** |  |  |  | 0.02<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.31)<br>| (0.34)<br>| (0.22)<br>| (0.30)<br>| (0.11)<br>|
| Net realized gains | (0.38)<br>|  |  | (0.63)<br>|  |
| Total dividends and/or distributions to shareholders | (0.69)<br>| (0.34)<br>| (0.22)<br>| (0.93)<br>| (0.11)<br>|
| **Net asset value, end of year** | $14.58 | $12.21 | $9.96 | $8.75 | $11.77 |
| **Total return** <sup>(C)</sup> | 26.73<br> %<br>| 26.43<br> %<br>| 16.69<br> %<br>| (19.19)%<sup>(B)</sup><br>| 38.12<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $17439 | $5834 | $1321 | $745 | $780 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.14<br> %<br>| 1.16<br> %<br>| 1.18<br> %<br>| 1.15<br> %<br>| 1.14<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.13<br> %<sup>(E)</sup><br>| 1.14<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>|
| Net investment income (loss) to average net assets | 1.91<br> %<br>| 1.72<br> %<br>| 2.00<br> %<br>| 3.13<br> %<br>| 2.04<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 34<br> %<br>| 35<br> %<br>| 41<br> %<br>| 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.19%.*

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $12.26 | $9.99 | $8.77 | $11.83 | $8.65 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.28 | 0.22 | 0.23 | 0.33 | 0.25 |
| Net realized and unrealized gain (loss) | 2.84 | 2.41 | 1.23 | (2.43)<br>| 3.07 |
| Total investment operations | 3.12 | 2.63 | 1.46 | (2.10)<br>| 3.32 |
| **Contributions from affiliate** |  |  |  | 0.02<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.36)<br>| (0.24)<br>| (0.35)<br>| (0.14)<br>|
| Net realized gains | (0.38)<br>|  |  | (0.63)<br>|  |
| Total dividends and/or distributions to shareholders | (0.72)<br>| (0.36)<br>| (0.24)<br>| (0.98)<br>| (0.14)<br>|
| **Net asset value, end of year** | $14.66 | $12.26 | $9.99 | $8.77 | $11.83 |
| **Total return** | 27.12<br> %<br>| 26.77<br> %<br>| 16.79<br> %<br>| (19.02)%<sup>(B)</sup><br>| 38.63<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $181048 | $27532 | $681 | $547 | $608 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.88<br> %<br>| 0.88<br> %<br>| 0.91<br> %<br>| 0.93<br> %<br>| 0.96<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.83<br> %<br>| 0.85<br> %<br>| 0.98<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 2.07<br> %<br>| 1.81<br> %<br>| 2.29<br> %<br>| 3.33<br> %<br>| 2.25<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 34<br> %<br>| 35<br> %<br>| 41<br> %<br>| 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.17%.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica International Stock (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $12.27 | $10.00 | $8.78 | $11.83 | $8.65 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.28 | 0.29 | 0.25 | 0.34 | 0.26 |
| Net realized and unrealized gain (loss) | 2.84 | 2.36 | 1.23 | (2.42)<br>| 3.06 |
| Total investment operations | 3.12 | 2.65 | 1.48 | (2.08)<br>| 3.32 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.38)<br>| (0.26)<br>| (0.34)<br>| (0.14)<br>|
| Net realized gains | (0.38)<br>|  |  | (0.63)<br>|  |
| Total dividends and/or distributions to shareholders | (0.72)<br>| (0.38)<br>| (0.26)<br>| (0.97)<br>| (0.14)<br>|
| **Net asset value, end of year** | $14.67 | $12.27 | $10.00 | $8.78 | $11.83 |
| **Total return** | 27.13<br> %<br>| 26.94<br> %<br>| 16.97<br> %<br>| (19.08)%<br>| 38.64<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $353123 | $294696 | $149376 | $142358 | $136492 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.78<br> %<br>| 0.79<br> %<br>| 0.81<br> %<br>| 0.83<br> %<br>| 0.85<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.78<br> %<br>| 0.78<br> %<br>| 0.81<br> %<br>| 0.83<br> %<br>| 0.93<br> %<br>|
| Net investment income (loss) to average net assets | 2.13<br> %<br>| 2.40<br> %<br>| 2.45<br> %<br>| 3.37<br> %<br>| 2.31<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 34<br> %<br>| 35<br> %<br>| 41<br> %<br>| 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $12.26 | $10.00 | $8.77 | $11.83 | $8.65 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.29 | 0.27 | 0.25 | 0.36 | 0.25 |
| Net realized and unrealized gain (loss) | 2.84 | 2.37 | 1.23 | (2.45)<br>| 3.07 |
| Total investment operations | 3.13 | 2.64 | 1.48 | (2.09)<br>| 3.32 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.38)<br>| (0.25)<br>| (0.34)<br>| (0.14)<br>|
| Net realized gains | (0.38)<br>|  |  | (0.63)<br>|  |
| Total dividends and/or distributions to shareholders | (0.72)<br>| (0.38)<br>| (0.25)<br>| (0.97)<br>| (0.14)<br>|
| **Net asset value, end of year** | $14.67 | $12.26 | $10.00 | $8.77 | $11.83 |
| **Total return** | 27.24<br> %<br>| 26.84<br> %<br>| 17.01<br> %<br>| (19.12)%<br>| 38.63<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $46251 | $28034 | $13923 | $12337 | $601 |
| Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.78<br> %<br>| 0.79<br> %<br>| 0.81<br> %<br>| 0.83<br> %<br>| 0.86<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.78<br> %<br>| 0.78<br> %<br>| 0.81<br> %<br>| 0.92<br> %<br>| 0.96<br> %<br>|
| Net investment income (loss) to average net assets | 2.19<br> %<br>| 2.25<br> %<br>| 2.43<br> %<br>| 3.70<br> %<br>| 2.28<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 34<br> %<br>| 35<br> %<br>| 41<br> %<br>| 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

------

**Transamerica Large Cap Value** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $14.84 | $11.96 | $12.80 | $14.07 | $9.10 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.11 | 0.12 | 0.12 | 0.11 | 0.09 |
| Net realized and unrealized gain (loss) | 2.22 | 3.82 | (0.13)<sup>(B)</sup><br>| (1.03)<br>| 4.98 |
| Total investment operations | 2.33 | 3.94 | (0.01)<br>| (0.92)<br>| 5.07 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(C)(D)</sup><br>|  | 0.00<br> <sup>(C)(E)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.12)<br>| (0.13)<br>| (0.12)<br>| (0.10)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  |
| Total dividends and/or distributions to shareholders | (0.40)<br>| (1.06)<br>| (0.83)<br>| (0.35)<br>| (0.10)<br>|
| **Net asset value, end of year** | $16.77 | $14.84 | $11.96 | $12.80 | $14.07 |
| **Total return** <sup>(F)</sup> | 16.07<br> %<br>| 34.49<br> %<sup>(D)</sup><br>| (0.12)%<br>| (6.69)%<sup>(E)</sup><br>| 55.91<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $146615 | $102530 | $74589 | $77059 | $82859 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.97<br> %<br>| 0.98<br> %<br>| 1.00<br> %<br>| 0.98<br> %<br>| 0.99<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.97<br> %<br>| 0.98<br> %<br>| 1.00<br> %<sup>(G)</sup><br>| 0.98<br> %<sup>(G)</sup><br>| 0.99<br> %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 0.75<br> %<br>| 0.91<br> %<br>| 0.98<br> %<br>| 0.81<br> %<br>| 0.76<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to* *the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(F)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $14.71 | $11.87 | $12.70 | $13.95 | $9.05 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.00)<br>| 0.02 | 0.03 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 2.20 | 3.77 | (0.13)<sup>(C)</sup><br>| (1.02)<br>| 4.94 |
| Total investment operations | 2.20 | 3.79 | (0.10)<br>| (1.01)<br>| 4.94 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(D)</sup><br>|  | 0.00<br> <sup>(B)(E)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.02)<br>| (0.01)<br>| (0.03)<br>| (0.01)<br>| (0.04)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  |
| Total dividends and/or distributions to shareholders | (0.29)<br>| (0.95)<br>| (0.73)<br>| (0.24)<br>| (0.04)<br>|
| **Net asset value, end of year** | $16.62 | $14.71 | $11.87 | $12.70 | $13.95 |
| **Total return** <sup>(F)</sup> | 15.22<br> %<br>| 33.37<br> %<sup>(D)</sup><br>| (0.84)%<br>| (7.34)%<sup>(E)</sup><br>| 54.71<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $18578 | $13747 | $14119 | $17682 | $19204 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.74<br> %<br>| 1.75<br> %<br>| 1.77<br> %<br>| 1.75<br> %<br>| 1.76<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.74<br> %<br>| 1.75<br> %<br>| 1.77<br> %<sup>(G)</sup><br>| 1.75<br> %<sup>(G)</sup><br>| 1.76<br> %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | (0.03)%<br>| 0.16<br> %<br>| 0.22<br> %<br>| 0.04<br> %<br>| 0.02<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to* *the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(F)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Large Cap Value (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $15.03 | $12.10 | $12.92 | $14.19 | $9.17 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.17 | 0.17 | 0.16 | 0.14 |
| Net realized and unrealized gain (loss) | 2.25 | 3.85 | (0.12)<sup>(B)</sup><br>| (1.04)<br>| 5.01 |
| Total investment operations | 2.41 | 4.02 | 0.05 | (0.88)<br>| 5.15 |
| **Contributions from affiliate** |  |  |  | 0.01<br> <sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.16)<br>| (0.15)<br>| (0.17)<br>| (0.17)<br>| (0.13)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  |
| Total dividends and/or distributions to shareholders | (0.43)<br>| (1.09)<br>| (0.87)<br>| (0.40)<br>| (0.13)<br>|
| **Net asset value, end of year** | $17.01 | $15.03 | $12.10 | $12.92 | $14.19 |
| **Total return** | 16.48<br> %<br>| 34.84<br> %<br>| 0.32<br> %<br>| (6.27)%<sup>(C)</sup><br>| 56.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $305350 | $137717 | $87679 | $99796 | $108943 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.72<br> %<br>| 0.72<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63<br> %<sup>(D)</sup><br>| 0.63<br> %<sup>(D)</sup><br>| 0.64<br> %<sup>(D)</sup><br>| 0.63<br> %<sup>(D)(E)</sup><br>| 0.63<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.06<br> %<br>| 1.24<br> %<br>| 1.35<br> %<br>| 1.16<br> %<br>| 1.16<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to* *the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.09%.*

<sup>(D)</sup> *TAM has contractually agreed to reimburse 0.09% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(E)</sup> *TAM contractually agreed to reimburse 0.09% of the sub-transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $14.95 | $12.05 | $12.88 | $14.16 | $9.16 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.17 | 0.17 | 0.17 | 0.16 | 0.14 |
| Net realized and unrealized gain (loss) | 2.23 | 3.84 | (0.12)<sup>(B)</sup><br>| (1.05)<br>| 5.00 |
| Total investment operations | 2.40 | 4.01 | 0.05 | (0.89)<br>| 5.14 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.17)<br>| (0.18)<br>| (0.16)<br>| (0.14)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  |
| Total dividends and/or distributions to shareholders | (0.45)<br>| (1.11)<br>| (0.88)<br>| (0.39)<br>| (0.14)<br>|
| **Net asset value, end of year** | $16.90 | $14.95 | $12.05 | $12.88 | $14.16 |
| **Total return** | 16.47<br> %<br>| 34.85<br> %<br>| 0.34<br> %<br>| (6.37)%<br>| 56.43<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1823733 | $1598755 | $1086343 | $1684204 | $2294601 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.61<br> %<br>|
| Net investment income (loss) to average net assets | 1.10<br> %<br>| 1.25<br> %<br>| 1.35<br> %<br>| 1.16<br> %<br>| 1.12<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to* *the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Large Cap Value (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $14.96 | $12.05 | $12.88 | $14.16 | $9.16 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.17 | 0.17 | 0.17 | 0.15 | 0.15 |
| Net realized and unrealized gain (loss) | 2.23 | 3.85 | (0.12)<sup>(B)</sup><br>| (1.04)<br>| 4.99 |
| Total investment operations | 2.40 | 4.02 | 0.05 | (0.89)<br>| 5.14 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.17)<br>| (0.18)<br>| (0.16)<br>| (0.14)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  |
| Total dividends and/or distributions to shareholders | (0.45)<br>| (1.11)<br>| (0.88)<br>| (0.39)<br>| (0.14)<br>|
| **Net asset value, end of year** | $16.91 | $14.96 | $12.05 | $12.88 | $14.16 |
| **Total return** | 16.46<br> %<br>| 34.94<br> %<br>| 0.33<br> %<br>| (6.37)%<br>| 56.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $52177 | $69306 | $39011 | $43589 | $24977 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.62<br> %<sup>(C)</sup><br>|
| Net investment income (loss) to average net assets | 1.12<br> %<br>| 1.23<br> %<br>| 1.35<br> %<br>| 1.16<br> %<br>| 1.23<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to* *the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.*

<sup>(C)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

------

**Transamerica Large Core ESG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $13.28 | $10.57 | $9.98 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.05 | 0.06 | 0.04 |
| Net realized and unrealized gain (loss) | 2.18 | 3.52 | 0.59 |
| Total investment operations | 2.23 | 3.58 | 0.63 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.07)<br>| (0.08)<br>| (0.04)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>|  |
| Total dividends and/or distributions to shareholders | (2.59)<br>| (0.87)<br>| (0.04)<br>|
| **Net asset value, end of year** | $12.92 | $13.28 | $10.57 |
| **Total return** <sup>(C)</sup> | 19.76<br> %<br>| 35.38<br> %<br>| 6.28<br> %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $474 | $348 | $45 |
| Expenses to average net assets <sup>(E)</sup> |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.97<br> %<br>| 0.96<br> %<br>| 1.15<br> %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.97<br> %<sup>(G)(H)</sup><br>| 0.98<br> %<br>| 1.00<br> %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 0.47<br> %<br>| 0.49<br> %<br>| 0.49<br> %<sup>(F)</sup><br>|
| Portfolio turnover rate | 110<br> %<br>| 105<br> %<br>| 98<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(H)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $13.31 | $10.58 | $9.98 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.10 | 0.09 | 0.07 |
| Net realized and unrealized gain (loss) | 2.17 | 3.55 | 0.59 |
| Total investment operations | 2.27 | 3.64 | 0.66 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.11)<br>| (0.12)<br>| (0.06)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>|  |
| Total dividends and/or distributions to shareholders | (2.63)<br>| (0.91)<br>| (0.06)<br>|
| **Net asset value, end of year** | $12.95 | $13.31 | $10.58 |
| **Total return** | 20.18<br> %<br>| 36.06<br> %<br>| 6.56<br> %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $299 | $205 | $11 |
| Expenses to average net assets <sup>(D)</sup> |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.55<br> %<br>| 0.54<br> %<br>| 0.59<br> %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.55<br> %<br>| 0.54<br> %<sup>(F)</sup><br>| 0.55<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 0.88<br> %<br>| 0.69<br> %<br>| 1.01<br> %<sup>(E)</sup><br>|
| Portfolio turnover rate | 110<br> %<br>| 105<br> %<br>| 98<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

------

**Transamerica Large Growth** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $14.38 | $9.55 | $9.02 | $20.55 | $17.92 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | (0.06)<br>| (0.03)<br>| (0.01)<br>| (0.03)<br>| (0.04)<br>|
| Net realized and unrealized gain (loss) | 5.62 | 4.86 | 0.66 | (7.69)<br>| 2.67 |
| Total investment operations | 5.56 | 4.83 | 0.65 | (7.72)<br>| 2.63 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (2.86)<br>|  | (0.12)<br>| (3.81)<br>|  |
| **Net asset value, end of year** | $17.08 | $14.38 | $9.55 | $9.02 | $20.55 |
| **Total return** | 43.31<br> %<br>| 50.58<br> %<br>| 7.22<br> %<br>| (45.25)%<br>| 14.73<br> %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $3529 | $1343 | $832 | $20288 | $11 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.72<br> %<br>| 0.71<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.69<br> %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.72<br> %<br>| 0.71<br> %<sup>(E)</sup><br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.69<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | (0.39)%<br>| (0.25)%<br>| (0.08)%<br>| (0.31)%<br>| (0.45)%<sup>(D)</sup><br>|
| Portfolio turnover rate | 56<br> %<br>| 32<br> %<br>| 36<br> %<br>| 60<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

------

**Transamerica Long Credit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $9.61 | $8.69 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.46 | 0.45 | 0.25 |
| Net realized and unrealized gain (loss) | 0.04 | 0.92 | (1.30)<br>|
| Total investment operations | 0.50 | 1.37 | (1.05)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.46)<br>| (0.45)<br>| (0.26)<br>|
| Net realized gains | (0.03)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.49)<br>| (0.45)<br>| (0.26)<br>|
| **Net asset value, end of year** | $9.62 | $9.61 | $8.69 |
| **Total return** <sup>(C)</sup> | 5.39<br> %<br>| 15.88<br> %<br>| (10.73)%<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $550 | $446 | $330 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.80<br> %<br>| 0.78<br> %<br>| 3.85<br> %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.80<br> %<br>| 0.86<br> %<br>| 0.98<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.90<br> %<br>| 4.69<br> %<br>| 5.32<br> %<sup>(E)</sup><br>|
| Portfolio turnover rate | 42<br> %<br>| 48<br> %<br>| 22<br> %<sup>(D)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $9.61 | $8.69 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.47 | 0.47 | 0.27 |
| Net realized and unrealized gain (loss) | 0.04 | 0.92 | (1.31)<br>|
| Total investment operations | 0.51 | 1.39 | (1.04)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.47)<br>| (0.47)<br>| (0.27)<br>|
| Net realized gains | (0.03)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.50)<br>| (0.47)<br>| (0.27)<br>|
| **Net asset value, end of year** | $9.62 | $9.61 | $8.69 |
| **Total return** | 5.54<br> %<br>| 16.11<br> %<br>| (10.55)%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $10947 | $10375 | $8943 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.60<br> %<br>| 0.60<br> %<br>| 3.55<br> %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.66<br> %<br>| 0.67<br> %<br>| 0.67<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 5.04<br> %<br>| 4.89<br> %<br>| 4.91<br> %<sup>(D)</sup><br>|
| Portfolio turnover rate | 42<br> %<br>| 48<br> %<br>| 22<br> %<sup>(C)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Long Credit (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $9.60 | $8.69 | $9.04 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.49 | 0.49 | 0.04 |
| Net realized and unrealized gain (loss) | 0.04 | 0.91 | (0.35)<br>|
| Total investment operations | 0.53 | 1.40 | (0.31)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.49)<br>| (0.49)<br>| (0.04)<br>|
| Net realized gains | (0.03)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.52)<br>| (0.49)<br>| (0.04)<br>|
| **Net asset value, end of year** | $9.61 | $9.60 | $8.69 |
| **Total return** | 5.70<br> %<br>| 16.19<br> %<br>| (3.40)%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $599884 | $593919 | $10 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.50<br> %<br>| 0.51<br> %<br>| 3.46<br> %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.50<br> %<br>| 0.51<br> %<sup>(E)</sup><br>| 0.58<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 5.19<br> %<br>| 5.05<br> %<br>| 5.47<br> %<sup>(D)</sup><br>|
| Portfolio turnover rate | 42<br> %<br>| 48<br> %<br>| 22<br> %<sup>(C)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on September 29, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

------

**Transamerica Mid Cap Growth** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.50 | $7.08 | $6.70 | $15.14 | $11.91 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.09)<br>| (0.08)<br>| (0.05)<br>| (0.06)<br>| (0.11)<br>|
| Net realized and unrealized gain (loss) | 1.59 | 2.50 | 0.43 | (4.03)<br>| 3.98 |
| Total investment operations | 1.50 | 2.42 | 0.38 | (4.09)<br>| 3.87 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  |  |  | (0.00)<sup>(B)</sup><br>|  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| Total dividends and/or distributions to shareholders | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| **Net asset value, end of year** | $10.59 | $9.50 | $7.08 | $6.70 | $15.14 |
| **Total return** <sup>(D)</sup> | 16.21<br> %<br>| 34.18<br> %<br>| 5.67<br> %<br>| (35.42)%<sup>(C)</sup><br>| 33.21<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $29855 | $17672 | $12644 | $10385 | $16740 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.24<br> %<br>| 1.22<br> %<br>| 1.24<br> %<br>| 1.23<br> %<br>| 1.17<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.22<br> %<sup>(E)</sup><br>| 1.22<br> %<br>| 1.24<br> %<sup>(F)</sup><br>| 1.23<br> %<sup>(F)</sup><br>| 1.17<br> %<br>|
| Net investment income (loss) to average net assets | (0.85)%<br>| (0.88)%<br>| (0.73)%<br>| (0.72)%<br>| (0.79)%<br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.37 | $6.29 | $6.00 | $14.01 | $11.14 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.14)<br>| (0.13)<br>| (0.10)<br>| (0.12)<br>| (0.20)<br>|
| Net realized and unrealized gain (loss) | 1.39 | 2.21 | 0.39 | (3.63)<br>| 3.71 |
| Total investment operations | 1.25 | 2.08 | 0.29 | (3.75)<br>| 3.51 |
| **Contributions from affiliate** |  |  |  | 0.09<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| **Net asset value, end of year** | $9.21 | $8.37 | $6.29 | $6.00 | $14.01 |
| **Total return** <sup>(C)</sup> | 15.37<br> %<br>| 33.07<br> %<br>| 4.83<br> %<br>| (35.05)%<sup>(B)</sup><br>| 32.24<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $595 | $718 | $804 | $544 | $1659 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 2.11<br> %<br>| 2.01<br> %<br>| 2.05<br> %<br>| 2.07<br> %<br>| 1.90<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.99<br> %<br>| 1.99<br> %<br>| 1.99<br> %<br>| 2.02<br> %<br>| 1.90<br> %<br>|
| Net investment income (loss) to average net assets | (1.62)%<br>| (1.64)%<br>| (1.49)%<br>| (1.52)%<br>| (1.52)%<br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.92%.*

<sup>(C)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Mid Cap Growth (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.87 | $7.33 | $6.91 | $15.44 | $12.10 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.05)<br>| (0.05)<br>| (0.03)<br>| (0.03)<br>| (0.07)<br>|
| Net realized and unrealized gain (loss) | 1.65 | 2.59 | 0.45 | (4.15)<br>| 4.05 |
| Total investment operations | 1.60 | 2.54 | 0.42 | (4.18)<br>| 3.98 |
| **Contributions from affiliate** |  |  |  | 0.02<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  |  |  | (0.02)<br>|  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| Total dividends and/or distributions to shareholders | (0.41)<br>|  |  | (4.37)<br>| (0.64)<br>|
| **Net asset value, end of year** | $11.06 | $9.87 | $7.33 | $6.91 | $15.44 |
| **Total return** | 16.63<br> %<br>| 34.65<br> %<br>| 6.08<br> %<br>| (35.12)%<sup>(B)</sup><br>| 33.62<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $4251 | $11288 | $3869 | $1568 | $2417 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.95<br> %<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.92<br> %<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>|
| Net investment income (loss) to average net assets | (0.51)%<br>| (0.54)%<br>| (0.37)%<br>| (0.36)%<br>| (0.50)%<br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.09%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.03 | $7.44 | $7.01 | $15.58 | $12.19 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.05)<br>| (0.04)<br>| (0.02)<br>| (0.02)<br>| (0.05)<br>|
| Net realized and unrealized gain (loss) | 1.68 | 2.63 | 0.45 | (4.20)<br>| 4.08 |
| Total investment operations | 1.63 | 2.59 | 0.43 | (4.22)<br>| 4.03 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| **Net asset value, end of year** | $11.25 | $10.03 | $7.44 | $7.01 | $15.58 |
| **Total return** | 16.66<br> %<br>| 34.81<br> %<br>| 6.13<br> %<br>| (35.18)%<br>| 33.79<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $79978 | $68799 | $299798 | $230060 | $302016 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.85<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>|
| Net investment income (loss) to average net assets | (0.45)%<br>| (0.40)%<br>| (0.26)%<br>| (0.25)%<br>| (0.37)%<br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Mid Cap Growth (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $10.01 | $7.43 | $7.00 | $15.55 | $13.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | (0.05)<br>| (0.04)<br>| (0.02)<br>| (0.02)<br>| (0.03)<br>|
| Net realized and unrealized gain (loss) | 1.68 | 2.62 | 0.45 | (4.18)<br>| 1.71 |
| Total investment operations | 1.63 | 2.58 | 0.43 | (4.20)<br>| 1.68 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>|  |
| **Net asset value, end of year** | $11.23 | $10.01 | $7.43 | $7.00 | $15.55 |
| **Total return** | 16.69<br> %<br>| 34.72<br> %<br>| 6.14<br> %<br>| (35.13)%<br>| 12.11<br> %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $9076 | $8389 | $7138 | $7112 | $11 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.85<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.76<br> %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.76<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | (0.46)%<br>| (0.44)%<br>| (0.26)%<br>| (0.27)%<br>| (0.53)%<sup>(D)</sup><br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

------

**Transamerica Mid Cap Value Opportunities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $11.62 | $10.15 | $10.95 | $14.72 | $10.05 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.12 | 0.10 | 0.08 | 0.04 | 0.01 |
| Net realized and unrealized gain (loss) | 0.49 | 1.86 | (0.20)<br>| (0.52)<br>| 4.73 |
| Total investment operations | 0.61 | 1.96 | (0.12)<br>| (0.48)<br>| 4.74 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.06)<br>| (0.08)<br>| (0.02)<br>| (0.07)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (1.03)<br>| (0.49)<br>| (0.68)<br>| (3.29)<br>| (0.07)<br>|
| **Net asset value, end of year** | $11.20 | $11.62 | $10.15 | $10.95 | $14.72 |
| **Total return** <sup>(E)</sup> | 5.82<br> %<br>| 19.76<br> %<sup>(C)</sup><br>| (1.14)%<br>| (4.39)%<sup>(D)</sup><br>| 47.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $23244 | $25345 | $23931 | $27425 | $27613 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.18<br> %<br>| 1.18<br> %<br>| 1.21<br> %<br>| 1.19<br> %<br>| 1.19<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.18<br> %<sup>(F)</sup><br>| 1.20<br> %<br>| 1.20<br> %<br>| 1.20<br> %<br>| 1.20<br> %<br>|
| Net investment income (loss) to average net assets | 1.05<br> %<br>| 0.86<br> %<br>| 0.77<br> %<br>| 0.38<br> %<br>| 0.06<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $11.24 | $9.83 | $10.64 | $14.45 | $9.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.04 | 0.02 | 0.01 | (0.03)<br>| (0.07)<br>|
| Net realized and unrealized gain (loss) | 0.48 | 1.82 | (0.21)<br>| (0.51)<br>| 4.65 |
| Total investment operations | 0.52 | 1.84 | (0.20)<br>| (0.54)<br>| 4.58 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.03)<br>|  | (0.01)<br>|  |  |
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (0.93)<br>| (0.43)<br>| (0.61)<br>| (3.27)<br>|  |
| **Net asset value, end of year** | $10.83 | $11.24 | $9.83 | $10.64 | $14.45 |
| **Total return** <sup>(E)</sup> | 5.12<br> %<br>| 19.07<br> %<sup>(C)</sup><br>| (1.93)%<br>| (4.93)%<sup>(D)</sup><br>| 46.40<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $8653 | $12076 | $13916 | $16522 | $17471 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.87<br> %<br>| 1.86<br> %<br>| 1.88<br> %<br>| 1.86<br> %<br>| 1.85<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.87<br> %<br>| 1.86<br> %<br>| 1.88<br> %<sup>(F)</sup><br>| 1.86<br> %<br>| 1.85<br> %<br>|
| Net investment income (loss) to average net assets | 0.37<br> %<br>| 0.20<br> %<br>| 0.09<br> %<br>| (0.28)%<br>| (0.53)%<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Mid Cap Value Opportunities (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $11.70 | $10.22 | $11.03 | $14.80 | $10.11 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.14 | 0.12 | 0.09 | 0.07 |
| Net realized and unrealized gain (loss) | 0.50 | 1.88 | (0.21)<br>| (0.52)<br>| 4.73 |
| Total investment operations | 0.66 | 2.02 | (0.09)<br>| (0.43)<br>| 4.80 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.17)<br>| (0.11)<br>| (0.12)<br>| (0.07)<br>| (0.11)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (1.07)<br>| (0.54)<br>| (0.72)<br>| (3.34)<br>| (0.11)<br>|
| **Net asset value, end of year** | $11.29 | $11.70 | $10.22 | $11.03 | $14.80 |
| **Total return** | 6.25<br> %<br>| 20.19<br> %<br>| (0.86)%<br>| (3.91)%<sup>(B)</sup><br>| 47.90<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $591157 | $746921 | $713923 | $734476 | $656368 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.85<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.85<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>|
| Net investment income (loss) to average net assets | 1.40<br> %<br>| 1.22<br> %<br>| 1.11<br> %<br>| 0.74<br> %<br>| 0.48<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $11.72 | $10.24 | $11.05 | $14.83 | $10.12 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.15 | 0.13 | 0.10 | 0.09 |
| Net realized and unrealized gain (loss) | 0.51 | 1.88 | (0.21)<br>| (0.53)<br>| 4.74 |
| Total investment operations | 0.67 | 2.03 | (0.08)<br>| (0.43)<br>| 4.83 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.12)<br>| (0.13)<br>| (0.08)<br>| (0.12)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (1.08)<br>| (0.55)<br>| (0.73)<br>| (3.35)<br>| (0.12)<br>|
| **Net asset value, end of year** | $11.31 | $11.72 | $10.24 | $11.05 | $14.83 |
| **Total return** | 6.36<br> %<br>| 20.27<br> %<br>| (0.76)%<br>| (3.84)%<br>| 47.93<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $80249 | $68350 | $178371 | $171713 | $219525 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>|
| Net investment income (loss) to average net assets | 1.48<br> %<br>| 1.36<br> %<br>| 1.18<br> %<br>| 0.83<br> %<br>| 0.68<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Mid Cap Value Opportunities (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $11.85 | $10.34 | $11.16 | $14.94 | $10.19 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.17 | 0.15 | 0.13 | 0.10 | 0.08 |
| Net realized and unrealized gain (loss) | 0.51 | 1.91 | (0.22)<br>| (0.53)<br>| 4.79 |
| Total investment operations | 0.68 | 2.06 | (0.09)<br>| (0.43)<br>| 4.87 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.12)<br>| (0.13)<br>| (0.08)<br>| (0.12)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (1.08)<br>| (0.55)<br>| (0.73)<br>| (3.35)<br>| (0.12)<br>|
| **Net asset value, end of year** | $11.45 | $11.85 | $10.34 | $11.16 | $14.94 |
| **Total return** | 6.38<br> %<br>| 20.37<br> %<br>| (0.84)%<br>| (3.86)%<br>| 48.09<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $126904 | $168964 | $200673 | $214578 | $190702 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>|
| Net investment income (loss) to average net assets | 1.49<br> %<br>| 1.31<br> %<br>| 1.20<br> %<br>| 0.82<br> %<br>| 0.62<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica Multi-Asset Income** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $14.39 | $12.11 | $12.43 | $14.24 | $11.53 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.50 | 0.48 | 0.50 | 0.45 | 0.40 |
| Net realized and unrealized gain (loss) | 1.62 | 2.28 | (0.31)<br>| (1.62)<br>| 2.72 |
| Total investment operations | 2.12 | 2.76 | 0.19 | (1.17)<br>| 3.12 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.51)<br>| (0.48)<br>| (0.51)<br>| (0.46)<br>| (0.41)<br>|
| Net realized gains |  |  |  | (0.18)<br>|  |
| Total dividends and/or distributions to shareholders | (0.51)<br>| (0.48)<br>| (0.51)<br>| (0.64)<br>| (0.41)<br>|
| **Net asset value, end of year** | $16.00 | $14.39 | $12.11 | $12.43 | $14.24 |
| **Total return** <sup>(E)</sup> | 15.05<br> %<br>| 23.14<br> %<sup>(C)</sup><br>| 1.44<br> %<br>| (8.50)%<sup>(D)</sup><br>| 27.30<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $175403 | $150168 | $138260 | $138668 | $134310 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.97<br> %<br>| 0.98<br> %<br>| 0.99<br> %<br>| 1.01<br> %<sup>(F)</sup><br>| 0.98<br> %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.97<br> %<br>| 0.98<br> %<br>| 0.99<br> %<sup>(G)</sup><br>| 0.99<br> %<sup>(F)</sup><br>| 0.98<br> %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 3.36<br> %<br>| 3.52<br> %<br>| 3.96<br> %<br>| 3.35<br> %<br>| 2.89<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 42<br> %<br>| 37<br> %<br>| 44<br> %<br>| 45<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $14.34 | $12.06 | $12.38 | $14.17 | $11.48 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.39 | 0.38 | 0.41 | 0.35 | 0.30 |
| Net realized and unrealized gain (loss) | 1.61 | 2.29 | (0.32)<br>| (1.60)<br>| 2.70 |
| Total investment operations | 2.00 | 2.67 | 0.09 | (1.25)<br>| 3.00 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.40)<br>| (0.39)<br>| (0.41)<br>| (0.36)<br>| (0.31)<br>|
| Net realized gains |  |  |  | (0.18)<br>|  |
| Total dividends and/or distributions to shareholders | (0.40)<br>| (0.39)<br>| (0.41)<br>| (0.54)<br>| (0.31)<br>|
| **Net asset value, end of year** | $15.94 | $14.34 | $12.06 | $12.38 | $14.17 |
| **Total return** <sup>(E)</sup> | 14.21<br> %<br>| 22.37<br> %<sup>(C)</sup><br>| 0.65<br> %<br>| (9.11)%<sup>(D)</sup><br>| 26.32<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $90616 | $86299 | $76696 | $83457 | $87104 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.69<br> %<br>| 1.70<br> %<br>| 1.71<br> %<br>| 1.73<br> %<sup>(F)</sup><br>| 1.71<br> %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.69<br> %<br>| 1.70<br> %<br>| 1.71<br> %<sup>(G)</sup><br>| 1.71<br> %<sup>(F)</sup><br>| 1.71<br> %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 2.65<br> %<br>| 2.80<br> %<br>| 3.24<br> %<br>| 2.64<br> %<br>| 2.23<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 42<br> %<br>| 37<br> %<br>| 44<br> %<br>| 45<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Multi-Asset Income (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $14.40 | $12.11 | $12.44 | $14.25 | $11.53 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.54 | 0.51 | 0.53 | 0.48 | 0.43 |
| Net realized and unrealized gain (loss) | 1.62 | 2.30 | (0.32)<br>| (1.60)<br>| 2.73 |
| Total investment operations | 2.16 | 2.81 | 0.21 | (1.12)<br>| 3.16 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.55)<br>| (0.52)<br>| (0.54)<br>| (0.51)<br>| (0.44)<br>|
| Net realized gains |  |  |  | (0.18)<br>|  |
| Total dividends and/or distributions to shareholders | (0.55)<br>| (0.52)<br>| (0.54)<br>| (0.69)<br>| (0.44)<br>|
| **Net asset value, end of year** | $16.01 | $14.40 | $12.11 | $12.44 | $14.25 |
| **Total return** | 15.33<br> %<br>| 23.55<br> %<br>| 1.65<br> %<br>| (8.20)%<sup>(C)</sup><br>| 27.66<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $569351 | $473728 | $408901 | $436301 | $347653 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.72<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.75<br> %<sup>(D)</sup><br>| 0.74<br> %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.72<br> %<sup>(E)</sup><br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<sup>(D)</sup><br>| 0.72<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.61<br> %<br>| 3.76<br> %<br>| 4.23<br> %<br>| 3.64<br> %<br>| 3.20<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 42<br> %<br>| 37<br> %<br>| 44<br> %<br>| 45<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Waiver and/or reimbursement and recapture rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.62 | $11.49 | $11.83 | $13.58 | $11.01 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.52 | 0.50 | 0.52 | 0.47 | 0.43 |
| Net realized and unrealized gain (loss) | 1.53 | 2.16 | (0.30)<br>| (1.52)<br>| 2.58 |
| Total investment operations | 2.05 | 2.66 | 0.22 | (1.05)<br>| 3.01 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.56)<br>| (0.53)<br>| (0.56)<br>| (0.52)<br>| (0.44)<br>|
| Net realized gains |  |  |  | (0.18)<br>|  |
| Total dividends and/or distributions to shareholders | (0.56)<br>| (0.53)<br>| (0.56)<br>| (0.70)<br>| (0.44)<br>|
| **Net asset value, end of year** | $15.11 | $13.62 | $11.49 | $11.83 | $13.58 |
| **Total return** | 15.45<br> %<br>| 23.55<br> %<br>| 1.77<br> %<br>| (8.15)%<br>| 27.79<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $22 | $20 | $16 | $16 | $17 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.65<br> %<sup>(B)</sup><br>| 0.64<br> %<sup>(B)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.64<br> %<sup>(B)</sup><br>| 0.64<br> %<sup>(B)</sup><br>|
| Net investment income (loss) to average net assets | 3.70<br> %<br>| 3.85<br> %<br>| 4.31<br> %<br>| 3.71<br> %<br>| 3.32<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 42<br> %<br>| 37<br> %<br>| 44<br> %<br>| 45<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

------

**Transamerica Multi-Managed Balanced** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $35.72 | $29.45 | $28.49 | $36.04 | $30.23 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.54 | 0.54 | 0.45 | 0.29 | 0.22 |
| Net realized and unrealized gain (loss) | 3.96 | 7.10 | 1.52 | (5.41)<br>| 7.06 |
| Total investment operations | 4.50 | 7.64 | 1.97 | (5.12)<br>| 7.28 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.54)<br>| (0.54)<br>| (0.45)<br>| (0.27)<br>| (0.22)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>| (2.16)<br>| (1.25)<br>|
| Total dividends and/or distributions to shareholders | (2.66)<br>| (1.37)<br>| (1.01)<br>| (2.43)<br>| (1.47)<br>|
| **Net asset value, end of year** | $37.56 | $35.72 | $29.45 | $28.49 | $36.04 |
| **Total return** <sup>(E)</sup> | 13.41<br> %<br>| 26.46<br> %<sup>(C)</sup><br>| 7.02<br> %<br>| (15.21)%<sup>(D)</sup><br>| 24.80<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $848235 | $719818 | $588884 | $578116 | $725936 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.95<br> %<br>| 0.96<br> %<br>| 0.98<br> %<br>| 0.96<br> %<br>| 0.94<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.95<br> %<br>| 0.96<br> %<br>| 0.98<br> %<sup>(F)</sup><br>| 0.96<br> %<sup>(F)</sup><br>| 0.94<br> %<br>|
| Net investment income (loss) to average net assets | 1.54<br> %<br>| 1.61<br> %<br>| 1.51<br> %<br>| 0.90<br> %<br>| 0.65<br> %<br>|
| Portfolio turnover rate <sup>(G)</sup> | 50<br> %<br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(G)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 148%, 137%, 133%, 128% and 121%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $34.81 | $28.74 | $27.82 | $35.25 | $29.62 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.27 | 0.28 | 0.22 | 0.04 | (0.03)<br>|
| Net realized and unrealized gain (loss) | 3.86 | 6.92 | 1.48 | (5.27)<br>| 6.92 |
| Total investment operations | 4.13 | 7.20 | 1.70 | (5.23)<br>| 6.89 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.28)<br>| (0.30)<br>| (0.22)<br>| (0.04)<br>| (0.01)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>| (2.16)<br>| (1.25)<br>|
| Total dividends and/or distributions to shareholders | (2.40)<br>| (1.13)<br>| (0.78)<br>| (2.20)<br>| (1.26)<br>|
| **Net asset value, end of year** | $36.54 | $34.81 | $28.74 | $27.82 | $35.25 |
| **Total return** <sup>(E)</sup> | 12.58<br> %<br>| 25.49<br> %<sup>(C)</sup><br>| 6.21<br> %<br>| (15.84)%<sup>(D)</sup><br>| 23.88<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $151845 | $155455 | $142279 | $168320 | $236477 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.71<br> %<br>| 1.71<br> %<br>| 1.73<br> %<br>| 1.71<br> %<br>| 1.69<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.71<br> %<br>| 1.71<br> %<br>| 1.73<br> %<sup>(F)</sup><br>| 1.71<br> %<sup>(F)</sup><br>| 1.69<br> %<br>|
| Net investment income (loss) to average net assets | 0.79<br> %<br>| 0.86<br> %<br>| 0.75<br> %<br>| 0.14<br> %<br>| (0.10)%<br>|
| Portfolio turnover rate <sup>(G)</sup> | 50<br> %<br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(G)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 148%, 137%, 133%, 128% and 121%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Multi-Managed Balanced (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $35.94 | $29.62 | $28.65 | $36.24 | $30.39 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.62 | 0.62 | 0.52 | 0.36 | 0.29 |
| Net realized and unrealized gain (loss) | 3.99 | 7.15 | 1.52 | (5.45)<br>| 7.10 |
| Total investment operations | 4.61 | 7.77 | 2.04 | (5.09)<br>| 7.39 |
| **Contributions from affiliate** |  |  |  | 0.04<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.62)<br>| (0.62)<br>| (0.51)<br>| (0.38)<br>| (0.29)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>| (2.16)<br>| (1.25)<br>|
| Total dividends and/or distributions to shareholders | (2.74)<br>| (1.45)<br>| (1.07)<br>| (2.54)<br>| (1.54)<br>|
| **Net asset value, end of year** | $37.81 | $35.94 | $29.62 | $28.65 | $36.24 |
| **Total return** | 13.65<br> %<br>| 26.74<br> %<br>| 7.25<br> %<br>| (14.93)%<sup>(B)</sup><br>| 25.06<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $485116 | $419585 | $289776 | $325378 | $401468 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.74<br> %<br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.74<br> %<br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>|
| Net investment income (loss) to average net assets | 1.75<br> %<br>| 1.82<br> %<br>| 1.73<br> %<br>| 1.12<br> %<br>| 0.85<br> %<br>|
| Portfolio turnover rate <sup>(C)</sup> | 50<br> %<br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.11%.*

<sup>(C)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 148%, 137%, 133%, 128% and 121%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $35.95 | $29.63 | $28.66 | $36.25 | $30.39 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.66 | 0.65 | 0.55 | 0.39 | 0.32 |
| Net realized and unrealized gain (loss) | 3.99 | 7.15 | 1.52 | (5.45)<br>| 7.12 |
| Total investment operations | 4.65 | 7.80 | 2.07 | (5.06)<br>| 7.44 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.65)<br>| (0.65)<br>| (0.54)<br>| (0.37)<br>| (0.33)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>| (2.16)<br>| (1.25)<br>|
| Total dividends and/or distributions to shareholders | (2.77)<br>| (1.48)<br>| (1.10)<br>| (2.53)<br>| (1.58)<br>|
| **Net asset value, end of year** | $37.83 | $35.95 | $29.63 | $28.66 | $36.25 |
| **Total return** | 13.78<br> %<br>| 26.85<br> %<br>| 7.35<br> %<br>| (14.96)%<br>| 25.22<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $26447 | $36236 | $27892 | $23982 | $30794 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.64<br> %<br>| 0.65<br> %<br>| 0.66<br> %<br>| 0.64<br> %<br>| 0.63<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.64<br> %<br>| 0.65<br> %<br>| 0.66<br> %<br>| 0.64<br> %<br>| 0.63<br> %<br>|
| Net investment income (loss) to average net assets | 1.86<br> %<br>| 1.92<br> %<br>| 1.83<br> %<br>| 1.22<br> %<br>| 0.95<br> %<br>|
| Portfolio turnover rate <sup>(B)</sup> | 50<br> %<br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 148%, 137%, 133%, 128% and 121%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

------

**Transamerica Short-Term Bond** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.98 | $9.70 | $9.63 | $10.33 | $10.32 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.41 | 0.39 | 0.31 | 0.14 | 0.13 |
| Net realized and unrealized gain (loss) | 0.11 | 0.28 | 0.07 | (0.69)<br>| 0.02 |
| Total investment operations | 0.52 | 0.67 | 0.38 | (0.55)<br>| 0.15 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.41)<br>| (0.39)<br>| (0.31)<br>| (0.15)<br>| (0.14)<br>|
| **Net asset value, end of year** | $10.09 | $9.98 | $9.70 | $9.63 | $10.33 |
| **Total return** <sup>(E)</sup> | 5.29<br> %<br>| 7.05<br> %<sup>(C)</sup><br>| 4.00<br> %<br>| (5.35)%<sup>(D)</sup><br>| 1.46<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $374652 | $492344 | $523289 | $623306 | $817203 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.71<br> %<br>| 0.70<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.72<br> %<br>| 0.72<br> %<sup>(F)</sup><br>| 0.71<br> %<sup>(F)</sup><br>| 0.70<br> %<br>|
| Net investment income (loss) to average net assets | 4.05<br> %<br>| 3.95<br> %<br>| 3.14<br> %<br>| 1.40<br> %<br>| 1.27<br> %<br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.96 | $9.68 | $9.62 | $10.31 | $10.30 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.33 | 0.32 | 0.23 | 0.06 | 0.05 |
| Net realized and unrealized gain (loss) | 0.12 | 0.28 | 0.07 | (0.68)<br>| 0.02 |
| Total investment operations | 0.45 | 0.60 | 0.30 | (0.62)<br>| 0.07 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.33)<br>| (0.32)<br>| (0.24)<br>| (0.07)<br>| (0.06)<br>|
| **Net asset value, end of year** | $10.08 | $9.96 | $9.68 | $9.62 | $10.31 |
| **Total return** <sup>(E)</sup> | 4.60<br> %<br>| 6.24<br> %<sup>(C)</sup><br>| 3.09<br> %<br>| (6.01)%<sup>(D)</sup><br>| 0.67<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $65763 | $76113 | $81514 | $104042 | $157464 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.48<br> %<br>| 1.49<br> %<br>| 1.50<br> %<br>| 1.49<br> %<br>| 1.48<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.48<br> %<br>| 1.49<br> %<br>| 1.50<br> %<sup>(F)</sup><br>| 1.49<br> %<sup>(F)</sup><br>| 1.48<br> %<br>|
| Net investment income (loss) to average net assets | 3.30<br> %<br>| 3.18<br> %<br>| 2.36<br> %<br>| 0.61<br> %<br>| 0.51<br> %<br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Short-Term Bond (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.81 | $9.54 | $9.47 | $10.15 | $10.15 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.42 | 0.41 | 0.32 | 0.16 | 0.15 |
| Net realized and unrealized gain (loss) | 0.11 | 0.27 | 0.08 | (0.68)<br>| 0.01 |
| Total investment operations | 0.53 | 0.68 | 0.40 | (0.52)<br>| 0.16 |
| **Contributions from affiliate** |  |  |  | 0.01<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.42)<br>| (0.41)<br>| (0.33)<br>| (0.17)<br>| (0.16)<br>|
| **Net asset value, end of year** | $9.92 | $9.81 | $9.54 | $9.47 | $10.15 |
| **Total return** | 5.55<br> %<br>| 7.22<br> %<br>| 4.23<br> %<br>| (4.96)%<sup>(B)</sup><br>| 1.57<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $2648688 | $2237459 | $2058496 | $2205845 | $2398836 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>|
| Net investment income (loss) to average net assets | 4.26<br> %<br>| 4.17<br> %<br>| 3.36<br> %<br>| 1.63<br> %<br>| 1.46<br> %<br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.07%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.80 | $9.52 | $9.46 | $10.14 | $10.13 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.43 | 0.41 | 0.33 | 0.18 | 0.16 |
| Net realized and unrealized gain (loss) | 0.11 | 0.29 | 0.07 | (0.68)<br>| 0.02 |
| Total investment operations | 0.54 | 0.70 | 0.40 | (0.50)<br>| 0.18 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.43)<br>| (0.42)<br>| (0.34)<br>| (0.18)<br>| (0.17)<br>|
| **Net asset value, end of year** | $9.91 | $9.80 | $9.52 | $9.46 | $10.14 |
| **Total return** | 5.65<br> %<br>| 7.42<br> %<br>| 4.22<br> %<br>| (5.00)%<br>| 1.77<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $142982 | $133049 | $178348 | $337449 | $138031 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.41<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.41<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>|
| Net investment income (loss) to average net assets | 4.36<br> %<br>| 4.25<br> %<br>| 3.42<br> %<br>| 1.90<br> %<br>| 1.56<br> %<br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Short-Term Bond (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.81 | $9.54 | $9.47 | $10.15 | $10.14 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.43 | 0.42 | 0.33 | 0.17 | 0.16 |
| Net realized and unrealized gain (loss) | 0.11 | 0.27 | 0.08 | (0.67)<br>| 0.02 |
| Total investment operations | 0.54 | 0.69 | 0.41 | (0.50)<br>| 0.18 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.43)<br>| (0.42)<br>| (0.34)<br>| (0.18)<br>| (0.17)<br>|
| **Net asset value, end of year** | $9.92 | $9.81 | $9.54 | $9.47 | $10.15 |
| **Total return** | 5.65<br> %<br>| 7.32<br> %<br>| 4.33<br> %<br>| (4.99)%<br>| 1.77<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $273581 | $229653 | $205448 | $201252 | $217665 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.41<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.40<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.41<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.40<br> %<br>|
| Net investment income (loss) to average net assets | 4.37<br> %<br>| 4.28<br> %<br>| 3.47<br> %<br>| 1.73<br> %<br>| 1.54<br> %<br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica Small Cap Growth** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $6.00 | $5.32 | $5.66 | $9.13 | $6.55 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.04)<br>| (0.04)<br>| (0.05)<br>| (0.06)<br>| (0.07)<br>|
| Net realized and unrealized gain (loss) | 0.24 | 1.02 | (0.05)<br>| (2.44)<br>| 3.32 |
| Total investment operations | 0.20 | 0.98 | (0.10)<br>| (2.50)<br>| 3.25 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $5.42 | $6.00 | $5.32 | $5.66 | $9.13 |
| **Total return** <sup>(E)</sup> | 3.04<br> %<br>| 18.36<br> %<sup>(C)</sup><br>| (1.70)%<br>| (30.18)%<sup>(D)</sup><br>| 51.78<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $18545 | $14000 | $12854 | $14396 | $24973 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.54<br> %<br>| 1.47<br> %<br>| 1.47<br> %<br>| 1.42<br> %<br>| 1.34<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.40<br> %<br>| 1.40<br> %<br>| 1.40<br> %<br>| 1.40<br> %<br>| 1.38<br> %<br>|
| Net investment income (loss) to average net assets | (0.70)%<br>| (0.69)%<br>| (0.85)%<br>| (0.94)%<br>| (0.91)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $4.83 | $4.37 | $4.73 | $7.83 | $5.73 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.06)<br>| (0.07)<br>| (0.07)<br>| (0.10)<br>| (0.12)<br>|
| Net realized and unrealized gain (loss) | 0.20 | 0.83 | (0.05)<br>| (2.04)<br>| 2.89 |
| Total investment operations | 0.14 | 0.76 | (0.12)<br>| (2.14)<br>| 2.77 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.01<br> <sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $4.19 | $4.83 | $4.37 | $4.73 | $7.83 |
| **Total return** <sup>(E)</sup> | 2.42<br> %<br>| 17.27<br> %<sup>(C)</sup><br>| (2.50)%<br>| (30.50)%<sup>(D)</sup><br>| 50.73<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1074 | $1406 | $1567 | $2041 | $4305 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 2.35<br> %<br>| 2.24<br> %<br>| 2.23<br> %<br>| 2.16<br> %<br>| 2.08<br> %<br>|
| Including waiver and/or reimbursement and recapture | 2.13<br> %<br>| 2.13<br> %<br>| 2.13<br> %<br>| 2.14<br> %<br>| 2.11<br> %<br>|
| Net investment income (loss) to average net assets | (1.41)%<br>| (1.42)%<br>| (1.58)%<br>| (1.69)%<br>| (1.64)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.20%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Small Cap Growth (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $6.48 | $5.71 | $6.05 | $9.65 | $6.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.02)<br>| (0.03)<br>| (0.03)<br>| (0.05)<br>| (0.05)<br>|
| Net realized and unrealized gain (loss) | 0.26 | 1.10 | (0.07)<br>| (2.58)<br>| 3.50 |
| Total investment operations | 0.24 | 1.07 | (0.10)<br>| (2.63)<br>| 3.45 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $5.94 | $6.48 | $5.71 | $6.05 | $9.65 |
| **Total return** | 3.45<br> %<br>| 18.69<br> %<br>| (1.59)%<br>| (29.87)%<br>| 52.32<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $4013 | $19559 | $19647 | $21199 | $48376 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.19<br> %<br>| 1.12<br> %<br>| 1.11<br> %<br>| 1.09<br> %<br>| 1.06<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.08<br> %<br>| 1.06<br> %<br>|
| Net investment income (loss) to average net assets | (0.38)%<br>| (0.41)%<br>| (0.55)%<br>| (0.64)%<br>| (0.59)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $6.69 | $5.88 | $6.21 | $9.88 | $7.02 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.02)<br>| (0.02)<br>| (0.03)<br>| (0.04)<br>| (0.04)<br>|
| Net realized and unrealized gain (loss) | 0.27 | 1.13 | (0.06)<br>| (2.66)<br>| 3.57 |
| Total investment operations | 0.25 | 1.11 | (0.09)<br>| (2.70)<br>| 3.53 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $6.16 | $6.69 | $5.88 | $6.21 | $9.88 |
| **Total return** | 3.50<br> %<br>| 18.85<br> %<br>| (1.38)%<br>| (29.89)%<br>| 52.35<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $39891 | $44131 | $74348 | $70676 | $142112 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.09<br> %<br>| 1.02<br> %<br>| 1.02<br> %<br>| 0.99<br> %<br>| 0.96<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>| 0.97<br> %<br>|
| Net investment income (loss) to average net assets | (0.28)%<br>| (0.28)%<br>| (0.45)%<br>| (0.54)%<br>| (0.49)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Small Cap Growth (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $6.69 | $5.88 | $6.21 | $9.87 | $7.01 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.02)<br>| (0.02)<br>| (0.03)<br>| (0.04)<br>| (0.04)<br>|
| Net realized and unrealized gain (loss) | 0.27 | 1.13 | (0.06)<br>| (2.65)<br>| 3.57 |
| Total investment operations | 0.25 | 1.11 | (0.09)<br>| (2.69)<br>| 3.53 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $6.16 | $6.69 | $5.88 | $6.21 | $9.87 |
| **Total return** | 3.50<br> %<br>| 18.85<br> %<br>| (1.38)%<br>| (29.82)%<br>| 52.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $5408 | $5932 | $5402 | $5477 | $121 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.09<br> %<br>| 1.02<br> %<br>| 1.02<br> %<br>| 1.00<br> %<br>| 0.96<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.96<br> %<br>|
| Net investment income (loss) to average net assets | (0.30)%<br>| (0.29)%<br>| (0.45)%<br>| (0.54)%<br>| (0.48)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica Small Cap Value** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $6.12 | $4.66 | $6.55 | $12.91 | $8.13 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.03 | 0.02 | 0.02 | 0.03 | (0.00)<sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.21 | 1.59 | (0.77)<br>| (0.64)<br>| 4.78 |
| Total investment operations | 0.24 | 1.61 | (0.75)<br>| (0.61)<br>| 4.78 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.15)<br>| (0.05)<br>| (0.05)<br>|  |
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.38)<br>| (0.15)<br>| (1.14)<br>| (5.75)<br>|  |
| **Net asset value, end of year** | $4.98 | $6.12 | $4.66 | $6.55 | $12.91 |
| **Total return** <sup>(D)</sup> | 4.65<br> %<br>| 34.85<br> %<br>| (13.43)%<br>| (7.92)%<sup>(C)</sup><br>| 58.79<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $10222 | $5962 | $6957 | $8559 | $9240 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.52<br> %<br>| 1.39<br> %<br>| 1.28<br> %<br>| 1.24<br> %<br>| 1.19<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.29<br> %<br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.21<br> %<br>| 1.26<br> %<br>|
| Net investment income (loss) to average net assets | 0.67<br> %<br>| 0.39<br> %<br>| 0.36<br> %<br>| 0.48<br> %<br>| 0.00<br> %<sup>(E)</sup><br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Rounds to less than 0.01% or (0.01)%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $5.80 | $4.42 | $6.28 | $12.60 | $7.99 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.00<br> <sup>(B)</sup><br>| (0.02)<br>| (0.02)<br>| (0.02)<br>| (0.07)<br>|
| Net realized and unrealized gain (loss) | 0.17 | 1.51 | (0.73)<br>| (0.63)<br>| 4.68 |
| Total investment operations | 0.17 | 1.49 | (0.75)<br>| (0.65)<br>| 4.61 |
| **Contributions from affiliate** |  |  |  | 0.03<br> <sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  | (0.11)<br>| (0.02)<br>|  |  |
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.34)<br>| (0.11)<br>| (1.11)<br>| (5.70)<br>|  |
| **Net asset value, end of year** | $4.63 | $5.80 | $4.42 | $6.28 | $12.60 |
| **Total return** <sup>(D)</sup> | 3.52<br> %<br>| 33.95<br> %<br>| (13.99)%<br>| (8.28)%<sup>(C)</sup><br>| 57.70<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $325 | $484 | $431 | $572 | $756 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 2.24<br> %<br>| 2.13<br> %<br>| 2.03<br> %<br>| 1.99<br> %<br>| 1.93<br> %<br>|
| Including waiver and/or reimbursement and recapture | 2.05<br> %<br>| 2.05<br> %<br>| 2.03<br> %<br>| 1.99<br> %<sup>(E)</sup><br>| 1.95<br> %<br>|
| Net investment income (loss) to average net assets | (0.02)%<br>| (0.35)%<br>| (0.40)%<br>| (0.29)%<br>| (0.61)%<br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.39%.*

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Small Cap Value (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $6.45 | $4.77 | $6.67 | $13.06 | $8.22 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.05 | 0.07 | 0.04 | 0.06 | 0.05 |
| Net realized and unrealized gain (loss) | 0.20 | 1.61 | (0.79)<br>| (0.66)<br>| 4.81 |
| Total investment operations | 0.25 | 1.68 | (0.75)<br>| (0.60)<br>| 4.86 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.05)<br>|  | (0.06)<br>| (0.09)<br>| (0.02)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.39)<br>|  | (1.15)<br>| (5.79)<br>| (0.02)<br>|
| **Net asset value, end of year** | $5.31 | $6.45 | $4.77 | $6.67 | $13.06 |
| **Total return** | 4.71<br> %<br>| 35.22<br> %<br>| (13.10)%<br>| (7.72)%<br>| 59.14<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $2259 | $2291 | $13415 | $17023 | $19027 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.17<br> %<br>| 1.07<br> %<br>| 0.96<br> %<br>| 0.94<br> %<br>| 0.90<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.99<br> %<br>| 0.99<br> %<br>| 0.96<br> %<br>| 0.94<br> %<br>| 0.91<br> %<br>|
| Net investment income (loss) to average net assets | 1.04<br> %<br>| 1.11<br> %<br>| 0.67<br> %<br>| 0.75<br> %<br>| 0.41<br> %<br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $6.27 | $4.77 | $6.68 | $13.08 | $8.23 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.06 | 0.05 | 0.05 | 0.06 | 0.07 |
| Net realized and unrealized gain (loss) | 0.21 | 1.62 | (0.80)<br>| (0.66)<br>| 4.81 |
| Total investment operations | 0.27 | 1.67 | (0.75)<br>| (0.60)<br>| 4.88 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.06)<br>| (0.17)<br>| (0.07)<br>| (0.10)<br>| (0.03)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.40)<br>| (0.17)<br>| (1.16)<br>| (5.80)<br>| (0.03)<br>|
| **Net asset value, end of year** | $5.14 | $6.27 | $4.77 | $6.68 | $13.08 |
| **Total return** | 5.06<br> %<br>| 35.41<br> %<br>| (13.13)%<br>| (7.63)%<br>| 59.35<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $55948 | $55629 | $179319 | $360477 | $643658 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.08<br> %<br>| 0.97<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.89<br> %<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>|
| Net investment income (loss) to average net assets | 1.11<br> %<br>| 0.88<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.60<br> %<br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Small Cap Value (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $6.36 | $4.83 | $6.75 | $13.16 | $8.28 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.06 | 0.04 | 0.04 | 0.06 | 0.06 |
| Net realized and unrealized gain (loss) | 0.20 | 1.66 | (0.80)<br>| (0.67)<br>| 4.85 |
| Total investment operations | 0.26 | 1.70 | (0.76)<br>| (0.61)<br>| 4.91 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.06)<br>| (0.17)<br>| (0.07)<br>| (0.10)<br>| (0.03)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.40)<br>| (0.17)<br>| (1.16)<br>| (5.80)<br>| (0.03)<br>|
| **Net asset value, end of year** | $5.22 | $6.36 | $4.83 | $6.75 | $13.16 |
| **Total return** | 4.77<br> %<br>| 35.62<br> %<br>| (13.15)%<br>| (7.68)%<br>| 59.35<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $5458 | $22234 | $5116 | $6373 | $80 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.08<br> %<br>| 0.97<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.89<br> %<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>|
| Net investment income (loss) to average net assets | 1.18<br> %<br>| 0.77<br> %<br>| 0.75<br> %<br>| 0.79<br> %<br>| 0.50<br> %<br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica Small/Mid Cap Value** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $29.38 | $24.94 | $27.73 | $32.73 | $21.78 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.26 | 0.21 | 0.18 | 0.12 | 0.06 |
| Net realized and unrealized gain (loss) | 1.05 | 5.54 | (0.51)<br>| (1.80)<br>| 11.02 |
| Total investment operations | 1.31 | 5.75 | (0.33)<br>| (1.68)<br>| 11.08 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.23)<br>| (0.24)<br>| (0.16)<br>| (0.02)<br>| (0.13)<br>|
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  |
| Total dividends and/or distributions to shareholders | (3.32)<br>| (1.31)<br>| (2.46)<br>| (3.32)<br>| (0.13)<br>|
| **Net asset value, end of year** | $27.37 | $29.38 | $24.94 | $27.73 | $32.73 |
| **Total return** <sup>(E)</sup> | 5.06<br> %<br>| 23.55<br> %<sup>(C)</sup><br>| (1.30)%<br>| (5.72)%<sup>(D)</sup><br>| 51.02<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $299655 | $316253 | $297422 | $334241 | $386681 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.20<br> %<br>| 1.20<br> %<br>| 1.22<br> %<br>| 1.21<br> %<br>| 1.23<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.19<br> %<sup>(F)</sup><br>| 1.20<br> %<br>| 1.22<br> %<sup>(G)</sup><br>| 1.21<br> %<sup>(G)</sup><br>| 1.23<br> %<br>|
| Net investment income (loss) to average net assets | 0.96<br> %<br>| 0.75<br> %<br>| 0.68<br> %<br>| 0.41<br> %<br>| 0.18<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $23.26 | $19.97 | $22.69 | $27.55 | $18.37 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.05 | 0.00 | (0.01)<br>| (0.08)<br>| (0.12)<br>|
| Net realized and unrealized gain (loss) | 0.79 | 4.43 | (0.41)<br>| (1.48)<br>| 9.30 |
| Total investment operations | 0.84 | 4.43 | (0.42)<br>| (1.56)<br>| 9.18 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.07)<br>|  |  |  |
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  |
| Total dividends and/or distributions to shareholders | (3.13)<br>| (1.14)<br>| (2.30)<br>| (3.30)<br>|  |
| **Net asset value, end of year** | $20.97 | $23.26 | $19.97 | $22.69 | $27.55 |
| **Total return** <sup>(E)</sup> | 4.23<br> %<br>| 22.67<br> %<sup>(C)</sup><br>| (2.04)%<br>| (6.43)%<sup>(D)</sup><br>| 49.97<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $15847 | $26099 | $28931 | $39700 | $51556 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.95<br> %<br>| 1.95<br> %<br>| 1.97<br> %<br>| 1.97<br> %<br>| 1.96<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.95<br> %<br>| 1.95<br> %<br>| 1.97<br> %<sup>(F)</sup><br>| 1.96<br> %<br>| 1.96<br> %<br>|
| Net investment income (loss) to average net assets | 0.23<br> %<br>| 0.01<br> %<br>| (0.04)%<br>| (0.33)%<br>| (0.49)%<br>|
| Portfolio turnover rate | 48<br> %<br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.01%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Small/Mid Cap Value (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $30.93 | $26.18 | $29.00 | $34.08 | $22.67 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.35 | 0.30 | 0.27 | 0.21 | 0.15 |
| Net realized and unrealized gain (loss) | 1.11 | 5.84 | (0.55)<br>| (1.87)<br>| 11.47 |
| Total investment operations | 1.46 | 6.14 | (0.28)<br>| (1.66)<br>| 11.62 |
| **Contributions from affiliate** |  |  |  | 0.02<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.31)<br>| (0.32)<br>| (0.24)<br>| (0.14)<br>| (0.21)<br>|
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  |
| Total dividends and/or distributions to shareholders | (3.40)<br>| (1.39)<br>| (2.54)<br>| (3.44)<br>| (0.21)<br>|
| **Net asset value, end of year** | $28.99 | $30.93 | $26.18 | $29.00 | $34.08 |
| **Total return** | 5.34<br> %<br>| 23.96<br> %<br>| (1.05)%<br>| (5.36)%<sup>(B)</sup><br>| 51.51<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $244362 | $273853 | $248649 | $304806 | $364551 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.91<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.91<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>|
| Net investment income (loss) to average net assets | 1.25<br> %<br>| 1.03<br> %<br>| 0.99<br> %<br>| 0.70<br> %<br>| 0.47<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.07%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $31.03 | $26.27 | $29.09 | $34.18 | $22.73 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.38 | 0.33 | 0.30 | 0.24 | 0.24 |
| Net realized and unrealized gain (loss) | 1.12 | 5.85 | (0.55)<br>| (1.88)<br>| 11.45 |
| Total investment operations | 1.50 | 6.18 | (0.25)<br>| (1.64)<br>| 11.69 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.35)<br>| (0.27)<br>| (0.15)<br>| (0.24)<br>|
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  |
| Total dividends and/or distributions to shareholders | (3.43)<br>| (1.42)<br>| (2.57)<br>| (3.45)<br>| (0.24)<br>|
| **Net asset value, end of year** | $29.10 | $31.03 | $26.27 | $29.09 | $34.18 |
| **Total return** | 5.47<br> %<br>| 24.04<br> %<br>| (0.93)%<br>| (5.36)%<br>| 51.70<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $6086 | $5371 | $4126 | $4277 | $4725 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) to average net assets | 1.32<br> %<br>| 1.13<br> %<br>| 1.07<br> %<br>| 0.79<br> %<br>| 0.83<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Small/Mid Cap Value (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $31.20 | $26.41 | $29.23 | $34.33 | $22.83 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.38 | 0.34 | 0.30 | 0.24 | 0.19 |
| Net realized and unrealized gain (loss) | 1.13 | 5.87 | (0.55)<br>| (1.89)<br>| 11.55 |
| Total investment operations | 1.51 | 6.21 | (0.25)<br>| (1.65)<br>| 11.74 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.35)<br>| (0.27)<br>| (0.15)<br>| (0.24)<br>|
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  |
| Total dividends and/or distributions to shareholders | (3.43)<br>| (1.42)<br>| (2.57)<br>| (3.45)<br>| (0.24)<br>|
| **Net asset value, end of year** | $29.28 | $31.20 | $26.41 | $29.23 | $34.33 |
| **Total return** | 5.47<br> %<br>| 24.03<br> %<br>| (0.93)%<br>| (5.36)%<br>| 51.69<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $59959 | $72025 | $75499 | $86703 | $93544 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) to average net assets | 1.34<br> %<br>| 1.14<br> %<br>| 1.08<br> %<br>| 0.79<br> %<br>| 0.59<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica Strategic Income** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.80 | $8.48 | $8.66 | $10.27 | $9.89 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.54 | 0.59 | 0.40 | 0.27 | 0.32 |
| Net realized and unrealized gain (loss) | 0.03 | 0.36 | (0.18)<br>| (1.10)<br>| 0.38 |
| Total investment operations | 0.57 | 0.95 | 0.22 | (0.83)<br>| 0.70 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.49)<br>| (0.54)<br>| (0.36)<br>| (0.18)<br>| (0.32)<br>|
| Net realized gains |  |  |  | (0.47)<br>|  |
| Return of capital |  | (0.09)<br>| (0.04)<br>| (0.13)<br>|  |
| Total dividends and/or distributions to shareholders | (0.49)<br>| (0.63)<br>| (0.40)<br>| (0.78)<br>| (0.32)<br>|
| **Net asset value, end of year** | $8.88 | $8.80 | $8.48 | $8.66 | $10.27 |
| **Total return** <sup>(D)</sup> | 6.69<br> %<br>| 11.34<br> %<br>| 2.46<br> %<br>| (8.84)%<sup>(C)</sup><br>| 7.12<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $4886 | $4022 | $1486 | $1329 | $442 |
| Expenses to average net assets <sup>(E)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.08<br> %<br>| 1.13<br> %<br>| 1.03<br> %<br>| 1.04<br> %<br>| 1.08<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.99<br> %<br>| 1.11<br> %<sup>(F)</sup><br>| 1.02<br> %<br>| 1.04<br> %<sup>(G)</sup><br>| 1.05<br> %<br>|
| Net investment income (loss) to average net assets | 6.17<br> %<br>| 6.68<br> %<br>| 4.53<br> %<br>| 2.94<br> %<br>| 3.07<br> %<br>|
| Portfolio turnover rate <sup>(H)</sup> | 65<br> %<br>| 126<br> %<br>| 136<br> %<br>| 8<br> %<br>| 70<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(F)</sup> *Includes interest expense outside the operating expense limit.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(H)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 65%, 223%, 204%, 8% and 70%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.79 | $8.47 | $8.64 | $10.28 | $9.89 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.59 | 0.60 | 0.42 | 0.29 | 0.34 |
| Net realized and unrealized gain (loss) | 0.01 | 0.37 | (0.18)<br>| (1.11)<br>| 0.39 |
| Total investment operations | 0.60 | 0.97 | 0.24 | (0.82)<br>| 0.73 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.52)<br>| (0.55)<br>| (0.37)<br>| (0.21)<br>| (0.34)<br>|
| Net realized gains |  |  |  | (0.47)<br>|  |
| Return of capital |  | (0.10)<br>| (0.04)<br>| (0.14)<br>|  |
| Total dividends and/or distributions to shareholders | (0.52)<br>| (0.65)<br>| (0.41)<br>| (0.82)<br>| (0.34)<br>|
| **Net asset value, end of year** | $8.87 | $8.79 | $8.47 | $8.64 | $10.28 |
| **Total return** | 7.01<br> %<br>| 11.62<br> %<br>| 2.91<br> %<br>| (8.65)%<sup>(C)</sup><br>| 7.46<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $138384 | $47119 | $37166 | $58753 | $46222 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.86<br> %<br>| 0.90<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.67<br> %<sup>(E)</sup><br>| 0.87<br> %<sup>(F)</sup><br>| 0.81<br> %<sup>(G)</sup><br>| 0.80<br> %<sup>(G)</sup><br>| 0.78<br> %<br>|
| Net investment income (loss) to average net assets | 6.78<br> %<br>| 6.77<br> %<br>| 4.77<br> %<br>| 3.13<br> %<br>| 3.28<br> %<br>|
| Portfolio turnover rate <sup>(H)</sup> | 65<br> %<br>| 126<br> %<br>| 136<br> %<br>| 8<br> %<br>| 70<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *TAM has contractually agreed to reimburse 0.10% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(F)</sup> *Includes interest expense outside the operating expense limit.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(H)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 65%, 223%, 204%, 8% and 70%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Strategic Income (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.74 | $8.43 | $8.60 | $10.25 | $9.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.57 | 0.59 | 0.43 | 0.30 | 0.35 |
| Net realized and unrealized gain (loss) | 0.03 | 0.37 | (0.18)<br>| (1.12)<br>| 0.38 |
| Total investment operations | 0.60 | 0.96 | 0.25 | (0.82)<br>| 0.73 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.52)<br>| (0.55)<br>| (0.38)<br>| (0.21)<br>| (0.35)<br>|
| Net realized gains |  |  |  | (0.47)<br>|  |
| Return of capital |  | (0.10)<br>| (0.04)<br>| (0.15)<br>|  |
| Total dividends and/or distributions to shareholders | (0.52)<br>| (0.65)<br>| (0.42)<br>| (0.83)<br>| (0.35)<br>|
| **Net asset value, end of year** | $8.82 | $8.74 | $8.43 | $8.60 | $10.25 |
| **Total return** | 7.05<br> %<br>| 11.61<br> %<br>| 3.01<br> %<br>| (8.69)%<br>| 7.47<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $110925 | $103644 | $585656 | $654792 | $1196450 |
| Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.76<br> %<br>| 0.79<br> %<br>| 0.71<br> %<br>| 0.71<br> %<br>| 0.70<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.67<br> %<br>| 0.76<br> %<sup>(C)</sup><br>| 0.71<br> %<sup>(D)</sup><br>| 0.70<br> %<br>| 0.69<br> %<br>|
| Net investment income (loss) to average net assets | 6.57<br> %<br>| 6.71<br> %<br>| 4.94<br> %<br>| 3.21<br> %<br>| 3.42<br> %<br>|
| Portfolio turnover rate <sup>(E)</sup> | 65<br> %<br>| 126<br> %<br>| 136<br> %<br>| 8<br> %<br>| 70<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(C)</sup> *Includes interest expense outside the operating expense limit.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(E)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 65%, 223%, 204%, 8% and 70%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **For a share outstanding during the period indicated:** | **Class R6** |
|  | **October 31,** <br>**2025** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period** | $8.63 |
| **Investment operations:** |  |
| Net investment income (loss) <sup>(B)</sup> | 0.27 |
| Net realized and unrealized gain (loss) | 0.14 |
| Total investment operations | 0.41 |
| **Contributions from affiliate** |  |
| **Dividends and/or distributions to shareholders:** |  |
| Net investment income | (0.21)<br>|
| **Net asset value, end of period** | $8.83 |
| **Total return** <sup>(C)</sup> | 4.74<br> %<br>|
| **Ratio and supplemental data:** |  |
| Net assets end of period (000's) | $10 |
| Expenses to average net assets <sup>(D)</sup> |  |
| Excluding waiver and/or reimbursement and recapture <sup>(E)</sup> | 0.73<br> %<br>|
| Including waiver and/or reimbursement and recapture <sup>(E)</sup> | 0.63<br> %<br>|
| Net investment income (loss) to average net assets <sup>(E)</sup> | 7.36<br> %<br>|
| Portfolio turnover rate | 65<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on June 2, 2025.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

------

**Transamerica Sustainable Equity Income** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.58 | $6.63 | $6.86 | $9.53 | $6.86 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.10 | 0.11 | 0.12 | 0.11 | 0.13 |
| Net realized and unrealized gain (loss) | 0.52 | 1.97 | (0.25)<br>| (1.31)<br>| 2.66 |
| Total investment operations | 0.62 | 2.08 | (0.13)<br>| (1.20)<br>| 2.79 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.11)<br>| (0.13)<br>| (0.10)<br>| (0.12)<br>| (0.12)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  |
| Return of capital |  |  |  | (0.01)<br>|  |
| Total dividends and/or distributions to shareholders | (0.69)<br>| (0.13)<br>| (0.10)<br>| (1.47)<br>| (0.12)<br>|
| **Net asset value, end of year** | $8.51 | $8.58 | $6.63 | $6.86 | $9.53 |
| **Total return** <sup>(E)</sup> | 7.75<br> %<br>| 31.49<br> %<sup>(C)</sup><br>| (1.91)%<br>| (14.38)%<sup>(D)</sup><br>| 40.92<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $71582 | $55561 | $52013 | $59568 | $81027 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.07<br> %<br>| 1.05<br> %<br>| 1.03<br> %<br>| 1.01<br> %<br>| 1.02<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.07<br> %<sup>(F)</sup><br>| 1.05<br> %<br>| 1.03<br> %<sup>(F)</sup><br>| 1.01<br> %<sup>(F)</sup><br>| 1.02<br> %<br>|
| Net investment income (loss) to average net assets | 1.26<br> %<br>| 1.42<br> %<br>| 1.74<br> %<br>| 1.50<br> %<br>| 1.46<br> %<br>|
| Portfolio turnover rate | 22<br> %<br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.53 | $6.59 | $6.81 | $9.48 | $6.83 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.03 | 0.04 | 0.06 | 0.05 | 0.06 |
| Net realized and unrealized gain (loss) | 0.52 | 1.96 | (0.24)<br>| (1.32)<br>| 2.64 |
| Total investment operations | 0.55 | 2.00 | (0.18)<br>| (1.27)<br>| 2.70 |
| **Contributions from affiliate** |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.03)<br>| (0.06)<br>| (0.04)<br>| (0.06)<br>| (0.05)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  |
| Return of capital |  |  |  | (0.00)<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.61)<br>| (0.06)<br>| (0.04)<br>| (1.40)<br>| (0.05)<br>|
| **Net asset value, end of year** | $8.47 | $8.53 | $6.59 | $6.81 | $9.48 |
| **Total return** <sup>(D)</sup> | 6.88<br> %<br>| 30.43<br> %<br>| (2.69)%<br>| (15.26)%<sup>(C)</sup><br>| 39.74<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $800 | $1222 | $1130 | $1579 | $2271 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.94<br> %<br>| 1.94<br> %<br>| 1.94<br> %<br>| 1.91<br> %<br>| 1.91<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.89<br> %<br>|
| Net investment income (loss) to average net assets | 0.41<br> %<br>| 0.56<br> %<br>| 0.88<br> %<br>| 0.62<br> %<br>| 0.68<br> %<br>|
| Portfolio turnover rate | 22<br> %<br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Sustainable Equity Income (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.60 | $6.63 | $6.86 | $9.54 | $6.86 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.13 | 0.13 | 0.14 | 0.14 | 0.15 |
| Net realized and unrealized gain (loss) | 0.51 | 1.98 | (0.25)<br>| (1.33)<br>| 2.66 |
| Total investment operations | 0.64 | 2.11 | (0.11)<br>| (1.19)<br>| 2.81 |
| **Contributions from affiliate** |  |  |  | 0.03<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.14)<br>| (0.12)<br>| (0.17)<br>| (0.13)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  |
| Return of capital |  |  |  | (0.01)<br>|  |
| Total dividends and/or distributions to shareholders | (0.70)<br>| (0.14)<br>| (0.12)<br>| (1.52)<br>| (0.13)<br>|
| **Net asset value, end of year** | $8.54 | $8.60 | $6.63 | $6.86 | $9.54 |
| **Total return** | 8.06<br> %<br>| 32.04<br> %<br>| (1.73)%<br>| (13.84)%<sup>(B)</sup><br>| 41.29<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1652 | $1576 | $1461 | $2632 | $4463 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.87<br> %<br>| 0.86<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>| 0.85<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.78<br> %<sup>(C)</sup><br>| 0.77<br> %<sup>(C)</sup><br>| 0.75<br> %<sup>(C)</sup><br>| 0.74<br> %<sup>(C)(D)</sup><br>| 0.77<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 1.54<br> %<br>| 1.70<br> %<br>| 2.02<br> %<br>| 1.84<br> %<br>| 1.75<br> %<br>|
| Portfolio turnover rate | 22<br> %<br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.42%.*

<sup>(C)</sup> *TAM has contractually agreed to reimburse 0.09% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(D)</sup> *TAM contractually agreed to reimburse 0.09% of the sub-transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.58 | $6.62 | $6.85 | $9.53 | $6.86 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.13 | 0.14 | 0.14 | 0.14 | 0.17 |
| Net realized and unrealized gain (loss) | 0.51 | 1.97 | (0.25)<br>| (1.33)<br>| 2.64 |
| Total investment operations | 0.64 | 2.11 | (0.11)<br>| (1.19)<br>| 2.81 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.15)<br>| (0.12)<br>| (0.14)<br>| (0.14)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  |
| Return of capital |  |  |  | (0.01)<br>|  |
| Total dividends and/or distributions to shareholders | (0.71)<br>| (0.15)<br>| (0.12)<br>| (1.49)<br>| (0.14)<br>|
| **Net asset value, end of year** | $8.51 | $8.58 | $6.62 | $6.85 | $9.53 |
| **Total return** | 8.06<br> %<br>| 32.06<br> %<br>| (1.63)%<br>| (14.23)%<br>| 41.31<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $118542 | $112926 | $187388 | $217081 | $253200 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77<br> %<sup>(B)</sup><br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>|
| Net investment income (loss) to average net assets | 1.55<br> %<br>| 1.77<br> %<br>| 2.03<br> %<br>| 1.80<br> %<br>| 1.97<br> %<br>|
| Portfolio turnover rate | 22<br> %<br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Sustainable Equity Income (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.57 | $6.62 | $6.85 | $9.53 | $6.86 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.13 | 0.13 | 0.14 | 0.14 | 0.16 |
| Net realized and unrealized gain (loss) | 0.51 | 1.97 | (0.25)<br>| (1.33)<br>| 2.65 |
| Total investment operations | 0.64 | 2.10 | (0.11)<br>| (1.19)<br>| 2.81 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.15)<br>| (0.12)<br>| (0.14)<br>| (0.14)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  |
| Return of capital |  |  |  | (0.01)<br>|  |
| Total dividends and/or distributions to shareholders | (0.71)<br>| (0.15)<br>| (0.12)<br>| (1.49)<br>| (0.14)<br>|
| **Net asset value, end of year** | $8.50 | $8.57 | $6.62 | $6.85 | $9.53 |
| **Total return** | 8.07<br> %<br>| 31.91<br> %<br>| (1.62)%<br>| (14.23)%<br>| 41.31<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1798 | $1584 | $1661 | $1602 | $3364 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.77<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77<br> %<sup>(B)</sup><br>| 0.77<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>|
| Net investment income (loss) to average net assets | 1.55<br> %<br>| 1.71<br> %<br>| 2.02<br> %<br>| 1.80<br> %<br>| 1.93<br> %<br>|
| Portfolio turnover rate | 22<br> %<br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

------

**Transamerica UltraShort Bond** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $10.07 | $10.01 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.38 | 0.46 | 0.29 |
| Net realized and unrealized gain (loss) | 0.03 | 0.08 | 0.00<br> <sup>(C)</sup><br>|
| Total investment operations | 0.41 | 0.54 | 0.29 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.39)<br>| (0.47)<br>| (0.28)<br>|
| Net realized gains | (0.04)<br>| (0.01)<br>|  |
| Total dividends and/or distributions to shareholders | (0.43)<br>| (0.48)<br>| (0.28)<br>|
| **Net asset value, end of year** | $10.05 | $10.07 | $10.01 |
| **Total return** <sup>(D)</sup> | 4.14<br> %<br>| 5.44<br> %<br>| 2.90<br> %<sup>(E)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $919 | $276 | $209 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.88<br> %<br>| 0.88<br> %<br>| 1.66<br> %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.69<br> %<br>| 0.69<br> %<br>| 0.69<br> %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 3.83<br> %<br>| 4.60<br> %<br>| 4.93<br> %<sup>(F)</sup><br>|
| Portfolio turnover rate | 50<br> %<br>| 89<br> %<br>| 32<br> %<sup>(E)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $10.06 | $10.01 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.42 | 0.50 | 0.30 |
| Net realized and unrealized gain (loss) | 0.03 | 0.06 | 0.01 |
| Total investment operations | 0.45 | 0.56 | 0.31 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.42)<br>| (0.50)<br>| (0.30)<br>|
| Net realized gains | (0.04)<br>| (0.01)<br>|  |
| Total dividends and/or distributions to shareholders | (0.46)<br>| (0.51)<br>| (0.30)<br>|
| **Net asset value, end of year** | $10.05 | $10.06 | $10.01 |
| **Total return** | 4.60<br> %<br>| 5.73<br> %<br>| 3.11<br> %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $35210 | $30331 | $25922 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.64<br> %<br>| 0.63<br> %<br>| 1.35<br> %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 4.20<br> %<br>| 4.99<br> %<br>| 5.06<br> %<sup>(D)</sup><br>|
| Portfolio turnover rate | 50<br> %<br>| 89<br> %<br>| 32<br> %<sup>(C)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

------

**Transamerica US Growth** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $31.20 | $23.08 | $20.43 | $32.73 | $25.92 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.16)<br>| (0.13)<br>| (0.06)<br>| (0.10)<br>| (0.12)<br>|
| Net realized and unrealized gain (loss) | 8.00 | 9.20 | 3.58 | (8.28)<br>| 9.59 |
| Total investment operations | 7.84 | 9.07 | 3.52 | (8.38)<br>| 9.47 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>|
| **Net asset value, end of year** | $34.27 | $31.20 | $23.08 | $20.43 | $32.73 |
| **Total return** <sup>(E)</sup> | 27.81<br> %<br>| 40.15<br> %<sup>(C)</sup><br>| 18.09<br> %<br>| (28.96)%<sup>(D)</sup><br>| 38.69<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1150251 | $933028 | $705997 | $641399 | $973954 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.02<br> %<br>| 1.05<br> %<br>| 1.04<br> %<br>| 1.02<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.02<br> %<br>| 1.05<br> %<sup>(F)</sup><br>| 1.04<br> %<sup>(F)</sup><br>| 1.02<br> %<br>|
| Net investment income (loss) to average net assets | (0.53)%<br>| (0.47)%<br>| (0.28)%<br>| (0.41)%<br>| (0.42)%<br>|
| Portfolio turnover rate | 39<br> %<br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $26.45 | $19.84 | $17.82 | $29.26 | $23.58 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.32)<br>| (0.31)<br>| (0.21)<br>| (0.26)<br>| (0.31)<br>|
| Net realized and unrealized gain (loss) | 6.61 | 7.87 | 3.10 | (7.27)<br>| 8.65 |
| Total investment operations | 6.29 | 7.56 | 2.89 | (7.53)<br>| 8.34 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.01<br> <sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>|
| **Net asset value, end of year** | $27.97 | $26.45 | $19.84 | $17.82 | $29.26 |
| **Total return** <sup>(E)</sup> | 26.80<br> %<br>| 39.05<br> %<sup>(C)</sup><br>| 17.17<br> %<br>| (29.52)%<sup>(D)</sup><br>| 37.64<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $20333 | $20839 | $12873 | $13016 | $18427 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.80<br> %<br>| 1.81<br> %<br>| 1.86<br> %<br>| 1.85<br> %<br>| 1.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.80<br> %<br>| 1.81<br> %<br>| 1.86<br> %<sup>(F)</sup><br>| 1.84<br> %<br>| 1.80<br> %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | (1.31)%<br>| (1.26)%<br>| (1.08)%<br>| (1.21)%<br>| (1.19)%<br>|
| Portfolio turnover rate | 39<br> %<br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.04%.*

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica US Growth (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $32.76 | $24.14 | $21.27 | $33.86 | $26.67 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.09)<br>| (0.07)<br>| (0.00)<sup>(B)</sup><br>| (0.04)<br>| (0.06)<br>|
| Net realized and unrealized gain (loss) | 8.45 | 9.64 | 3.74 | (8.63)<br>| 9.91 |
| Total investment operations | 8.36 | 9.57 | 3.74 | (8.67)<br>| 9.85 |
| **Contributions from affiliate** |  |  |  | 0.05<br> <sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  |  |  | (0.05)<br>|  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>|
| Total dividends and/or distributions to shareholders | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.97)<br>| (2.66)<br>|
| **Net asset value, end of year** | $36.35 | $32.76 | $24.14 | $21.27 | $33.86 |
| **Total return** | 28.11<br> %<br>| 40.46<br> %<br>| 18.42<br> %<br>| (28.67)%<sup>(C)</sup><br>| 39.05<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $486289 | $419190 | $291705 | $254969 | $388235 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>|
| Net investment income (loss) to average net assets | (0.29)%<br>| (0.22)%<br>| (0.01)%<br>| (0.16)%<br>| (0.18)%<br>|
| Portfolio turnover rate | 39<br> %<br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.17%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $32.93 | $24.24 | $21.33 | $33.89 | $26.68 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.06)<br>| (0.04)<br>| 0.02 | (0.01)<br>| (0.02)<br>|
| Net realized and unrealized gain (loss) | 8.50 | 9.68 | 3.76 | (8.63)<br>| 9.90 |
| Total investment operations | 8.44 | 9.64 | 3.78 | (8.64)<br>| 9.88 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  |  |  |  | (0.01)<br>|
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>|
| Total dividends and/or distributions to shareholders | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.67)<br>|
| **Net asset value, end of year** | $36.60 | $32.93 | $24.24 | $21.33 | $33.89 |
| **Total return** | 28.22<br> %<br>| 40.59<br> %<br>| 18.57<br> %<br>| (28.72)%<br>| 39.17<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1125216 | $810592 | $743651 | $561033 | $647828 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.67<br> %<br>| 0.68<br> %<br>| 0.69<br> %<br>| 0.69<br> %<br>| 0.67<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.67<br> %<br>| 0.68<br> %<br>| 0.69<br> %<br>| 0.69<br> %<br>| 0.67<br> %<br>|
| Net investment income (loss) to average net assets | (0.20)%<br>| (0.12)%<br>| 0.08<br> %<br>| (0.05)%<br>| (0.07)%<br>|
| Portfolio turnover rate | 39<br> %<br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica US Growth (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $32.92 | $24.23 | $21.33 | $33.89 | $29.89 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | (0.05)<br>| (0.04)<br>| 0.00<br> <sup>(C)</sup><br>| (0.02)<br>| (0.03)<br>|
| Net realized and unrealized gain (loss) | 8.49 | 9.68 | 3.77 | (8.62)<br>| 4.03 |
| Total investment operations | 8.44 | 9.64 | 3.77 | (8.64)<br>| 4.00 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>|  |
| **Net asset value, end of year** | $36.59 | $32.92 | $24.23 | $21.33 | $33.89 |
| **Total return** | 28.22<br> %<br>| 40.61<br> %<br>| 18.52<br> %<br>| (28.71)%<br>| 13.38<br> %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $5576 | $35347 | $15100 | $1248 | $11 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.67<br> %<br>| 0.68<br> %<br>| 0.68<br> %<br>| 0.69<br> %<br>| 0.67<br> %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.67<br> %<br>| 0.68<br> %<br>| 0.68<br> %<sup>(F)</sup><br>| 0.69<br> %<br>| 0.67<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | (0.16)%<br>| (0.15)%<br>| 0.02<br> %<br>| (0.07)%<br>| (0.23)%<sup>(E)</sup><br>|
| Portfolio turnover rate | 39<br> %<br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class T** | **Class T** | **Class T** | **Class T** | **Class T** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $120.55 | $86.57 | $73.95 | $107.77 | $79.77 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.28)<br>| (0.17)<br>| 0.04 | (0.08)<br>| (0.11)<br>|
| Net realized and unrealized gain (loss) | 33.41 | 35.10 | 13.45 | (29.82)<br>| 30.77 |
| Total investment operations | 33.13 | 34.93 | 13.49 | (29.90)<br>| 30.66 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>|
| **Net asset value, end of year** | $148.91 | $120.55 | $86.57 | $73.95 | $107.77 |
| **Total return** <sup>(B)</sup> | 28.19<br> %<br>| 40.58<br> %<br>| 18.48<br> %<br>| (28.76)%<br>| 39.15<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $218042 | $181656 | $139697 | $125757 | $189010 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.70<br> %<br>| 0.71<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.70<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.70<br> %<br>| 0.71<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.70<br> %<br>|
| Net investment income (loss) to average net assets | (0.22)%<br>| (0.16)%<br>| 0.04<br> %<br>| (0.10)%<br>| (0.11)%<br>|
| Portfolio turnover rate | 39<br> %<br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return has been calculated without deduction of the initial sales charge.*

------

**Appendix - Waivers and Discounts Available from Intermediaries**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The availability of certain sales charge waivers and discounts will depend on how you purchase your shares, including whether you purchase your shares through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, certain of which are discussed below. In all instances, it is the purchaser's responsibility to notify the fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase fund shares directly from a fund or through another intermediary to receive these waivers or discounts. The sales charge waivers and discounts described in this Appendix have been provided by the named intermediaries and are available only if you purchase your shares through the particular intermediary. Please contact the applicable intermediary with any questions regarding how that intermediary applies the policies described below and for assistance in determining whether you may qualify for a particular sales charge waiver or discount.

The Transamerica Fund Family consists of (i) Transamerica Funds ("TF") and (ii) Transamerica Series Trust ("TST") (collectively, the "Transamerica Fund Family").

**Ameriprise Financial ("Ameriprise Financial"):** 

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial** 

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

• *Transaction size breakpoints,* as described in this prospectus or the SAI.

• *Rights of accumulation (ROA),* as described in this prospectus or the SAI.

• *Letter of intent,* as described in this prospectus or the SAI.

**Front-end Sales Charge Waivers on Class A Shares Purchased through Ameriprise Financial** 

Shareholders purchasing Class A fund shares through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in the prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

• Shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the Transamerica Fund Family).

• Shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that the prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that the prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

• Shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

• Shares purchased from the proceeds of redemptions from another fund within the Transamerica Fund Family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

**CDSC Waivers on Class A and Class C Shares Purchased through Ameriprise Financial** 

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in the prospectus or the SAI:

• redemptions due to death or disability of the shareholder

• shares sold as part of a systematic withdrawal plan as described in the fund's prospectus or the SAI

• redemptions made in connection with a return of excess contributions from an IRA account

• shares purchased through a Right of Reinstatement (as defined above)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

**Robert W. Baird & Co. ("Baird"):** 

Effective January 1, 2026, shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A shares Available at Baird** 

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

• Shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird

• Shares purchased within 90 days following a redemption from another fund in the Transamerica Fund Family, provided (1) the redemption and purchase occur within the purchaser's Baird household and (2) the redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

• A shareholder in the fund's Class C shares will have their shares converted at net asset value to Class A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

• Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

**CDSC Waivers on Class A and Class C shares Available at Baird** 

• Shares sold due to death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus

• Shares bought due to returns of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's prospectus

• Shares sold to pay Baird fees but only if the transaction is initiated by Baird

• Shares acquired through a right of reinstatement

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations** 

• Breakpoints as described in the prospectus

• Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Transamerica Fund Family assets held by accounts within the purchaser's household at Baird. Eligible Transamerica Fund Family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

• Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of funds within the Transamerica Fund Family through Baird, over a 13-month period of time

**D.A. Davidson & Co. ("D.A. Davidson"):** 

Shareholders purchasing fund shares, including existing fund shareholders, through a D.A. Davidson platform or account, or through an introducing broker-dealer or independent registered investment advisor for which D.A. Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the prospectus or the SAI.

**Front-end Sales Charge Waivers on Class A shares Available at D.A. Davidson** 

• Shares purchased within the Transamerica Fund Family through a systematic reinvestment of capital gains and dividend distributions.

• Employees and registered representatives of D.A. Davidson or its affiliates and their family members as designated by D.A. Davidson.

• Shares purchased from the proceeds of redemptions within the Transamerica Fund Family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement).

• A shareholder in a fund's Class C shares will have their shares converted at net asset value to Class A shares of the fund if the shares are no longer subject to a CDSC and the conversion is consistent with D.A. Davidson's policies and procedures.

**CDSC Waivers on Class A and Class C shares Available at D.A. Davidson** 

• Death or disability of the shareholder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

• Return of excess contributions from an IRA account.

• Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to the Internal Revenue Code.

• Shares acquired through a right of reinstatement.

**Front-end Sales Charge Discounts Available at D.A. Davidson: Breakpoints, Rights of Accumulation and/or Letters of Intent** 

• Breakpoints as described in the prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Transamerica Fund Family assets held by accounts within the purchaser's household at D.A. Davidson. Eligible Transamerica Fund Family assets not held at D.A. Davidson may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of intent which allow for breakpoint discounts based on anticipated purchases within the Transamerica Fund Family, over a 13-month time period. Eligible Transamerica Fund Family assets not held at D.A. Davidson may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**Edward D. Jones & Co., L.P. ("Edward Jones"):** 

**Policies Regarding Transactions Through Edward Jones** 

*The following information has been provided by Edward Jones:* 

Effective on or after August 8, 2024, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the fund's prospectus or statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Transamerica Fund Family, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

**Breakpoints** 

• Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

**Rights of Accumulation ("ROA")** 

• The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the Transamerica Fund Family held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible Transamerica Fund Family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

• The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

• ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

**Letter of Intent ("LOI")** 

• Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible Transamerica Fund Family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

• If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**Sales Charge Waivers** 

Sales charges are waived for the following shareholders and in the following situations:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

• Shares purchased in an Edward Jones fee-based program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

• Shares purchased from the proceeds of redeemed shares of the Transamerica Fund Family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The redemption and repurchase occur in the same account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

• Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84<sup>th</sup> month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

• Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.

• Purchases of Class 529-A shares made for recontribution of refunded amounts.

**Contingent Deferred Sales Charge ("CDSC") Waivers** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

• The death or disability of the shareholder.

• Systematic withdrawals with up to 10% per year of the account value.

• Return of excess contributions from an Individual Retirement Account ("IRA").

• Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

• Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

• Shares exchanged in an Edward Jones fee-based program.

• Shares acquired through NAV reinstatement.

• Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones** 

**Minimum Purchase Amounts** 

• Initial purchase minimum: $250

• Subsequent purchase minimum: none

**Minimum Balances** 

• Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A fee-based account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 529 account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An account with an active systematic investment plan or LOI

**Exchanging Share Classes** 

• At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**Janney Montgomery Scott LLC ("Janney"):** 

Effective May 1, 2020, if you purchase fund shares through a Janney brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the fund's prospectus or SAI.

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**Front-end Sales Charge\* Waivers on Class A shares available at Janney** 

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the Transamerica Fund Family).

• Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

• Shares purchased from the proceeds of redemptions within the Transamerica Fund Family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Shares acquired through a right of reinstatement.

• Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures.

**CDSC Waivers on Class A and Class C Shares available at Janney** 

• Shares sold upon the death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

• Shares purchased in connection with a return of excess contributions from an IRA account.

• Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the reaching the qualified age based on applicable IRS regulations as described in the fund's prospectus.

• Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

• Shares acquired through a right of reinstatement.

• Shares exchanged into the same share class of a different fund.

**Front-end Sales Charge\* Discounts Available at Janney: Breakpoints, Rights of Accumulation and/or Letters of Intent** 

• Breakpoints as described in the fund's prospectus.

• Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of Transamerica Fund Family assets held by accounts within the purchaser's household at Janney. Eligible Transamerica Fund Family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of intent which allow for breakpoint discounts based on anticipated purchases within the Transamerica Fund Family, over a 13-month time period. Eligible Transamerica Fund Family assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

\*Also referred to as an "initial sales charge."

**J.P. Morgan Securities LLC ("J.P. Morgan Securities"):** 

Effective September 29, 2023, if you purchase or hold fund shares through an applicable J.P. Morgan Securities brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in the funds' prospectus or SAI.

**Front-end Sales Charge Waivers on Class A shares Available at J.P. Morgan Securities** 

• Shares exchanged from Class C (i.e. level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities' share class exchange policy.

• Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

• Shares of funds purchased through J.P. Morgan Securities Self-Directed Investing accounts.

• Shares purchased through rights of reinstatement.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the Transamerica Fund Family).

• Shares purchased by employees and registered representatives of J.P. Morgan Securities or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities.

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**Class C to Class A share Conversion** 

• A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities' policies and procedures.

**CDSC Waivers on Class A and Class C shares Available at J.P. Morgan Securities** 

• Shares sold upon the death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

• Shares purchased in connection with a return of excess contributions from an IRA account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

• Shares acquired through a right of reinstatement.

**Front-end Load Discounts Available at J.P. Morgan Securities: Breakpoints, Rights of Accumulation and Letters of Intent** 

• Breakpoints as described in the prospectus.

• Rights of accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of the Transamerica Fund Family assets held by accounts within the purchaser's household at J.P. Morgan Securities. Eligible Transamerica Fund Family assets not held at J.P. Morgan Securities (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

• Letters of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within the Transamerica Fund Family, through J.P. Morgan Securities, over a 13-month period of time (if applicable).

**Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill"):** 

Purchases or sales of front-end (i.e. Class A) or level-load (i.e., Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which may differ from those disclosed elsewhere in the fund's prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client's responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds (the referenced Merrill documents and website do not form a part of this prospectus). Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

**Front-end Load Waivers Available at Merrill** 

• Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Shares purchased through a Merrill investment advisory program.

• Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account.

• Shares purchased through the Merrill Edge Self-Directed platform.

• Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account.

• Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement.

• Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement).

• Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund's officers or trustees).

• Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement.

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**Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end and Level Load Shares Available at Merrill** 

• Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22e(3)

• Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement.

• Shares sold due to return of excess contributions from an IRA account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation.

• Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund.

**Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent** 

• Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement.

• Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household.

• Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement.

**Morgan Stanley Smith Barney LLC ("Morgan Stanley"):** 

Effective July 1, 2018, shareholders purchasing fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management** 

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules.

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

• Shares purchased through a Morgan Stanley self-directed brokerage account.

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program.

• Shares purchased from the proceeds of redemptions within the Transamerica Fund Family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

**Oppenheimer & Co. ("Oppenheimer"):** 

Effective February 26, 2020, shareholders purchasing fund shares through an Oppenheimer platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the fund's prospectus or SAI.

**Front-end Sales Load Waivers on Class A Shares available at Oppenheimer** 

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

• Shares purchased by or through a 529 Plan

• Shares purchased through a Oppenheimer affiliated investment advisory program

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the Transamerica Fund Family)

• Shares purchased from the proceeds of redemptions within the Transamerica Fund Family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).

• A shareholder in the fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Oppenheimer

• Employees and registered representatives of Oppenheimer or its affiliates and their family members

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Directors or Trustees of the fund, and employees of the fund's investment adviser or any of its affiliates, as described in the prospectus

**CDSC Waivers on A, B and C Shares available at Oppenheimer** 

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus

• Shares sold to pay Oppenheimer fees but only if the transaction is initiated by Oppenheimer

• Shares acquired through a right of reinstatement

**Front-end load Discounts Available at Oppenheimer: Breakpoints, Rights of Accumulation & Letters of Intent** 

• Breakpoints as described in the prospectus

• Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Transamerica Fund Family assets held by accounts within the purchaser's household at Oppenheimer. Eligible Transamerica Fund Family assets not held at Oppenheimer may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. & Raymond James affiliates ("Raymond James"):** 

Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the fund's prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Raymond James** 

• Shares purchased in an investment advisory program.

• Shares purchased within the Transamerica Fund Family through a systematic reinvestment of capital gains and dividend distributions.

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the Transamerica Fund Family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

**CDSC Waivers on Classes A and C Shares available at Raymond James** 

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

**Front-end load discounts available at Raymond James: breakpoints, and/or rights of accumulation, and/or letters of intent** 

• Breakpoints as described in the prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Transamerica Fund Family assets held by accounts within the purchaser's household at Raymond James. Eligible Transamerica Fund Family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of intent which allow for breakpoint discounts based on anticipated purchases within the Transamerica Fund Family, over a 13-month time period. Eligible Transamerica Fund Family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

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**Stifel, Nicolaus & Company, Incorporated ("Stifel"):** 

Effective March 1, 2025, shareholders purchasing or holding Transamerica Funds shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, (CDSC) sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the fund's SAI.

**Class A Shares** 

As described elsewhere in this prospectus, Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

**Rights of accumulation** 

Rights of accumulation (ROA) that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the Transamerica Fund Family held by accounts within the purchaser's household at Stifel. Ineligible assets include class A Money Market Funds not assessed a sales charge. Transamerica Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

**Front-end sales charge waivers on Class A shares available at Stifel** 

Sales charges may be waived for the following shareholders and in the following situations:

• Class C shares that have been held for more than seven (7) years may be converted to Class A shares or other front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply.

• Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel.

• Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the Transamerica Fund Family.

• Shares purchased from the proceeds of redeemed shares of the Transamerica Fund Family so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel's account maintenance fees are not eligible for rights of reinstatement.

• Shares from rollovers into Stifel from retirement plans to IRAs.

• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus.

• Purchases of Class 529-A shares through a rollover from another 529 plan.

• Purchases of Class 529-A shares made for reinvestment of refunded amounts.

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Charitable organizations and foundations, notably 501(c)(3) organizations.

**Contingent Deferred Sales Charges Waivers on Class A and C Shares** 

• Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary.

• Shares sold as part of a systematic withdrawal plan not to exceed 12% annually.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

• Shares acquired through a right of reinstatement.

• Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel.

• Shares exchanged or sold in a Stifel fee-based program.

**Share Class Conversions in Advisory Accounts** 

• Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

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**Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors"):** 

*Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.* 

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A share front-end sales charge waivers information.** 

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

• Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes, but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.** 

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

• Shares purchased through a rollover from another 529 plan.

• Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information.** 

• Contingent deferred sales charge (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts.** 

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

• Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal accounts based on Social Security number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

• Effective April 1, 2026, employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

• Gift of shares will not be considered when determining breakpoint discounts.

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**Both the investment returns and principal value of mutual funds will fluctuate over time so that shares, when redeemed, may be worth more or less than their original cost.** 

Transamerica Funds

1801 California Street, Suite 5200

Denver, CO 80202

Customer Service: 1-888-233-4339

Shareholder inquiries and transaction requests should be mailed to:

Transamerica Fund Services, Inc.

P.O. Box 219945

Kansas City, MO 64121-9945

ADDITIONAL INFORMATION about these funds is contained in the Statement of Additional Information dated March 1, 2026, as may be further supplemented or revised from time to time, in the annual and semi-annual reports to shareholders, and in Form N-CSR. The Statement of Additional Information is incorporated by reference into this prospectus.

Information about the funds (including the Statement of Additional Information) has been filed with and is available from the SEC. Copies of this information may be obtained after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. Reports and other information about the funds are also available on the SEC's Internet site at https://www.sec.gov.

To obtain a copy of the Statement of Additional Information or the annual and semi-annual reports, without charge, or to request other information or make other inquiries about the funds, call or write to Transamerica Funds at the phone number or address above or visit Transamerica Funds website at www.transamerica.com. In each Transamerica Fund annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each fund's performance during its last fiscal year. In Form N-CSR, you will find each fund's annual and semi-annual financial statements.

Each fund's most recently calculated net asset value per share is available on our website at www.transamerica.com.

www.transamerica.com

Sales Support: 1-800-851-7555

Distributor: Transamerica Capital, LLC

The Investment Company Act File Number for Transamerica Funds is 811-04556.

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Transamerica Funds

Prospectus March 1,

2026

![](g93604imgde27a3731.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Fund \| Ticker** | &nbsp;&nbsp; **Class R4**<br> **Ticker**<br>| &nbsp;&nbsp; **Class R**<br> **Ticker**<br>| &nbsp;&nbsp; **Class I3**<br> **Ticker**<br>|
| Transamerica Asset Allocation Intermediate Horizon | TAAFX | TAARX | - |
| Transamerica Asset Allocation Long Horizon | TALFX | TALRX | - |
| Transamerica Asset Allocation Short Horizon | TSHFX | TSHRX | - |
| Transamerica Balanced II | TBLFX\* | TBLRX | TBLTX |
| Transamerica Bond | - | TAADX | - |
| Transamerica Capital Growth | - | TAAEX | - |
| Transamerica Core Bond | TMBFX | TMBRX | TMBTX |
| Transamerica Emerging Markets Equity | TEOPX\* | TEORX\* | - |
| Transamerica Government Money Market<sup>1</sup> <br>| TFGXX | - | TGTXX |
| Transamerica High Yield Bond | TAHFX | TAHRX | TAHTX |
| Transamerica Inflation Opportunities | TIOEX | TIODX | TIOBX |
| Transamerica International Equity | TRWFX | TRWRX | TRWTX |
| Transamerica Large Core ESG | TLAFX | TLARX | TLATX |
| Transamerica Large Growth | TGWFX | TGWRX | TGWTX |
| Transamerica Large Value Opportunities | TLOFX | TLORX | TLOTX |
| Transamerica Mid Cap Growth | TMIFX | TMIRX | TMITX |
| Transamerica Mid Cap Value Opportunities | TOTFX | TOTRX | TOTTX |
| Transamerica Multi-Managed Balanced | - | TAAHX | - |
| Transamerica Short-Term Bond | TAAUX | TAASX | TAAQX |
| Transamerica Small Cap Growth | TSPFX | TSPRX | TSPTX |
| Transamerica Small Cap Value | TSLFX | TRSLX | TSLTX |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Each of the funds listed above is a series of Transamerica Funds. Each fund with "–" listed above indicates that share class is not a share class of the fund.

\* This class of the fund is not currently offered.

Class R2: TGRXX

Neither the U.S. Securities and Exchange Commission nor U.S. Commodity Futures Trading Commission has approved or disapproved these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

MPCA0326

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Transamerica Asset Allocation Intermediate Horizon](#xx_c308eae7-23af-4a4b-97a7-9b64d725876b_1) | 1 |
| [Transamerica Asset Allocation Long Horizon](#xx_a47646a6-7c16-4ed0-87d3-1def461ddfd6_1) | 8 |
| [Transamerica Asset Allocation Short Horizon](#xx_3e957747-3509-4c28-96f8-d767d8b511c1_1) | 15 |
| [Transamerica Balanced II](#xx_a9f0f10f-f583-40b5-a55b-6a111a4609c1_1) | 22 |
| [Transamerica Bond](#xx_7fb05058-8c63-4495-ad4c-41cb564ed652_1) | 31 |
| [Transamerica Capital Growth](#xx_a9bcb3ca-11b4-4868-b860-de8c4ee00bce_1) | 39 |
| [Transamerica Core Bond](#xx_ba03b887-f5e3-4081-a0ce-1691044d37d8_1) | 46 |
| [Transamerica Emerging Markets Equity](#xx_ec836ec7-68a0-40b4-9f51-be1b98bec99a_1) | 53 |
| [Transamerica Government Money Market](#xx_3b34a499-527a-4320-b1ee-ada332de5624_1) | 59 |
| [Transamerica High Yield Bond](#xx_956d0e3e-fd68-4f52-a02b-f889fb2a1702_1) | 64 |
| [Transamerica Inflation Opportunities](#xx_ed20ac1a-c6d8-4ed3-b695-0ff0105cc64c_1) | 71 |
| [Transamerica International Equity](#xx_28a75fe6-63d4-4870-8331-a9aa15946f55_1) | 78 |
| [Transamerica Large Core ESG](#xx_c9fececb-36fd-4582-aefb-f42dd24c4496_1) | 83 |
| [Transamerica Large Growth](#xx_cbd81b6e-5883-401c-b5a5-df77324c8fc9_1) | 89 |
| [Transamerica Large Value Opportunities](#xx_4da0fcc1-82a8-482f-95b6-28345f4bb68a_1) | 96 |
| [Transamerica Mid Cap Growth](#xx_69a07f19-4ae7-4bc5-a855-54469e9aaad4_1) | 101 |
| [Transamerica Mid Cap Value Opportunities](#xx_931e12be-8da4-42c8-be1a-a96a564ee9e3_1) | 106 |
| [Transamerica Multi-Managed Balanced](#xx_1f98d4f0-4d8b-49e2-8c00-5c962f9ee536_1) | 111 |
| [Transamerica Short-Term Bond](#xx_0aad4f31-bf5e-42bc-acb3-c3c5b88ab33a_1) | 119 |
| [Transamerica Small Cap Growth](#xx_5f1d58c9-5ad7-473b-885e-cdf98020d5be_1) | 126 |
| [Transamerica Small Cap Value](#xx_bdd993ea-4f55-4253-b7bf-8a685b427fe7_1) | 131 |
| [More on Each Fund's Strategies and Investments](#xx_3c422bdc-85e7-4659-90bc-23ef6a442acd_1) | 136 |
| [More on Risks of Investing in the Funds](#xx_63635a9f-49df-411f-b571-ab2799459f72_1) | 155 |
| [Shareholder Information](#xx_0f06085d-0e01-48eb-9400-757f5afef261_1) | 186 |
| [Management of Transamerica Funds](#xx_0f06085d-0e01-48eb-9400-757f5afef261_1) | 186 |
| [Investment Manager](#xx_0f06085d-0e01-48eb-9400-757f5afef261_1) | 186 |
| [Sub-Adviser(s)](#xx_0f06085d-0e01-48eb-9400-757f5afef261_2) | 187 |
| [Portfolio Manager(s)](#xx_0f06085d-0e01-48eb-9400-757f5afef261_3) | 188 |
| [Disclosure of Portfolio Holdings](#xx_0f06085d-0e01-48eb-9400-757f5afef261_10) | 195 |
| [Fund Expenses](#xx_0f06085d-0e01-48eb-9400-757f5afef261_10) | 195 |
| [How To Contact the Funds](#xx_61c581ee-3c7b-42df-9f1a-94d748790e6b_1) | 196 |
| [Availability](#xx_61c581ee-3c7b-42df-9f1a-94d748790e6b_1) | 196 |
| [Opening an Account and Purchasing Shares](#xx_61c581ee-3c7b-42df-9f1a-94d748790e6b_1) | 196 |
| [Selling Shares](#xx_61c581ee-3c7b-42df-9f1a-94d748790e6b_2) | 197 |
| [Exchanging Shares](#xx_61c581ee-3c7b-42df-9f1a-94d748790e6b_3) | 198 |
| [Choosing a Share Class](#xx_61c581ee-3c7b-42df-9f1a-94d748790e6b_3) | 198 |
| [Features and Policies](#xx_61c581ee-3c7b-42df-9f1a-94d748790e6b_4) | 199 |
| [Pricing of Shares](#xx_61c581ee-3c7b-42df-9f1a-94d748790e6b_7) | 202 |
| [Distribution of Shares](#xx_61c581ee-3c7b-42df-9f1a-94d748790e6b_8) | 203 |
| [Distributions and Taxes](#xx_61c581ee-3c7b-42df-9f1a-94d748790e6b_10) | 205 |
| [Financial Highlights](#xx_606189ff-c6f4-4a29-87ac-a38f10164cc3_1) | 208 |
| [List and Description of Certain Underlying Funds](#xx_606189ff-c6f4-4a29-87ac-a38f10164cc3_35) | 242 |

---

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**Transamerica Asset Allocation Intermediate Horizon**

**Investment Objective:** Seeks to achieve long-term returns from a combination of investment income and capital appreciation with slightly less than average volatility as compared to other balanced funds.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

---

| | | |
|:---|:---|:---|
| **Class:** | **R4** | **R** |
| Maximum sales charge (load) imposed on purchases (as <br> a percentage of offering price)<br>| None | None |
| Maximum deferred sales charge (load) (as a percentage <br> of purchase price or redemption proceeds, whichever is <br> lower)<br>| None | None |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

---

| | | |
|:---|:---|:---|
| **Class:** | **R4** | **R** |
| Management fees | 0.12% | 0.12% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |
| Other expenses | 0.01% | 0.00% |
| Acquired fund fees and expenses<sup>1</sup> | 0.59% | 0.59% |
| Total annual fund operating expenses | 0.97% | 1.21% |
| Fee waiver and/or expense reimbursement<sup>2</sup> <br>| 0.03% | 0.02% |
| Total annual fund operating expenses after fee waiver <br> and/or expense reimbursement<br>| 0.94% | 1.19% |

---

Acquired fund fees and expenses reflect the fund's pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund's prospectus.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.35% for Class R4 shares and 0.60% for Class R shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain

the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $96 | &nbsp;&nbsp; $306 | &nbsp;&nbsp; $533 | &nbsp;&nbsp; $1187 |
| Class R | &nbsp;&nbsp; $121 | &nbsp;&nbsp; $382 | &nbsp;&nbsp; $663 | &nbsp;&nbsp; $1464 |

---

**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 300% of the average value of its portfolio.

**Principal Investment Strategies:** Transamerica Asset Allocation Intermediate Horizon is a fund of funds that invests in a combination of Transamerica Funds ("underlying funds"). Transamerica Asset Management, Inc. (the "Investment Manager") selects the combination and amount of underlying funds to invest in based on the fund's investment objective.

The following chart shows approximately how much of the assets of the fund are normally invested in underlying bond, stock and money market funds. These allocations reflect the Investment Manager's present strategy for asset allocation during what it considers normal market conditions, and may be changed at any time without notice to shareholders and without shareholder approval. Actual asset allocations may vary, including due to short-term changes in cash flows caused by purchases and redemptions in the fund.

---

| | | | |
|:---|:---|:---|:---|
|  | **Normal Approximate Allocations** | **Normal Approximate Allocations** | **Normal Approximate Allocations** |
|  | **Bond Funds** | **Stock Funds** | **Money Market** <br> **Fund**<br>|
| &nbsp;&nbsp; Intermediate <br> Horizon<br>| &nbsp;&nbsp; 49.8% | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 0.2% |

---

The underlying bond funds normally invest principally in fixed-income securities, the underlying stock funds normally invest principally in equity securities, and the underlying money market fund, Transamerica Government Money Market, normally invests principally in U.S. government securities and/or repurchase agreements collateralized by U.S. government securities. In attempting to respond to adverse market or other conditions or to process a large purchase or redemption within the fund, the Investment Manager may allocate assets of the fund without limit to the underlying money market fund. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the underlying funds.

Each underlying fund has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund decides which securities to purchase and sell

Transamerica Asset Allocation Intermediate Horizon

------

for that underlying fund. The fund's ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests.

It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds. The Investment Manager may change the underlying funds in which the fund invests from time to time at its discretion without notice or shareholder approval.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The fund, through its investments in underlying funds, is subject to the risks of the underlying funds.

The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund (either directly or through its investments in underlying funds). Each risk described below may not apply to each underlying fund and an underlying fund may be subject to additional or different risks than those described below. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result,

whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset Allocation –** The fund's investment performance is significantly impacted by the fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or

Transamerica Asset Allocation Intermediate Horizon

------

confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Allocation Conflicts** – The Investment Manager is subject to conflicts of interest in the selection and allocation of the fund's assets among underlying funds. For example, the Investment Manager has an incentive to select an underlying Transamerica fund over an unaffiliated fund because it receives more revenue, even if the unaffiliated fund has better investment performance or lower total expenses. The Investment Manager also has an incentive to allocate the fund's assets to those underlying funds paying the highest net management fees to the Investment Manager, to those which are sub-advised by an affiliate of the Investment Manager, and/or to subscale underlying funds to reduce amounts waived and/or reimbursed by the Investment Manager to maintain applicable expense caps.

**Underlying Funds** – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the fund's prospectus identifies certain risks of each underlying fund.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund's assets can decline as can the value of the fund's distributions.

**Management** – The value of your investment may go down if the investment manager's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager , if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Asset Class Variation** – The underlying funds invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying fund may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds at any given time, and the percentage of the fund's assets invested in various underlying funds, the fund's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the fund's performance.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

Transamerica Asset Allocation Intermediate Horizon

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**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Hedging** – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in

Transamerica Asset Allocation Intermediate Horizon

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increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these

securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Small and Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Structure Conflicts** – Transamerica Asset Management, Inc. ("TAM"), the fund's investment manager, has established an investment program whereby a substantial portion of the fund's assets are invested in underlying Transamerica funds. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ

Transamerica Asset Allocation Intermediate Horizon

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from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing –** The prices of securities the sub-adviser to an underlying fund believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The fund acquired the assets and assumed the liabilities of four Transamerica Partners asset allocation funds, including Transamerica Institutional Asset Allocation - Intermediate Horizon (the "predecessor fund"), on May 19, 2017, and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been restated to reflect the annual operating expenses of Class R4 shares.

Absent any applicable fee waivers and/or expense limitations, performance would have been lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604imgf53726043.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 15.34% |
| Worst Quarter: | 3/31/2020 | -12.83% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  |  |  | 9/11/2000 |
| Return before taxes | 11.52% | 4.92% | 6.89% |  |  |
| Return after taxes on <br> distributions<br>| 6.35% | 2.19% | 4.83% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 9.59% | 3.16% | 4.97% |  |  |
| Class R (Return before <br> taxes only)<br>| 11.31% | 4.66% | N/A | 6.47% | 5/19/2017 |
| S&P 500<sup>®</sup> Index (reflects <br> no deduction for fees, <br> expenses or taxes)<br>| 17.88% | 14.42% | 14.82% |  |  |
| Bloomberg US Aggregate <br> Bond Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 7.30% | -0.36% | 2.01% |  |  |
| Transamerica Asset <br> Allocation Intermediate <br> Horizon Blended <br> Benchmark<sup>1</sup> (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 13.78% | 6.78% | 8.05% |  |  |

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<sup>1</sup> The Transamerica Asset Allocation Intermediate Horizon Blended Benchmark consists of the following: 38% Russell 3000<sup>®</sup> Index<sup>2</sup>, 24% Bloomberg US Aggregate Bond Index, 12% MSCI World Index ex-U.S., 10% Bloomberg US Treasury Inflation Protected Securities Index, 8% ICE BofAML 1-3 Year U.S. Treasury Index, 6% ICE BofAML High Yield Master II Index and 2% ICE BofAML U.S. 3 Month Treasury Bill Index.

<sup>2</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.** 

Transamerica Asset Allocation Intermediate Horizon

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**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Portfolio Managers:* |
| Kane Cotton, CFA | Portfolio Manager | since January 2016<sup>1</sup> <br>|
| E. Kele Evans, CFA | Portfolio Manager | since February 2026 |
| Rufat Garalov, CFA | Portfolio Manager | since June 2021 |

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<sup>1</sup> Associate Portfolio Manager of the predecessor fund since October 2014

**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged

investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Transamerica Asset Allocation Intermediate Horizon

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**Transamerica Asset Allocation Long Horizon**

**Investment Objective:** Seeks to provide long-term returns from growth of capital and growth of income.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | |
|:---|:---|:---|
| **Class:** | **R4** | **R** |
| Maximum sales charge (load) imposed on purchases (as <br> a percentage of offering price)<br>| None | None |
| Maximum deferred sales charge (load) (as a percentage <br> of purchase price or redemption proceeds, whichever is <br> lower)<br>| None | None |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | |
|:---|:---|:---|
| **Class:** | **R4** | **R** |
| Management fees | 0.12% | 0.12% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |
| Other expenses | 0.01% | 0.00% |
| Acquired fund fees and expenses<sup>1</sup> <br>| 0.69% | 0.69% |
| Total annual fund operating expenses | 1.07% | 1.31% |
| Fee waiver and/or expense reimbursement<sup>2</sup> <br>| 0.03% | 0.02% |
| Total annual fund operating expenses after fee waiver <br> and/or expense reimbursement<br>| 1.04% | 1.29% |

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Acquired fund fees and expenses reflect the fund's pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund's prospectus.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.35% for Class R4 shares and 0.60% for Class R shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain

the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $106 | &nbsp;&nbsp; $337 | &nbsp;&nbsp; $587 | &nbsp;&nbsp; $1303 |
| Class R | &nbsp;&nbsp; $131 | &nbsp;&nbsp; $413 | &nbsp;&nbsp; $716 | &nbsp;&nbsp; $1577 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 166% of the average value of its portfolio.

**Principal Investment Strategies:** Transamerica Asset Allocation Long Horizon is a fund of funds that invests in a combination of Transamerica Funds ("underlying funds"). Transamerica Asset Management, Inc. (the "Investment Manager") selects the combination and amount of underlying funds to invest in based on the fund's investment objective.

The following chart shows approximately how much of the assets of the fund are normally invested in underlying bond, stock and money market funds. These allocations reflect the Investment Manager's present strategy for asset allocation during what it considers normal market conditions, and may be changed at any time without notice to shareholders and without shareholder approval. Actual asset allocations may vary, including due to short-term changes in cash flows caused by purchases and redemptions in the fund.

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| | | | |
|:---|:---|:---|:---|
|  | **Normal Approximate Allocations** | **Normal Approximate Allocations** | **Normal Approximate Allocations** |
|  | **Bond Funds** | **Stock Funds** | **Money Market** <br> **Fund**<br>|
| Long Horizon | &nbsp;&nbsp; 9.8% | &nbsp;&nbsp; 90% | &nbsp;&nbsp; 0.2% |

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The underlying bond funds normally invest principally in fixed-income securities, the underlying stock funds normally invest principally in equity securities, and the underlying money market fund, Transamerica Government Money Market, normally invests principally in U.S. government securities and/or repurchase agreements collateralized by U.S. government securities. In attempting to respond to adverse market or other conditions or to process a large purchase or redemption within the fund, the Investment Manager may allocate assets of the fund without limit to the underlying money market fund. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the underlying funds.

Each underlying fund has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund decides which securities to purchase and sell

Transamerica Asset Allocation Long Horizon

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for that underlying fund. The fund's ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests.

It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds. The Investment Manager may change the underlying funds in which the fund invests from time to time at its discretion without notice or shareholder approval.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The fund, through its investments in underlying funds, is subject to the risks of the underlying funds.

The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund (either directly or through its investments in underlying funds). Each risk described below may not apply to each underlying fund and an underlying fund may be subject to additional or different risks than those described below. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result,

whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset Allocation –** The fund's investment performance is significantly impacted by the fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest

Transamerica Asset Allocation Long Horizon

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rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Allocation Conflicts** – The Investment Manager is subject to conflicts of interest in the selection and allocation of the fund's assets among underlying funds. For example, the Investment Manager has an incentive to select an underlying Transamerica fund over an unaffiliated fund because it receives more revenue, even if the unaffiliated fund has better investment performance or lower total expenses. The Investment Manager also has an incentive to allocate the fund's assets to those underlying funds paying the highest net management fees to the Investment Manager, to those which are sub-advised by an affiliate of the Investment Manager, and/or to subscale underlying funds to reduce amounts waived and/or reimbursed by the Investment Manager to maintain applicable expense caps.

**Underlying Funds** – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the fund's prospectus identifies certain risks of each underlying fund.

**Management** – The value of your investment may go down if the investment manager's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager , if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Asset Class Variation** – The underlying funds invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying fund may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds at any given time, and the percentage of the fund's assets invested in various underlying funds, the fund's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the fund's performance.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to

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suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are

more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Hedging** – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund's assets can decline as can the value of the fund's distributions.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases

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in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities

may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Small and Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Structure Conflicts** – Transamerica Asset Management, Inc. ("TAM"), the fund's investment manager, has established an investment program whereby a substantial portion of the fund's assets are invested in underlying Transamerica funds. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may

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increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing –** The prices of securities the sub-adviser to an underlying fund believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The fund acquired the assets and assumed the liabilities of four Transamerica Partners asset allocation funds, including Transamerica Institutional Asset Allocation - Long Horizon (the "predecessor fund"), on May 19, 2017, and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been restated to reflect the annual operating expenses of Class R4 shares.

Absent any applicable fee waivers and/or expense limitations, performance would have been lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604img6823d2244.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 23.95% |
| Worst Quarter: | 3/31/2020 | -21.27% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  |  |  | 9/11/2000 |
| Return before taxes | 15.48% | 7.72% | 9.77% |  |  |
| Return after taxes on <br> distributions<br>| 6.44% | 4.03% | 6.99% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 15.07% | 5.45% | 7.38% |  |  |
| Class R (Return before <br> taxes only)<br>| 15.30% | 7.45% | N/A | 9.38% | 5/19/2017 |
| S&P 500<sup>®</sup> Index (reflects <br> no deduction for fees, <br> expenses or taxes)<br>| 17.88% | 14.42% | 14.82% |  |  |
| Transamerica Asset <br> Allocation Long Horizon <br> Blended Benchmark<sup>1</sup> <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 19.73% | 11.34% | 12.02% |  |  |

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<sup>1</sup> The Transamerica Asset Allocation Long Horizon Blended Benchmark consists of the following: 66% Russell 3000<sup>®</sup> Index<sup>2</sup>, 24% MSCI World Index ex-U.S., 4% Bloomberg US Aggregate Bond Index, 2% Bloomberg US Treasury Inflation Protected Securities Index, 2% ICE BofAML High Yield Master II Index, and 2% ICE BofAML U.S. 3 Month Treasury Bill Index.

<sup>2</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Portfolio Managers:* |
| Kane Cotton, CFA | Portfolio Manager | since January 2016<sup>1</sup> <br>|
| E. Kele Evans, CFA | Portfolio Manager | since February 2026 |
| Rufat Garalov, CFA | Portfolio Manager | since June 2021 |

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<sup>1</sup> Associate Portfolio Manager of the predecessor fund since October 2014

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**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Asset Allocation Short Horizon**

**Investment Objective:** Seeks to provide a high level of income and preservation of capital.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | |
|:---|:---|:---|
| **Class:** | **R4** | **R** |
| Maximum sales charge (load) imposed on purchases (as <br> a percentage of offering price)<br>| None | None |
| Maximum deferred sales charge (load) (as a percentage <br> of purchase price or redemption proceeds, whichever is <br> lower)<br>| None | None |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | |
|:---|:---|:---|
| **Class:** | **R4** | **R** |
| Management fees | 0.12% | 0.12% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |
| Other expenses | 0.01% | 0.00% |
| Acquired fund fees and expenses<sup>1</sup> | 0.48% | 0.48% |
| Total annual fund operating expenses | 0.86% | 1.10% |
| Fee waiver and/or expense reimbursement<sup>2</sup> <br>| 0.03% | 0.02% |
| Total annual fund operating expenses after fee waiver <br> and/or expense reimbursement<br>| 0.83% | 1.08% |

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Acquired fund fees and expenses reflect the fund's pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund's prospectus.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.35% for Class R4 shares and 0.60% for Class R shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain

the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $85 | &nbsp;&nbsp; $271 | &nbsp;&nbsp; $474 | &nbsp;&nbsp; $1058 |
| Class R | &nbsp;&nbsp; $110 | &nbsp;&nbsp; $348 | &nbsp;&nbsp; $604 | &nbsp;&nbsp; $1338 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 407% of the average value of its portfolio.

**Principal Investment Strategies:** Transamerica Asset Allocation Short Horizon is a fund of funds that invests in a combination of Transamerica Funds ("underlying funds"). Transamerica Asset Management, Inc. (the "Investment Manager") selects the combination and amount of underlying funds to invest in based on the fund's investment objective.

The following chart shows approximately how much of the assets of the fund are normally invested in underlying bond, stock and money market funds. These allocations reflect the Investment Manager's present strategy for asset allocation during what it considers normal market conditions, and may be changed at any time without notice to shareholders and without shareholder approval. Actual asset allocations may vary, including due to short-term changes in cash flows caused by purchases and redemptions in the fund.

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| | | | |
|:---|:---|:---|:---|
|  | **Normal Approximate Allocations** | **Normal Approximate Allocations** | **Normal Approximate Allocations** |
|  | **Bond Funds** | **Stock Funds** | **Money Market** <br> **Fund**<br>|
| Short Horizon | &nbsp;&nbsp; 89.8% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 0.2% |

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The underlying bond funds normally invest principally in fixed-income securities, the underlying stock funds normally invest principally in equity securities, and the underlying money market fund, Transamerica Government Money Market, normally invests principally in U.S. government securities and/or repurchase agreements collateralized by U.S. government securities. In attempting to respond to adverse market or other conditions or to process a large purchase or redemption within the fund, the Investment Manager may allocate assets of the fund without limit to the underlying money market fund. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the underlying funds.

Each underlying fund has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund decides which securities to purchase and sell

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for that underlying fund. The fund's ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests.

It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds. The Investment Manager may change the underlying funds in which the fund invests from time to time at its discretion without notice or shareholder approval.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The fund, through its investments in underlying funds, is subject to the risks of the underlying funds.

The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund (either directly or through its investments in underlying funds). Each risk described below may not apply to each underlying fund and an underlying fund may be subject to additional or different risks than those described below. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result,

whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset Allocation –** The fund's investment performance is significantly impacted by the fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise

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in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Allocation Conflicts** – The Investment Manager is subject to conflicts of interest in the selection and allocation of the fund's assets among underlying funds. For example, the Investment Manager has an incentive to select an underlying Transamerica fund over an unaffiliated fund because it receives more revenue, even if the unaffiliated fund has better investment performance or lower total expenses. The Investment Manager also has an incentive to allocate the fund's assets to those underlying funds paying the highest net management fees to the Investment Manager, to those which are sub-advised by an affiliate of the Investment Manager, and/or to subscale underlying funds to reduce amounts waived and/or reimbursed by the Investment Manager to maintain applicable expense caps.

**Underlying Funds** – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the fund's prospectus identifies certain risks of each underlying fund.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund's assets can decline as can the value of the fund's distributions.

**Management** – The value of your investment may go down if the investment manager's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager , if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Asset Class Variation** – The underlying funds invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying fund may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds at any given time, and the percentage of the fund's assets invested in various underlying funds, the fund's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the fund's performance.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

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**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Hedging** – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes

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in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these

securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Small and Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Structure Conflicts** – Transamerica Asset Management, Inc. ("TAM"), the fund's investment manager, has established an investment program whereby a substantial portion of the fund's assets are invested in underlying Transamerica funds. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ

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from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing –** The prices of securities the sub-adviser to an underlying fund believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The fund acquired the assets and assumed the liabilities of two Transamerica Partners asset allocation funds, including Transamerica Institutional Asset Allocation - Short Horizon (the "predecessor fund"), on May 19, 2017, and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been restated to reflect the annual operating expenses of Class R4 shares.

Absent any applicable fee waivers and/or expense limitations, performance would have been lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604imgc60dcec85.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 6.90% |
| Worst Quarter: | 6/30/2022 | -6.56% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  |  |  | 9/11/2000 |
| Return before taxes | 7.46% | 1.62% | 3.38% |  |  |
| Return after taxes on <br> distributions<br>| 5.67% | -0.69% | 1.75% |  |  |
| Return after taxes on <br> distributions and sale of <br> fund shares<br>| 4.43% | 0.31% | 1.97% |  |  |
| Class R (Return before <br> taxes only)<br>| 7.16% | 1.36% | N/A | 2.84% | 5/19/2017 |
| Bloomberg US Aggregate <br> Bond Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 7.30% | -0.36% | 2.01% |  |  |
| Transamerica Asset <br> Allocation Short Horizon <br> Blended Benchmark<sup>1</sup> <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 8.21% | 2.11% | 3.78% |  |  |

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<sup>1</sup> The Transamerica Asset Allocation Short Horizon Blended Benchmark consists of the following: 46% Bloomberg US Aggregate Bond Index, 17% ICE BofAML 1-3 Year U.S. Treasury Index, 15% Bloomberg US Treasury Inflation Protected Securities Index, 10% ICE BofAML High Yield Master II Index, 8% Russell 3000<sup>®</sup> Index<sup>2</sup>, 2% MSCI World Index ex-U.S. and 2% ICE BofAML U.S. 3 Month Treasury Bill Index.

<sup>2</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Portfolio Managers:* |
| Kane Cotton, CFA | Portfolio Manager | since January 2016<sup>1</sup> <br>|
| E. Kele Evans, CFA | Portfolio Manager | since February 2026 |
| Rufat Garalov, CFA | Portfolio Manager | since June 2021 |

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<sup>1</sup> Associate Portfolio Manager of the predecessor fund since October 2014

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**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Balanced II**

**Investment Objective:** Seeks to provide a high total investment return.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R** | **R4** | **I3** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R** | **R4** | **I3** |
| Management fees | 0.48% | 0.48% | 0.48% |
| Distribution and service (12b-1) fees | 0.50% | 0.25% |  |
| Other expenses | 0.25% | 0.25%<sup>1</sup> | 0.25% |
| Total annual fund operating expenses | 1.23% | 0.98% | 0.73% |
| Fee waiver and/or expense reimbursement<sup>2</sup> | 0.13% | 0.23% | 0.10% |
| Total annual fund operating expenses after <br> fee waiver and/or expense reimbursement<br>| 1.10% | 0.75% | 0.63% |

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Other expenses are based on estimates for the current fiscal year.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.10% for Class R shares, 0.75% for Class R4 shares and 0.63% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R | &nbsp;&nbsp; $112 | &nbsp;&nbsp; $377 | &nbsp;&nbsp; $663 | &nbsp;&nbsp; $1477 |
| Class R4 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $289 | &nbsp;&nbsp; $519 | &nbsp;&nbsp; $1180 |
| Class I3 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $223 | &nbsp;&nbsp; $396 | &nbsp;&nbsp; $897 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 52% of the average value of its portfolio.

**Principal Investment Strategies:**

Under normal circumstances, the fund invests approximately 60% of its net assets in equity securities and approximately 40% of its net assets in fixed-income securities (investing at least 25% of its net assets in fixed-income senior securities).The fund has two sub-advisers. J.P. Morgan Investment Management Inc. (the "equity sub-adviser") manages the equity component of the fund and Aegon USA Investment Management, LLC (the "fixed-income sub-adviser") manages the fixed-income component of the fund. Each sub-adviser varies the percentage of assets invested in any one type of security in accordance with its interpretation of economic and market conditions, fiscal and monetary policy, and underlying securities values. The fund's investment manager, Transamerica Asset Management, Inc., monitors the allocation of the fund's assets between the equity sub-adviser and the fixed-income sub-adviser and rebalances the allocation periodically to maintain these approximate allocations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Equity component – The equity sub-adviser seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the equity component's net assets in equity securities of large- and medium- capitalization U.S. companies. The fund may invest in foreign companies. The equity sub-adviser will normally keep the equity component as fully invested in equity securities as practicable. Industry by industry, the fund's weightings are generally similar to those of the S&P 500<sup>®</sup> Index. The equity sub-adviser normally does not look to overweight or underweight industries. Holdings by industry sector will normally approximate those of the S&P 500<sup>®</sup> Index. The equity sub-adviser may, but is not required to, use index futures to equitize cash in order to gain general equity market exposure.

As part of its investment process, the equity sub-adviser seeks to assess the impact of environmental, social and governance ("ESG") factors on many issuers in the universe in which the fund invests. The equity sub-adviser's assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the fund's investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers may be purchased and

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retained by the fund for reasons other than material ESG factors while the fund may divest or not invest in securities of issuers that may be positively impacted by such factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Fixed-income component – Under normal circumstances, the fixed-income component of the fund is invested primarily in investment grade debt securities, which may include: investment grade corporate debt securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Investment grade debt securities carry a rating of at least BBB from Standard & Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the fixed-income sub-adviser. The fixed-income component's portfolio weighted average duration will typically range from 3 to 10 years.

The fixed-income sub-adviser may also invest the fund's assets in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations ("CLO"s), collateralized bond obligations ("CBO"s) and collateralized debt obligations ("CDO"s)), commercial mortgage-backed securities ("CMBS"), high quality short-term debt obligations and repurchase agreements. The fixed-income sub-adviser's investments for the fund may include debt securities of foreign issuers, including emerging market debt securities. The fixed-income sub-adviser may invest the fund's assets in securities that are denominated in U.S. dollars and in foreign currencies.

The fund may invest up to 10% of the fixed-income component's net assets in emerging market debt securities and up to 10% of the fixed-income component's net assets in high-yield debt securities (commonly referred to as "junk bonds"), but may invest no more than 15% of the fixed-income component's net assets in emerging market debt securities and high-yield debt securities combined. The fixed-income sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Junk bonds are high-risk debt securities rated below investment grade.

In managing the fund's fixed-income component, the fixed-income sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate and government debt, and other debt instruments. In the fixed-income sub-adviser's "top-down" approach, the fixed-income sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary "bottom-up" research, the fixed-income sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The fixed-income sub-adviser uses this combined "top-down" and "bottom-up" approach to determine sector, security, yield curve positioning, and duration positions for the fixed-income component of the fund. The fixed-income sub-adviser's research analysts also generally integrate ESG matters within their analytical process for investment grade corporate debt securities,

private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), certain cash equivalents (including corporate commercial paper), foreign issuers (including emerging markets debt securities) denominated in U.S. dollars and in foreign currencies and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The fixed-income sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, U.S. Treasury and agency securities, municipal bonds, repurchase agreements, derivatives, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the fixed-income sub-adviser's investment process. The fixed-income sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The fixed-income sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund's portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions

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caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset Class Allocation –** The fund's investment performance is significantly impacted by the fund's asset class allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The fund's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Large Capitalization Companies –** The fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact

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the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund's assets can decline as can the value of the fund's distributions.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest

rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails

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to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Dollar Rolls –** The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund's ability to purchase or repurchase securities may be restricted.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems

and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Hedging** – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent

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nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Municipal Securities –** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Small and Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or

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financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**To Be Announced (TBA) Transactions** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The fund acquired the assets and assumed the liabilities of two Transamerica Partners funds, including Transamerica Partners Balanced (the "predecessor fund"), on September 15, 2017, and

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the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R shares of the fund. The performance of Class R shares includes the performance of the predecessor fund prior to the reorganizations, and has not been restated to reflect the annual operating expenses of Class R shares.

Performance information for Class R4 shares will be included after the share class has been in operation for one complete calendar year. The returns for Class R4 shares would differ from those of Class R and Class I3 shares because they have different expenses.

Absent any applicable fee waivers and/or expense limitations, performance would have been lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

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**Annual Total Returns (calendar years ended December 31) - Class R**

![](g93604img1d337c8d6.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 14.67% |
| Worst Quarter: | 6/30/2022 | -11.92% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R |  |  |  |  | 7/5/1994 |
| Return before taxes | 12.62% | 8.16% | 9.28% |  |  |
| Return after taxes on <br> distributions<br>| 6.05% | 5.19% | 7.41% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 11.83% | 6.02% | 7.27% |  |  |
| Class I3 (Return before <br> taxes only)<br>| 13.25% | 8.70% | N/A | 9.72% | 9/15/2017 |
| S&P 500<sup>®</sup> Index (reflects <br> no deduction for fees, <br> expenses or taxes)<br>| 17.88% | 14.42% | 14.82% |  |  |
| Bloomberg US Aggregate <br> Bond Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 7.30% | -0.36% | 2.01% |  |  |
| Transamerica Balanced II <br> Blended Benchmark<sup>1</sup> <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 13.70% | 8.47% | 9.78% |  |  |

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<sup>1</sup> The Transamerica Balanced II Blended Benchmark consists of 60% S&P 500<sup>®</sup> Index and 40% Bloomberg US Aggregate Bond Index.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Daniel Belton, CFA | Portfolio Manager | since March 2025 |
| Tyler A. Knight, CFA | Portfolio Manager | since November 2016<sup>1</sup> <br>|
| Brian W. Westhoff, CFA | Portfolio Manager | since November 2016<sup>2</sup> <br>|
| Sivakumar N. Rajan | Portfolio Manager | since May 2017 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| *Sub-Adviser:* J.P. Morgan Investment Management Inc.<br> *Portfolio Managers:* | *Sub-Adviser:* J.P. Morgan Investment Management Inc.<br> *Portfolio Managers:* |
| Tim Snyder, CFA | Portfolio Manager<br> since September 2016<sup>3</sup> <br>|
| Raffaele Zingone, CFA | Portfolio Manager<br> since September 2016<sup>4</sup> <br>|

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<sup>1</sup> Portfolio Manager of the predecessor fund since October 2015

<sup>2</sup> Portfolio Manager of the predecessor fund since May 2014

<sup>3</sup> Portfolio Manager of the predecessor fund since May 2013

<sup>4</sup> Portfolio Manager of the predecessor fund since July 2010

**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4

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shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

Class R shares of the fund are available only to the shareholders of Transamerica Partners Balanced at the time of the reorganization into the fund. Class I3 shares of the fund are only available to shareholders of Transamerica Partners Balanced Portfolio at the time of the reorganization into the fund. Class R4 shares of the fund are not currently available for purchase.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Bond**

**Investment Objective:** Seeks to provide high total return through a combination of current income and capital appreciation.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | |
|:---|:---|
| **Class:** | **R** |
| Maximum sales charge (load) imposed on purchases (as a <br> percentage of offering price)<br>| None |
| Maximum deferred sales charge (load) (as a percentage of <br> purchase price or redemption proceeds, whichever is lower)<br>| None |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | |
|:---|:---|
| **Class:** | **R** |
| Management fees | 0.39% |
| Distribution and service (12b-1) fees | 0.50% |
| Other expenses | 0.31% |
| Total annual fund operating expenses | 1.20% |
| Fee waiver and/or expense reimbursement<sup>1</sup> | 0.19% |
| Total annual fund operating expenses after fee waiver and/or <br> expense reimbursement<br>| 1.01% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.01% for Class R shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R | &nbsp;&nbsp; $103 | &nbsp;&nbsp; $362 | &nbsp;&nbsp; $641 | &nbsp;&nbsp; $1438 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 59% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), invests, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities, which may include dollar rolls, U.S. government and foreign government bonds and notes (including emerging markets), mortgage-backed, commercial mortgage-backed, and asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), convertible bonds and other convertible securities, bank loans and loan participations, structured notes, and preferred securities.

Under normal circumstances, at least 70% of the fund's net assets will be invested in (a) debt securities rated investment grade or higher (rated at least BBB by Standard & Poor's or Fitch or Baa by Moody's) by at least two rating agencies or, if unrated, are determined to be of comparable quality by the sub-adviser; (b) securities issued or guaranteed by the U.S. government or its agencies or instrumentalities; (c) commercial paper rated Prime, Prime-1 or Prime-2 by NCO/Moody's Commercial Paper Division, or A-1 or A-2 by Standard & Poor's; and/or (d) cash or cash equivalents. Up to 30% of the fund's net assets may be invested in debt securities that do not meet the investment grade criteria referred to above (commonly known as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser). The fund may invest in securities of any maturity and does not have a target average duration.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environments and global asset classes and proprietary "bottom-up" research of sectors, industries, issuers and individual securities. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement and relative value of markets and securities prices worldwide. In its proprietary "bottom-up" research of corporate and sovereign debt and other fixed-income securities, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical

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process for foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, commercial mortgage-backed securities, certain asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), structured notes, certain preferred securities, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in dollar rolls, U.S. government bonds and notes, U.S. agency securities, convertible bonds, other convertible securities, certain bank loans and loan participations, asset-backed commercial paper, cash, certain cash equivalent securities, equity securities, common stocks, rights, warrants, derivatives, repurchase agreements and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit

and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

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**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other

characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund's assets can decline as can the value of the fund's distributions.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed

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in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Bank Obligations –** Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based

on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Distressed or Defaulted Securities –** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Dollar Rolls –** The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may

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decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund's ability to purchase or repurchase securities may be restricted.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Floating Rate Loans** – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan's issuer, and adversely affect the fund's investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative

events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Hedging** – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity

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risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Municipal Securities –** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional

expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Structured Instruments –** The fund may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. Structured instruments may be leveraged and may behave in ways not anticipated by the fund, or they may not receive tax, accounting or regulatory treatment anticipated by the fund. Structured instruments may also be less liquid and more difficult to value accurately than more traditional securities and instruments.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers)

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and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**To Be Announced (TBA) Transactions** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance.

Absent any applicable fee waivers and/or expense limitations, performance would be lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

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**Annual Total Returns (calendar years ended December 31) - Class R**

![](g93604img2cdf4a8e7.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2023 | 6.76% |
| Worst Quarter: | 9/30/2023 | -3.23% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R |  |  | 3/1/2022 |
| Return before taxes | 6.75% | 0.61% |  |
| Return after taxes on distributions | 5.06% | -0.87% |  |
| Return after taxes on distributions and sale <br> of fund shares<br>| 3.97% | -0.18% |  |
| Bloomberg US Aggregate Bond Index (reflects <br> no deduction for fees, expenses or taxes)<br>| 7.30% | 0.79% | 3/1/2022 |

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The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Tyler A. Knight, CFA | Portfolio Manager | since April 2021 |
| Brian W. Westhoff, CFA | Portfolio Manager | since August 2005 |
| Norbert King | Portfolio Manager | since March 2025 |
| Sivakumar N. Rajan | Portfolio Manager | since December 2022 |

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**Purchase and Sale of Fund Shares**: Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b)

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and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. There is no minimum for subsequent investments in Class R shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Capital Growth**

**Investment Objective:** Seeks to maximize long-term growth.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | |
|:---|:---|
| **Class:** | **R** |
| Maximum sales charge (load) imposed on purchases (as a <br> percentage of offering price)<br>| None |
| Maximum deferred sales charge (load) (as a percentage of <br> purchase price or redemption proceeds, whichever is lower)<br>| None |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | |
|:---|:---|
| **Class:** | **R** |
| Management fees | 0.68% |
| Distribution and service (12b-1) fees | 0.50% |
| Other expenses | 0.26% |
| Total annual fund operating expenses | 1.44% |
| Fee waiver and/or expense reimbursement<sup>1</sup> | 0.03% |
| Total annual fund operating expenses after fee waiver and/or <br> expense reimbursement<br>| 1.41% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.41% for Class R shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R | &nbsp;&nbsp; $144 | &nbsp;&nbsp; $453 | &nbsp;&nbsp; $784 | &nbsp;&nbsp; $1722 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 74% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Morgan Stanley Investment Management Inc. (the "sub-adviser"), under normal circumstances, seeks long-term capital growth by investing primarily in established and emerging companies with capitalizations at the time of purchase within the range of companies included in the Russell 1000<sup>®</sup> Growth Index<sup>1</sup>, which as of December 31, 2025, was between $1.57 billion and $4.53 trillion. The fund typically invests in a relatively small number of companies. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries, securities classified as American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), American Depositary Shares ("ADSs") or Global Depositary Shares ("GDSs"), foreign U.S. dollar denominated securities that are traded on a U.S. exchange and local shares of non-U.S. issuers. The sub-adviser considers an issuer to be from a particular country if (i) its principal securities trading market is in that country; (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue from goods produced, sales made or services performed in that country; or (iii) it is organized under the laws of, or has a principal office in, that country. By applying these tests, it is possible that a particular company could be deemed to be from more than one country. The securities in which the fund may invest may be denominated in U.S. dollars or in currencies other than U.S. dollars. The fund may, but is not required to, utilize foreign currency forward exchange contracts, which are derivatives, in connection with investments in foreign securities, and may, but is not required to, purchase and sell certain derivative instruments, such as options, for various portfolio management purposes. The fund's equity investments may include common and preferred stocks, convertible securities, rights and warrants to purchase common stocks, depositary receipts, exchange-traded funds ("ETFs"), and other specialty securities having equity features. The fund may also invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. The fund may invest in companies with significant exposure to digital assets, such as Bitcoin, or the digital asset ecosystem. The fund does not invest directly in digital assets.

The sub-adviser emphasizes a "bottom-up" stock selection process, seeking attractive investments on an individual company basis. The sub-adviser integrates environmental, social and governance ("ESG") factors into its investment process by using ESG factors

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as a lens for additional fundamental research, which can contribute to its investment decision-making. This analysis of ESG factors is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG factors when making investment decisions.

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default

on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Large Capitalization Companies –** The fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of

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your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Information Technology Sector –** Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual

obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary

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receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Digital Assets –** The fund may gain economic exposure to Bitcoin or other digital assets through investments in operating companies that accumulate Bitcoin or other digital assets and/or provide Bitcoin- or other digital assets-related products and services, and consequently the fund's performance is subject to the risks of the applicable digital assets and the risks of the digital assets industry more generally. The trading prices of many digital assets have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Bitcoin or other digital assets to which the fund has economic exposure could have a material adverse effect on the value of the fund's shares. Digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the

asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry. Changes in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively affect that digital asset network's ability to grow and respond to challenges.

Cryptocurrencies, such as Bitcoin, are a subset of digital assets designed to act as a medium of exchange. Despite being referred to as "currencies," crypto assets are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender. The value of digital assets is determined by supply and demand in the global markets, which consist primarily of transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading platforms is highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in

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value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Small and Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making

investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Warrants and Rights –** Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not

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rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

Absent any applicable fee waivers and/or expense limitations, performance would have been lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

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**Annual Total Returns (calendar years ended December 31) - Class R**

![](g93604imgc1955fbe8.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2025 | 32.18% |
| Worst Quarter: | 3/31/2025 | -10.37% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R |  |  | 3/1/2022 |
| Return before taxes | 20.15% | 7.86% |  |
| Return after taxes on distributions | 20.15% | 7.86% |  |
| Return after taxes on distributions and sale <br> of fund shares<br>| 11.93% | 6.14% |  |
| Russell 3000<sup>®</sup> Index<sup>1</sup> (reflects no deduction <br> for fees, expenses or taxes)<br>| 17.15% | 13.19% | 3/1/2022 |
| Russell 1000<sup>®</sup> Growth Index (reflects no <br> deduction for fees, expenses or taxes)<br>| 18.56% | 16.99% | 3/1/2022 |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management Inc.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management Inc.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management Inc.<br> *Portfolio Managers:* |
| Dennis P. Lynch | Lead Portfolio Manager | since April 2011 |
| Sam G. Chainani, CFA | Portfolio Manager | since April 2011 |
| Jason C. Yeung, CFA | Portfolio Manager | since April 2011 |
| Armistead B. Nash | Portfolio Manager | since April 2011 |
| Alexander T. Norton | Portfolio Manager | since April 2011 |

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**Purchase and Sale of Fund Shares**: Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. There is no minimum for subsequent investments in Class R shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged

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investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Core Bond**

**Investment Objective:** Seeks to achieve maximum total return.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Management fees | 0.38% | 0.38% | 0.38% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |  |
| Other expenses | 0.05% | 0.04% | 0.05% |
| Total annual fund operating expenses | 0.68% | 0.92% | 0.43% |
| Fee waiver and/or expense reimbursement<sup>1</sup> | 0.03% | 0.00% | 0.00% |
| Total annual fund operating expenses after fee <br> waiver and/or expense reimbursement<br>| 0.65% | 0.92% | 0.43% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.65% for Class R4 shares, 1.00% for Class R shares and 0.46% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $215 | &nbsp;&nbsp; $376 | &nbsp;&nbsp; $844 |
| Class R | &nbsp;&nbsp; $94 | &nbsp;&nbsp; $293 | &nbsp;&nbsp; $509 | &nbsp;&nbsp; $1131 |
| Class I3 | &nbsp;&nbsp; $44 | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $241 | &nbsp;&nbsp; $542 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 75% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, primarily in investment grade debt securities, which may include: investment grade corporate securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. Investment grade debt securities carry a rating of at least BBB from Standard & Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the sub-adviser. The fund's weighted average duration will typically range from 3 to 10 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The fund may also invest in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs") and collateralized debt obligations ("CDOs")), commercial mortgage-backed securities ("CMBS"), high quality short-term debt obligations, dollar rolls and repurchase agreements. The fund's investments may include debt securities of foreign issuers, including emerging market debt securities. The fund may invest in securities that are denominated in U.S. dollars and in foreign currencies.

The fund may invest up to 10% of its net assets in emerging market debt securities and up to 10% of its net assets in high-yield debt securities (commonly referred to as "junk bonds"), but may invest no more than 15% of its net assets in emerging market debt securities and high-yield debt securities combined. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser).

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The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate, government and agency debt, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movements of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine sector, security, yield curve, and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for investment grade corporate debt securities, foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, asset-backed commercial paper, dollar rolls, repurchase agreements, derivatives, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform

as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit

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quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies

and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund's assets can decline as can the value of the fund's distributions.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in

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all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Dollar Rolls –** The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund's ability to purchase or repurchase securities may be restricted.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or

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confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Hedging** – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity

risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Municipal Securities –** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a

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loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**To Be Announced (TBA) Transactions** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current

market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance.

The fund acquired the assets and assumed the liabilities of three Transamerica Partners funds, including Transamerica Partners Institutional Core Bond (the "predecessor fund"), on March 24, 2017, and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been restated to reflect the annual operating expenses of Class R4 shares.

Absent any applicable fee waivers and/or expense limitations, performance would have been lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

Transamerica Core Bond

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604img018d8b4a9.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2023 | 6.68% |
| Worst Quarter: | 3/31/2022 | -5.61% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  |  |  | 9/11/2000 |
| Return before taxes | 6.71% | -0.47% | 1.97% |  |  |
| Return after taxes on <br> distributions<br>| 4.96% | -1.85% | 0.78% |  |  |
| Return after taxes on <br> distributions and sale of <br> fund shares<br>| 3.95% | -0.92% | 1.04% |  |  |
| Class R (Return before <br> taxes only)<br>| 6.55% | -0.69% | N/A | 1.50% | 3/24/2017 |
| Class I3 (Return before <br> taxes only)<br>| 7.08% | -0.21% | N/A | 2.00% | 3/24/2017 |
| Bloomberg US Aggregate <br> Bond Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 7.30% | -0.36% | 2.01% |  |  |

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The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Daniel Belton, CFA | Portfolio Manager | since March 2025 |
| Tyler A. Knight, CFA | Portfolio Manager | since October 2015 |
| Brian W. Westhoff, CFA | Portfolio Manager | since March 2014 |
| Sivakumar N. Rajan | Portfolio Manager | since May 2017 |

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**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for

participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class I3 shares do not have a minimum initial investment for those that qualify for the share class or a minimum subsequent investment amount.

**Tax Information:** Fund distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Transamerica Core Bond

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**Transamerica Emerging Markets Equity**

**Investment Objective:** Seeks long-term capital appreciation.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | |
|:---|:---|:---|
| **Class:** | **R4** | **R** |
| Maximum sales charge (load) imposed on purchases (as <br> a percentage of offering price)<br>| None | None |
| Maximum deferred sales charge (load) (as a percentage <br> of purchase price or redemption proceeds, whichever is <br> lower)<br>| None | None |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | |
|:---|:---|:---|
| **Class:** | **R4** | **R** |
| Management fees | 0.79% | 0.79% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |
| Other expenses<sup>1</sup> | 0.18% | 0.17% |
| Total annual fund operating expenses | 1.22% | 1.46% |

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Other expenses are based on estimates for the current fiscal year.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $124 | &nbsp;&nbsp; $387 | &nbsp;&nbsp; $670 | &nbsp;&nbsp; $1477 |
| Class R | &nbsp;&nbsp; $149 | &nbsp;&nbsp; $462 | &nbsp;&nbsp; $797 | &nbsp;&nbsp; $1746 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 35% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities (including American Depository Receipts ("ADRs"), Global Depository Receipts ("GDRs") and European Depository Receipts ("EDRs")) of companies that are located and/or conduct substantial business activities in emerging markets, including frontier markets. The

fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser") considers emerging market countries to be those countries included in the MSCI Emerging Markets Index, the fund's benchmark, or the MSCI Frontier Markets Index. The fund will normally invest primarily in emerging market companies that the sub-adviser believes have above-average potential for capital appreciation based on its fundamental research and analysis.

The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen. The sub-adviser strives to identify companies whose shares are underpriced relative to their intrinsic value. The fund is managed with reference to the MSCI Emerging Markets Index as to country allocation, which may change over time, but the fund is not benchmark constrained. The sub-adviser intends, under normal circumstances, to have approximately 40-80 equity securities in the fund's portfolio.

Pursuant to a value investing philosophy, the sub-adviser seeks to invest in securities that the sub-adviser believes provide a discount or "margin of safety" between a security's price and what the sub-adviser believes to be the true value of the underlying business (which is sometimes referred to as "intrinsic value"). To first narrow the fund's investment universe, the sub-adviser uses quantitative screening tools linked to a variety of relative value assessments (including cash flow, earnings and share price). Next, the sub-adviser combines fundamental research and qualitative analysis to make individual security selections. Within the investment universe, the sub-adviser seeks to invest in companies identified as having attractive risk-reward profiles. The sub-adviser considers these to be companies that it identifies as being both undervalued and having attractive fundamentals (such as revenues, earnings, or management). The sub-adviser also analyzes country-specific factors such as geopolitical risk and its potential impact on expected returns.

The sub-adviser may invest in securities that are convertible into securities of foreign issuers. The sub-adviser will generally invest in small, medium and large capitalization companies.

The sub-adviser may invest in unaffiliated investment companies, including exchange-traded funds ("ETFs"), and may also invest a portion of its assets in real estate investment trusts ("REITs").

The fund may invest a significant portion of its assets in investments located in or operating in one country or a small number of countries. The fund's benchmark index currently includes substantial exposure to China, including China A-shares.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each

Transamerica Emerging Markets Equity

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risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Small Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs

Transamerica Emerging Markets Equity

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and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Frontier Markets –** Frontier market countries generally have smaller economies and even less developed capital markets and legal, regulatory and political systems than emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Information Technology Sector –** Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.

**Country Focus** – To the extent the fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**China** – China and other emerging market countries may be subject to considerable degrees of economic, political and social instability. Markets in China and other Asian countries are relatively new and undeveloped. China's economic health is largely

dependent upon exports, and may be dependent upon the economies of other Asian countries. Investments in Chinese and other Asian issuers could be adversely affected by changes in government policies, or trade or political disputes with major trading partners, including the U.S. China's growing trade surplus with the U.S. has given rise to trade disputes and the imposition of tariffs. The U.S. has also restricted the sale of certain goods to China. In addition, the U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China's economy. China's central government exercises significant control over China's economy and may intervene in the financial markets, such as by imposing trading restrictions, and investments in Chinese issuers could be adversely affected by changes in government policies. The Chinese economy could be adversely affected by supply chain disruptions. An economic slowdown in China could adversely affect economies of other emerging market countries that trade with China, as well as companies operating in those countries. Economies of Asian countries and Asian issuers could be adversely affected by regional security threats. In addition, China's long-running conflict over Taiwan's sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict that could adversely impact the economies of China and other Asian countries, disrupt supply chains, and severely affect global economies and markets.

**Taiwan** – The economy of Taiwan is heavily dependent on exports and key trading partners, including Japan, China, and the United States. Currency fluctuations, increasing competition from Asia's other emerging economies, spending reductions by key trading partners, and conditions that weaken demand for Taiwan's export products worldwide could have a negative impact on the Taiwanese economy as a whole. In addition, Taiwan lacks many natural resources, and, as such, price increases, shortages, or volatility in the commodities market could have an adverse effect on Taiwan's economy. Concerns over Taiwan's history of political contention and its current relationship with China also may have a significant impact on the economy of Taiwan.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

Transamerica Emerging Markets Equity

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**China A–Shares** – The fund may invest in equity securities of certain Chinese companies, directly or through exchange-traded funds ("ETFs"), collectively referred to as China A-shares, through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (collectively, the "Programs"). The Programs are subject to daily quota limitations, which may restrict the fund's ability to invest in China A-shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the Programs are not trading, with the result that prices of China A-shares may fluctuate at times when the fund is unable to add to or exit its position. Only certain China A-shares are eligible to be accessed through the Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Programs. Because the Programs are new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is currently unknown. Further, regulations or restrictions, such as limitations on redemptions, suspension of trading and limitations on profits, may adversely impact the Programs and/or the fund's investments through the Programs. There is no guarantee that applicable exchanges in Hong Kong and mainland China will continue to support the Programs in the future.

Investments in China A-shares are subject to risks specific to the China market. Any significant change in mainland China's political, social or economic policies may have a negative impact on investments in the China market.

In addition, uncertainties in mainland China tax legislation could result in unexpected tax liabilities for a fund and therefore could affect the amount of income which may be derived, and the amount of capital returned, from the investments in China A-shares by the fund.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or

its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Large Capitalization Companies –** The fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

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**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Real Estate Securities –** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund's real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**REITs** – Investing in real estate investment trusts ("REITs") involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ

from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance.

The past performance information shown below is for Class I shares, which are offered in a separate prospectus. Although Class R and Class R4 shares would have similar returns as Class I shares because the classes are invested in the same portfolio of securities, the returns for Class R and Class R4 shares will differ from Class I shares to the extent that the classes have different expenses. Performance information for Class R and Class R4 shares will be included after the share classes have been in operation for one complete calendar year.

Absent any applicable fee waivers and/or expense limitations, performance would be lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

Prior to August 30, 2024, the fund had a different name, a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to the previous sub-adviser.

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**Annual Total Returns (calendar years ended December 31) - Class I**

![](g93604img3cdc7eac10.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2020 | 20.98% |
| Worst Quarter: | 3/31/2020 | -26.10% |

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Transamerica Emerging Markets Equity

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class I |  |  |  | 12/19/2019 |
| Return before taxes | 37.64% | 2.05% | 4.43% |  |
| Return after taxes on <br> distributions<br>| 37.29% | 1.87% | 4.27% |  |
| Return after taxes on <br> distributions and sale of fund <br> shares<br>| 22.48% | 2.05% | 3.88% |  |
| MSCI Emerging Markets Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 34.36% | 4.67% | 6.98% | 12/19/2019 |

---

The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in 2022.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Manager:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Manager:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Manager:* |
| Elliott W. Jones, CFA | Portfolio Manager | since August 2024 |

---

**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4

shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

The fund does not currently offer Class R and Class R4 shares.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Transamerica Emerging Markets Equity

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**Transamerica Government Money Market**

**Investment Objective:** Seeks as high a level of current income as is consistent with preservation of capital and liquidity.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R2** | **R4** | **I3** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

---

| | | | |
|:---|:---|:---|:---|
| **Class:** | **R2** | **R4** | **I3** |
| Management fees | 0.24% | 0.24% | 0.24% |
| Distribution and service (12b-1) fees | 0.25% | 0.25% |  |
| Other expenses | 0.22% | 0.13% | 0.13% |
| Total annual fund operating expenses | 0.71% | 0.62% | 0.37% |
| Fee waiver and/or expense reimbursement<sup>1</sup> | 0.02% | 0.12% | 0.00% |
| Total annual fund operating expenses after fee <br> waiver and/or expense reimbursement<br>| 0.69% | 0.50% | 0.37% |

---

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.69% for Class R2 shares, 0.50% for Class R4 shares and 0.38% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount contractually waived and/or reimbursed that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. In addition to the contractual expense limitation arrangements, TAM or its affiliates may voluntarily waive fees and/or reimburse expenses of one or more classes of the fund in an effort to prevent the class's yield from falling below zero. Any such waiver and/or expense reimbursement may be discontinued or modified at any time. Such waivers or reimbursements, if any, are not reflected in the fee table. Any amounts so waived or reimbursed are subject to recapture by TAM in certain circumstances. Please see the "Expense Limitation" section of the SAI for more details.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has

a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R2 | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $225 | &nbsp;&nbsp; $393 | &nbsp;&nbsp; $881 |
| Class R4 | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $186 | &nbsp;&nbsp; $334 | &nbsp;&nbsp; $763 |
| Class I3 | &nbsp;&nbsp; $38 | &nbsp;&nbsp; $119 | &nbsp;&nbsp; $208 | &nbsp;&nbsp; $468 |

---

**Principal Investment Strategies:** The fund is a government money market fund. The fund seeks to maintain a stable net asset value of $1.00 per share by investing in:

• high-quality, U.S. dollar-denominated short-term money market securities issued or guaranteed as to principal or interest by the U.S. government or its agencies or instrumentalities;

• repurchase agreements that are fully collateralized by U.S. government securities or cash; and

• cash.

The fund's sub-adviser, BlackRock Investment Management, LLC (the "sub-adviser"), invests at least 99.5% of the fund's total assets (plus the amount of borrowings, if any, for investment purposes) in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements fully collateralized by such obligations or cash. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements fully collateralized by such obligations.

The fund will enter into repurchase agreements only with financial institutions that the sub-adviser determines are creditworthy. A financial institution must furnish collateral to the fund at least equal in value to the amount of its repurchase obligation. This collateral must consist of U.S. government securities or cash. The sub-adviser is responsible for ensuring that each repurchase agreement is eligible for purchase by the fund.

The fund invests in accordance with the quality, maturity, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940 and other rules of the Securities and Exchange Commission.

The fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis. The fund may invest in other government money market funds to the extent permitted by law.

If the fund takes a temporary defensive position, it will be more difficult for the fund to achieve its investment objective. Although the sub-adviser has the ability to take temporary defensive positions, it may choose not to do so for a variety of reasons, including during volatile market conditions.

Transamerica Government Money Market

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**Principal Risks: You could lose money by investing in the fund.** Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.

You should be aware that money market funds have, in the past, "broken the buck," which means that investors did not receive $1.00 per share for their investment in those funds, and this could happen again. If a money market fund breaks the buck or if money market funds are perceived to be likely to do so, there could be significant redemptions from money market funds, driving market prices of securities down and making it more difficult for the fund to maintain a $1.00 per share net asset value.

If one or more money market funds were to incur a sizeable loss or impose fees on redemptions or suspend redemptions, there could be significant redemptions from money market funds in general, potentially driving the market prices of money market instruments down and adversely affecting market liquidity.

There is no assurance that the fund will meet its investment objective. The fund could underperform short-term debt instruments, other money market funds or similar investments, or you could lose money. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully.

**Market** – Factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning), investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, lack of liquidity or other disruptions in the bond markets, or other adverse market events and conditions could cause the value of your investment in the fund, or its yield, to decline. While the fund seeks to maintain a $1.00 share price, when market prices fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default

on U.S. government obligations, with unpredictable consequences for the fund's investments and the fund's ability to preserve the value of your investment at $1.00 per share, and generally for economies and markets in the U.S. and elsewhere.

**Government Money Market Fund –** The fund operates as a "government" money market fund under applicable federal regulations and invests in U.S. government securities. Circumstances could arise that would prevent the payment of interest or principal on U.S. government securities, which could adversely affect their value and the fund's ability to preserve the value of your investment at $1.00 per share. An increased demand for U.S. government securities could affect the availability of such instruments for investment and the fund's ability to pursue its investment strategies. The fund does not currently intend to avail itself of the ability to impose "liquidity fees" on fund redemptions, as permitted under Rule 2a-7. However, the Board reserves the right, with notice to shareholders, to change this policy.

**Interest Rate –** The interest rates on short-term obligations held in the fund will vary, rising or falling with short-term interest rates generally. The fund's yield will tend to lag behind general changes in interest rates. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the fund. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase. During periods of extremely low or negative short-term interest rates, the fund may not be able to maintain a positive yield or total return or be able to preserve the value of your investment at $1.00 per share.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and

Transamerica Government Money Market

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trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Credit –** An issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund may be unable or unwilling to meet its financial obligations or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) to be less creditworthy, or the value of assets underlying a security may decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Management** – The fund is subject to the risk that the investment manager's or sub-adviser's judgments and decisions may be incorrect or otherwise may not produce the desired results. The sub-adviser's judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry or sector, or about the economy or interest rates, may be incorrect. The fund is also subject to the risk of imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by the sub-adviser, if such tools, resources, information or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the sub-adviser's investment style fails to produce the desired results. Any of these things could cause the fund to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Redemption –** The fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that the fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. The redemption by one or more large shareholders of their holdings in the fund could have an adverse impact on the remaining shareholders in the fund. In addition, the fund may suspend redemptions when permitted by applicable regulations.

Transamerica Government Money Market

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**Underlying Government Money Market Funds –** The fund may invest in other government money market funds. Each of the underlying government money market funds in which the fund may invest has its own investment risks. There can be no assurance that the investment objective of any underlying government money market fund will be achieved. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying government money market funds in which it invests.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The table shows the fund's average annual total returns for different periods.

The fund's performance reflects the effect of contractual and voluntary fee waivers and/or expense reimbursements by TAM and amounts recaptured by TAM under such arrangements.

Absent any applicable fee waivers and/or expense limitations, performance would be lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

Prior to November 1, 2018, the fund had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to the previous sub-adviser.

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**Annual Total Returns (calendar years ended December 31) - Class R2**

![](g93604imgce0aebdb11.jpg)

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**7-DAY YIELD (as of December 31, 2025)** 

**Class R2 = 3.08%** 

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2023 | 1.17% |
| Worst Quarter: | 9/30/2020 | 0.00% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R2 | 3.64% | 2.75% | 2.01% | 10/13/2017 |
| Class R4 | 3.86% | 3.00% | 2.28% | 10/13/2017 |
| Class I3 | 3.98% | 3.07% | 2.30% | 5/19/2017 |

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The total return information for Transamerica Government Money Market reflects the impact of certain contributions by TAM in 2021. Investors should not consider the resulting performance information as an indication of what the fund's total returns will be in the future.

Call customer service at 1-888-233-4339 for the current 7-day yield.

**Management:** 

*Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* BlackRock Investment Management, LLC<br>

**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R2 shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R2 or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

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Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class I3 shares do not have a minimum initial investment for those that qualify for the share class or a minimum subsequent investment amount.

The fund is closed to most new investors. The following investors may continue to purchase shares of the fund: existing fund investors, investors exchanging shares of another Transamerica fund for shares in the same class of the fund, asset allocation funds and other investment products in which the fund is currently an underlying investment option, retirement plans in which the fund is a plan option, any plan that is or becomes a part of a multiple plan exchange recordkeeping platform that includes the fund as a plan option, and current and former trustees of the fund. The fund will remain closed until further notice. The fund reserves the right to modify the foregoing terms of the closure at any time and to accept or reject any investment for any reason.

**Tax Information:** Fund distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica High Yield Bond**

**Investment Objective:** Seeks a high level of current income by investing in high-yield debt securities.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Management fees | 0.55% | 0.55% | 0.55% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |  |
| Other expenses | 0.06% | 0.05% | 0.06% |
| Total annual fund operating expenses | 0.86% | 1.10% | 0.61% |
| Fee waiver and/or expense reimbursement<sup>1</sup> <br>| 0.01% | 0.00% | 0.00% |
| Total annual fund operating expenses after fee <br> waiver and/or expense reimbursement<br>| 0.85% | 1.10% | 0.61% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.85% for Class R4 shares, 1.10% for Class R shares and 0.65% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $273 | &nbsp;&nbsp; $476 | &nbsp;&nbsp; $1060 |
| Class R | &nbsp;&nbsp; $112 | &nbsp;&nbsp; $350 | &nbsp;&nbsp; $606 | &nbsp;&nbsp; $1340 |
| Class I3 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $195 | &nbsp;&nbsp; $340 | &nbsp;&nbsp; $762 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 42% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in high-yield bonds (commonly known as "junk bonds"). The fund normally invests primarily in U.S. securities.

Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the sub-adviser). The sub-adviser seeks to achieve high returns for the fund while maintaining a reasonable risk profile.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate and sovereign debt, stressed and distressed securities, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment, and valuation factors that the sub-adviser believes affect the movement of markets and securities prices worldwide. This "top-down" analysis assists the sub-adviser in analyzing fund risk and allocating assets among sectors, industries, and credit quality categories. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness and capital structure. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for high-yield bonds, foreign securities (including emerging markets), investment grade bonds, certain asset-backed securities, private residential mortgage-backed securities, certain preferred equity, privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when

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analyzing other investments, including, but not limited to, investments in certain bank loans, U.S. Treasury and agency mortgage-backed securities, common equity, cash, certain cash equivalent securities, asset-backed commercial paper, repurchase agreements and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund.

The fund has no maturity or duration requirements or limitations. The fund may invest in foreign securities, including up to 10% of its net assets in emerging market securities. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations.

To a lesser extent, the fund may invest in investment grade bonds, bank loans, asset backed and mortgage backed securities, preferred equity securities, common equity securities (received in connection with exchanges or restructurings) and cash equivalents. The fund may also invest in hybrid instruments having both debt and equity characteristics.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the

securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases

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in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund's assets can decline as can the value of the fund's distributions.

**Distressed or Defaulted Securities –** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Bank Obligations –** Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar

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change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Energy Sector** – Industries in the energy segment, such as those engaged in the development, production and distribution of energy resources, can be significantly affected by supply and demand both for their specific product or service and for energy products in general. The price of oil, gas and other consumable fuels, exploration and production spending, government regulation, economic conditions (including sanctions), weather events, world events and disputes among energy-producing countries likewise may affect the productivity or performance of companies in these industries. Companies in the energy sector may also be at increased risk for litigation and negative publicity or public perception. Such events and related conditions may lead to increased volatility in the energy sector.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may

fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Floating Rate Loans** – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan's issuer, and adversely affect the fund's investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different

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accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Hybrid Instruments –** Investing in hybrid instruments involves a combination of risks, including risks of investing in securities, commodities, options, futures, and currencies. An investment in a hybrid instrument may entail significant risks in addition to those associated with traditional fixed-income or convertible securities.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the

underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors

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as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

Absent any applicable fee waivers and/or expense limitations, performance would be lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604img4abca8d312.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 9.24% |
| Worst Quarter: | 3/31/2020 | -15.18% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  |  | 3/24/2017 |
| Return before taxes | 8.30% | 3.73% | 4.34% |  |
| Return after taxes on distributions | 5.36% | 1.40% | 2.02% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 4.84% | 1.81% | 2.28% |  |
| Class R (Return before taxes only) | 8.16% | 3.53% | 4.11% | 3/24/2017 |
| Class I3 (Return before taxes only) | 8.69% | 4.04% | 4.63% | 3/24/2017 |
| Bloomberg US Universal Bond Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 7.58% | 0.06% | 2.23% | 3/24/2017 |
| Bloomberg US Corporate High Yield <br> 2% Issuer Capped Index (reflects no <br> deduction for fees, expenses or taxes)<br>| 8.62% | 4.50% | 5.35% | 3/24/2017 |

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The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Kevin Bakker, CFA<sup>1</sup> <br>| Portfolio Manager | since May 2007 |
| Benjamin D. Miller, CFA<sup>1</sup> <br>| Portfolio Manager | since August 2006 |
| James K. Schaeffer, Jr.<sup>1</sup> <br>| Portfolio Manager | since March 2011 |

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<sup>1</sup> Portfolio Manager of the predecessor fund.

**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV")

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after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class I3 shares do not have a minimum initial investment for those that qualify for the share class or a minimum subsequent investment amount.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Inflation Opportunities**

**Investment Objective:** Seeks maximum real return, consistent with appreciation of capital.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Management fees | 0.38% | 0.38% | 0.38% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |  |
| Other expenses | 0.16% | 0.16% | 0.16% |
| Total annual fund operating expenses | 0.79% | 1.04% | 0.54% |
| Fee waiver and/or expense reimbursement<sup>1</sup> | 0.14% | 0.04% | 0.01% |
| Total annual fund operating expenses after fee <br> waiver and/or expense reimbursement<br>| 0.65% | 1.00% | 0.53% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.65% for Class R4 shares, 1.00% for Class R shares and 0.53% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. In addition, TAM has contractually agreed to forego its ability to recapture amounts previously waived and/or reimbursed to the class under the expense limitation agreement through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain

the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $238 | &nbsp;&nbsp; $425 | &nbsp;&nbsp; $965 |
| Class R | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $327 | &nbsp;&nbsp; $570 | &nbsp;&nbsp; $1267 |
| Class I3 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $172 | &nbsp;&nbsp; $301 | &nbsp;&nbsp; $676 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 29% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, PineBridge Investments LLC (the "sub-adviser"), seeks to achieve the fund's investment objective by normally investing the fund's assets primarily in inflation-indexed fixed-income securities issued by domestic and foreign governments, their agencies or instrumentalities, and corporations.

Inflation-indexed fixed-income securities are structured to provide protection against the negative effects of inflation. The value of an inflation-indexed fixed-income security's principal or the interest income paid on the fixed-income security is adjusted to track changes in an official inflation measure, usually the Consumer Price Index for All Urban Consumers ("CPI-U") with respect to domestic issuers.

The fund may also invest in debt securities that are not inflation-indexed, including but not limited to securities issued or guaranteed by national governments, their agencies, instrumentalities, and political sub-divisions, securities of supranational organizations such as bonds, corporate debt securities, adjustable rate bonds, floating rate bonds, principal only bonds, Eurobonds, Eurodollar bonds and Yankee dollar instruments, zero coupon bonds, convertible notes, commercial paper, and commercial mortgage-backed and mortgage-backed and asset-backed securities. The fund also may invest in money market instruments with remaining maturities of one year or less, as well as repurchase agreements, cash and cash equivalents.

The fund may invest in securities of any maturity and does not have a target average duration. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The fund normally invests primarily in investment grade securities, but may invest up to 20% of its total assets in high yield securities (often referred to as "junk

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bonds") rated BB or below by Moody's Investors Service, Inc., or equivalently rated by Standard & Poor's Corporation or Fitch, Inc., or, if unrated, determined by the sub-adviser to be of comparable quality.

The sub-adviser uses both "top-down" and "bottom-up" analysis to determine security and duration positions for the fund. Both "top-down" and "bottom-up" approaches rely upon the same fundamental, valuation and technical framework and analysis of factors the sub-adviser believes affect pricing, including interest rates, inflation rates, liquidity and currency exposures. These factors are jointly determined and are interdependent. Security sales decisions are driven by the same criteria as purchase decisions.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps (including, but not limited to, interest rate or foreign currency transactions, total return and credit default swaps), provided that the fund's maximum swap underlying notional value exposure does not exceed 40% of the underlying market value of the fund's portfolio. The sub-adviser regularly uses currency swaps, futures and/or forwards to hedge non-U.S. dollar currency exposure. These investment strategies may be employed in an effort to either mitigate risk or generate income.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The fund's investments in securities issued by foreign governments may include securities issued by governments of emerging market countries. The sub-adviser considers emerging market countries as countries that major international financial institutions and financial organizations, such as the World Bank and Bloomberg, generally consider to be less economically mature than developed nations.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity

events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity

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defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are

subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions

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in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as

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well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Money Market Funds –** An investment in a money market fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor is not required to reimburse the fund for losses or to provide financial support to the fund. Although many money market funds seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in such money market funds. Certain other money market funds float their net asset value.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested

in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

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**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

Absent any applicable fee waivers and/or expense limitations, performance would be lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604imge0603a1b13.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 9/30/2024 | 4.02% |
| Worst Quarter: | 12/31/2024 | -2.49% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  | 10/27/2023 |
| Return before taxes | 6.09% | 6.58% |  |
| Return after taxes on distributions | 4.40% | 5.17% |  |
| Return after taxes on distributions and sale <br> of fund shares<br>| 3.59% | 4.44% |  |
| Class R (Return before taxes only) | 5.67% | 6.19% | 10/27/2023 |
| Class I3 (Return before taxes only) | 6.19% | 6.73% | 10/27/2023 |
| Bloomberg US Universal Bond Index (reflects <br> no deduction for fees, expenses or taxes)<br>| 7.58% | 8.22% | 10/27/2023 |
| Bloomberg US Treasury Inflation Protected <br> Securities Index (reflects no deduction for <br> fees, expenses or taxes)<br>| 7.01% | 6.46% | 10/27/2023 |
| Bloomberg Global Inflation Linked Bond <br> Index (reflects no deduction for fees, expenses <br> or taxes)<br>| 9.11% | 6.82% | 10/27/2023 |

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The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* PineBridge Investments LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* PineBridge Investments LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* PineBridge Investments LLC<br> *Portfolio Managers:* |
| Robert A. Vanden Assem, <br> CFA<br>| Co-Portfolio Manager | since March 2014 |
| Roberto Coronado | Co-Portfolio Manager | since October 2016 |
| Gunter H. Seeger | Co-Portfolio Manager | since March 2018 |

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**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class I3 shares do not have a minimum initial investment for those that qualify for the share class or a minimum subsequent investment amount.

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**Tax Information:** Fund distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica International Equity**

**Investment Objective:** Seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Management fees | 0.71% | 0.71% | 0.71% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |  |
| Other expenses<sup>1</sup> | 0.05% | 0.07% | 0.05% |
| Total annual fund operating expenses | 1.01% | 1.28% | 0.76% |

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Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the Financial Highlights table, which include overdraft charges that are considered extraordinary expenses. Had these extraordinary expenses been included, Other Expenses would have been 0.06% for Class R4 shares, 0.08% for Class R shares and 0.06% for Class I3 shares.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $103 | &nbsp;&nbsp; $322 | &nbsp;&nbsp; $558 | &nbsp;&nbsp; $1236 |
| Class R | &nbsp;&nbsp; $130 | &nbsp;&nbsp; $406 | &nbsp;&nbsp; $702 | &nbsp;&nbsp; $1545 |
| Class I3 | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $243 | &nbsp;&nbsp; $422 | &nbsp;&nbsp; $942 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 13% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of foreign companies representing at least three countries other than the United States. The fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser"), currently anticipates investing in at least 12 countries other than the United States. The sub-adviser emphasizes established companies in individual foreign markets and seeks to stress companies and markets that it believes are undervalued. The sub-adviser expects capital growth to be the predominant component of the fund's total return.

Generally, the fund will invest primarily in common stocks of companies listed on foreign securities exchanges, but it may also invest in depositary receipts including American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs"). Although the fund will emphasize larger, more seasoned or established companies, it may invest in companies of varying sizes as measured by assets, sales or market capitalization. The fund will invest primarily in securities of companies domiciled in developed markets, but may invest up to 10% of its assets in securities of companies in emerging markets. The sub-adviser seeks to diversify the fund's investments around the world and within markets in an effort to minimize specific country and currency risks.

The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen designed to outperform the MSCI Europe, Australasia and Far East ("EAFE") Index. The sub-adviser also performs rigorous fundamental analysis. The fund is typically composed of approximately 80-120 stocks as a result of this process.

The sub-adviser generally limits the fund's investment universe to companies with a minimum of three years of operating history. The sub-adviser employs a consistent sell discipline which includes a significant negative earnings revision, a stock being sold when the catalyst is no longer valid or another stock presents a more attractive opportunity.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

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**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different

accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Small and Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

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**Financial Sector** – Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. Credit rating downgrades resulting from financial difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Country Focus** – To the extent the fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning

could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Large Capitalization Companies –** The fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other

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transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance.

The fund acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 10, 2017, and the fund was the accounting and performance survivor of the reorganizations. Transamerica Partners fund shareholders received Class R, Class R4 or Class I3 shares of the fund in the reorganizations.

Absent any applicable fee waivers and/or expense limitations, performance would be lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604imgca348dd014.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2022 | 19.71% |
| Worst Quarter: | 3/31/2020 | -27.16% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  |  | 3/10/2017 |
| Return before taxes | 32.33% | 8.95% | 7.81% |  |
| Return after taxes on distributions | 30.03% | 8.12% | 7.06% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 20.60% | 6.99% | 6.19% |  |
| Class R (Return before taxes only) | 31.96% | 8.68% | 7.54% | 3/10/2017 |
| Class I3 (Return before taxes only) | 32.65% | 9.23% | 8.08% | 3/10/2017 |
| MSCI EAFE Index (reflects no <br> deduction for fees, expenses or <br> taxes)<br>| 31.89% | 9.47% | 9.25% | 3/10/2017 |

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The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* |
| Brandon H. Harrell, CFA<sup>1</sup> <br>| Portfolio Manager | since March 2011 |
| Stedman D. Oakey, CFA | Portfolio Manager | since July 2025 |

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<sup>1</sup> Portfolio Manager of the predecessor fund.

**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance

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companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class I3 shares do not have a minimum initial investment for those that qualify for the share class or a minimum subsequent investment amount.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Large Core ESG**

**Investment Objective:** Seeks to provide capital appreciation.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Management fees | 0.45% | 0.45% | 0.45% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |  |
| Other expenses | 0.11% | 0.10% | 0.10% |
| *Recaptured expense*<sup>1</sup> | *0.01%* | *0.00%* | *0.00%* |
| *All other expenses* | *0.10%* | *0.10%* | *0.10%* |
| Total annual fund operating expenses | 0.81% | 1.05% | 0.55% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.81% for Class R4 shares, 1.15% for Class R shares and 0.57% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $83 | &nbsp;&nbsp; $259 | &nbsp;&nbsp; $450 | &nbsp;&nbsp; $1002 |
| Class R | &nbsp;&nbsp; $107 | &nbsp;&nbsp; $334 | &nbsp;&nbsp; $579 | &nbsp;&nbsp; $1283 |
| Class I3 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $176 | &nbsp;&nbsp; $307 | &nbsp;&nbsp; $689 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 110% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of large-cap companies that have an MSCI ESG rating of A or higher. The fund considers large-cap companies to be the top approximately 1,000 companies by market capitalizations in the U.S. market. As of December 31, 2025, the top 1,000 companies by market capitalization in the U.S. market had a market capitalization of at least $1.3 billion.

The fund's sub-adviser, PineBridge Investments LLC (the "sub-adviser"), believes companies should be analyzed in the context of their life cycle. The sub-adviser employs a process that categorizes companies according to where the sub-adviser believes they reside in their respective company life cycles, and then lets the categorization drive how the companies are analyzed for investment attractiveness. Through a quantitative framework, the sub-adviser ranks companies within what are considered fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). After quantitatively categorizing each company in the investment universe into their six main life-cycle categorizations, the sub-adviser's alpha model then quantitatively assesses the attractiveness of each company based on numerous factors that are considered relevant to each life-cycle category. The model generates a numerical ranking based on this quantitative categorization and factor-based assessment, which indicates the attractiveness of each stock.

The sub-adviser then employs an optimization process to construct the fund's portfolio. The optimization process incorporates the output from the sub-adviser's alpha model and includes an MSCI ESG ratings constraint and certain exclusionary constraints. Under the ratings constraint, the sub-adviser will normally invest at least 80% of the fund's net assets in companies with an MSCI ESG rating of A or higher. The sub-adviser generally expects, as measured on a monthly basis, that at least 85% of the companies the fund holds will have an MSCI ESG rating of A or higher. The sub-adviser obtains third party ESG ratings information from MSCI. MSCI ESG ratings are intended to measure how well a company manages its material ESG risks and opportunities relative to industry peers. MSCI assigns each company an ESG rating on a seven-point scale ranging between "AAA" and "CCC," with "AAA"

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being the highest followed by "AA" and "A." To arrive at a final ESG rating, MSCI uses a quantitative model to weigh a company's environmental and social key issue scores and a governance pillar score relative to its industry peers. Under the exclusionary constraints, the sub-adviser will exclude investments in: companies that derive 10% or more of total annual revenue from thermal coal; companies that are United Nations Global Compact violators; and companies involved in controversial weapons (landmines, cluster munitions, chemical and biological weapons). These exclusions are based on third party classifications by MSCI obtained by the sub-adviser.

Final stock selection and portfolio positioning are subject to the discretion of the fund's portfolio management team.

The equity securities in which the fund may invest include, but are not limited to, common stocks, depositary receipts, preferred stocks, and securities convertible into common stocks (such as warrants and rights). The fund may also invest up to 5% of its assets in index exchange-traded funds ("ETFs").

Additionally, the fund may also invest its assets in cash, cash equivalent securities or other short-term debt securities, money market funds and U.S. government securities.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may

fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Model and Data –** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the fund.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

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**Environmental, Social and Governance ("ESG") Investing** – Applying the sub-adviser's ESG criteria to its investment analysis for the fund may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the fund may forgo some investment opportunities available to funds that do not use ESG criteria or that apply different ESG criteria. Applying ESG criteria may impact the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the fund's investment performance. The relevance and weightings of ESG criteria to the sub-adviser's investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies that are identified by the sub-adviser as having favorable ESG characteristics may shift into and out of favor depending on market and economic conditions, and a company's ESG practices, or the sub-adviser's assessment of such practices, may change over time. The fund's performance may at times be better or worse than the performance of similar funds that do not use ESG criteria or that apply different ESG criteria. ESG is not a uniformly defined characteristic and applying ESG criteria involves a subjective assessment. There may be significant differences in views in what constitutes positive or negative ESG characteristics of a company. The sub-adviser's ESG assessment of a company may differ from that of other funds or investors. The fund's investments may include securities of issuers that derive revenue from non-ESG activities. ESG ratings and assessments of issuers can vary across third party data providers, and ESG data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's ESG characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of ESG investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of ESG criteria could have a material adverse effect on the fund's ability to invest in accordance with its ESG strategy.

**Large Capitalization Companies –** The fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Information Technology Sector –** Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse

government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk

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associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**ESG Data** – ESG information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted ESG standards or standardized practices for researching, generating, or analyzing ESG data, classifications, screens, and ratings ("ESG Data"). The factors and criteria considered when generating ESG Data and the results of such ESG research may differ widely across third-party ESG Data providers. The evaluation of ESG factors and criteria is often subjective, is often evolving and subject to ongoing refinement, and the third-party ESG Data providers used by the fund may not identify or evaluate every relevant ESG factor and/or criteria with respect to every investment. Due to differences in various countries' corporate disclosure and financial statement reporting obligations and availability, as well as timeliness of any such available information, a third-party ESG Data provider may not always be successful in identifying material ESG information about a particular company. The fund may invest in companies that do not reflect the beliefs or values of a particular investor and may not be deemed to exhibit the intended ESG characteristics if different metrics or ESG Data providers were used to evaluate them. Because ESG considerations are still an emerging area of investment focus, ESG information and metrics can be difficult to obtain or not able to be obtained. The evaluation of ESG factors and implementation of ESG-related investment restrictions (e.g., screens) rely on the availability of timely, complete, and accurate ESG Data reported by issuers and/or third-party research providers. ESG Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. The successful implementation of the fund's strategy is therefore dependent, in part, on the ESG factors identified and considered and research methodologies employed by applicable third-party ESG Data providers, as well as the timely availability of accurate information. Due to the specialized resources necessary to obtain ESG-related information underlying or related to the ESG Data provided by applicable third-party ESG research firms, the sub-adviser does not independently test or verify the data provided by such firms.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Money Market Funds –** An investment in a money market fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor is not required to reimburse the fund for losses or to provide financial support to the fund. Although many money market funds seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in such money market funds. Certain other money market funds float their net asset value.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith

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and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Warrants and Rights –** Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance.

The fund acquired the assets and assumed the liabilities of three Transamerica Partners funds, including Transamerica Partners Institutional Large Core (the "predecessor fund"), on March 10, 2017, and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganization, and has not been restated to reflect the annual operating expenses of Class R4 shares.

Absent any applicable fee waivers and/or expense limitations, performance would have been lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

Prior to September 1, 2018, the fund had a different sub-adviser, a different investment objective and used different investment strategies. The performance set forth prior to that date is attributable to the previous sub-adviser.

Prior to March 1, 2023, the fund was named Transamerica Large Core and the fund's investment strategies did not include an ESG overlay. The performance set forth prior to that date reflects the fund's former investment strategies.

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604img1537105c15.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 20.70% |
| Worst Quarter: | 3/31/2020 | -20.43% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  |  |  | 9/11/2000 |
| Return before taxes | 17.37% | 14.23% | 13.37% |  |  |
| Return after taxes on <br> distributions<br>| 13.27% | 10.54% | 10.55% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 12.78% | 10.50% | 10.23% |  |  |
| Class R (Return before <br> taxes only)<br>| 17.18% | 13.94% | N/A | 13.40% | 3/10/2017 |
| Class I3 (Return before <br> taxes only)<br>| 17.71% | 14.50% | N/A | 13.95% | 3/10/2017 |
| S&P 500<sup>®</sup> Index (reflects <br> no deduction for fees, <br> expenses or taxes)<br>| 17.88% | 14.42% | 14.82% |  |  |

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The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.** 

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**Management:** 

<u> *Investment Manager:* Transamerica Asset Management, Inc. *Sub-Adviser:* PineBridge Investments LLC *Portfolio Manager:*</u> <br> Sheedsa Ali, CFA Portfolio Manager since September 2018

**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class I3 shares do not have a minimum initial investment for those that qualify for the share class or a minimum subsequent investment amount.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Large Growth**

**Investment Objective:** Seek to maximize long-term growth.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Management fees | 0.65% | 0.65% | 0.65% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |  |
| Other expenses<sup>1</sup> | 0.07% | 0.06% | 0.07% |
| Total annual fund operating expenses | 0.97% | 1.21% | 0.72% |
| Fee waiver and/or expense reimbursement<sup>2</sup> | 0.07% | 0.00% | 0.00% |
| Total annual fund operating expenses after fee <br> waiver and/or expense reimbursement<br>| 0.90% | 1.21% | 0.72% |

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Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the Financial Highlights table, which include overdraft charges that are considered extraordinary expenses. Had these extraordinary expenses been included, Other Expenses would have been 0.08% for Class R4 shares, 0.07% for Class R shares and 0.08% for Class I3 shares.

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.90% for Class R4 shares, 1.25% for Class R shares and 0.74% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain

the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $302 | &nbsp;&nbsp; $529 | &nbsp;&nbsp; $1183 |
| Class R | &nbsp;&nbsp; $123 | &nbsp;&nbsp; $384 | &nbsp;&nbsp; $665 | &nbsp;&nbsp; $1466 |
| Class I3 | &nbsp;&nbsp; $74 | &nbsp;&nbsp; $230 | &nbsp;&nbsp; $401 | &nbsp;&nbsp; $894 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 56% of the average value of its portfolio.

**Principal Investment Strategies:** The fund normally invests primarily in common stocks of companies that its sub-advisers, Morgan Stanley Investment Management Inc. ("MSIM") and Wellington Management Company LLP ("Wellington Management"), believe have the potential for above average growth in earnings. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of large cap companies and other investments with similar economic characteristics. The fund considers large cap companies to be companies with market capitalizations that, at the time of initial purchase, exceed the market capitalization of the smallest company included in the Russell 1000<sup>®</sup> Growth Index<sup>1</sup>, a benchmark of the fund. As of December 31, 2025, the market capitalization of the smallest company in the Russell 1000<sup>®</sup> Growth Index was $1.57 billion. The fund generally emphasizes common and preferred stocks listed on the New York Stock Exchange and other U.S. securities exchanges and, to a lesser extent, equity securities that are listed on foreign securities exchanges and those traded over-the-counter. The fund's investment manager, Transamerica Asset Management, Inc., determines the allocation of the fund's assets between MSIM and Wellington Management and rebalances the allocation periodically to normally maintain approximately a 50% allocation of the fund's assets to each sub-adviser. The fund employs a growth style of investing. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries and securities classified as American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), American Depositary Shares ("ADSs") or Global Depositary Shares ("GDSs"), foreign U.S. dollar denominated securities that are traded on a U.S. exchange or local shares of non-U.S. issuers. MSIM may, but is not required to, utilize foreign currency forward exchange contracts, which are derivatives, in connection with

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investments in foreign securities, and may, but is not required to, purchase and sell certain derivative instruments, such as options, for various portfolio management purposes. The fund may invest in companies with significant exposure to digital assets, such as Bitcoin, or the digital asset ecosystem. The fund does not invest directly in digital assets.

Consistent with the fund's objective and other policies, Wellington Management may, but is not required to, invest to a lesser extent in derivatives, including futures, forwards, options and swaps primarily for cash equitization purposes. The fund may also invest in warrants and rights.

MSIM emphasizes a "bottom-up" stock selection process, seeking attractive investments on an individual company basis. MSIM integrates environmental, social and governance ("ESG") factors into its investment process by using ESG factors as a lens for additional fundamental research, which can contribute to investment decision-making. This analysis of ESG factors is subjective and not determinative in the MSIM's investment process. MSIM may conclude that other attributes of an investment outweigh ESG factors when making investment decisions.

Wellington Management employs a "bottom-up" approach, using fundamental analysis to identify specific securities within industries or sectors for purchase or sale. A "bottom-up" approach evaluates individual companies in the context of broader market factors. Wellington Management's stock selection process is derived from its observation that the quality and persistence of a company's business is often not reflected in its current stock price. Central to the investment process is fundamental research focused on uncovering companies with improving quality metrics, business momentum, and attractive relative valuations. Wellington Management's investment process is aided by a proprietary screening process that narrows the sub-adviser's investment universe to companies that are consistent with its investment philosophy.

The fund uses multiple sub-advisers in an effort to control the volatility often associated with growth funds, but there can be no assurance that this strategy will succeed.

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest

rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market

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prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Small and Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Large Capitalization Companies –** The fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Information Technology Sector –** Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse

government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time.

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Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain

cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Digital Assets –** The fund may gain economic exposure to Bitcoin or other digital assets through investments in operating companies that accumulate Bitcoin or other digital assets and/or provide Bitcoin- or other digital assets-related products and services, and consequently the fund's performance is subject to the risks of the applicable digital assets and the risks of the digital assets industry more generally. The trading prices of many digital assets have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Bitcoin or other digital assets to which the fund has economic exposure could have a material adverse effect on the value of the fund's shares. Digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry. Changes in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively affect that digital asset network's ability to grow and respond to challenges.

Cryptocurrencies, such as Bitcoin, are a subset of digital assets designed to act as a medium of exchange. Despite being referred to as "currencies," crypto assets are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender. The value of digital assets is determined by supply and demand in the global markets, which consist primarily of transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading platforms is highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.

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**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation

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methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Warrants and Rights –** Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The fund acquired the assets and assumed the liabilities of three Transamerica Partners funds, including Transamerica Partners Institutional Large Growth (the "predecessor fund"), on March 10, 2017, and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganization, and has not been restated to reflect the annual operating expenses of Class R4 shares.

Absent any applicable fee waivers and/or expense limitations, performance would have been lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

Prior to October 18, 2019, the fund had a different co-sub-adviser, a different investment objective and used different investment strategies. Certain performance set forth prior to that date is attributable to that previous co-sub-adviser.

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604img146474e816.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 43.50% |
| Worst Quarter: | 6/30/2022 | -31.31% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  |  |  | 9/11/2000 |
| Return before taxes | 18.98% | 6.73% | 15.63% |  |  |
| Return after taxes on <br> distributions<br>| 10.96% | 3.23% | 12.38% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 16.42% | 4.89% | 12.39% |  |  |
| Class R (Return before <br> taxes only)<br>| 18.57% | 6.41% | N/A | 16.28% | 3/10/2017 |
| Class I3 (Return before <br> taxes only)<br>| 19.12% | 6.94% | N/A | 16.86% | 3/10/2017 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 17.15% | 13.15% | 14.29% |  |  |
| Russell 1000<sup>®</sup> Growth <br> Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 18.56% | 15.32% | 18.13% |  |  |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management Inc.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management Inc.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management Inc.<br> *Portfolio Managers:* |
| Dennis P. Lynch | Lead Portfolio Manager | since October 2019 |
| Sam G. Chainani, CFA | Portfolio Manager | since October 2019 |
| Jason C. Yeung, CFA | Portfolio Manager | since October 2019 |
| Armistead B. Nash | Portfolio Manager | since October 2019 |
| Alexander T. Norton | Portfolio Manager | since October 2019 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u> *Sub-Adviser:* Wellington Management Company LLP *Portfolio Managers:*</u> <br> <u> Douglas McLane, CFA</u> <u> Lead Portfolio Manager</u> <u> since July 2022<sup>1</sup> </u> <br> David Siegle, CFA Portfolio Manager since March 2017

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<sup>1</sup> Portfolio Manager since March 2017; Lead Portfolio Manager since July 2022.

**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class I3 shares do not have a minimum initial investment for those that qualify for the share class or a minimum subsequent investment amount.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Transamerica Large Growth

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**Transamerica Large Value Opportunities**

**Investment Objective:** Seeks to provide long-term capital appreciation.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Management fees | 0.45% | 0.45% | 0.45% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |  |
| Other expenses | 0.07% | 0.06% | 0.07% |
| Total annual fund operating expenses | 0.77% | 1.01% | 0.52% |
| Fee waiver and/or expense reimbursement<sup>1</sup> | 0.02% | 0.01% | 0.00% |
| Total annual fund operating expenses after fee <br> waiver and/or expense reimbursement<br>| 0.75% | 1.00% | 0.52% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.75% for Class R4 shares, 1.00% for Class R shares and 0.65% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $244 | &nbsp;&nbsp; $426 | &nbsp;&nbsp; $952 |
| Class R | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $321 | &nbsp;&nbsp; $557 | &nbsp;&nbsp; $1235 |
| Class I3 | &nbsp;&nbsp; $53 | &nbsp;&nbsp; $167 | &nbsp;&nbsp; $291 | &nbsp;&nbsp; $653 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 123% of the average value of its portfolio.

**Principal Investment Strategies:** The fund normally invests primarily in issuers listed on U.S. exchanges with a focus on value stocks. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of large-cap value companies and other investments with similar economic characteristics. The fund considers large-cap value companies to be companies with market capitalizations that, at the time of initial purchase, exceed the market capitalization of the smallest company included in the MSCI USA Value Index. As of December 31, 2025, the market capitalization of the smallest company in the MSCI USA Value Index was approximately $8.34 billion.

The fund's sub-adviser, PineBridge Investments LLC (the "sub-adviser"), employs a process that categorizes companies according to where the sub-adviser believes they reside in their respective company life cycles, and then lets the categorization drive how the companies are analyzed for investment attractiveness. Through a quantitative framework, the sub-adviser ranks companies within what are considered fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). After quantitatively categorizing each company in the investment universe into their six main life-cycle categorizations, the sub-adviser's alpha model then quantitatively assesses the attractiveness of each company based on numerous factors that are relevant to each life-cycle category. The model generates a numerical ranking based on this quantitative categorization and factor-based assessment, which indicates the attractiveness of each stock. An optimization process is then used by the sub-adviser to build the fund's portfolio using constraints relative to the fund's primary benchmark. Final stock selection and portfolio positioning are subject to the discretion of the fund's portfolio management team.

The equity securities in which the fund may invest include, but are not limited to, common stocks, depository receipts, preferred stocks and securities convertible into common stocks (such as warrants and rights). The fund may also invest up to 5% of its assets in index exchange-traded funds ("ETFs"). Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

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Additionally, the fund may also invest its assets in cash, cash equivalent securities or other short-term debt securities, money market funds and U.S. government securities.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that

stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Model and Data –** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the fund.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Large Capitalization Companies –** The fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's

Transamerica Large Value Opportunities

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or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to

sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Money Market Funds –** An investment in a money market fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor is not required to reimburse the fund for losses or to provide financial support to the fund. Although many money market funds seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in such money market funds. Certain other money market funds float their net asset value.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal

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agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Warrants and Rights –** Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The fund acquired the assets and assumed the liabilities of three Transamerica Partners funds, including Transamerica Partners Institutional Large Value (the "predecessor fund"), on May 5, 2017, and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been restated to reflect the annual operating expenses of Class R4 shares.

Absent any applicable fee waivers and/or expense limitations, performance would be lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

Prior to September 1, 2018, the fund had a different sub-adviser, a different investment objective and used different investment strategies. The performance set forth prior to that date is attributable to the previous sub-adviser.

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604imgf59535d617.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 14.82% |
| Worst Quarter: | 3/31/2020 | -26.81% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  |  |  | 9/11/2000 |
| Return before taxes | 9.62% | 11.62% | 9.25% |  |  |
| Return after taxes on <br> distributions<br>| 5.39% | 7.87% | 6.64% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 7.38% | 8.21% | 6.71% |  |  |
| Class R (Return before <br> taxes only)<br>| 9.22% | 11.33% | N/A | 9.10% | 5/5/2017 |
| Class I3 (Return before <br> taxes only)<br>| 9.78% | 11.88% | N/A | 9.64% | 5/5/2017 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 17.15% | 13.15% | 14.29% |  |  |
| MSCI USA Value Index <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 13.71% | 11.11% | 10.40% |  |  |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

<u> *Investment Manager:* Transamerica Asset Management, Inc. *Sub-Adviser:* PineBridge Investments LLC *Portfolio Manager:*</u> <br> Sheedsa Ali, CFA Portfolio Manager since September 2018

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**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class I3 shares do not have a minimum initial investment for those that qualify for the share class or a minimum subsequent investment amount.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Mid Cap Growth**

**Investment Objective:** Seeks long term capital appreciation.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Management fees | 0.71% | 0.71% | 0.71% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |  |
| Other expenses | 0.14% | 0.14% | 0.14% |
| Total annual fund operating expenses | 1.10% | 1.35% | 0.85% |
| Fee waiver and/or expense reimbursement<sup>1</sup> | 0.15% | 0.00% | 0.03% |
| Total annual fund operating expenses after fee <br> waiver and/or expense reimbursement<br>| 0.95% | 1.35% | 0.82% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.95% for Class R4 shares, 1.35% for Class R shares and 0.82% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $97 | &nbsp;&nbsp; $335 | &nbsp;&nbsp; $592 | &nbsp;&nbsp; $1327 |
| Class R | &nbsp;&nbsp; $137 | &nbsp;&nbsp; $428 | &nbsp;&nbsp; $739 | &nbsp;&nbsp; $1624 |
| Class I3 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $268 | &nbsp;&nbsp; $468 | &nbsp;&nbsp; $1046 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 109% of the average value of its portfolio.

**Principal Investment Strategies:** The fund normally invests primarily in stocks of medium sized companies which the fund's sub-adviser, Wellington Management Company LLP (the "sub-adviser"), believes will earn high returns on invested capital, benefit from long term secular growth trends, and meet the sub-adviser's long term valuation criteria. Under normal circumstances, the sub-adviser invests at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in securities of medium sized (or mid-cap) companies and other investments with similar economic characteristics. The sub-adviser considers mid-cap companies to be companies with market capitalizations that, at the time of initial purchase, are within the range of capitalization of the companies that are included in the Russell Midcap<sup>®</sup> Growth Index<sup>1</sup>, a benchmark of the fund. As of December 31, 2025, the market capitalizations of companies in the Russell Midcap<sup>®</sup> Growth Index ranged from approximately $1.57 billion to $101.87 billion. Over time, the capitalizations of the companies in the Russell Midcap<sup>®</sup> Growth Index will change. As they do, the size of the companies in which the fund invests may change.

The fund's equity securities may include common stocks and preferred stocks listed on the New York Stock Exchange and on other national securities exchanges and, generally to a lesser extent, stocks that are traded over-the-counter. The fund normally emphasizes common stocks. The fund may also invest in foreign securities. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

The fund may also invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Generally, 5% or less of the fund's assets will be invested in cash and cash equivalents.

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary

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description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Small Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

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**Information Technology Sector –** Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable

government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

Transamerica Mid Cap Growth

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**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The fund acquired the assets and assumed the liabilities of three Transamerica Partners funds, including Transamerica Partners Institutional Mid Growth (the "predecessor fund"), on March 10, 2017, and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been restated to reflect the annual operating expenses of Class R4 shares.

Absent any applicable fee waivers and/or expense limitations, performance would have been lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

Prior to December 1, 2018, the fund had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to the previous sub-adviser and the investment strategies then in effect.

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604img738c4b2d18.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 32.60% |
| Worst Quarter: | 6/30/2022 | -24.00% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  |  |  | 11/7/2001 |
| Return before taxes | 7.38% | 3.56% | 9.31% |  |  |
| Return after taxes on <br> distributions<br>| 1.19% | 0.22% | 6.32% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 6.83% | 2.01% | 6.69% |  |  |
| Class R (Return before <br> taxes only)<br>| 7.02% | 3.22% | N/A | 8.04% | 3/10/2017 |
| Class I3 (Return before <br> taxes only)<br>| 7.50% | 3.71% | N/A | 8.58% | 3/10/2017 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 17.15% | 13.15% | 14.29% |  |  |
| Russell Midcap<sup>®</sup> Growth <br> Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 8.66% | 6.65% | 12.49% |  |  |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Wellington Management Company LLP<br> *Portfolio Manager:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Wellington Management Company LLP<br> *Portfolio Manager:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Wellington Management Company LLP<br> *Portfolio Manager:* |
| Timothy N. Manning | Portfolio Manager | since December 2018 |

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**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a

Transamerica Mid Cap Growth

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participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class I3 shares do not have a minimum initial investment for those that qualify for the share class or a minimum subsequent investment amount.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Transamerica Mid Cap Growth

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**Transamerica Mid Cap Value Opportunities**

**Investment Objective:** Seeks to provide investors with long term capital growth.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Management fees | 0.69% | 0.69% | 0.69% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |  |
| Other expenses | 0.06% | 0.05% | 0.06% |
| Total annual fund operating expenses | 1.00% | 1.24% | 0.75% |
| Fee waiver and/or expense reimbursement<sup>1</sup> | 0.10% | 0.00% | 0.00% |
| Total annual fund operating expenses after fee <br> waiver and/or expense reimbursement<br>| 0.90% | 1.24% | 0.75% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.90% for Class R4 shares, 1.25% for Class R shares and 0.79% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $308 | &nbsp;&nbsp; $543 | &nbsp;&nbsp; $1216 |
| Class R | &nbsp;&nbsp; $126 | &nbsp;&nbsp; $393 | &nbsp;&nbsp; $681 | &nbsp;&nbsp; $1500 |
| Class I3 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $240 | &nbsp;&nbsp; $417 | &nbsp;&nbsp; $930 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 59% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of mid cap companies. The fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser"), considers mid cap companies to be those companies, at the time of purchase, with market capitalizations within the range of companies included in the Russell Midcap<sup>®</sup> Value Index<sup>1</sup>, a benchmark of the fund, (between approximately $7 billion and $59 billion as of June 30, 2025, the date of the last reconstitution). The size of the companies in the Russell Midcap<sup>®</sup> Value Index will change with market conditions. The fund invests primarily in common stocks. The fund may invest in other equity and non-equity securities, including preferred stocks, convertible securities and foreign securities which may take the form of depositary receipts. The fund typically invests in a relatively small number of companies.

The sub-adviser seeks to invest in companies it believes present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. The sub-adviser's mid cap value process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen. Parts one and two of the screen attempt to assess a company's discount to private market value relative to other mid cap stocks. The third factor considers the relative earnings prospects of the company. The fourth factor involves looking at the company's recent price action. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

The sub-adviser's analysts also explore numerous factors that might affect the outlook for a company. They evaluate publicly available information including, but not limited to, sell-side research, company filings, and trade periodicals. The analysts may speak with company management to hear their perspectives and outlook on pertinent business issues. They apply a consistent and disciplined review in a team environment that encourages critical thinking and analysis for each company considered for investment.

Transamerica Mid Cap Value Opportunities

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The sub-adviser generally considers selling a security when the catalyst for the investment is no longer valid, when the sub-adviser believes that another stock will have a higher expected return, or for portfolio risk management. The fund generally engages in active and frequent trading of portfolio securities as part of its principal investment strategy.

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default

on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed

Transamerica Mid Cap Value Opportunities

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or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk

associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Large Capitalization Companies –** The fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only

Transamerica Mid Cap Value Opportunities

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after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Small Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

Absent any applicable fee waivers and/or expense limitations, performance would have been lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604img02da52cb19.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2020 | 23.15% |
| Worst Quarter: | 3/31/2020 | -32.46% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  |  | 3/24/2017 |
| Return before taxes | 9.86% | 8.78% | 7.67% |  |
| Return after taxes on distributions | 5.99% | 5.54% | 5.27% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 8.51% | 6.35% | 5.65% |  |
| Class R (Return before taxes only) | 9.42% | 8.39% | 7.30% | 3/24/2017 |
| Class I3 (Return before taxes only) | 9.94% | 8.94% | 7.85% | 3/24/2017 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> (reflects no <br> deduction for fees, expenses or <br> taxes)<br>| 17.15% | 13.15% | 14.25% | 3/24/2017 |
| Russell Midcap<sup>®</sup> Value Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 11.05% | 9.83% | 8.66% | 3/24/2017 |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Advise*r: Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Advise*r: Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Advise*r: Thompson, Siegel & Walmsley LLC<br> *Portfolio Managers:* |
| R. Michael Creager, CFA | Portfolio Manager | since March 2019 |
| Brett P. Hawkins, CFA<sup>1</sup> <br>| Portfolio Manager | since May 2014 |

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<sup>1</sup> Portfolio Manager of the predecessor fund.

**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for

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participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class I3 shares do not have a minimum initial investment for those that qualify for the share class or a minimum subsequent investment amount.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Multi-Managed Balanced**

**Investment Objective:** Seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | |
|:---|:---|
| **Class:** | **R** |
| Maximum sales charge (load) imposed on purchases (as a <br> percentage of offering price)<br>| None |
| Maximum deferred sales charge (load) (as a percentage of <br> purchase price or redemption proceeds, whichever is lower)<br>| None |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | |
|:---|:---|
| **Class:** | **R** |
| Management fees | 0.59% |
| Distribution and service (12b-1) fees | 0.50% |
| Other expenses | 0.23% |
| Total annual fund operating expenses | 1.32% |
| Fee waiver and/or expense reimbursement<sup>1</sup> | 0.11% |
| Total annual fund operating expenses after fee waiver and/or <br> expense reimbursement<br>| 1.21% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.21% for Class R shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R | &nbsp;&nbsp; $123 | &nbsp;&nbsp; $407 | &nbsp;&nbsp; $713 | &nbsp;&nbsp; $1581 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 50% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund invests approximately 60% of its net assets in equity securities and approximately 40% of its net assets in fixed-income securities (investing at least 25% of its net assets in fixed-income senior securities being those securities that rank above another security in the event of the company's bankruptcy or liquidation). The fund has two sub-advisers. J.P. Morgan Investment Management Inc. (the "equity sub-adviser") manages the equity component of the fund and Aegon USA Investment Management, LLC (the "fixed-income sub-adviser") manages the fixed-income component of the fund. The fund's investment manager, Transamerica Asset Management, Inc., monitors the allocation of the fund's assets between the equity sub-adviser and the fixed-income sub-adviser and rebalances the allocation periodically to maintain these approximate allocations.

Each sub-adviser varies the percentage of assets invested in any one type of security in accordance with its interpretation of economic and market conditions, fiscal and monetary policy, and underlying securities values.

**Equity component** – The equity sub-adviser seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the equity component's net assets in equity securities of large- and medium-capitalization U.S. companies. The fund may invest in foreign companies. The equity sub-adviser will normally keep the equity component as fully invested in equity securities as practicable. Industry by industry, the fund's weightings are generally similar to those of the S&P 500<sup>®</sup> Index. The equity sub-adviser normally does not look to overweight or underweight industries. Holdings by industry sector will normally approximate those of the S&P 500<sup>®</sup> Index. The equity sub-adviser may, but is not required to, use index futures to equitize cash in order to gain general equity market exposure.

As part of its investment process, the equity sub-adviser seeks to assess the impact of environmental, social and governance ("ESG") factors on many issuers in the universe in which the fund invests. The equity sub-adviser's assessment is based on an analysis of what it views as key opportunities and risks across industries to seek to identify financially material issues with respect to the fund's investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers may be purchased and retained by the fund for reasons other than material ESG factors while the fund may divest or not invest in securities of issuers that may be positively impacted by such factors.

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**Fixed-income component** – Under normal circumstances, the fixed-income component of the fund is invested primarily in investment grade debt securities, which may include: investment grade corporate debt securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Investment grade debt securities carry a rating of at least BBB from Standard & Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the fixed-income sub-adviser. The fixed-income component's portfolio weighted average duration will typically range from 3 to 10 years.

The fixed-income sub-adviser may also invest the fund's assets in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs") and collateralized debt obligations ("CDOs")), commercial mortgage-backed securities ("CMBS"), high quality short-term debt obligations, dollar rolls and repurchase agreements. The fixed-income sub-adviser's investments for the fund may include debt securities of foreign issuers, including emerging market debt securities. The fixed-income sub-adviser may invest the fund's assets in securities that are denominated in U.S. dollars and in foreign currencies.

The fund may invest up to 10% of the fixed-income component's net assets in emerging market debt securities and up to 10% of the fixed-income component's net assets in high-yield debt securities (commonly referred to as "junk bonds"), but may invest no more than 15% of the fixed-income component's net assets in emerging market debt securities and high-yield debt securities combined. The fixed-income sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser).

In managing the fund's fixed-income component, the fixed-income sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate and government debt, and other debt instruments. In the fixed-income sub-adviser's "top-down" approach, the fixed-income sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary "bottom-up" research, the fixed-income sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The fixed-income sub-adviser uses this combined "top-down" and "bottom-up" approach to determine sector, security, yield curve positioning, and duration positions for the fixed-income component of the fund. The fixed-income sub-adviser's research analysts also generally integrate ESG matters within their analytical process for investment grade debt securities, investment grade corporate debt securities, private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including

corporate commercial paper), foreign issuers (including emerging markets debt securities) denominated in U.S. dollars or foreign currency and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The fixed-income sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, dollars rolls, repurchase agreements, derivatives, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the fixed-income sub-adviser's investment process. The fixed-income sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The fixed-income sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions

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caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset Class Allocation –** The fund's investment performance is significantly impacted by the fund's asset class allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The fund's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Large Capitalization Companies –** The fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact

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the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund's assets can decline as can the value of the fund's distributions.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest

rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

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**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Dollar Rolls –** The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund's ability to purchase or repurchase securities may be restricted.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be

significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Hedging** – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

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**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Municipal Securities –** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry,

the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Preferred Stock –** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Repurchase Agreements –** In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that

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sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**To Be Announced (TBA) Transactions** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest

and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

Absent any applicable fee waivers and/or expense limitations, performance would be lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

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**Annual Total Returns (calendar years ended December 31) - Class R**

![](g93604img9a4cc19b20.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2023 | 9.50% |
| Worst Quarter: | 9/30/2023 | -3.02% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R |  |  | 3/1/2022 |
| Return before taxes | 12.37% | 8.23% |  |
| Return after taxes on distributions | 10.73% | 6.78% |  |
| Return after taxes on distributions and sale <br> of fund shares<br>| 8.25% | 6.15% |  |
| S&P 500<sup>®</sup> Index (reflects no deduction for <br> fees, expenses or taxes)<br>| 17.88% | 14.06% | 3/1/2022 |
| Bloomberg US Aggregate Bond Index <br> (reflects no deduction for fees, expenses or <br> taxes)<br>| 7.30% | 0.79% | 3/1/2022 |
| Transamerica Multi-Managed Balanced <br> Blended Benchmark<sup>1</sup> (reflects no deduction <br> for fees, expenses or taxes)<br>| 13.70% | 8.77% | 3/1/2022 |

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<sup>1</sup> The Transamerica Multi-Managed Balanced Blended Benchmark consists of 60% S&P 500<sup>®</sup> Index and 40% Bloomberg US Aggregate Bond Index.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Daniel Belton, CFA | Portfolio Manager | since March 2025 |
| Tyler A. Knight, CFA | Portfolio Manager | since October 2015 |
| Brian W. Westhoff, CFA | Portfolio Manager | since May 2014 |
| Sivakumar N. Rajan | Portfolio Manager | since May 2017 |
| *Sub-Adviser:* J.P. Morgan Investment Management Inc.<br> *Portfolio Managers:* | *Sub-Adviser:* J.P. Morgan Investment Management Inc.<br> *Portfolio Managers:* | *Sub-Adviser:* J.P. Morgan Investment Management Inc.<br> *Portfolio Managers:* |
| Tim Snyder, CFA | Portfolio Manager | since May 2013 |
| Raffaele Zingone, CFA | Portfolio Manager | since March 2011 |

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**Purchase and Sale of Fund Shares**: Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator,

recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. There is no minimum for subsequent investments in Class R shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Short-Term Bond**

**Investment Objective:** Seeks a high level of income consistent with minimal fluctuation in principal value and liquidity.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Management fees | 0.37% | 0.37% | 0.37% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |  |
| Other expenses | 0.04% | 0.04% | 0.04% |
| Total annual fund operating expenses | 0.66% | 0.91% | 0.41% |
| Fee waiver and/or expense reimbursement<sup>1</sup> <br>| 0.01% | 0.00% | 0.00% |
| Total annual fund operating expenses after fee <br> waiver and/or expense reimbursement<br>| 0.65% | 0.91% | 0.41% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.65% for Class R4 shares, 1.00% for Class R shares and 0.46% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $210 | &nbsp;&nbsp; $367 | &nbsp;&nbsp; $822 |
| Class R | &nbsp;&nbsp; $93 | &nbsp;&nbsp; $290 | &nbsp;&nbsp; $504 | &nbsp;&nbsp; $1120 |
| Class I3 | &nbsp;&nbsp; $42 | &nbsp;&nbsp; $132 | &nbsp;&nbsp; $230 | &nbsp;&nbsp; $518 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 58% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. The fund's portfolio weighted average duration will typically range from 1 to 2.5 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

Securities in which the fund may invest include:

• corporate debt securities of U.S. issuers;

• debt securities of foreign issuers that are denominated in U.S. dollars, including foreign corporate issuers and foreign governments;

• obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities;

• asset-backed securities and mortgage-backed securities, including commercial mortgage-backed securities;

• dollar rolls; and

• bank loans.

The fund expects to typically invest no more than 10% of its net assets, but may invest up to 20% of its net assets, in high-yield debt securities (commonly known as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser). The fund may invest up to 10% of its net assets in emerging market securities. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate and government debt, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary "bottom-up"

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research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for corporate debt securities of U.S. issuers, debt securities of foreign issuers that are denominated in U.S. dollars (including foreign corporate issuers and foreign governments), emerging markets debt securities, certain asset-backed securities, private residential mortgage-backed securities, commercial mortgage-backed securities, privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, dollar rolls, certain bank loans, bank obligations, savings association obligations, derivatives, repurchase agreements, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures (including regularly employing interest rate futures), forward currency contracts and swaps, including, but not limited to, interest rate and total return swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund's portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit

and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect

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the liquidity of the fund's investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating

downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund's assets can decline as can the value of the fund's distributions.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including

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market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Financial Sector** – Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. Credit rating downgrades resulting from financial difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also

suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Bank Obligations –** Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Dollar Rolls –** The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund's ability to purchase or repurchase securities may be restricted.

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**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Floating Rate Loans** – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan's issuer, and adversely affect the fund's investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Hedging** – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may

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result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**To Be Announced (TBA) Transactions** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering

into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.

**U.S. Government Securities** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Yield –** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

Absent any applicable fee waivers and/or expense limitations, performance would be lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604img36ed8c3221.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2023 | 2.93% |
| Worst Quarter: | 12/31/2024 | 0.04% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  | 12/12/2022 |
| Return before taxes | 5.46% | 5.22% |  |
| Return after taxes on distributions | 3.70% | 3.58% |  |
| Return after taxes on distributions and sale <br> of fund shares<br>| 3.21% | 3.29% |  |
| Class R (Return before taxes only) | 5.29% | 4.95% | 12/12/2022 |
| Class I3 (Return before taxes only) | 5.73% | 5.49% | 12/12/2022 |
| Bloomberg US Universal Bond Index (reflects <br> no deduction for fees, expenses or taxes)<br>| 7.58% | 4.72% | 12/12/2022 |
| ICE BofAML U.S. Corporate & Government <br> 1-3 Years Index (reflects no deduction for <br> fees, expenses or taxes)<br>| 5.31% | 4.74% | 12/12/2022 |

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The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Tyler A. Knight, CFA | Portfolio Manager | since May 2017 |
| Brian W. Westhoff, CFA | Portfolio Manager | since September 2015 |
| Norbert King | Portfolio Manager | since May 2017 |
| Sivakumar N. Rajan | Portfolio Manager | since November 2022 |

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**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for

participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class I3 shares do not have a minimum initial investment for those that qualify for the share class or a minimum subsequent investment amount.

**Tax Information:** Fund distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Small Cap Growth**

**Investment Objective:** Seeks long-term capital appreciation.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Management fees | 0.87% | 0.87% | 0.87% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |  |
| Other expenses | 0.22% | 0.22% | 0.22% |
| Total annual fund operating expenses | 1.34% | 1.59% | 1.09% |
| Fee waiver and/or expense reimbursement<sup>1</sup> | 0.19% | 0.05% | 0.09% |
| Total annual fund operating expenses after fee <br> waiver and/or expense reimbursement<br>| 1.15% | 1.54% | 1.00% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.15% for Class R4 shares, 1.54% for Class R shares and 1.00% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $117 | &nbsp;&nbsp; $406 | &nbsp;&nbsp; $716 | &nbsp;&nbsp; $1596 |
| Class R | &nbsp;&nbsp; $157 | &nbsp;&nbsp; $497 | &nbsp;&nbsp; $861 | &nbsp;&nbsp; $1885 |
| Class I3 | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $338 | &nbsp;&nbsp; $592 | &nbsp;&nbsp; $1321 |

---

**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 47% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowing, if any, for investment purposes) in stocks of small capitalization companies. The fund's sub-adviser, Ranger Investment Management, L.P. (the "sub-adviser"), primarily focuses on seeking to identify high quality, high-growth small capitalization companies. The sub-adviser considers small capitalization companies to be companies with market capitalizations which, at the initial time of purchase, are within the capitalization range of issuers represented within the Russell 2000<sup>®</sup> Growth Index<sup>1</sup>, a benchmark of the fund, which as of June 27, 2025, the most recent reconstitution date of the index, was between $119.4 million and $7.4 billion.

The sub-adviser's approach to security selection seeks quality growth companies by implementing a "bottom-up", fundamental research driven security selection process. The sub-adviser's focus is to attempt to identify companies with characteristics such as high recurring revenue, steady and/or accelerating sales growth, strong balance sheets and free cash flows, stable/expanding margins, and superior return on equity/return on invested capital.

In addition to the quantitative analysis, careful consideration is given to qualitative analysis. The sub-adviser incorporates a preference towards companies with certain qualitative characteristics such as conservative accounting practices, seasoned management team with high corporate integrity, sustainable competitive advantage and ability to grow market share, sound corporate governance, and unique demand drivers. Once these quantitative and qualitative characteristics are analyzed, the sub-adviser then determines whether it believes a company is undervalued and has sufficient upside to the stock price to warrant an investment. The fund is managed using the growth style of investing. At any given time, growth stocks may be out of favor and underperform the overall equity market.

The sub-adviser integrates environmental, social and governance ("ESG") factors into the investment process. The sub-adviser's approach to ESG is non-concessionary, meaning that performance is not actively sacrificed over any ESG criteria, but that ESG criteria are considered as an integral part of the investment and risk mitigation process. The sub-adviser evaluates a company's ESG strengths and weaknesses based on its internal research process,

Transamerica Small Cap Growth

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public company documents, websites, SEC filings, third-party research, and conversations with management. The sub-adviser seeks to identify financially material ESG risks and/or opportunities for a company and the potential for financial impacts. The sub-adviser's ESG analysis is subjective and ESG factors are not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of a company outweigh ESG factors when making investment decisions.

The fund may invest in foreign securities through American Depositary Receipts ("ADRs"), and generally will not invest more than 10% of the fund's assets in foreign securities. The fund only invests in securities traded on U.S. exchanges.

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Small Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Focused Investing –** To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

Transamerica Small Cap Growth

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**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce

or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**ESG Integration Data** – ESG information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted ESG standards or standardized practices for researching, generating, or analyzing ESG data, classifications, screens, and ratings ("ESG Data"). The factors and criteria considered when generating ESG Data and the results of such ESG research may differ widely across third-party ESG Data providers. The evaluation of ESG factors and criteria is often subjective, are often evolving and subject to ongoing refinement, and the third-party ESG Data providers used by the fund may not identify or evaluate every relevant ESG factor and/or criteria with respect to every investment. Due to differences in various countries' corporate disclosure and financial statement reporting obligations and availability, as well as timeliness of any such available information, a third-party ESG Data provider may not always be successful in identifying material ESG information about a particular company. ESG Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. Due to the specialized resources necessary to obtain ESG-related information underlying or related to the ESG Data provided by applicable third-party ESG research firms, the sub-adviser does not independently test or verify the data provided by such firms.

Transamerica Small Cap Growth

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**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund's security selection process may impact the sub-adviser's investment decisions and may affect the fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers,

regions, countries, industries and sectors. The application of these factors could negatively impact the fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

Absent any applicable fee waivers and/or expense limitations, performance would have been lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604img72d2548822.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 28.41% |
| Worst Quarter: | 3/31/2020 | -22.01% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  |  | 3/10/2017 |
| Return before taxes | -2.94% | 0.06% | 6.97% |  |
| Return after taxes on distributions | -5.91% | -2.04% | 4.72% |  |
| Return after taxes on distributions <br> and sale of fund shares<br>| 0.47% | 0.05% | 5.38% |  |
| Class R (Return before taxes only) | -3.41% | -0.30% | 6.58% | 3/10/2017 |
| Class I3 (Return before taxes only) | -2.73% | 0.20% | 7.11% | 3/10/2017 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> (reflects no <br> deduction for fees, expenses or <br> taxes)<br>| 17.15% | 13.15% | 14.09% | 3/10/2017 |
| Russell 2000<sup>®</sup> Growth Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 13.01% | 3.18% | 9.22% | 3/10/2017 |

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Transamerica Small Cap Growth

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan. In certain cases, returns after taxes on distributions and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because they reflect certain tax benefits.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Ranger Investment Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Ranger Investment Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Ranger Investment Management, L.P.<br> *Portfolio Managers:* |
| W. Conrad Doenges<sup>1</sup> <br>| Portfolio Manager | since September 2012 |
| Andrew Hill | Portfolio Manager | since February 2017 |
| Joseph LaBate | Portfolio Manager | since February 2017 |
| Brown McCullough | Portfolio Manager | since February 2023 |

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<sup>1</sup> Portfolio Manager of the predecessor fund.

**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class I3 shares do not have a minimum initial investment for those that qualify for the share class or a minimum subsequent investment amount.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Transamerica Small Cap Growth

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**Transamerica Small Cap Value**

**Investment Objective:** Seeks long-term capital appreciation.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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**Shareholder Fees (fees paid directly from your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Maximum sales charge (load) imposed on <br> purchases (as a percentage of offering price)<br>| None | None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None | None |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

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| | | | |
|:---|:---|:---|:---|
| **Class:** | **R4** | **R** | **I3** |
| Management fees | 0.80% | 0.80% | 0.80% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |  |
| Other expenses | 0.28% | 0.27% | 0.28% |
| Total annual fund operating expenses | 1.33% | 1.57% | 1.08% |
| Fee waiver and/or expense reimbursement<sup>1</sup> | 0.23% | 0.17% | 0.19% |
| Total annual fund operating expenses after fee <br> waiver and/or expense reimbursement<br>| 1.10% | 1.40% | 0.89% |

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Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.10% for Class R4 shares, 1.40% for Class R shares and 0.89% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $112 | &nbsp;&nbsp; $399 | &nbsp;&nbsp; $707 | &nbsp;&nbsp; $1581 |
| Class R | &nbsp;&nbsp; $143 | &nbsp;&nbsp; $479 | &nbsp;&nbsp; $839 | &nbsp;&nbsp; $1853 |
| Class I3 | &nbsp;&nbsp; $91 | &nbsp;&nbsp; $325 | &nbsp;&nbsp; $577 | &nbsp;&nbsp; $1300 |

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**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the fund was 27% of the average value of its portfolio.

**Principal Investment Strategies:** The fund's sub-adviser, Systematic Financial Management, L.P. (the "sub-adviser") invests, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of small-capitalization companies. The fund generally considers a small-capitalization company to be a company with a market capitalization within the range of the Russell<sup>®</sup> 2000 Index<sup>1</sup> at the time of initial purchase. As of December 31, 2025, the market capitalization range of the Russell 2000<sup>®</sup> Index was between $6 million and $31.29 billion. The equity securities in which the fund invests are primarily common stocks of U.S. companies.

The sub-adviser generally will invest in common stocks of companies with small capitalizations that it views as attractively valued and possess relatively low price/cash flow ratios, low price/earnings ratios, low price/sales ratios, and/or low price/book ratios. The sub-adviser's security selection process generally favors companies with strong operating cash flow, strong free cash flow, limited financial leverage and strong debt coverage. Trends in balance sheet items including inventories, accounts receivable, and payables are scrutinized as well. The sub-adviser also reviews the company's products/services, market position, industry condition, financial and accounting policies, and quality of management.

Under normal market conditions, cash and cash equivalents are generally less than 5% of the portfolio value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks. The fund may invest up to 10% of its total assets in the securities of foreign issuers, including American Depositary Receipts ("ADRs") and foreign securities trading on U.S. markets. The fund may also invest in real estate investment trusts ("REITs") and may invest up to 5% of its total net assets in exchange traded funds ("ETFs").

<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate

Transamerica Small Cap Value

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significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Value Investing –** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Small Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Valuation** – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

Transamerica Small Cap Value

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**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.

**Currency** – The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries

may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Real Estate Securities –** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund's real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**REITs** – Investing in real estate investment trusts ("REITs") involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.

Transamerica Small Cap Value

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**Sector Focus –** To the extent the fund invests more heavily in a particular market sector, the value of the fund's shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Underlying Exchange-Traded Funds –** To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The first index in the table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance. One or more secondary indices that the manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to measure the fund's performance.

The fund acquired the assets and assumed the liabilities of three Transamerica Partners funds, including Transamerica Partners Institutional Small Value (the "predecessor fund"), on April 21, 2017, and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been restated to reflect the annual operating expenses of Class R4 shares.

Absent any applicable fee waivers and/or expense limitations, performance would have been lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

Prior to November 1, 2018, the fund had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to that previous sub-adviser.

From November 1, 2018 through August 29, 2024, the fund had a different sub-adviser and used different investment strategies. The performance set forth for this period is attributable to that previous sub-adviser.

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**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g93604img9b88805623.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 12/31/2020 | 35.47% |
| Worst Quarter: | 3/31/2020 | -38.29% |

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**Average Annual Total Returns (periods ended December 31, 2025)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  |  |  | 1/23/2003 |
| Return before taxes | 9.38% | 8.17% | 7.08% |  |  |
| Return after taxes on <br> distributions<br>| 8.09% | 2.22% | 3.66% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 6.47% | 4.74% | 4.73% |  |  |
| Class R (Return before <br> taxes only)<br>| 9.01% | 7.89% | N/A | 5.87% | 4/21/2017 |
| Class I3 (Return before <br> taxes only)<br>| 9.57% | 8.40% | N/A | 6.37% | 4/21/2017 |
| Russell 3000<sup>®</sup> Index<sup>1</sup> <br> (reflects no deduction for <br> fees, expenses or taxes)<br>| 17.15% | 13.15% | 14.29% |  |  |
| Russell 2000<sup>®</sup> Value <br> Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| 12.59% | 8.88% | 9.27% |  |  |

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<sup>1</sup> "Russell<sup>®</sup>" and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Systematic Financial Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Systematic Financial Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Systematic Financial Management, L.P.<br> *Portfolio Managers:* |
| Kenneth W. Burgess, CFA | Portfolio Manager | since August 2024 |
| Rick Plummer, CFA | Portfolio Manager | since May 2025 |
| W. Ryan Wick, CFA | Portfolio Manager | since August 2024 |

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Transamerica Small Cap Value

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**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class I3 shares do not have a minimum initial investment for those that qualify for the share class or a minimum subsequent investment amount.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Transamerica Small Cap Value

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**More on Each Fund's Strategies and Investments**

The following provides additional information regarding each fund's strategies and investments described at the front of this prospectus. Except as otherwise expressly stated for a particular fund in this prospectus or in the statement of additional information or as required by law, there is no limit on the amount of each fund's assets that may be invested in a particular type of security or investment. Each fund's investment objective may be changed by the Board without shareholder approval.

**Transamerica Asset Allocation Intermediate Horizon:** Transamerica Asset Allocation Intermediate Horizon is a fund of funds that invests in a combination of Transamerica Funds ("underlying funds"). Transamerica Asset Management, Inc. (the "Investment Manager") selects the combination and amount of underlying funds to invest in based on the fund's investment objective.

The following chart shows approximately how much of the assets of the fund are normally invested in underlying bond, stock and money market funds. These allocations reflect the Investment Manager's present strategy for asset allocation during what it considers normal market conditions, and may be changed at any time without notice to shareholders and without shareholder approval. Actual asset allocations may vary, including due to short-term changes in cash flows caused by purchases and redemptions in the fund.

The Investment Manager normally adjusts the fund's asset allocation and/or mix of underlying funds in order to implement its strategic allocation process.

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| | | | |
|:---|:---|:---|:---|
|  | **Normal Approximate Allocations** | **Normal Approximate Allocations** | **Normal Approximate Allocations** |
|  | **Bond Funds** | **Stock Funds** | **Money Market** <br> **Fund**<br>|
| Intermediate Horizon | &nbsp;&nbsp; 49.8% | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 0.2% |

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The underlying bond funds normally invest principally in fixed-income securities, the underlying stock funds normally invest principally in equity securities, and the underlying money market fund, Transamerica Government Money Market, normally invests principally in U.S. government securities and/or repurchase agreements collateralized by U.S. government securities. In attempting to respond to adverse market or other conditions or to process a large purchase or redemption within the fund, the Investment Manager may allocate assets of the fund without limit to the underlying money market fund. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the underlying funds.

Each underlying fund has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund decides which securities to purchase and sell for that underlying fund. The fund's ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests.

It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds. The Investment Manager may change the underlying funds in which the fund invests from time to time at its discretion without notice or shareholder approval.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Asset Allocation Long Horizon:** Transamerica Asset Allocation Long Horizon is a fund of funds that invests in a combination of Transamerica Funds ("underlying funds"). Transamerica Asset Management, Inc. (the "Investment Manager") selects the combination and amount of underlying funds to invest in based on the fund's investment objective.

The following chart shows approximately how much of the assets of the fund normally are invested in underlying bond, stock and money market funds. These allocations reflect the Investment Manager's present strategy for asset allocation during what it considers normal market conditions, and may be changed at any time without notice to shareholders and without shareholder approval. Actual asset allocations may vary, including due to short-term changes in cash flows caused by purchases and redemptions in the fund.

The Investment Manager normally adjusts the fund's asset allocation and/or mix of underlying funds in order to implement its strategic allocation process.

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| | | | |
|:---|:---|:---|:---|
|  | **Normal Approximate Allocations** | **Normal Approximate Allocations** | **Normal Approximate Allocations** |
|  | **Bond Funds** | **Stock Funds** | **Money Market** <br> **Fund**<br>|
| Long Horizon | &nbsp;&nbsp; 9.8% | &nbsp;&nbsp; 90% | &nbsp;&nbsp; 0.2% |

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The underlying bond funds normally invest principally in fixed-income securities, the underlying stock funds normally invest principally in equity securities, and the underlying money market fund, Transamerica Government Money Market, normally invests principally in U.S. government securities and/or repurchase agreements collateralized by U.S. government securities. In attempting to respond to adverse market or other conditions or to process a large purchase or redemption within the fund, the Investment Manager may allocate assets of the fund without limit to the underlying money market fund. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the underlying funds.

Each underlying fund has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund decides which securities to purchase and sell for that underlying fund. The fund's ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests.

It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds. The Investment Manager may change the underlying funds in which the fund invests from time to time at its discretion without notice or shareholder approval.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Asset Allocation Short Horizon:** Transamerica Asset Allocation Short Horizon is a fund of funds that invests in a combination of Transamerica Funds ("underlying funds"). Transamerica Asset Management, Inc. (the "Investment Manager") selects the combination and amount of underlying funds to invest in based on the fund's investment objective.

The following chart shows approximately how much of the assets of the fund are normally invested in underlying bond, stock and money market funds. These allocations reflect the Investment Manager's present strategy for asset allocation during what it considers normal market conditions, and may be changed at any time without notice to shareholders and without shareholder approval. Actual asset allocations may vary, including due to short-term changes in cash flows caused by purchases and redemptions in the fund.

The Investment Manager normally adjusts the fund's asset allocation and/or mix of underlying funds in order to implement its strategic allocation process.

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| | | | |
|:---|:---|:---|:---|
|  | **Normal Approximate Allocations** | **Normal Approximate Allocations** | **Normal Approximate Allocations** |
|  | **Bond Funds** | **Stock Funds** | **Money Market** <br> **Fund**<br>|
| Short Horizon | &nbsp;&nbsp; 89.8% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 0.2% |

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The underlying bond funds normally invest principally in fixed-income securities, the underlying stock funds normally invest principally in equity securities, and the underlying money market fund, Transamerica Government Money Market, normally invests principally in U.S. government securities and/or repurchase agreements collateralized by U.S. government securities. In attempting to respond to adverse market or other conditions or to process a large purchase or redemption within the fund, the Investment Manager may allocate assets of the fund without limit to the underlying money market fund. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the underlying funds.

Each underlying fund has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund decides which securities to purchase and sell for that underlying fund. The fund's ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests.

It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds. The Investment Manager may change the underlying funds in which the fund invests from time to time at its discretion without notice or shareholder approval.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

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**Transamerica Balanced II:** Under normal circumstances, the fund invests approximately 60% of its net assets in equity securities and approximately 40% of its net assets in fixed-income securities (investing at least 25% of its net assets in fixed-income senior securities). The fund has two sub-advisers. J.P. Morgan Investment Management Inc. (the "equity sub-adviser") manages the equity component of the fund and Aegon USA Investment Management, LLC (the "fixed-income sub-adviser") manages the fixed-income component of the fund.

Each sub-adviser varies the percentage of assets invested in any one type of security in accordance with its interpretation of economic and market conditions, fiscal and monetary policy, and underlying securities values. The fund's investment manager, Transamerica Asset Management, Inc., monitors the allocation of the fund's assets between the equity sub-adviser and the fixed-income sub-adviser and rebalances the allocation periodically to maintain these approximate allocations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Equity component – The equity sub-adviser seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the equity component's net assets in equity securities of large- and medium- capitalization U.S. companies. The fund may invest in foreign companies. The equity sub-adviser will normally keep the equity component as fully invested in equity securities as practicable. Industry by industry, the fund's weightings are generally similar to those of the S&P 500<sup>®</sup> Index. The equity sub-adviser normally does not look to overweight or underweight industries. Holdings by industry sector will normally approximate those of the S&P 500<sup>®</sup> Index. The equity sub-adviser may, but is not required to, use index futures to equitize cash in order to gain general equity market exposure.

The equity sub-adviser also integrates financially material environmental, social and governance ("ESG") factors as part of the fund's investment process ("J.P. Morgan ESG Integration"). J.P. Morgan ESG Integration involves the systematic inclusion of ESG issues in investment analysis and investment decisions. As part of its investment process, the equity sub-adviser seeks to assess the impact of environmental, social and governance factors on many issuers in the universe in which the fund invests. The equity sub-adviser's assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the fund's investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the fund while the fund may divest or not invest in securities of issuers that may be positively impacted by such factors. In particular, J.P. Morgan ESG Integration does not change the fund's investment objective, exclude specific types of industries or companies or limit the fund's investable universe. The fund is not designed for investors who wish to screen out particular types of companies or investments or are looking for funds that meet specific ESG goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Fixed-income component – Under normal circumstances, the fixed-income component of the fund is invested primarily in investment grade debt securities, which may include: investment grade corporate debt securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Investment grade debt securities carry a rating of at least BBB from Standard & Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the fixed-income sub-adviser. The fixed-income component's portfolio weighted average duration will typically range from 3 to 10 years.

The fixed-income sub-adviser may also invest the fund's assets in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations ("CLO"s), collateralized bond obligations ("CBO"s) and collateralized debt obligations ("CDO"s)), commercial mortgage-backed securities ("CMBS"), high quality short-term debt obligations and repurchase agreements. The fixed-income sub-adviser's investments for the fund may include debt securities of foreign issuers, including emerging market debt securities. The fixed-income sub-adviser may invest the fund's assets in securities that are denominated in U.S. dollars and in foreign currencies.

The fund may invest up to 10% of the fixed-income component's net assets in emerging market debt securities and up to 10% of the fixed-income component's net assets in high-yield debt securities (commonly referred to as "junk bonds"), but may invest no more than 15% of the fixed-income component's net assets in emerging market debt securities and high-yield debt securities combined. The fixed-income sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Examples of emerging market countries include China, India, Brazil, Russia, and Mexico. Emerging market country classifications may change over time. Junk bonds are high-risk debt securities rated below investment grade.

In managing the fund's fixed-income component, the fixed-income sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate and government debt, and other debt instruments. In the fixed-income sub-adviser's "top-down" approach, the fixed-income sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary "bottom-up" research, the fixed-income sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The fixed-income sub-adviser uses this combined "top-down" and "bottom-up" approach to determine sector, security, yield, curve positioning, and duration positions for the fixed-income component of the fund. The fixed-income sub-adviser's research analysts also generally integrate ESG matters within their analytical process for investment grade corporate debt securities, private residential mortgage-backed securities, certain asset-backed securities (including

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CLOs, CBOs and CDOs), certain cash equivalents (including corporate commercial paper), foreign issuers (including emerging markets debt securities) denominated in U.S. dollars and in foreign currencies and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The fixed-income sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, U.S. Treasury and agency securities, municipal bonds, repurchase agreements, derivatives, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management and corporate governance. For asset-backed and mortgage-backed securities, ESG considerations may also include, but are not limited to, affordability and energy efficiency of collateral, underwriting standards and policies, alignment of interest and control provisions. Consideration of ESG matters is subjective and not determinative in the fixed-income sub-adviser's investment process. The fixed-income sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The fixed-income sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund. When assessing a company's or country's ESG practices, the fixed-income sub-adviser may evaluate a range of environmental, social and/or governance considerations. Environmental considerations may include, but are not limited to, greenhouse gas emissions, water and wastewater effects, hazardous materials, air quality concerns, biodiversity impacts, material sourcing practices and product design and lifecycle management matters. Social considerations may include, but are not limited to, human rights, stakeholder engagement, approach to data privacy, product safety and related sales practices, health and safety in the work environment, underwriting criteria, loan and lease servicing practices, labor management and supply chain management. For sovereigns, social considerations may also include workers' rights, life expectancy, income inequality, healthcare and education. Governance considerations may include, but are not limited to, governance structure, accounting practices, remuneration, alignment of interests and ethical conduct of the business, including the risks of fraud or corruption. For sovereigns, governance considerations may also include rule of law, regulatory effectiveness, freedom of the press, corruption levels and the overall strength of the country's institutions.

The fixed-income sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

The equity sub-adviser may sell a security for several reasons. A security may be sold due to a change in the company's fundamentals or if the equity sub-adviser believes the security is no longer attractively valued. Investments may also be sold if the equity sub-adviser identifies a stock that it believes offers a better investment opportunity.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund's portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

As a part of its investment process, the equity sub-adviser seeks to assess and integrate into the analytical process the sub-adviser's views of the impact of environmental, social and governance ("ESG") factors (including accounting and tax policies, disclosure and investor communication, shareholder rights and remuneration policies) on the cash flows of many in which it may invest to seek to identify issuers that the sub-adviser believes will be negatively impacted by such factors relative to other issuers. These determinations may not be conclusive and securities of such issuers may be purchased and retained by the fund.

The fund may purchase securities on a when-issued, delayed delivery or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Bond:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), invests, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities, which may include dollar rolls, U.S. government and foreign government bonds and notes (including emerging markets), mortgage-backed, commercial mortgage-backed, and asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), convertible bonds and other convertible securities, bank loans and loan participations, structured notes, and preferred securities.

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Under normal circumstances, at least 70% of the fund's net assets will be invested in (a) debt securities rated investment grade or higher (rated at least BBB by Standard & Poor's or Fitch or Baa by Moody's) by at least two rating agencies or, if unrated, are determined to be of comparable quality by the sub-adviser; (b) securities issued or guaranteed by the U.S. government or its agencies or instrumentalities; (c) commercial paper rated Prime, Prime-1 or Prime-2 by NCO/Moody's Commercial Paper Division, or A-1 or A-2 by Standard & Poor's; and/or (d) cash or cash equivalents. Up to 30% of the fund's net assets may be invested in debt securities that do not meet the investment grade criteria referred to above (commonly known as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser). The fund may invest up to 5% of its net assets in equity securities, such as common stocks, rights, warrants or preferred stock. The fund may invest in securities of any maturity and does not have a target average duration.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environments and global asset classes and proprietary "bottom-up" research of sectors, industries, issuers, and individual securities. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement and relative value of markets and securities prices worldwide. In its proprietary "bottom-up" research of corporate and sovereign debt and other fixed-income securities, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, commercial mortgage-backed securities, certain asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), structured notes, certain preferred securities, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in dollar rolls, U.S. government bonds and notes, U.S. agency securities, convertible bonds, other convertible securities, certain bank loans and loan participations, asset-backed commercial paper, cash, certain cash equivalent securities, equity securities, common stocks, rights, warrants, derivatives, repurchase agreements and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management and corporate governance. For asset-backed securities and mortgage-backed securities, ESG considerations may also include, but are not limited to, affordability and energy efficiency of collateral, underwriting standards and policies, alignment of interest and control provisions. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund. When assessing a company's or country's ESG practices, the sub-adviser may evaluate a range of environmental, social and/or governance considerations. Environmental considerations may include, but are not limited to, greenhouse gas emissions, water and wastewater effects, hazardous materials, air quality concerns, biodiversity impacts, material sourcing practices and product design and lifecycle management matters. Social considerations may include, but are not limited to, human rights, stakeholder engagement, approach to data privacy, product safety and related sales practices, health and safety in the work environment, underwriting criteria, loan and lease servicing practices, labor management and supply chain management. For sovereigns, social considerations may also include workers' rights, life expectancy, income inequality, healthcare and education. Governance considerations may include, but are not limited to, governance structure, accounting practices, remuneration, alignment of interests and ethical conduct of the business, including the risks of fraud or corruption. For sovereigns, governance considerations may also include rule of law, regulatory effectiveness, freedom of the press, corruption levels and the overall strength of the country's institutions.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Examples of emerging market countries include China, India, Brazil, Russia, and Mexico. Emerging market country classifications may change over time.

The sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

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The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Capital Growth:** The fund's sub-adviser, Morgan Stanley Investment Management Inc. (the "sub-adviser"), under normal circumstances, seeks long-term capital growth by investing primarily in established and emerging companies with capitalizations at the time of purchase within the range of companies included in the Russell 1000<sup>®</sup> Growth Index, which as of December 31, 2025, was between $1.57 billion and $4.53 trillion. The fund typically invests in a relatively small number of companies. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

The sub-adviser emphasizes a "bottom-up" stock selection process, seeking attractive investments on an individual company basis. The sub-adviser typically invests in unique companies it believes have sustainable competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, strong balance sheets and an attractive risk/reward. The sub-adviser seeks to understand how environmental, social and governance ("ESG") initiatives within companies can create value by strengthening durable competitive advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends.

Conversely, the team will evaluate how environmental and social oriented trends create material risks to the prospects of the enterprise. The sub-adviser generally engages with company management teams to discuss their ESG practices, with the aim of identifying how ESG themes present opportunities and risks that can be material to the value of the security over the long-term. Other aspects of the investment process include a proprietary, systematic evaluation of governance policies, specifically focusing on compensation alignment with long-term value creation. The sub-adviser does not treat ESG factors as a deterministic, reductive screen, nor as a portfolio construction tool layered on top of a passive vehicle.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries, securities classified as American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), American Depositary Shares ("ADSs") or Global Depositary Shares ("GDSs"), foreign U.S. dollar denominated securities that are traded on a U.S. exchange and local shares of non-U.S. issuers. The sub-adviser considers an issuer to be from a particular country if (i) its principal securities trading market is in that country; (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue from goods produced, sales made or services performed in that country; or (iii) it is organized under the laws of, or has a principal office in, that country. By applying these tests, it is possible that a particular company could be deemed to be from more than one country. The securities in which the fund may invest may be denominated in U.S. dollars or in currencies other than U.S. dollars. The fund may utilize foreign currency forward exchange contracts, which are derivatives, in connection with its investments in foreign securities. The fund's equity investments may include common and preferred stocks, convertible securities, rights and warrants to purchase common stocks, depositary receipts, exchange-traded funds ("ETFs"), and other specialty securities having equity features. The fund may also invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments.

The fund may purchase and sell certain derivative instruments, such as options, future contracts, options on futures contracts or foreign currency, contracts for difference, swaps and structured investments, for various portfolio management purposes, including to earn income, facilitate portfolio management and mitigate risks. Foreign currency option contracts may be used for hedging purposes or non-hedging purposes in pursuing the fund's investment objective. In determining compliance with any percentage limitation or requirement regarding the use or investment of fund assets, the fund will take into account derivative or synthetic instruments or other positions that, in the judgment of the sub-adviser, have economic characteristics similar to the applicable category of investments.

The fund may invest in initial public offerings. The fund may also invest up to 10% of its assets in real estate investment trusts ("REITs") and foreign real estate companies.

The fund may invest in companies with significant exposure to digital assets, such as Bitcoin, or the digital asset ecosystem, including companies that act as digital asset treasuries by accumulating Bitcoin or other digital assets and/or providing Bitcoin or other digital asset related products and services. The fund does not invest directly in digital assets.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

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**Transamerica Core Bond:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, primarily in investment grade debt securities, which may include: investment grade corporate securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. Investment grade debt securities carry a rating of at least BBB from Standard & Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the sub-adviser. The fund's weighted average duration will typically range from 3 to 10 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The fund may also invest in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs") and collateralized debt obligations ("CDOs")), commercial mortgage-backed securities ("CMBS"), high quality short-term debt obligations, dollar rolls and repurchase agreements. The fund's investments may include debt securities of foreign issuers, including emerging market debt securities. The fund may invest in securities that are denominated in U.S. dollars and in foreign currencies.

The fund may invest up to 10% of its net assets in emerging market debt securities and up to 10% of its net assets in high-yield debt securities (commonly referred to as "junk bonds"), but may invest no more than 15% of its net assets in emerging market debt securities and high-yield debt securities combined. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Examples of emerging market countries include China, India, Brazil, Russia, and Mexico. Emerging market country classifications may change over time. Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser).

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate, government and agency debt, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movements of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine sector, security, yield curve, and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for investment grade corporate debt securities, foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, asset-backed commercial paper, dollar rolls, repurchase agreements, derivatives, cash, certain cash equivalent securities and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management and corporate governance. For asset-backed securities and mortgage-backed securities, ESG considerations may also include, but are not limited to, affordability and energy efficiency of collateral, underwriting standards and policies, alignment of interest and control provisions. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund. When assessing a company's or country's ESG practices, the sub-adviser may evaluate a range of environmental, social and/or governance considerations. Environmental considerations may include, but are not limited to, greenhouse gas emissions, water and wastewater effects, hazardous materials, air quality concerns, biodiversity impacts, material sourcing practices and product design and lifecycle management matters. Social considerations may include, but are not limited to, human rights, stakeholder engagement, approach to data privacy, product safety and related sales practices, health and safety in the work environment, underwriting criteria, loan and lease servicing practices, labor management and supply chain management. For sovereigns, social considerations may also include workers' rights, life expectancy, income inequality, healthcare and education. Governance considerations may include, but are not limited to, governance structure, accounting practices, remuneration, alignment of interests and ethical conduct of the business, including the risks of fraud or corruption. For sovereigns, governance considerations may also include rule of law, regulatory effectiveness, freedom of the press, corruption levels and the overall strength of the country's institutions.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

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The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Emerging Markets Equity:** Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities (including American Depository Receipts ("ADRs"), Global Depository Receipts ("GDRs") and European Depository Receipts ("EDRs")) of companies that are located and/or conduct substantial business activities in emerging markets, including frontier markets. The fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser") considers emerging market countries to be those countries included in the MSCI Emerging Markets Index, the fund's benchmark, or the MSCI Frontier Markets Index. The fund will normally invest primarily in emerging market companies that the sub-adviser believes have above-average potential for capital appreciation based on its fundamental research and analysis.

The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen. The sub-adviser strives to identify companies whose shares are underpriced relative to their intrinsic value. The fund is managed with reference to the MSCI Emerging Markets Index as to country allocation, which may change over time, but the fund is not benchmark constrained. The sub-adviser intends, under normal circumstances, to have approximately 40-80 equity securities in the fund's portfolio.

Pursuant to a value investing philosophy, the sub-adviser seeks to invest in securities that the sub-adviser believes provide a discount or "margin of safety" between a security's price and what the sub-adviser believes to be the true value of the underlying business (which is sometimes referred to as "intrinsic value"). To first narrow the fund's investment universe, the sub-adviser uses quantitative screening tools linked to a variety of relative value assessments (including cash flow, earnings and share price). Next, the sub-adviser combines fundamental research and qualitative analysis to make individual security selections. Within the investment universe, the sub-adviser seeks to invest in companies identified as having attractive risk-reward profiles. The sub-adviser considers these to be companies that it identifies as being both undervalued and having attractive fundamentals (such as revenues, earnings, or management). The sub-adviser also analyzes country-specific factors such as geopolitical risk and its potential impact on expected returns.

The sub-adviser may invest in securities that are convertible into securities of foreign issuers. The sub-adviser will generally invest in small, medium and large capitalization companies.

The sub-adviser may invest in unaffiliated investment companies, including exchange-traded funds ("ETFs"), and may also invest a portion of its assets in real estate investment trusts ("REITs").

The fund may invest a significant portion of its assets in investments located in or operating in one country or a small number of countries. The fund's benchmark index currently includes substantial exposure to China, including China A-Shares.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Government Money Market:** The fund is a government money market fund. The fund seeks to maintain a stable net asset value of $1.00 per share by investing in:

• high-quality, U.S. dollar-denominated short-term money market securities issued or guaranteed as to principal or interest by the U.S. government or its agencies or instrumentalities;

• repurchase agreements that are fully collateralized by U.S. government securities or cash; and

• cash.

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The fund's sub-adviser, BlackRock Investment Management, LLC (the "sub-adviser"), invests at least 99.5% of the fund's total assets (plus the amount of borrowings, if any, for investment purposes) in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements fully collateralized by such obligations or cash. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements fully collateralized by such obligations.

The fund will enter into repurchase agreements only with financial institutions that the sub-adviser determines are creditworthy. A financial institution must furnish collateral to the fund at least equal in value to the amount of its repurchase obligation. This collateral must consist of U.S. government securities or cash. The sub-adviser is responsible for ensuring that each repurchase agreement is eligible for purchase by the fund.

In managing the fund's assets, the sub-adviser uses a combination of "top-down" analysis of macroeconomic and interest rate environments and "bottom-up" research of sectors and issuers. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental and technical factors that may affect the movement of markets. In its "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness and collateral and covenants to specific markets and individual issuers.

The fund invests in securities with a maximum remaining maturity of 397 days or less (with certain exceptions) and maintains a dollar-weighted average fund maturity of 60 days or less and a dollar-weighted average life of 120 days or less. In addition, the fund will hold at least 25% of its total assets in daily liquid assets and at least 50% of its total assets in weekly liquid assets. For purposes of these limits, daily liquid assets and weekly liquid assets are generally defined to include cash, U.S. Treasuries, certain other government securities, as well as other securities that can be readily converted to cash within one or five business days, respectively.

The fund invests in accordance with the quality, maturity, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940 and other rules of the Securities and Exchange Commission.

The fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis. The fund may invest in other government money market funds to the extent permitted by law.

The sub-adviser employs relative value strategies when selling securities that are focused on identifying discrepancies in prices among securities that share similar economic or financial characteristics. This strategy is based on the premise that certain securities are mispriced given that they have consistent valuation factors in common, such as liquidity, interest rate, maturity, or spread. The sub-adviser may employ a variety of qualitative techniques to identify securities they believe to be mispriced relative to fundamental or technical factors.

If the fund takes a temporary defensive position, it will be more difficult for the fund to achieve its investment objective. Although the sub-adviser has the ability to take temporary defensive positions, it may choose not to do so for a variety of reasons, including during volatile market conditions.

**Transamerica High Yield Bond:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in high-yield bonds (commonly known as "junk bonds"). The fund normally invests primarily in U.S. securities.

Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the sub-adviser). The sub-adviser seeks to achieve high returns for the fund while maintaining a reasonable risk profile.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate and sovereign debt, stressed and distressed securities, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment, and valuation factors that the sub-adviser believes affect the movement of markets and securities prices worldwide. This "top-down" analysis assists the sub-adviser in analyzing fund risk and allocating assets among sectors, industries, and credit quality categories. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness and capital structure. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for high-yield bonds, foreign securities (including emerging markets), investment grade bonds, certain asset-backed securities, private residential mortgage-backed securities, certain preferred equity, privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when

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analyzing other investments, including, but not limited to, investments in certain bank loans, U.S. Treasury and agency mortgage-backed securities, common equity, cash, certain cash equivalent securities, asset-backed commercial paper, repurchase agreements and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management and corporate governance. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund. When assessing a company's or country's ESG practices, the sub-adviser may evaluate a range of environmental, social and/or governance considerations. Environmental considerations may include, but are not limited to, greenhouse gas emissions, water and wastewater effects, hazardous materials, air quality concerns, biodiversity impacts, material sourcing practices and product design and lifecycle management matters. Social considerations may include, but are not limited to, human rights, stakeholder engagement, approach to data privacy, product safety and related sales practices, health and safety in the work environment, underwriting criteria, loan and lease servicing practices, labor management and supply chain management. For sovereigns, social considerations may also include workers' rights, life expectancy, income inequality, healthcare and education. Governance considerations may include, but are not limited to, governance structure, accounting practices, remuneration, alignment of interests and ethical conduct of the business, including the risks of fraud or corruption. For sovereigns, governance considerations may also include rule of law, regulatory effectiveness, freedom of the press, corruption levels and the overall strength of the country's institutions.

The fund has no maturity or duration requirements or limitations. The fund may invest in foreign securities, including up to 10% of its net assets in emerging market securities. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Examples of emerging market countries include China, India, Brazil, Russia, and Mexico. Emerging market country classifications may change over time.

To a lesser extent, the fund may invest in investment grade bonds, bank loans, asset backed and mortgage backed securities, preferred equity securities, common equity securities (received in connection with exchanges or restructurings) and cash equivalents. The fund may also invest in hybrid instruments having both debt and equity characteristics.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Inflation Opportunities:** The fund's sub-adviser, PineBridge Investments LLC (the "sub-adviser"), seeks to achieve the fund's investment objective by normally investing the fund's assets primarily in inflation-indexed fixed-income securities issued by domestic and foreign governments, their agencies or instrumentalities, and corporations.

Inflation-indexed fixed-income securities are structured to provide protection against the negative effects of inflation. The value of an inflation-indexed fixed-income security's principal or the interest income paid on the fixed-income security is adjusted to track changes in an official inflation measure, usually the Consumer Price Index for All Urban Consumers ("CPI-U") with respect to domestic issuers.

The fund may also invest in debt securities that are not inflation-indexed, including but not limited to securities issued or guaranteed by national governments, their agencies, instrumentalities, and political sub-divisions, securities of supranational organizations such as bonds, corporate debt securities, adjustable rate bonds, floating rate bonds, principal only bonds, Eurobonds, Eurodollar bonds and Yankee dollar instruments, zero coupon bonds, convertible notes, commercial paper, and commercial mortgage-backed and mortgage-backed and asset-backed securities. The fund also may invest in money market instruments with remaining maturities of one year or less, as well as repurchase agreements, cash and cash equivalents.

The fund may invest in securities of any maturity and does not have a target average duration. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The fund normally invests primarily in investment grade securities, but may invest up to 20% of its total assets in high yield securities (often referred to as "junk bonds") rated BB or below by Moody's Investors Service, Inc., or equivalently rated by Standard & Poor's Corporation or Fitch, Inc., or, if unrated, determined by the sub-adviser to be of comparable quality.

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The sub-adviser uses both "top-down" and "bottom-up" analysis to determine security and duration positions for the fund. Both "top-down" and "bottom-up" approaches rely upon the same fundamental, valuation and technical framework and analysis of factors the sub-adviser believes affect pricing, including interest rates, inflation rates, liquidity and currency exposures. These factors are jointly determined and are interdependent.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps (including, but not limited to, interest rate or foreign currency transactions, total return and credit default swaps), provided that the fund's maximum swap underlying notional value exposure does not exceed 40% of the underlying market value of the fund's portfolio. The sub-adviser regularly uses currency swaps, futures and/or forwards to hedge non-U.S. dollar currency exposure. These investment strategies may be employed in an effort to either mitigate risk or generate income.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The fund's investments in securities issued by foreign governments may include securities issued by governments of emerging market countries. The sub-adviser considers emerging market countries as countries that major international financial institutions and financial organizations, such as the World Bank and Bloomberg, generally consider to be less economically mature than developed nations.

The sub-adviser may sell a security for several reasons, including when its price target is attained or when the sub-adviser sees better opportunities in other securities or identifies a change in fundamentals or investment story.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica International Equity:** Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of foreign companies representing at least three countries other than the United States. The fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser"), currently anticipates investing in at least 12 countries other than the United States. The sub-adviser emphasizes established companies in individual foreign markets and seeks to stress companies and markets that it believes are undervalued. The sub-adviser expects capital growth to be the predominant component of the fund's total return.

Generally, the fund will invest primarily in common stocks of companies listed on foreign securities exchanges, but it may also invest in depositary receipts including American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs"). Although the fund will emphasize larger, more seasoned or established companies, it may invest in companies of varying sizes as measured by assets, sales or market capitalization. The fund will invest primarily in securities of companies domiciled in developed markets, but may invest up to 10% of its assets in securities of companies in emerging markets. The sub-adviser seeks to diversify the fund's investments around the world and within markets in an effort to minimize specific country and currency risks.

The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen designed to outperform the MSCI Europe, Australasia and Far East ("EAFE") Index. The initial universe consists of approximately 3,000 actively traded non-U.S. stocks. Parts one and two of the screen attempt to assess a company's attractiveness based on cash flows relative to other international stocks and as compared to their industry or sector peers. The third factor considers the relative earnings prospects of the company. The fourth factor involves looking at the company's recent price action. From the model, approximately 300 stocks are identified for further research. These are the stocks that rank the highest on the basis of these four factors combined. The sub-adviser generally limits its investment universe to companies with a minimum of three years of operating history.

The sub-adviser also performs rigorous fundamental analysis, exploring numerous factors that may affect the outlook for a company. It evaluates publicly available information including sell-side research, company filings, and trade periodicals. The analysts may speak with company management to hear their perspectives and outlook on pertinent business issues. It applies a consistent and disciplined review in a team environment that encourages critical thinking and analysis for each company considered for investment. The fund is typically composed of approximately 80-120 stocks as a result of this process.

Established positions in the fund are ranked daily and are reviewed regularly in the same manner to re-examine their fundamental and valuation characteristics. The product team meets periodically to discuss each stock's place in the fund. The sub-adviser employs a consistent sell discipline which includes a significant negative earnings revision, a stock being sold when the catalyst is no longer valid or another stock presents a more attractive opportunity.

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The sub-adviser may use derivatives for a variety of purposes, including to earn income and enhance returns, to increase or decrease exposure to a particular market, to manage or adjust the risk profile of the fund, or as alternatives to direct investments.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Large Core ESG:** Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of large-cap companies that have an MSCI ESG rating of A or higher. The fund considers large-cap companies to be the top approximately 1,000 companies by market capitalizations in the U.S. market. As of December 31, 2025, the top 1,000 companies by market capitalization in the U.S. market had a market capitalization of at least $1.3 billion.

The fund's sub-adviser, PineBridge Investments LLC (the "sub-adviser"), believes companies should be analyzed in the context of their life cycle. The sub-adviser employs a process that categorizes companies according to where the sub-adviser believes they reside in their respective company life cycles, and then lets the categorization drive how the companies are analyzed for investment attractiveness. Through a quantitative framework, the sub-adviser ranks companies within what are considered fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). After quantitatively categorizing each company in the investment universe into their six main life-cycle categorizations, the sub-adviser's alpha model then quantitatively assesses the attractiveness of each company based on numerous factors that are considered relevant to each life-cycle category. The model generates a numerical ranking based on this quantitative categorization and factor-based assessment, which indicates the attractiveness of each stock.

The sub-adviser then employs an optimization process to construct the fund's portfolio. The optimization process incorporates the output from the sub-adviser's alpha model and includes an MSCI ESG ratings constraint and certain exclusionary constraints. Under the ratings constraint, the sub-adviser will normally invest at least 80% of the fund's net assets in companies with an MSCI ESG rating of A or higher. The sub-adviser generally expects, as measured on a monthly basis, that at least 85% of the companies the fund holds will have an MSCI ESG rating of A or higher. The sub-adviser obtains third party ESG ratings information from MSCI. MSCI ESG ratings are intended to measure how well a company manages its material ESG risks and opportunities relative to industry peers. MSCI assigns each company an ESG rating on a seven-point scale ranging between "AAA" and "CCC," with "AAA" being the highest followed by "AA" and "A." To arrive at a final ESG rating, MSCI uses a quantitative model to weigh a company's environmental and social key issue scores and a governance pillar score relative to its industry peers. Under the exclusionary constraints, the sub-adviser will exclude investments in: companies that derive 10% or more of total annual revenue from thermal coal; companies that are United Nations Global Compact violators; and companies involved in controversial weapons (landmines, cluster munitions, chemical and biological weapons). These exclusions are based on third party classifications by MSCI obtained by the sub-adviser.

Final stock selection and portfolio positioning are subject to the discretion of the fund's portfolio management team.

The equity securities in which the fund may invest include, but are not limited to, common stocks, depositary receipts, preferred stocks, and securities convertible into common stocks (such as warrants and rights). The fund may also invest up to 5% of its assets in index exchange-traded funds ("ETFs").

Additionally, the fund may also invest its assets in U.S. government securities.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Large Growth:** The fund normally invests primarily in common stocks of companies that its sub-advisers, Morgan Stanley Investment Management Inc. ("MSIM") and Wellington Management Company LLP ("Wellington Management"), believe have the potential for above average growth in earnings. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of large cap companies and other investments with similar economic characteristics. The fund considers large cap companies to be companies with market capitalizations that, at the time of initial purchase, exceed the market capitalization of the smallest company included in the Russell 1000<sup>®</sup> Growth Index, a benchmark of the fund. As of December 31, 2025, the market capitalization of the smallest company in the Russell 1000<sup>®</sup> Growth Index was $1.57 billion. The fund generally emphasizes common and preferred stocks listed on the New York Stock Exchange and other U.S. securities exchanges and, to a lesser extent, equity securities that are listed on foreign securities exchanges and those traded

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over-the-counter. The fund's investment manager, Transamerica Asset Management, Inc., determines the allocation of the fund's assets between MSIM and Wellington Management and rebalances the allocation periodically to normally maintain approximately a 50% allocation of the fund's assets to each sub-adviser. The fund employs a growth style of investing. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries and securities classified as American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), American Depositary Shares ("ADSs") or Global Depositary Shares ("GDSs"), foreign U.S. dollar denominated securities that are traded on a U.S. exchange or local shares of non-U.S. issuers. The fund considers an issuer to be from a particular country if (i) its principal securities trading market is in that country; (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue from goods produced, sales made or services performed in that country; or (iii) it is organized under the laws of, or has a principal office in, that country. By applying these tests, it is possible that a particular company could be deemed to be from more than one country. The securities in which the fund may invest may be denominated in U.S. dollars or in currencies other than U.S. dollars. The fund may utilize foreign currency forward exchange contracts, which are derivatives, in connection with its investment in foreign securities, for hedging purposes. The fund may invest in companies with significant exposure to digital assets, such as Bitcoin, or the digital asset ecosystem, including companies that act as digital asset treasuries by accumulating Bitcoin or other digital assets and/or providing Bitcoin or other digital asset related products and services. The fund does not invest directly in digital assets. The fund may also invest in warrants and rights.

MSIM may purchase and sell certain derivative instruments, such as options, future contracts, options on futures contracts or foreign currency, contracts for difference, swaps and structured investments, for various portfolio management purposes, including to earn income, facilitate portfolio management and mitigate risks. Foreign currency option contracts may be used for hedging purposes or non-hedging purposes in pursuing the fund's investment objective. Consistent with the fund's objective and other policies, Wellington Management may, but is not required to, invest to a lesser extent in derivatives, including futures, forwards, options and swaps primarily for cash equitization purposes. In determining compliance with any percentage limitation or requirement regarding the use or investment of fund assets, the fund will take into account derivative or synthetic instruments or other positions that, in the judgment of the sub-adviser, have economic characteristics similar to the applicable category of investments.

The fund may invest in initial public offerings. The fund may also invest up to 10% of its assets in real estate investment trusts ("REITs") and foreign real estate companies.

MSIM typically invests in unique companies it believes have sustainable competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, strong balance sheets and an attractive risk/reward. MSIM seeks to understand how environmental, social and governance ("ESG") initiatives within companies can create value by strengthening durable competitive advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends. Conversely, the team will evaluate how environmental and social oriented trends create material risks to the prospects of the enterprise. MSIM generally engages with company management teams to discuss their ESG practices, with the aim of identifying how sustainability themes present opportunities and risks that can be material to the value of the security over the long-term. Other aspects of the investment process include a proprietary, systematic evaluation of governance policies, specifically focusing on compensation alignment on long-term value creation. MSIM does not treat ESG factors as a deterministic, reductive screen, nor as a portfolio construction tool layered on top of a passive vehicle.

Wellington Management employs a "bottom-up" approach, using fundamental analysis to identify specific securities within industries or sectors for purchase or sale. A "bottom-up" approach evaluates individual companies in the context of broader market factors. Wellington Management's stock selection process is derived from its observation that the quality and persistence of a company's business is often not reflected in its current stock price. Central to the investment process is fundamental research focused on uncovering companies with improving quality metrics, business momentum, and attractive relative valuations. Wellington Management's investment process is aided by a proprietary screening process that narrows the sub-adviser's investment universe to companies that are consistent with its investment philosophy.

The fund uses multiple sub-advisers in an effort to control the volatility often associated with growth funds, but there can be no assurance that this strategy will succeed.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

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**Transamerica Large Value Opportunities:** The fund normally invests primarily in issuers listed on U.S. exchanges with a focus on value stocks. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of large-cap value companies and other investments with similar economic characteristics. The fund considers large-cap value companies to be companies with market capitalizations that, at the time of initial purchase, exceed the market capitalization of the smallest company included in the MSCI USA Value Index. As of December 31, 2025, the market capitalization of the smallest company in the MSCI USA Value Index was approximately $8.34 billion.

The fund's sub-adviser, PineBridge Investments LLC (the "sub-adviser"), employs a process that categorizes companies according to where the sub-adviser believes they reside in their respective company life cycles, and then lets the categorization drive how the companies are analyzed for investment attractiveness. Through a quantitative framework, the sub-adviser ranks companies within what are considered fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). After quantitatively categorizing each company in the investment universe into their six main life-cycle categorizations, the sub-adviser's alpha model then quantitatively assesses the attractiveness of each company based on numerous factors that are relevant to each life-cycle category. The model generates a numerical ranking based on this quantitative categorization and factor-based assessment, which indicates the attractiveness of each stock. An optimization process is then used by the sub-adviser to build the fund's portfolio using constraints relative to the fund's primary benchmark. Final stock selection and portfolio positioning are subject to the discretion of the fund's portfolio management team.

The equity securities in which the fund may invest include, but are not limited to, common stocks, depository receipts, preferred stocks and securities convertible into common stocks (such as warrants and rights). The fund may also invest up to 5% of its assets in index exchange-traded funds ("ETFs"). Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

The sub-adviser's sell decisions are generally based on its ranking of stocks.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Mid Cap Growth:** The fund normally invests primarily in stocks of medium sized companies which the fund's sub-adviser, Wellington Management Company LLP (the "sub-adviser"), believes will earn high returns on invested capital, benefit from long term secular growth trends, and meet the sub-adviser's long term valuation criteria. Under normal circumstances, the sub-adviser invests at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in securities of medium sized (or mid-cap) companies and other investments with similar economic characteristics. The sub-adviser considers mid-cap companies to be companies with market capitalizations that, at the time of initial purchase, are within the range of capitalization of the companies that are included in the Russell Midcap<sup>®</sup> Growth Index, a benchmark of the fund. As of December 31, 2025, the market capitalizations of companies in the Russell Midcap<sup>®</sup> Growth Index ranged from approximately $1.57 billion to $101.87 billion. Over time, the capitalizations of the companies in the Russell Midcap<sup>®</sup> Growth Index will change. As they do, the size of the companies in which the fund invests may change.

The fund's equity securities may include common stocks and preferred stocks listed on the New York Stock Exchange and on other national securities exchanges and, generally to a lesser extent, stocks that are traded over-the-counter. The fund normally emphasizes common stocks. The fund may also invest in foreign securities. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

The sub-adviser may sell investments when (i) it believes that they no longer offer attractive future returns compared with other investment opportunities, its underlying investment thesis has changed, it believes the investment presents undesirable risks, or in an attempt to limit losses on the investment.

The fund may also invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Generally, 5% or less of the fund's assets will be invested in cash and cash equivalents.

Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Mid Cap Value Opportunities**: Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of mid cap companies. The fund's sub-adviser, Thompson, Siegel & Walmsley LLC (the "sub-adviser"), considers mid cap companies to be those companies, at the time of purchase, with market

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capitalizations within the range of companies included in the Russell Midcap<sup>®</sup> Value Index, a benchmark of the fund, (between approximately $7 billion and $59 billion as of June 30, 2025, the date of the last reconstitution). The size of the companies in the Russell Midcap<sup>®</sup> Value Index will change with market conditions. The fund invests primarily in common stocks. The fund may invest in other equity and non-equity securities, including preferred stocks, convertible securities and foreign securities, which may take the form of depositary receipts. The fund typically invests in a relatively small number of companies.

The sub-adviser seeks to invest in companies it believes present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. The sub-adviser's mid cap value process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen. Parts one and two of the screen attempt to assess a company's discount to private market value relative to other mid cap stocks. The third factor considers the relative earnings prospects of the company. The fourth factor involves looking at the company's recent price action. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

The sub-adviser's analysts also explore numerous factors that might affect the outlook for a company. They evaluate publicly available information including, but not limited to, sell-side research, company filings, and trade periodicals. The analysts may speak with company management to hear their perspectives and outlook on pertinent business issues. They apply a consistent and disciplined review in a team environment that encourages critical thinking and analysis for each company considered for investment.

The sub-adviser generally considers selling a security when the catalyst for the investment is no longer valid, when the sub-adviser believes that another stock will have a higher expected return, or for portfolio risk management. The fund generally engages in active and frequent trading of portfolio securities as part of its principal investment strategy.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Multi-Managed Balanced:** Under normal circumstances, the fund invests approximately 60% of its net assets in equity securities and approximately 40% of its net assets in fixed-income securities (investing at least 25% of its net assets in fixed-income senior securities being those securities that rank above another security in the event of the company's bankruptcy or liquidation). The fund has two sub-advisers. J.P. Morgan Investment Management Inc. (the "equity sub-adviser") manages the equity component of the fund and Aegon USA Investment Management, LLC (the "fixed-income sub-adviser") manages the fixed-income component of the fund. The fund's investment manager, Transamerica Asset Management, Inc., monitors the allocation of the fund's assets between the equity sub-adviser and the fixed-income sub-adviser and rebalances the allocation periodically to maintain these approximate allocations. Each sub-adviser varies the percentage of assets invested in any one type of security in accordance with its interpretation of economic and market conditions, fiscal and monetary policy, and underlying securities values.

• **Equity component** – The equity sub-adviser seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the equity component's net assets in equity securities of large- and medium-capitalization U.S. companies. The fund may invest in foreign companies. The equity sub-adviser will normally keep the equity component as fully invested in equity securities as practicable. Industry by industry, the fund's weightings are generally similar to those of the S&P 500<sup>®</sup> Index. The equity sub-adviser normally does not look to overweight or underweight industries. Holdings by industry sector will normally approximate those of the S&P 500<sup>®</sup> Index. The equity sub-adviser may, but is not required to, use index futures to equitize cash in order to gain general equity market exposure.

The equity sub-adviser also integrates financially material environmental, social and governance ("ESG") factors as part of the fund's investment process ("J.P. Morgan ESG Integration"). J.P. Morgan ESG Integration involves the systematic inclusion of ESG issues in investment analysis and investment decisions. As part of its investment process, the equity sub-adviser seeks to assess the impact of ESG factors on many issuers in the universe in which the fund invests. The equity sub-adviser's assessment is based on an analysis of what it views as key opportunities and risks across industries to seek to identify financially material issues with respect to the fund's investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the fund while the fund may divest or not invest in securities of issuers that may be positively impacted by such factors. In particular, J.P. Morgan ESG Integration does not change the fund's investment objective, exclude specific types of industries or companies or limit the fund's investable universe. The fund is not designed for investors who wish to screen out particular types of companies or investments or are looking for funds that meet specific ESG goals.

• **Fixed-income component** – Under normal circumstances, the fixed-income component of the fund is invested primarily in investment grade debt securities, which may include: investment grade corporate debt securities, U.S. government obligations,

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mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Investment grade debt securities carry a rating of at least BBB from Standard & Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the fixed-income sub-adviser. The fixed-income component's portfolio weighted average duration will typically range from 3 to 10 years.

The fixed-income sub-adviser may also invest the fund's assets in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs") and collateralized debt obligations ("CDOs")), commercial mortgage-backed securities ("CMBS"), high quality short-term debt obligations, dollar rolls and repurchase agreements. The fixed-income sub-adviser's investments for the fund may include debt securities of foreign issuers, including emerging market debt securities. The fixed-income sub-adviser may invest the fund's assets in securities that are denominated in U.S. dollars and in foreign currencies.

The fund may invest up to 10% of the fixed-income component's net assets in emerging market debt securities and up to 10% of the fixed-income component's net assets in high-yield debt securities (commonly referred to as "junk bonds"), but may invest no more than 15% of the fixed-income component's net assets in emerging market debt securities and high-yield debt securities combined. The fixed-income sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Examples of emerging market countries include China, India, Brazil, Russia, and Mexico. Emerging market country classifications may change over time. Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser).

In managing the fund's fixed-income component, the fixed-income sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate and government debt, and other debt instruments. In the fixed-income sub-adviser's "top-down" approach, the fixed-income sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary "bottom-up" research, the fixed-income sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The fixed-income sub-adviser uses this combined "top-down" and "bottom-up" approach to determine sector, security, yield curve positioning, and duration positions for the fixed-income component of the fund. The fixed-income sub-adviser's research analysts also generally integrate ESG matters within their analytical process for investment grade debt securities, investment grade corporate debt securities, private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper), foreign issuers (including emerging markets debt securities) denominated in U.S. dollars or foreign currency and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The fixed-income sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, dollars rolls, repurchase agreements, derivatives, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management, and corporate governance. For asset-backed securities and mortgage-backed securities, ESG considerations may also include, but are not limited to, affordability and energy efficiency of collateral, underwriting standards and policies, alignment of interest and control provisions. Consideration of ESG matters is subjective and not determinative in the fixed-income sub-adviser's investment process. The fixed-income sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The fixed-income sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund. When assessing a company's or country's ESG practices, the fixed-income sub-adviser may evaluate a range of environmental, social and/or governance considerations. Environmental considerations may include, but are not limited to, greenhouse gas emissions, water and wastewater effects, hazardous materials, air quality concerns, biodiversity impacts, material sourcing practices and product design and lifecycle management matters. Social considerations may include, but are not limited to, human rights, stakeholder engagement, approach to data privacy, product safety and related sales practices, health and safety in the work environment, underwriting criteria, loan and lease servicing practices, labor management and supply chain management. For sovereigns, social considerations may also include workers' rights, life expectancy, income inequality, healthcare and education. Governance considerations may include, but are not limited to, governance structure, accounting practices, remuneration, alignment of interests and ethical conduct of the business, including the risks of fraud or corruption. For sovereigns, governance considerations may also include rule of law, regulatory effectiveness, freedom of the press, corruption levels and the overall strength of the country's institutions.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

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The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The fixed-income sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

The equity sub-adviser may sell a security for several reasons. A security may be sold due to a change in the company's fundamentals or if the equity sub-adviser believes the security is no longer attractively valued. Investments may also be sold if the equity sub-adviser identifies a stock that it believes offers a better investment opportunity.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Short-Term Bond:** The fund's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. The fund's portfolio weighted average duration will typically range from 1 to 2.5 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

Securities in which the fund may invest include:

• corporate debt securities of U.S. issuers;

• debt securities of foreign issuers that are denominated in U.S. dollars, including foreign corporate issuers and foreign governments;

• obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities;

• asset-backed securities and mortgage-backed securities, including commercial mortgage-backed securities;

• dollar rolls; and

• bank loans.

The fund expects to typically invest no more than 10% of its net assets, but may invest up to 20% of its net assets, in high-yield debt securities (commonly known as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the fund's sub-adviser). The fund may invest up to 10% of its net assets in emerging market securities. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. Examples of emerging market countries include China, India, Brazil, Russia, and Mexico. Emerging market country classifications may change over time.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate and government debt, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for corporate debt securities of U.S. issuers, debt securities of foreign issuers that are denominated in U.S. dollars (including foreign corporate issuers and foreign governments), emerging markets debt securities, certain asset-backed securities, private residential mortgage-backed securities, commercial mortgage-backed securities, privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, dollar rolls, certain bank loans, bank obligations, savings association obligations, derivatives, repurchase agreements, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management and corporate governance. For asset-backed securities, ESG considerations may also include, but are not limited to, affordability and energy efficiency of collateral, underwriting standards and policies, alignment of interest and control provisions. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an

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investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the fund. When assessing a company's or country's ESG practices, the sub-adviser may evaluate a range of environmental, social and/or governance considerations. Environmental considerations may include, but are not limited to, greenhouse gas emissions, water and wastewater effects, hazardous materials, air quality concerns, biodiversity impacts, material sourcing practices and product design and lifecycle management matters. Social considerations may include, but are not limited to, human rights, stakeholder engagement, approach to data privacy, product safety and related sales practices, health and safety in the work environment, underwriting criteria, loan and lease servicing practices, labor management and supply chain management. For sovereigns, social considerations may also include workers' rights, life expectancy, income inequality, healthcare and education. Governance considerations may include, but are not limited to, governance structure, accounting practices, remuneration, alignment of interests and ethical conduct of the business, including the risks of fraud or corruption. For sovereigns, governance considerations may also include rule of law, regulatory effectiveness, freedom of the press, corruption levels and the overall strength of the country's institutions.

The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures (including regularly employing interest rate futures), forward currency contracts and swaps, including, but not limited to, interest rate and total return swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund's portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

Bank obligations purchased for the fund are limited to U.S. or foreign banks with total assets of $1.5 billion or more. Similarly, savings association obligations purchased for the fund are limited to U.S. savings association obligations issued by U.S. savings banks with total assets of $1.5 billion or more.

The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Small Cap Growth:** Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowing, if any, for investment purposes) in stocks of small capitalization companies. The fund's sub-adviser, Ranger Investment Management, L.P. (the "sub-adviser"), primarily focuses on seeking to identify high quality, high-growth small capitalization companies. The sub-adviser considers small capitalization companies to be companies with market capitalizations which, at the initial time of purchase, are within the capitalization range of issuers represented within the Russell 2000<sup>®</sup> Growth Index, a benchmark of the fund, which as of June 27, 2025, the most recent reconstitution date of the index, was between $119.4 million and $7.4 billion.

The sub-adviser's approach to security selection seeks quality growth companies by implementing a "bottom-up", fundamental research driven security selection process. The sub-adviser's focus is to attempt to identify companies with characteristics such as high recurring revenue, steady and/or accelerating sales growth, strong balance sheets and free cash flows, stable/expanding margins, and superior return on equity/return on invested capital. In addition to the quantitative analysis, careful consideration is given to qualitative analysis. The sub-adviser incorporates a preference towards companies with certain qualitative characteristics such as conservative accounting practices, seasoned management team with high corporate integrity, sustainable competitive advantage and ability to grow market share, sound corporate governance, and unique demand drivers. Once these quantitative and qualitative characteristics are analyzed, the sub-adviser then determines whether it believes a company is undervalued and has sufficient upside to the stock price to warrant an investment. The fund is managed using the growth style of investing. At any given time, growth stocks may be out of favor and underperform the overall equity market.

The sub-adviser integrates environmental, social and governance ("ESG") factors into the investment process. The sub-adviser's approach to ESG is non-concessionary, meaning that performance is not actively sacrificed over any ESG criteria, but that ESG criteria are considered as an integral part of the investment and risk mitigation process. The sub-adviser evaluates a company's ESG strengths and weaknesses based on its internal research process, public company documents, websites, SEC filings, third-party research, and conversations with management. The sub-adviser seeks to identify financially material ESG risks and/or opportunities for a company and the potential for financial impacts. The sub-adviser's ESG analysis is subjective and ESG factors are not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of a company outweigh ESG factors when making investment decisions.

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The fund may invest in foreign securities through American Depositary Receipts ("ADRs"), and generally will not invest more than 10% of the fund's assets in foreign securities. The fund only invests in securities traded on U.S. exchanges.

The sub-adviser's identification and evaluation of fundamental, valuation and technical factors generally lead to most sell decisions in the fund.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Small Cap Value:** The fund's sub-adviser, Systematic Financial Management, L.P. (the "sub-adviser") invests, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of small-capitalization companies. The fund generally considers a small-capitalization company to be a company with a market capitalization within the range of the Russell<sup>®</sup> 2000 Index<sup>1</sup> at the time of initial purchase. As of December 31, 2025, the market capitalization range of the Russell 2000<sup>®</sup> Index was between $6 million and $31.29 billion. The equity securities in which the fund invests are primarily common stocks of U.S. companies.

The sub-adviser generally will invest in common stocks of companies with small capitalizations that it views as attractively valued and possess relatively low price/cash flow ratios, low price/earnings ratios, low price/sales ratios, and/or low price/book ratios. The sub-adviser's security selection process generally favors companies with strong operating cash flow, strong free cash flow, limited financial leverage and strong debt coverage. Trends in balance sheet items including inventories, accounts receivable, and payables are scrutinized as well. The sub-adviser also reviews the company's products/services, market position, industry condition, financial and accounting policies, and quality of management.

Under normal market conditions, cash and cash equivalents are generally less than 5% of the portfolio value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks. The fund may invest up to 10% of its total assets in the securities of foreign issuers, including American Depositary Receipts ("ADRs") and foreign securities trading on U.S. markets. The fund may also invest in real estate investment trusts ("REITs") and may invest up to 5% of its total net assets in exchange traded funds ("ETFs").

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

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**More on Risks of Investing in the Funds**

The value of your investment in a fund changes with the values of that fund's investments. Many factors and risks can affect those values, including the risks described below. There is no guarantee that a fund will be able to achieve its investment objective. It is possible to lose money by investing in a fund.

Some of the risks of investing in the funds, including the principal risks of the funds, are discussed below. Each fund may be subject to factors and risks other than those identified in this prospectus, and these other factors and risks could adversely affect the fund's investment results. More information about risks appears in the Statement of Additional Information ("SAI"). Before investing, you should carefully consider the risks that you will assume.

**Active Trading:** Certain funds may engage in active trading of their portfolios. Active trading will increase transaction costs and could detract from performance. Active trading may generate greater amounts of short-term capital gains, which, for shareholders holding shares in taxable accounts, would generally be subject to tax at ordinary income tax rates upon distribution. During periods of market volatility, active trading may be more pronounced.

**Allocation Conflicts:** The Investment Manager is subject to conflicts of interest in selecting and allocating an asset allocation fund's assets among underlying funds. The Investment Manager and its affiliates will receive more revenue when the Investment Manager selects a Transamerica fund rather than an unaffiliated fund for inclusion in an asset allocation fund. The Investment Manager has an incentive to allocate an asset allocation fund's assets to those underlying funds for which the net management fees payable to the Investment Manager are higher than the fees payable by other underlying funds and/or which are sub-advised by an affiliate of the Investment Manager. The Investment Manager also has an incentive to allocate an asset allocation fund's assets to subscale underlying funds to provide scale and reduce amounts waived and/or reimbursed by the Investment Manager to maintain applicable expense caps.

In addition, the Investment Manager may have an incentive to take into account the effect that the fund's purchase or sale of shares of underlying fund would have on that underlying fund.

**Asset Allocation:** A fund's investment performance is significantly impacted by the fund's asset allocation and reallocation from time to time. The Investment Manager's and/or sub-adviser's decisions regarding whether and when to overweight or underweight asset classes and the selection of underlying funds or ETFs may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the Investment Manager's and/or sub-adviser's judgments about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or ETF or other issuer is incorrect. The available underlying funds and/or ETFs selected by the Investment Manager and/or sub-adviser may underperform the market or similar investments.

**Asset Class Allocation:** A fund's investment performance is significantly impacted by the fund's asset class allocation and reallocation from time to time. The investment manager's and/or sub-adviser's decisions, including with respect to whether and when to overweight or underweight asset classes, may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the investment manager's and/or sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect.

For certain funds, the balance between equity and debt securities limits the potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Asset Class Variation:** Certain funds may invest in underlying funds and/or ETFs. The underlying funds and/or ETFs invest principally in the securities constituting their asset class (*i.e.*, equity or fixed-income) or underlying index components. However, an underlying fund or ETF may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds and ETFs at any given time, and the percentage of the fund's assets invested in the various underlying funds and ETFs, the fund's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the fund's performance.

**Bank Obligations:** Bank obligations include certificates of deposit, fixed time deposits, bankers' acceptances, and other debt and deposit-type instruments issued by banks. To the extent a fund invests in bank obligations, the fund will be more susceptible to negative events affecting the banking industry. Banks are sensitive to changes in money market and general economic conditions, as well as regulatory and political conditions. Banks are highly regulated, and decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Cash Management and Defensive Investing:** The value of investments held by a fund for cash management or defensive investing purposes can fluctuate. Like other fixed-income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If a fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. If a significant amount of a fund's assets are used for cash management or defensive investing purposes, it may not achieve its investment objective.

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**China:** China and other emerging market countries may be subject to considerable degrees of economic, political and social instability. Markets in China and other Asian countries are relatively new and undeveloped. China's economic health is largely dependent upon exports, and may be dependent upon the economies of other Asian countries. Investments in Chinese and other Asian issuers could be adversely affected by changes in government policies, or trade or political disputes with major trading partners, including the U.S. China's growing trade surplus with the U.S. has given rise to trade disputes and the imposition of tariffs. The U.S. has also restricted the sale of certain goods to China. In addition, the U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China's economy. China's central government exercises significant control over China's economy and may intervene in the financial markets, such as by imposing trading restrictions, and investments in Chinese issuers could be adversely affected by changes in government policies. The Chinese economy could be adversely affected by supply chain disruptions. An economic slowdown in China could adversely affect economies of other emerging market countries that trade with China, as well as companies operating in those countries. Economies of Asian countries and Asian issuers could be adversely affected by regional security threats. In addition, China's long-running conflict over Taiwan's sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict that could adversely impact the economies of China and other Asian countries, disrupt supply chains, and severely affect global economies and markets.

The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, may, from time to time, be unable to inspect audit work papers of certain foreign issuers. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

**China A–Shares:** Certain funds may invest in equity securities of certain Chinese companies, directly or through ETFs, collectively referred to as China A-shares, through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (collectively, the "Programs"). The Programs are securities trading and clearing linked programs between either Shanghai Stock Exchange ("SSE") or Shenzhen Stock Exchange ("SSZE"), and the Stock Exchange of Hong Kong Limited, Hong Kong Securities Clearing Company Limited, and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the People's Republic of China ("PRC" or "China") and Hong Kong. The Programs are subject to daily quota limitations, which may restrict a fund's ability to invest in China A-shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the Programs are not trading, with the result that prices of China A-shares may fluctuate at times when a fund is unable to add to or exit its position. Only certain China A-shares are eligible to be accessed through the Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Programs. Because the Programs are in their early stages, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is currently unknown. The Programs are subject to regulations promulgated by regulatory authorities for the Shanghai Stock Exchange, the Stock Exchange of Hong Kong Limited and the Shenzhen Stock Exchange, and existing and additional regulations or restrictions, such as limitations on redemptions, suspension of trading and limitations on profits, may adversely impact the Programs and/or a fund's investments through the Programs. There is no guarantee that applicable exchanges will continue to support the Programs in the future.

Investments in China A-shares are subject to risks specific to the China market. Any significant change in mainland China's political, social or economic policies may have a negative impact on investments in the China market. The regulatory and legal framework for capital markets in mainland China may not be as well developed as those of developed countries. Chinese accounting standards and practices may deviate significantly from international accounting standards. The settlement and clearing systems of the Chinese securities markets may not be well tested and may be subject to increased risks of error or inefficiency.

If a fund was considered to be a tax resident of China, it would be subject to Chinese corporate income tax at the rate of 25% on its worldwide taxable income. If a fund was considered to be a non-resident enterprise with a "permanent establishment" in China, it would be subject to Chinese corporate income tax of 25% on the profits attributable to the permanent establishment.

A fund's investments in securities, including China A-shares, issued by Chinese companies may cause a fund to become subject to withholding and other taxes imposed by China tax authorities. China generally imposes withholding income tax at a rate of 10% on dividends, premiums, interest and capital gains originating in China and paid to a company that is not a resident of China for tax purposes and that has no permanent establishment in China. Currently, the capital gain from disposal of China A-shares by foreign investors via the Programs is temporarily exempt from withholding income tax, but the dividends derived from China A-shares by foreign investors is subject to a 10% withholding income tax. There is no indication of how long the temporary exemption will remain in effect and a fund may be subject to such withholding income tax in the future.

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Stamp duty under the PRC laws generally applies to the execution and receipt of taxable documents, which include contracts for the sale of China A-shares traded on PRC stock exchanges. In the case of such contracts, the stamp duty is currently imposed on the seller but not on the purchaser, at the rate of 0.05%. The sale or other transfer by a fund's sub-adviser of China A-shares will accordingly be subject to PRC stamp duty, but a fund will not be subject to PRC stamp duty when it acquires China A-shares. A fund will not be required to pay stamp duty arising from the transactions of SSE-listed and SSZE-listed ETFs for Northbound trading under Stock Connect.

A fund may also potentially be subject to PRC value added tax at the rate of 6% on capital gains derived from trading of China A-shares and interest income (if any). Existing guidance provides a temporary value added tax exemption for Hong Kong and overseas investors in respect of their gains derived from trading of PRC securities through the Programs. Since there is no indication how long the temporary exemption will remain in effect, a fund may be subject to such value added tax in the future. In addition, urban maintenance and construction tax (currently at rates ranging from 1% to 7%), educational surcharge (currently at the rate of 3%) and local educational surcharge (currently at the rate of 2%) (collectively, the "surtaxes") are imposed based on value added tax liabilities, so if a fund were liable for value added tax it would also be required to pay the applicable surtaxes.

Uncertainties in China tax rules governing taxation of income and gains from investments in China A-shares via the Programs could result in unexpected tax liabilities for a fund and therefore could affect the amount of income which may be derived, and the amount of capital returned, from the investments in China A-shares by a fund.

In the event that the depository of the Shanghai Stock Exchange and the Shenzhen Stock Exchange defaulted, a fund may not be able to recover fully its losses from the depository or may be delayed in receiving proceeds as part of any recovery process. In addition, because all trades on the Programs in respect of eligible China A-shares must be settled in Renminbi (RMB), the Chinese currency, funds investing through the Programs must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed.

The Programs are novel in nature and are subject to regulations promulgated by regulatory authorities and implementation rules made by the stock exchanges in China and Hong Kong. The regulations are untested so far and there is no certainty as to how they will be applied. China A-shares purchased through the Programs are held in nominee name and not a fund's name as the beneficial owner. It is possible, therefore, that a fund's ability to exercise its rights as a shareholder and to pursue claims against the issuer of China A-shares may be limited because the nominee structure has not been tested in Chinese courts. In addition, a fund may not be able to participate in corporate actions affecting China A-shares held through the Programs due to time constraints or for other operational reasons.

Trades on the Programs are subject to certain requirements prior to trading. If these requirements are not completed prior to the market opening, a fund cannot sell the shares on that trading day. In addition, these requirements may limit the number of brokers that a fund may use to execute trades. If an investor holds 5% or more of the total shares issued by a China A-share issuer, the investor must return any profits obtained from the purchase and sale of those shares if both transactions occur within a six-month period. If a fund holds 5% or more of the total shares of a China A-share issuer through its Program investments, its profits may be subject to these limitations. It is not expressly provided in China law whether all accounts managed by TAM and/or its affiliates will be aggregated for purposes of this 5% limitation. If that is the case, it makes it more likely that a fund's profits may be subject to these limitations.

**Conflicts of Interest:** TAM, an indirect wholly owned subsidiary of Aegon Ltd. and part of Aegon Asset Management ("AAM"), and its affiliates, directors, officers, employees and personnel (collectively, for purposes of this risk, "Transamerica") are engaged in a variety of businesses and have interests other than those related to managing the funds. Transamerica is a diversified global financial services company with many lines of business providing a wide range of financial services to a sizeable and diversified client base. The broad range of activities and interests of Transamerica gives rise to actual and potential conflicts of interest that could affect the funds and their shareholders.

Certain actual and potential conflicts of interest are described below. A further discussion of conflicts of interest appears in the SAI. These discussions are not, and are not intended to be, a complete enumeration or description of all the actual and potential conflicts that Transamerica has now or may have in the future. Other conflicts may arise from time to time.

TAM and the funds have adopted practices, policies and procedures that are intended to identify, manage and, where possible, mitigate conflicts of interest. There is no assurance, however, that these practices, policies and procedures will be effective, and these practices, policies and procedures may limit or restrict the funds' investment activities and adversely affect their performance.

*Activities on Behalf of Other Funds and Accounts.* Transamerica manages or advises other funds and products in addition to the funds, including Transamerica's own accounts, accounts in which Transamerica or its personnel have an interest, and other investment vehicles. Certain other funds and products have investment objectives similar to, the same as or opposite to those of the funds and/or engage in transactions in the same types of securities or other instruments, sectors or strategies as the funds. This creates potential conflicts and could affect the prices and availability of the securities and instruments in which a fund seeks to invest, and could have an adverse impact on the fund's performance. These other accounts and products may buy or sell positions while the funds are undertaking the same or a differing, including potentially opposite, strategy, which could disadvantage the funds. A position taken by Transamerica, on behalf of one or more other funds or products, may be contrary to a position taken on behalf of a fund or may be adverse to a company or issuer in which the fund has invested. A fund on the one hand, and Transamerica or other funds or products,

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on the other hand, may vote differently on matters affecting, or take or refrain from taking different actions with respect to, the same security, which are disadvantageous to the fund. The results of the investment activities of a fund may differ significantly from the results achieved for other funds or products. Transamerica may receive more compensation, including a performance allocation, with respect to certain other funds or products than is received with respect to a fund. TAM has developed allocation policies and procedures that provide that TAM will make investment decisions and allocate investment opportunities consistent with its fiduciary duties.

*Selection of Service Providers.* TAM and certain of its affiliates provide services including investment management, administration, sub-advisory, shareholder servicing, distribution, and transfer agency services to the funds and earn fees from these relationships with the funds. TAM and its affiliates face conflicts of interest when the funds select affiliated service providers because TAM and/or its affiliates receive greater compensation when they are used. As part of AAM, TAM is aligned under AAM. The affiliated sub-advisers to certain funds are also part of AAM and report to AAM. This reporting structure presents actual and potential conflicts of interest and may influence TAM's selection and retention of affiliated sub-advisers for the funds, and incentivize TAM personnel to recommend that an affiliated sub-adviser be selected or retained for a fund. The funds expect to engage unaffiliated service providers that in certain cases also provide services to Transamerica or other funds or products or that hire Transamerica to provide services to the service providers' clients. These service providers may have business, financial or other relationships with Transamerica, which may influence TAM's recommendation of these service providers for the funds.

*Sales Incentives and Relationships.* Transamerica and other financial service providers have conflicts associated with their promotion of the funds or other dealings with the funds that would create incentives for them to promote the funds. Transamerica will benefit from increased amounts of assets under management. Transamerica and its personnel have relationships (both involving and not involving the funds) with distributors, consultants and others who sell or recommend the funds or other funds or products, and such parties may receive compensation from Transamerica or the funds or other accounts in connection with such relationships. Transamerica and/or the funds' sub-advisers or their affiliates, make revenue sharing payments to brokers and other financial intermediaries to promote the distribution of the funds. Transamerica also receives revenue sharing and/or 12b-1 payments from certain of the funds' sub-advisers or their affiliates. These payments present certain conflicts of interest and provide a disincentive for TAM to recommend the termination of such sub-advisers.

*Transamerica Insurance Companies.* The performance of certain funds impacts Transamerica's financial exposure under guarantees that the Transamerica insurance companies provide as issuers of certain variable insurance contracts. Other funds managed by TAM are offered as investment options through variable insurance contracts offered and sold by Transamerica insurance companies, and some of these funds are structured as funds of funds which invest in certain of the funds. TAM's investment decisions and the design of the applicable funds, including the strategies the funds utilize, may be influenced by these factors. Certain non-public portfolio holdings and certain analytical information and algorithm and trade data concerning certain funds is disclosed to the Transamerica insurance companies solely to allow them to hedge their obligations under the variable insurance contracts. This information may only be provided in accordance with procedures approved by the funds' Board of Trustees governing the sharing of such information.

*Transamerica Asset Allocation Funds.* TAM serves as investment manager to Transamerica funds of funds and is subject to conflicts of interest concerning these funds. TAM is responsible for all aspects of the day-to-day investment advice and management for certain funds of funds. For certain other funds of funds, TAM has hired a sub-adviser and benefits when the sub-adviser allocates the fund of funds' assets to a Transamerica mutual fund or TAM-sponsored ETF. TAM has established an investment program for certain funds of funds whereby all or a substantial portion of the fund of funds' assets are invested in underlying Transamerica mutual funds. TAM has also included TAM-sponsored ETFs as investment options for certain funds of funds. TAM does not consider unaffiliated funds as underlying investment options for these funds of funds, even if unaffiliated funds have better investment performance or lower total expenses. This could result in the selection of Transamerica mutual funds or TAM-sponsored ETFs that may perform less well or have higher total expenses than unaffiliated funds. TAM and its affiliates will receive more revenue when TAM or a sub-adviser selects a Transamerica mutual fund or TAM-sponsored ETFs rather than an unaffiliated fund for inclusion in a fund of funds. TAM has an incentive for the funds of funds' assets to be allocated to those underlying Transamerica mutual funds and TAM-sponsored ETFs for which the net management fees payable to TAM are higher than the fees payable by other underlying funds or to those underlying Transamerica mutual funds and TAM-sponsored ETFs for which an affiliate of TAM serves as the sub-adviser. TAM also has an incentive for a fund of funds' assets to be allocated to subscale underlying Transamerica mutual funds and TAM-sponsored ETFs to provide scale and reduce amounts waived and/or reimbursed by TAM to maintain applicable expense caps. Sub-advisers to certain funds of funds also have conflicts of interest in allocating the funds of funds' assets among underlying funds. TAM Compliance monitors allocation changes by the funds of funds.

*Investments in Transamerica Funds.* TAM manages or advises funds and other accounts which may, individually or in the aggregate, own a substantial amount of a fund. Further, TAM and/or its affiliates may invest in a fund at or near the establishment of the fund, which may facilitate the fund achieving a specified size or scale. Seed investors may redeem their investments in a fund, and such redemptions could have a significant negative impact on the fund.

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*Fund Structuring and Changes.* TAM may have a financial incentive to implement or not to implement certain changes to the funds. For example, TAM may, from time to time, recommend a change in sub-adviser or the combination of two or more funds. Transamerica will benefit to the extent that an affiliated sub-adviser replaces an unaffiliated sub-adviser or additional assets are combined into a fund having a higher net management fee payable to TAM and/or that is sub-advised by an affiliate of TAM. TAM will also benefit to the extent that it replaces a sub-adviser with a new sub-adviser with a lower sub-advisory fee, or where the change reduces amounts required to be waived and/or reimbursed by TAM, or where the change facilitates hedging of Transamerica insurance companies' obligations under guarantees relating to variable insurance contracts. TAM personnel may also be incentivized to recommend changes to the funds that result in additional assets being sub-advised by an affiliated sub-adviser.

*Sub-Advisory Fee Discount Arrangements.* The aggregation of assets of multiple funds and/or other funds or products for purposes of calculating breakpoints or discounts in sub-advisory fees based on the level of assets allocated to a sub-adviser across funds or otherwise, as applicable, gives rise to actual and/or potential conflicts of interest that could disadvantage the funds and their shareholders. Sub-advisory fee discount arrangements create an incentive for TAM to select and retain sub-advisers, or allocate additional assets to a sub-adviser, where the selection or allocation may serve to lower a sub-advisory fee and possibly increase the management fee retained by TAM on a fund.

*Valuation of Investments.* TAM has been designated as the funds' valuation designee with responsibility for fair valuation subject to oversight by the funds' Board of Trustees. TAM's service as valuation designee is expressly permitted by applicable regulations. TAM performs such valuation services in accordance with joint valuation policies and procedures of the funds and TAM. TAM may value an identical asset differently than a Transamerica affiliate. This is particularly the case in respect of difficult-to-value assets. TAM faces a conflict with respect to valuations generally because of their effect on TAM's fees and other compensation. Valuation decisions by TAM may also result in improved performance of the funds.

*Allocation of Fund Expenses.* From time to time, TAM will be required to decide whether certain fees, costs and expenses should be borne by a fund, on the one hand, or TAM on the other hand, and/or whether certain fees, costs and expenses should be allocated between or among funds and/or other parties. TAM is faced with a conflict when allocating fees, costs and expenses. TAM will make allocation determinations in a fair and reasonable manner using its good faith judgment, notwithstanding its interest (if any) in the allocation.

*Potential Limitations and Restrictions on Investment Transactions.* TAM may restrict or limit investment decisions and activities on behalf of the funds in various circumstances. These circumstances include instances where TAM is in receipt of confidential or material non-public information, or where a fund, individually or together with other Transamerica funds or accounts, exceeds certain ownership, voting or control thresholds. Restrictions or limitations on the ability to execute investment transactions could have an adverse impact on a fund.

*Other Relationships and Benefits.* Transamerica has existing and may have potential future other business dealings or relationships with current or proposed sub-advisers or other fund service providers (or their affiliates) recommended by TAM. Such other business dealings or relationships present conflicts of interest that could influence TAM's selection and retention or termination of sub-advisers or service providers. For example, TAM has an incentive to hire as a sub-adviser or other service provider an entity with which TAM or one or more of its affiliates have, or would like to have, significant or other business dealings or arrangements, and TAM has a disincentive to recommend the termination of such a sub-adviser or service provider when doing so could be adverse to TAM's and/or its affiliates' relationships or other business dealings with such parties.

*Sub-Advisers.* The range of activities, services and interests of a sub-adviser gives rise to actual and/or potential conflicts of interest that could disadvantage a fund and its shareholders. Such conflicts of interest are in some cases similar to and in other cases different from or supplement those described above relating to Transamerica. For example, a sub-adviser's portfolio managers may manage multiple funds and accounts for multiple clients which gives rise to actual or potential conflicts of interest. A sub-adviser may also limit or restrict its investment decisions and activities on behalf of a fund in various circumstances, including as a result of information held by the sub-adviser or applicable regulatory requirements. A sub-adviser and/or its respective affiliates also may derive ancillary benefits from providing investment sub-advisory services to a fund.

**Convertible Securities:** Convertible securities share investment characteristics of both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of triggering events, and, as a result, are subject to an increased risk of loss. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities may include corporate notes or preferred stock, but ordinarily are a long-term debt obligation of the issuer convertible at a stated exchange rate into common stock of the issuer. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

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Convertible securities are normally "junior" securities, meaning that the issuers usually must first make payments on non-convertible securities before making payments on convertible securities. If the issuer of a convertible security stops making payments, these securities may become worthless.

**Counterparty:** A fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. Adverse changes to counterparties may cause the value of financial contracts to go down. If a counterparty becomes bankrupt or otherwise fails to perform its obligations, the value of your investment in the fund may decline. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent a fund has more contractual exposure to a counterparty.

**Country Focus:** To the extent a fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in which a fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Credit:** The value of your investment in a fund could decline if the issuer of a security held by the fund or another obligor for that security (such as a party providing insurance or other credit enhancement) fails to pay, otherwise defaults, is perceived (whether by market participants, ratings agencies, pricing services or otherwise) to be less creditworthy, becomes insolvent or files for bankruptcy. Changes in actual or perceived creditworthiness may occur quickly. The value of your investment in a fund could also decline if the credit rating of a security held by the fund is downgraded or the credit quality or value of any assets underlying the security declines. A decline may be rapid and/or significant, particularly in certain market environments. If a single entity provides credit enhancement to more than one of the fund's investments, the adverse effects resulting from the downgrade or default will increase the adverse effects on a fund. If a fund enters into financial contracts (such as certain derivatives, repurchase agreements, reverse repurchase agreements, and when-issued, delayed delivery, to be announced and forward commitment transactions), the fund will be subject to the credit risk presented by the counterparty. In addition, a fund may incur expenses and may be hindered or delayed in an effort to protect the fund's interests or to enforce its rights. The degree of credit risk of a security or financial contract depends upon, among other things, the financial condition of the issuer and the terms of the security or contract. Credit risk may be broadly gauged by the credit ratings of the securities in which a fund invests. However, ratings are only the opinions of the companies issuing them and are not guarantees as to quality. Credit rating may also be influenced by conflicts of interest. Securities rated in the lowest category of investment grade (Baa/BBB or Baa-/BBB-) may possess certain speculative characteristics, and a fund is subject to greater credit risk to the extent it invests in below investment grade securities (that is, securities rated below the Baa/BBB categories or unrated securities of comparable quality), or "junk" bonds. Credit risk is also greater to the extent a fund uses leverage or derivatives in connection with the management of the fund.

A fund may invest in securities which are subordinated to more senior securities of the issuer, or which represent interests in pools of such subordinated securities. A fund is more likely to suffer a credit loss on subordinated securities than on non-subordinated securities of the same issuer. If there is a default, bankruptcy or liquidation of the issuer, most subordinated securities are paid only if sufficient assets remain after payment of the issuer's non-subordinated securities. In addition, any recovery of interest or principal may take more time. As a result, even a perceived decline in creditworthiness of the issuer is likely to have a greater impact on subordinated securities.

**Currency:** The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the revenue earned by issuers of these securities may also be impacted by changes in the issuer's local currency. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time, and they are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A fund may be positively or negatively affected by government strategies intended to make the U.S. dollar, or other currencies to which the fund has exposure, stronger or weaker. Currency markets generally are not as regulated as securities markets, and currency risk may be particularly high to the extent the fund invests in foreign securities or currencies that are economically tied to emerging market or frontier market countries. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective. Derivatives that provide exposure to foreign currencies are also subject to these risks.

**Currency Hedging:** A fund may use currency futures, forwards or options to hedge against declines in the value of securities denominated in, or whose value is tied to, a currency other than the U.S. dollar or to reduce the impact of currency fluctuation on purchases and sales of such securities. Hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or

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export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments. Shifting a fund's currency exposure from one currency to another may remove a fund's opportunity to profit from the original currency and involves a risk of increased losses for a fund if the sub-adviser's projection of future exchange rates is inaccurate.

**Cybersecurity and Operations:** A fund, and its service providers and distribution platforms, and your ability to transact with a fund, may be negatively impacted by, among other things, human error, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, shareholder data (including private shareholder information), and/or proprietary information, or cause a fund, TAM, a sub-adviser and/or its service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. A cybersecurity incident or operational issue may disrupt the processing of fund or shareholder transactions, impact a fund's ability to calculate its net asset value, prevent shareholders from redeeming their shares, or result in financial losses to a fund and its shareholders. Cybersecurity and operational incidents may result in financial losses to a fund and its shareholders, and substantial costs may be incurred to prevent or mitigate such incidents in the future. Cybersecurity and operational incidents may also lead to violations of applicable privacy and other laws, regulatory fines, penalties, and reputational damage. There is a chance that some cybersecurity and operational risks have not been identified, which limits the ability of a fund and its service providers to plan for or mitigate such risks. Issuers of securities in which a fund invests are also subject to cybersecurity and operational risks, and the value of those securities could decline if the issuers experience cybersecurity incidents or operational issues. In addition, other significant events (e.g., natural disasters or global health emergencies), and measures taken to respond to them and mitigate their effects, could result in disruptions to the services provided to a fund by its service providers. A fund cannot control the cybersecurity and business continuity plans of its service providers, issuers of securities in which it invests or other third parties whose operations may affect the fund and its shareholders.

**Depositary Receipts:** Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.

The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding those issuers and there may not be a correlation between such information and the market value of the depositary receipts.

**Derivatives:** Derivatives involve special risks and costs which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds and may result in losses. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Even a small investment in derivatives can have a disproportionate impact on a fund. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. This risk is greater for forward currency contracts, swaps and other over-the-counter traded derivatives. The other parties to derivatives transactions present the same types of credit risk as issuers of fixed-income securities. Derivatives also tend to involve greater liquidity risk and they may be difficult to value. A fund may be unable to terminate or sell its derivative positions. In fact, many over-the-counter derivatives will not have liquidity except through the counterparty to the instrument. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects a fund to certain operational and legal risks. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls, and human error. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. A fund's use of derivatives may also increase the amount of taxes payable by shareholders.

The U.S. government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing and on-facility execution of certain derivatives, margin and reporting requirements. Rule 18f-4 under the 1940 Act governs the use of derivative investments by funds. Among other things, Rule 18f-4 requires funds that invest in derivatives above a specified amount to adopt and implement a derivatives risk management program that a derivatives risk manager administers and that the fund's Board of Trustees oversees, and to comply with an outer limit on fund leverage risk based on value at risk. Funds

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that use derivative instruments in a limited amount are not subject to the full requirements of Rule 18f-4, but must adopt and implement policies and procedures reasonably designed to manage the fund's derivatives risk. Funds are subject to reporting and recordkeeping requirements regarding their derivatives use. Rule 18f-4 could have an adverse impact on a fund's performance and ability to implement its investment strategies and may increase costs related to a fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives and may not effectively limit the risk of loss from derivatives.

A fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. A fund may be required to pay additional margin or set aside additional collateral to maintain open derivatives positions. If a fund is unable to close out its position in a derivatives contract, it might continue to maintain such assets or accounts or make such payments until the position expired or matured. These actions might impair a fund's ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so, or cause a fund to sell a portfolio security at a disadvantageous time. Also, a fund would be exposed to loss both on the derivative instruments and on the assets used to cover its obligations.

Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets. For derivatives that are required to be cleared by a regulated clearinghouse, a fund may be exposed to risks arising from its relationship with a brokerage firm through which it would submit derivatives trades for clearing. A fund would also be exposed to counterparty risk with respect to the clearinghouse. In certain cases, a fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses.

Derivatives may be used by a fund for a variety of purposes, including:

• As a hedging technique in an attempt to manage risk in the fund's portfolio;

• As a means of changing investment characteristics of the fund's portfolio;

• As a means of attempting to enhance returns;

• As a means of providing additional exposure to types of investments or market factors;

• As a substitute for buying or selling securities; or

• As a cash flow management technique.

Using derivatives, especially for non-hedging purposes, may involve greater risks to a fund than investing directly in securities, particularly as these instruments may be very complex and may not behave in the manner anticipated by the fund. For example, there is a risk that the performance of the derivatives used by a fund to replicate the performance of a particular asset class may not accurately track the performance of that asset class. Risks associated with the use of derivatives are magnified to the extent that a large portion of the fund's assets are committed to derivatives in general or are invested in just one or a few types of derivatives. Use of derivatives or similar instruments may have different tax consequences for a fund than an investment in the underlying asset or indices, and those differences may affect the amount, timing and character of income distributed to shareholders.

Using derivatives for hedging purposes can reduce or eliminate losses, but doing so can also reduce or eliminate gains. In addition, there can be no assurance that a fund's hedging transactions will be effective. A lack of correlation between changes in the value of derivatives and the value of the fund assets (if any) being hedged may result in losses.

A fund could lose the entire amount of its investment in a derivative and, in some cases, could lose more than the principal amount invested.

Derivatives may include, but are not limited to, the following:

• *Options*. An option is an agreement that, for a premium payment or fee, gives the option holder (the buyer) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying asset (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the exercise price) during a period of time or on a specified date. Investments in options are considered speculative. The fund may lose the premium paid for them if the price of the underlying security or other asset decreased or remained the same (in the case of a call option) or increased or remained the same (in the case of a put option). If a put or call option purchased by the fund were permitted to expire without being sold or exercised, its premium would represent a loss to the fund. Investments in foreign currency options may substantially change a fund's exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as a sub-adviser expects. There is a risk that such transactions could reduce or preclude the opportunity for gain if the value of the currency moves in the direction opposite to the position taken. Options on foreign currencies are affected by all of those factors which influence foreign exchange rates and foreign investment generally. Unanticipated changes in currency prices may result in losses to a fund and poorer overall performance for the fund than if it had not entered into such contracts. Options on foreign currencies are traded primarily in the OTC market, but may also be traded on U.S. and foreign exchanges. Foreign currency options contracts may be used for hedging purposes or non-hedging purposes in pursuing a fund's investment objective, such as when a sub-adviser anticipates that particular non-U.S. currencies will appreciate or depreciate in value, even though securities denominated in those currencies are not then held in the fund's investment portfolio. Investing in foreign currencies for purposes of gaining from projected changes in

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exchange rates, as opposed to only hedging currency risks applicable to a fund's holdings, further increases the fund's exposure to foreign securities losses. There is no assurance that a sub-adviser's use of currency derivatives will benefit a fund or that they will be, or can be, used at appropriate times.

• *Forwards and Futures Contracts*. The use of futures contracts is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. A futures contract is a sales contract between a buyer (holding the "long" position) and a seller (holding the "short" position) for an asset with delivery deferred until a future date. The buyer agrees to pay a fixed price at the agreed future date and the seller agrees to deliver the asset. The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. The liquidity of the futures markets depends on participants entering into off-setting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced. In addition, futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. The fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. Moreover, to the extent the fund engages in futures contracts on foreign exchanges, such exchanges may not provide the same protection as US exchanges. The loss that may be incurred in entering into futures contracts may exceed the amount of the premium paid and may be potentially unlimited. Futures markets are highly volatile and the use of futures may increase the volatility of the fund's NAV. Additionally, as a result of the low collateral deposits normally involved in futures trading, a relatively small price movement in a futures contract may result in substantial losses to the fund. Investment in these instruments involve risks, including counterparty risk (i.e., the counterparty to the instrument will not perform or be able to perform in accordance with the terms of the instrument), hedging risk (i.e., a hedging strategy may not eliminate the risk that it is intended to offset, and may offset gains, which may lead to losses within the fund) and pricing risk (i.e., the instrument may be difficult to value).

• *Foreign Currency Forward Exchange Contracts.* In connection with its investments in foreign securities, a fund also may enter into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. A foreign currency forward exchange contract is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Foreign currency forward exchange contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, a fund may use cross currency hedging or proxy hedging with respect to currencies in which the fund has or expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. Investments in foreign currency forward exchange contracts may substantially change a fund's exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as its sub-adviser expects. A sub-adviser's success in these transactions will depend principally on its ability to predict accurately the future exchange rates between foreign currencies and the U.S. dollar. Foreign currency forward exchange contracts may be used for non-hedging purposes in seeking to meet the applicable fund's investment objectives, such as when the sub-adviser anticipates that particular non-U.S. currencies will appreciate or depreciate in value, even though securities denominated in those currencies are not then held in the fund's investment portfolio. Investing in foreign currency forward exchange contracts for purposes of gaining from projected changes in exchange rates, as opposed to hedging currency risks applicable to a fund's holdings, further increases the fund's exposure to foreign securities losses. There is no assurance that a sub-adviser's use of currency derivatives will benefit a fund or that they will be, or can be, used at appropriate times.

• *Swaps*. Swap contracts, including credit default swaps, involve heightened risks and may result in losses to the fund. Swaps may in some cases be illiquid and difficult to value, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the swap. If the fund buys a credit default swap, it will be subject to the risk that the credit default swap may expire worthless, as the credit default swap would only generate income in the event of a default on the underlying debt security or other specified event. As a buyer, the fund would also be subject to credit risk relating to the seller's payment of its obligations in the event of a default (or similar event). If the fund sells a credit default swap, it will be exposed to the credit risk of the issuer of the obligation to which the credit default swap relates. As a seller, the fund would also be subject to leverage risk, because it would be liable for the full notional amount of the swap in the event of default (or similar event). Swaps may be difficult to unwind or terminate. Credit default swaps may in some cases be illiquid, and they increase credit risk since the fund has exposure to the issuer of the referenced obligation and either their counterparty to the credit default swap or, if it is a cleared transaction, the brokerage firm through which the trade was cleared and the clearing organization that is the counterparty to that trade. Certain index-based credit default swaps are structured in tranches, whereby junior tranches assume greater default risk than senior tranches. The absence of a central exchange or market for swap transactions may lead, in some instances, to difficulties in trading and valuation, especially in the event of market disruptions. New regulations require many kinds of swaps to be executed through a centralized exchange or regulated facility and be cleared through a regulated clearinghouse. Although this clearing mechanism is generally expected to reduce counterparty credit risk, it may disrupt or limit the swap market and may not result in swaps being easier to trade or value. As swaps become more standardized, the fund may not be able to enter into swaps that meet its investment needs. The fund also may not be able to find a clearinghouse willing to accept the swaps for clearing. In a

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cleared swap, a central clearing organization will be the counterparty to the transaction. The fund will assume the risk that the clearinghouse may be unable to perform its obligations. The new regulations may make using swaps more costly, may limit their availability, or may otherwise adversely affect their value or performance.

• *Contracts for Difference.* Contracts for differences ("CFDs") are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its ﬁnancial obligations under the terms of the contract. To the extent that there is an imperfect correlation between the return on the fund's obligation to its counterparty under the CFD and the return on related assets in its portfolio, the CFD transaction may increase the fund's ﬁnancial risk. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the fund to deposit additional sums to cover this, and this may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which the fund is liable. CFDs are not registered with the Securities and Exchange Commission or any U.S. regulator, and are not subject to U.S. regulation.

**Digital Assets:** A fund may gain economic exposure to Bitcoin or other digital assets through investments in operating companies that accumulate Bitcoin or other digital assets and/or provide Bitcoin- or other digital assets-related products and services, and consequently a fund's performance is subject to the risks of the applicable digital assets and the risks of the digital assets industry more generally. The trading prices of many digital assets have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Bitcoin or other digital assets to which a fund has economic exposure could have a material adverse effect on the value of a fund's shares. Digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry. Changes in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively affect that digital asset network's ability to grow and respond to challenges.

Cryptocurrencies, such as Bitcoin, are a subset of digital assets designed to act as a medium of exchange. Despite being referred to as "currencies," crypto assets are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender. The value of digital assets is determined by supply and demand in the global markets, which consist primarily of transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading platforms is highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.

**Distressed or Defaulted Securities:** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative. A fund may suffer significant losses if a reorganization or restructuring is not completed as anticipated. A fund will generally not receive interest payments on the distressed securities. Repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. A fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed or defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Dollar Rolls:** A dollar roll transaction involves a sale by a fund of a mortgage-backed or other security concurrently with an agreement by the fund to repurchase a similar security at a later date at an agreed-upon price. The securities that are repurchased will bear the same interest rate and similar maturity as those sold, but pools of mortgages collateralizing those securities may have different prepayment histories than those sold.

The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities a fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom a fund sells securities becomes insolvent, the fund's ability to purchase or repurchase securities may be restricted.

**Early Close/Late Close/Trading Halt:** An exchange or market may close early, close late or issue trading halts generally or on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.

**Emerging Markets:** Investments in securities of issuers located or doing business in emerging markets bear heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Emerging market countries typically have less developed and less stable economic and political systems and regulatory and accounting standards, potentially making it difficult to evaluate issuers. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation, and may be based on only a few industries. Such countries typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a public health emergency or natural disaster. Certain emerging markets may

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also face other significant internal or external risks, including the risk of war or terrorism, and ethnic, religious or racial conflicts. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will, and such investors are more likely to experience nationalization, expropriation and confiscatory taxation. Such policies may change abruptly. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Some emerging market countries are especially vulnerable to economic conditions in other countries. Low trading volumes may result in a lack of liquidity and extreme price volatility, which could make security valuations more difficult. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. A fund investing in emerging market countries may be required to establish special custody or other arrangements before investing, and the fund may experience problems or delays with the clearing and settling of trades that are not typically experienced in more developed markets. Investments in emerging markets countries may have restrictions that make it difficult or impossible for a fund to exercise rights, pursue legal remedies, and obtain judgments in foreign courts. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies. Some securities issued by emerging market governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of such governments. Even where a security is backed by the full faith and credit of a government, it may be difficult for a fund to pursue its rights against the government.

An investment in emerging market securities should be considered speculative. Investments in emerging markets countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, greater vulnerability to market manipulation, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the United States.

**Energy Sector:** Certain risks inherent in investing in energy companies include the following:

• *Supply and Demand*. A decrease in the production of natural gas, natural gas liquids, crude oil, coal or other energy commodities, a decrease in the volume of such commodities available for transportation, mining, processing, storage or distribution or a sustained decline in demand for such commodities, may adversely impact the financial performance of energy companies. Energy companies are subject to supply and demand fluctuations in the markets they serve which will be impacted by a wide range of factors, including fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events and economic conditions, among others. The United States relies heavily on foreign imports of energy such as crude oil and refined products. If a supply source decides to restrict supply to the United States or is unable to meet demand, some energy companies' cash flows may be adversely impacted.

• *Depletion and Exploration*. Energy reserves naturally deplete as they are consumed over time. Energy companies are either engaged in the production of natural gas, natural gas liquids, crude oil, or coal, or are engaged in transporting, storing, distributing and processing these items and refined products on behalf of the owners of such commodities. To maintain or grow their revenues, these companies or their customers need to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources or through acquisitions. The financial performance of energy companies may be adversely affected if they, or the companies to whom they provide services, are unable to cost-effectively acquire additional energy deposits sufficient to replace the natural decline of existing reserves. Also, the quantities of reserves may be overstated, or deposits may not be produced in the time periods anticipated. If an energy company is not able to raise capital on favorable terms, it may not be able to add to or maintain its reserves.

• *Reserve*. Energy companies engaged in the production of natural gas, natural gas liquids, crude oil, coal and other energy commodities are subject to the risk that the quantities of their reserves are overstated, or will not be produced in the time periods anticipated, for a variety of reasons including the risk that no commercially productive amounts of such energy commodities can be produced from estimated reserves because of the curtailment, delay or cancellation of production activities as a result of unexpected conditions or miscalculations, title problems, pressure or irregularities in formations, equipment failures or accidents, adverse weather conditions, compliance with environmental and other governmental requirements and cost of, or shortages or delays in the availability of, drilling rigs and other equipment, and operational risks and hazards associated with the development of the underlying properties, including natural disasters, blowouts, explosions, fires, leakage of such energy commodities, mechanical failures, cratering and pollution.

• *Legal and Regulatory*. Energy companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including (i) how facilities are constructed, maintained and operated, (ii) how and where wells are drilled, (iii) how services are provided, (iv) environmental and safety controls, and, in some cases (v) the prices they may charge for the products and services they provide. Various governmental authorities have the power to enforce compliance with these regulations and the permits issued under them, and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may adversely affect the financial performance of energy companies. Companies in the energy sector may also be at increased risk for litigation.

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• *Commodity Pricing*. The operations and financial performance of energy companies may be directly affected by energy commodity prices, especially those energy companies which own the underlying energy commodity or receive payments for services that are based on commodity prices. Such impact may be a result of changes in the price for such commodity or a result of changes in the price of one energy commodity relative to the price of another energy commodity (i.e., the price of natural gas relative to the price of natural gas liquids). These prices may fluctuate widely in response to a variety of factors, including global and domestic economic conditions, weather conditions, the supply and price of imported energy commodities, the production and storage levels of energy commodities in certain regions or in the world, political stability, transportation facilities, energy conservation, domestic and foreign governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems. Volatility of commodity prices may also make it more difficult for energy companies to raise capital to the extent the market perceives that their performance may be directly or indirectly tied to commodity prices.

• *Acquisition*. The ability of energy companies to grow operating cash flow and increase such company's enterprise value can be highly dependent on their ability to make acquisitions that result in an increase in cash available for distributions. Recently, the acquisition market has become more competitive as a result of the increased amount of energy companies, as well as significant private equity interest in midstream energy assets. As a result, the competitive nature of the market has resulted in higher multiples, which may reduce the attractiveness of returns on acquisitions. Accordingly, MLP Entities may be unable to make accretive acquisitions because they are unable to identify attractive acquisition candidates, negotiate acceptable purchase contracts, raise financing for such acquisitions on economically acceptable terms, or because they are outbid by competitors. Such circumstances may limit future growth and their ability to raise distributions could be reduced. Furthermore, even if energy companies do consummate acquisitions that they believe will be accretive, the acquisitions may instead result in a decrease in operating cash flow or a decrease in enterprise value. Any acquisition involves risks, including, among other things: mistaken assumptions about revenues and costs, including synergies; the assumption of unknown liabilities; limitations on rights to indemnity from the seller; the diversion of management's attention from other business concerns; unforeseen difficulties operating in new product or geographic areas; and customer or key employee losses at the acquired businesses. Substantial market disruptions and slowdowns in economic activity may limit the ability of energy companies to make acquisitions.

• *Affiliated Party*. Certain energy companies are dependent on their parents or sponsors for a majority of their revenues. Any failure by such company's parents or sponsors to satisfy their payments or obligations would impact such company's revenues and operating cash flows and ability to make interest payments and/or distributions.

• *Catastrophe*. The operations of energy companies are subject to many hazards inherent in the exploring, developing, producing, generating, transporting, transmission, storing, gathering, processing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or electricity, including: damage to pipelines, storage tanks, plants or related equipment and surrounding properties caused by hurricanes, tornadoes, floods, fires and other natural disasters or by acts of terrorism; inadvertent damage from construction and farm equipment; well blowouts; leaks of such energy commodities; fires and explosions. These hazards could result in substantial losses, severe damage to and destruction of property and equipment, and pollution or other environmental damage and may result in the curtailment or suspension of their related operations. Energy companies may not be insured against all risks inherent to their businesses. If a significant accident or event occurs that is not fully insured, it could adversely affect the energy company's operations and financial condition.

• *Market Disruption*. Global events and economic conditions could have significant adverse effects on the energy sector, the U.S. economy and financial and commodities markets. Events that may have such an effect include disputes among energy-producing countries and acts of terrorism. Energy assets could be direct targets, or indirect casualties, of an act of terror. The U.S. government has issued warnings that energy assets, specifically the United States' pipeline infrastructure, may be the future target of terrorist organizations.

• *Weather*. Extreme weather conditions, such as hurricanes, (i) could result in substantial damage to the facilities of certain energy companies located in the affected areas, (ii) significantly increase the volatility in the supply of energy commodities and (iii) adversely affect the financial performance of energy companies, and could therefore adversely affect the value of their securities. The damage done by extreme weather also may serve to increase many insurance premiums paid by energy companies and could adversely affect such companies' financial condition. Concerns about global warming trends may result in increased regulation of energy or energy infrastructure companies that produce, transport or rely heavily on fossil fuels such as oil, natural gas and coal and increase their operating costs; moreover, negative investor perception may limit their access to, and increase their cost of, capital.

• *Midstream Companies.* Certain energy infrastructure projects involving midstream companies have experienced significant delays related to difficulties in obtaining the necessary permits to proceed with construction (or some phase of construction). These delays have raised concerns about the ability of midstream companies to place such projects in service and their ability to get the necessary financing to complete such projects. Furthermore, it has become much more common for opponents of energy infrastructure development to utilize the courts, media campaigns and political activism to attempt to stop, or delay as much as possible, these projects. Significant delays could result in a material increase in the cost of developing these projects and could result in midstream companies developing such projects failing to generate the expected return on investment or, if the project does not go forward, realizing a financial loss, either of which would adversely affect the results of operations and financial performance of the affected midstream companies.

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Natural gas transmission pipeline systems, crude oil transportation pipeline systems, refined products transportation pipeline systems, and certain classes of storage facilities and related assets owned by midstream companies are subject to regulation by the Federal Energy Regulatory Commission ("FERC"). The regulators have authority to regulate natural gas pipeline transmission, crude oil pipeline transportation services, and refined products pipeline transportation services including the rates charged for the services, terms and conditions of service, certification and construction of new facilities, the extension or abandonment of services and facilities, the maintenance of accounts and records, the acquisition and disposition of facilities, the initiation and discontinuation of services, and various other matters. Action by the FERC could adversely affect the ability of midstream companies to establish or charge rates that would cover future increases in their costs, such as additional costs related to environmental matters including any climate change regulation, or even to continue to collect rates that cover current costs, including a reasonable rate of return. It could also become more common for regulatory agencies (such as FERC) to include the impact of carbon emissions from energy infrastructure assets as a consideration in granting permits for the construction or operation of such assets. This could result in costly delays in obtaining permits, requirements to spend additional capital to limit carbon emissions or denial of required permits to operate existing or proposed energy infrastructure assets. Any such change could have an adverse impact on the financial condition, results of operations, or cash flows of midstream companies.

• *Power Infrastructure.* The revenues of power infrastructure companies are often dependent upon the availability of electric power and/or the consumption of electric power and could be adversely affected by reductions in the supply of, or demand for, such power. The adverse impact of these events could lead to a material reduction in the earnings of power infrastructure companies and a substantial reduction (or elimination) of dividends paid to equity holders, and could result in a decline in (i) the equity values of the affected power infrastructure companies and/or (ii) our net investment income. The production or availability of electric power could be negatively affected by a variety of factors, including depressed power prices, high prices for commodities used in the generation of power, lower than expected wind, solar or hydro power resources, catastrophic or extreme weather events, labor relations, increased environmental or other governmental regulation (including policies designed to reduce carbon emissions and/or address climate change), equipment malfunctions, transmission grid disruptions and maintenance difficulties. A decline in demand for power could result from factors such as increased power prices, adverse economic conditions, increased taxation, increased governmental regulation, catastrophic events, extreme weather events, equipment malfunctions, transmission grid disruptions and maintenance difficulties. Certain power infrastructure companies may have assets that focus on generating electricity from renewable resources or provide services supporting such generation. The generation of electricity from renewable resources may be highly dependent upon governmental policies that support such generation and enhance its economic viability (including tax credits, accelerated cost recovery systems of depreciation and renewable portfolio standards).

**Environmental, Social and Governance ("ESG") Investing (Transamerica Large Core ESG):** Applying ESG criteria to a sub-adviser's investment analysis for a fund may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, applicable funds may forgo some investment opportunities available to funds that do not use ESG criteria or that apply different ESG criteria. Applying ESG criteria may impact a fund's exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the fund's investment performance. The relevance and weightings of ESG criteria to a sub-adviser's investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies that are identified by a sub-adviser as having favorable ESG characteristics at the time of investment may shift into and out of favor depending on market and economic conditions, and a company's ESG practices, or the sub-adviser's assessment of such practices, may change over time. A fund's performance may at times be better or worse than the performance of similar funds that do not use ESG criteria or that apply different ESG criteria. ESG is not a uniformly defined characteristic and applying ESG criteria involves subjective assessments. There may be significant differences in views in what constitutes positive or negative ESG characteristics of a company. A sub-adviser's ESG assessment of a company may differ from that of other funds or investors. A fund's investments may include securities of issuers that derive revenue from non-ESG activities. ESG ratings and assessments of issuers can vary across third party data providers, and ESG data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's ESG characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of ESG investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of ESG criteria could have a material adverse effect on a fund's ability to invest in accordance with its ESG strategy.

**Equity Securities:** Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer, and generally have greater risk of loss than debt securities. Equity securities include, among others, common and preferred stocks, convertible securities, and warrants or rights. Stock markets are volatile. Equity securities may have greater price volatility than other asset classes, such as fixed-income securities, and fluctuate in price based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. Because a company's equity securities rank junior in priority to the interests of bond holders and other creditors, a company's equity securities will usually react more strongly than its bonds and other debt to actual or perceived changes in the company's financial condition or prospects. If the market prices of the equity securities owned by a fund fall, the value of your investment in the fund will decline. If a fund holds equity securities in a company that becomes insolvent, the fund's interests in the company will rank junior in priority to the interests of

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debtholders and general creditors of the company, and the fund may lose its entire investment in the company. These risks are generally magnified for investments in equity securities of distressed companies. A fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**ESG Data (Transamerica Large Core ESG):** ESG information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted ESG standards or standardized practices for researching, generating, or analyzing ESG data, classifications, screens, and ratings ("ESG Data"). The factors and criteria considered when generating ESG Data and the results of such ESG research may differ widely across third-party ESG Data providers. The evaluation of ESG factors and criteria is often subjective, is often evolving and subject to ongoing refinement, and the third-party ESG Data providers used by a fund may not identify or evaluate every relevant ESG factor and/or criteria with respect to every investment. Due to differences in various countries' corporate disclosure and financial statement reporting obligations and availability, as well as timeliness of any such available information, a third-party ESG Data provider may not always be successful in identifying material ESG information about a particular company. A fund may invest in companies that do not reflect the beliefs or values of a particular investor and may not be deemed to exhibit the intended ESG characteristics if different metrics or ESG Data providers were used to evaluate them. Because ESG considerations are still an emerging area of investment focus, ESG information and metrics can be difficult to obtain or not able to be obtained. The evaluation of ESG factors and implementation of ESG-related investment restrictions (e.g., screens) rely on the availability of timely, complete, and accurate ESG Data reported by issuers and/or third-party research providers. ESG Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. The successful implementation of a fund's strategy is therefore dependent, in part, on the ESG factors identified and considered and research methodologies employed by applicable third-party ESG Data providers, as well as the timely availability of accurate information. Due to the specialized resources necessary to obtain ESG-related information underlying or related to the ESG Data provided by applicable third-party ESG research firms, a fund's sub-adviser does not independently test or verify the data provided by such firms.

**ESG Integration Data (Transamerica Small Cap Growth):** ESG information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted ESG standards or standardized practices for researching, generating, or analyzing ESG data, classifications, screens, and ratings ("ESG Data"). The factors and criteria considered when generating ESG Data and the results of such ESG research may differ widely across third-party ESG Data providers. The evaluation of ESG factors and criteria is often subjective, are often evolving and subject to ongoing refinement, and the third-party ESG Data providers used by the fund may not identify or evaluate every relevant ESG factor and/or criteria with respect to every investment. Due to differences in various countries' corporate disclosure and financial statement reporting obligations and availability, as well as timeliness of any such available information, a third-party ESG Data provider may not always be successful in identifying material ESG information about a particular company. ESG Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. Due to the specialized resources necessary to obtain ESG-related information underlying or related to the ESG Data provided by applicable third-party ESG research firms, a fund's sub-adviser does not independently test or verify the data provided by such firms.

**Expenses:** Your actual costs of investing in a fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease, or if a fee limitation is changed or terminated, or with respect to a newly offered fund or class, if average net assets are lower than estimated. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.

**Extension:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed-income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause a fund's share price to be more volatile or go down.

**Financial Sector:** To the extent a fund invests a significant portion of its assets in the financial sector, the fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the financial sector. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit rating downgrades resulting from

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financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

**Fixed-Income Securities:** Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by a fund falls, the value of your investment will go down. The prices of fixed-income securities will generally go down when interest rates rise. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the fund. A rise in rates also tends to have a greater impact on the prices of longer term or duration securities. A fund may lose its entire investment in the fixed-income securities of an issuer.

**Floating Rate Loans:** Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan's issuer, and adversely affect the fund's investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in a fund not receiving proceeds from the sale of a loan for an extended period. As a result, a fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase. Certain courts have determined that floating rate loans are not securities and, therefore, purchasers such as a fund may not be entitled to the anti-fraud protections of the federal securities laws, including the prohibitions on insider trading.

Floating rate loans may have restrictive covenants limiting the ability of a borrower to further encumber its assets. Floating rate loans held by a fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. Such loans may weaken a lender's ability to access collateral securing the loan; reprice the credit risk associated with the borrower; and mitigate potential loss. A fund may experience greater losses or delays and expenses in enforcing its rights with respect to floating rate loans with fewer restrictive covenants. Bank loans may not be considered "securities," and purchasers, such as a fund, therefore may not be entitled to rely on the protections of federal securities laws, including anti-fraud provisions.

Rule 18f-4 under the 1940 Act permits a fund to invest in non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date. If a non-standard settlement cycle security does not satisfy these provisions, then it is treated as a derivatives transaction under Rule 18f-4.

**Focused Investing:** To the extent a fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments:** Investments in securities of foreign issuers (including those denominated in U.S. dollars) or issuers with significant exposure to foreign markets are subject to additional risks. Foreign markets can be less liquid, less regulated and more volatile than U.S. markets. The value of a fund's foreign investments may decline, sometimes rapidly and unpredictably, because of factors affecting the particular issuers as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, tariffs and trade disruptions, political or financial instability, social unrest or other adverse economic or political developments. Values may also be affected by restrictions on receiving the investment proceeds from a foreign country.

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Less information may be publicly available about foreign companies than about U.S. companies. Foreign companies are generally not subject to the same accounting, auditing and financial reporting standards as U.S. companies are. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Some securities issued by non-U.S. governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of such governments. Even where a security is backed by the full faith and credit of a government, it may be difficult or impossible for the fund to pursue its rights against the government. Some non-U.S. governments have defaulted on principal and interest payments. In certain foreign markets, settlement and clearance procedures may result in an inability to execute transactions or delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. Such settlement issues could affect a fund's performance and the liquidity of its portfolio. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes, and special U.S. tax considerations may apply.

Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, organizations, entities and/or individuals, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures. Economic sanctions could, among other things, effectively restrict or eliminate a fund's ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the fund's investments in such securities harder to value. International trade barriers or economic sanctions against foreign countries, organizations, entities and/or individuals, may adversely affect a fund's foreign holdings or exposures. Investments in foreign markets may also be adversely affected by unfavorable governmental actions such as the imposition of capital and price controls; nationalization of companies or industries; currency exchange controls, currency blockage, or restrictions on the expatriation of foreign currency; expropriation of assets; confiscatory taxation; or the imposition of punitive taxes. In the event of nationalization, expropriation or other confiscation, a fund could lose its entire investment in foreign securities. Governmental actions can have a significant effect on the economic conditions in foreign countries, which also may adversely affect the value and liquidity of a fund's investments. For example, the governments of certain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or liquidity of investments denominated in that currency. Any of these actions could severely affect security prices, impair the fund's ability to purchase or sell foreign securities or transfer a fund's assets back into the United States, or otherwise adversely affect the fund's operations. Certain foreign investments may become less liquid in response to market developments or adverse investor perceptions, or become illiquid after purchase by a fund, particularly during periods of market turmoil. When a fund holds illiquid investments, its portfolio may be harder to value.

Investment in securities of foreign issuers may also be subject to foreign custody risk which refers to the risks inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by banks, agents and depositories in securities markets outside the United States. In addition, it is often more expensive for a fund to buy, hold, and sell securities in certain foreign markets than in the United States. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel non-U.S. agents to hold securities in designated depositories that may not be subject to independent evaluation. The laws of certain countries may place limitations on the ability to recover assets if a non-U.S. bank, agent or depository becomes insolvent or enters bankruptcy. Non-U.S. agents are held only to the standards of care of their local markets, and may be subject to limited or no government oversight. In general, the less developed a country's securities markets are, or the more difficult communication is with that location, the greater the likelihood of custody issues arising.

American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), and European Depositary Receipts ("EDRs") are generally subject to all of the risks that direct investments in foreign securities are.

Sanctions or other government actions against certain countries could negatively impact a fund's investments in securities that have exposure to that country. Circumstances that impact one country could have profound impacts on other countries and on global economies or markets.

**Frontier Markets:** Frontier market countries generally have smaller economies, less developed capital markets, less sophisticated legal, regulatory and political systems, and fewer investor protections than emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. The economies of frontier market countries are generally less correlated to global economic cycles than those of their more developed counterparts and their markets have low trading volumes and the potential for extreme currency fluctuations, price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors or of governments in frontier markets. These factors make investing in frontier market countries significantly riskier than in other countries and any one of them could cause the price of a fund's shares to decline. An investment in frontier market securities should be considered speculative.

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**Government Money Market Fund (Transamerica Government Money Market):** You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. The fund's sponsor is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress. The fund operates as a "government" money market fund under applicable federal regulations and invests in U.S. government securities. Circumstances could arise that would prevent the payment of interest or principal on U.S. government securities, which could adversely affect their value and the fund's ability to preserve the value of your investment at $1.00 per share. An increased demand for U.S. government securities could affect the availability of such instruments for investment and the fund's ability to pursue its investment strategies. The fund does not currently intend to avail itself of the ability to impose "liquidity fees" on fund redemptions, as permitted under Rule 2a-7. However, the Board reserves the right, with notice to shareholders, to change this policy.

**Growth Stocks:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks can be volatile for several reasons. Since growth companies usually reinvest a high proportion of their earnings in their own businesses, they may lack the dividends often associated with value stocks that could cushion their decline in a falling market. The values of growth stocks also tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Also, since investors buy growth stocks because of their expected superior earnings growth, earnings disappointments often result in sharp price declines. Certain types of growth stocks, particularly technology stocks, can be extremely volatile and subject to greater price swings than the broader market. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Hedging:** A fund may buy and sell futures contracts, put and call options, forward contracts, and other instruments as a hedge. Some hedging strategies could hedge a fund against price fluctuations. Other hedging strategies would tend to increase a fund's exposure to the securities market. Forward contracts could be used to try to manage foreign currency risks on a fund's foreign investments. A fund's hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

**High-Yield Debt Securities:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" (that is, securities rated below Baa/BBB) or are unrated securities of comparable quality. A fund that invests in high-yield debt securities may be subject to greater levels of credit risk, liquidity risk, and market risk than funds that do not invest in such securities. High-yield debt securities typically have a higher risk of issuer default because, among other reasons, issuers of junk bonds often have more debt in relation to total capitalization than issuers of investment grade securities. These securities are considered speculative, tend to be volatile and less liquid, and are more difficult to value than higher rated securities and may involve major risk of exposure to adverse conditions and negative sentiments, which may result in losses for the fund. These securities may be in default or in danger of default as to principal and interest. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or in bankruptcy. A fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of high-yield debt holders, leaving few or no assets available to repay high-yield debt holders. This could result in the fund losing its entire investment. High-yield securities are not generally meant for short-term investing. Unrated securities of comparable quality share these risks.

**Hybrid Instruments:** Hybrid instruments combine elements of derivative contracts with those of another security (typically a fixed-income security). All or a portion of the interest or principal payable on a hybrid security is determined by reference to changes in the price of an underlying asset or by reference to another benchmark (such as interest rates, currency exchange rates or indices). Hybrid instruments also include convertible securities with conversion terms related to an underlying asset or benchmark. Investing in hybrid instruments involves a combination of risks, including risks of investing in securities, commodities, options, futures, and currencies. Thus, an investment in a hybrid instrument may entail significant risks in addition to those associated with traditional fixed-income or convertible securities. Hybrid instruments are also potentially more volatile and may carry greater interest rate risks than traditional instruments. Moreover, depending on the structure of the particular hybrid instrument, it may expose a fund to leverage risks or carry liquidity risks.

**Inflation:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of a fund's assets can decline as can the value of the fund's distributions.

**Inflation-Protected Securities:** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or

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interest is adjusted for inflation. The market for U.S. Treasury inflation-protected securities ("TIPS") and corporate inflation-protected securities ("CIPS") may be less developed or liquid, and more volatile, than certain other securities markets. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected.

**Information Technology Sector:** To the extent a fund invests a significant portion of its assets in the information technology sector, the fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the information technology sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss, impairment of, or inability to enforce these rights may adversely affect the profitability of these companies. Companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. Companies in the application software industry, in particular, may also be negatively affected by the decline or fluctuation of subscription renewal rates for their products and services, which may have an adverse effect on profit margins. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.

**Interest Rate (Transamerica Government Money Market):** The interest rates on short-term obligations held in the fund will vary, rising or falling with short-term interest rates generally. The fund's yield will tend to lag behind general changes in interest rates. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund's investments and detract from fund performance. The ability of the fund's yield to reflect current market rates will depend on how quickly the obligations in its portfolio mature and how much money is available for investment at current market rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the fund. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase. During periods of extremely low or negative short-term interest rates, the fund may not be able to maintain a positive yield or total return or be able to preserve the value of your investment at $1.00 per share.

**Interest Rate:** When interest rates rise, the value of fixed-income securities will generally fall. A change in interest rates will not have the same impact on all fixed-income securities. Generally, the longer the maturity or duration of a fixed-income security, the greater the impact of a rise in interest rates on the security's value. In addition, different interest rate measures (such as short- and long-term interest rates and U.S. and foreign interest rates), or interest rates on different types of securities or securities of different issuers, may not necessarily change in the same amount or in the same direction. A fund may not be able to hedge against changes in interest rates, may choose not to do so for cost or other reasons, and even if the fund does, the hedge may not work as intended. A significant or rapid rise in rates may result in losses. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of a fund's investments and detract from a fund's performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. When interest rates go down, the income received by a fund, and the fund's yield, may decline.

Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Conversely, interest rate reductions may cause the value of fixed-income securities to increase. A fund may be subject to the risk that the returns of the fund will decline during periods of falling interest rates because the fund may have to reinvest the proceeds from matured, traded or called debt obligations at interest rates below the fund's current earnings rate.

The maturity of a security may be significantly longer than its duration. A security's maturity and other features may be more relevant than its duration in determining the security's sensitivity to other factors affecting the issuer or markets generally such as changes in credit quality or in the yield premium that the market may establish for certain types of securities.

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Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security's price to changes in interest rates. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Similarly, a fund with a longer average portfolio duration will generally be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. By way of example, the price of a bond fund with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point.

Certain fixed-income securities pay interest at variable or floating rates. Variable rate securities tend to reset at specified intervals, while floating rate securities may reset whenever there is a change in a specified index rate. In most cases, these reset provisions reduce the impact of changes in market interest rates on the value of the security. However, some securities do not track the underlying index directly, but reset based on formulas that may produce a leveraging effect; others may also provide for interest payments that vary inversely with market rates. The market prices of these securities may fluctuate significantly when interest rates change. If the fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund's shares.

Certain floating and variable rate obligations held by a fund may have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate. Some floating or variable rate obligations or investments of a fund may have previously referenced the London Interbank Offered Rate ("LIBOR"). The publication of LIBOR has ceased. Public and private sector actors have worked to establish alternative reference rates, such as the Secured Overnight Financing Rate ("SOFR"). Applicable funds are subject to "SOFR" risk as there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR.

**Investment Companies:** To the extent that a fund invests in other investment companies such as closed-end or exchange-traded funds ("ETFs"), it bears its pro rata share of those investment companies' expenses. Those expenses are in addition to the advisory and other expenses that the fund bears directly in connection with its own operations. Further, the fund is subject to the effects of the business and regulatory developments that affect these investment companies and the investment company industry generally.

**Japan:** To the extent a fund invests a significant portion of its assets in companies domiciled in Japan or in securities quoted or denominated in the Japanese yen, the fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the Japanese economy. The Japanese economy is heavily dependent upon international trade, particularly with the U.S. and other Asian countries. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption. In recent times, Japan's economic growth rate has remained relatively low, lagging that of its Asian neighbors and other major developed economies, and it may remain low in the future. The Japanese economic growth rate could be impacted by Bank of Japan monetary policies, rising interest rates, tax increases, budget deficits, consumer confidence and volatility in the Japanese yen. Japan's economy has been adversely affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions of its trading partners. Japan's relations with neighboring countries, particularly China, North Korea, South Korea and Russia, have at times been strained due to territorial disputes, historical animosities and defense concerns. Most recently, the Japanese government has shown concern over the increased nuclear and military activity by North Korea. Strained relations may cause uncertainty in the Japanese markets and adversely affect the overall Japanese economy in times of crisis. China has become an important trading partner with Japan, yet the countries' political relationship has become strained. Should political tension increase, it could adversely affect the economy, especially the export sector, and destabilize the region as a whole. Economic growth in Japan is heavily dependent on continued growth in international trade, government support of the financial services sector, among other troubled sectors, and consistent government policy. The Japanese economy has been adversely affected by certain structural issues, including an aging population, significant non-performing loan portfolios at major financial institutions, substantial government deficits and low domestic consumption. In addition, Japan is located in a part of the world that has historically been prone to natural disasters such as earthquakes, volcanic eruptions, typhoons and tsunamis, and is economically sensitive to environmental events. Any such event may negatively affect the securities of Japanese companies held by a fund.

**Large Capitalization Companies:** A fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion. As a result, a fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

**Large Shareholder:** The Transamerica Asset Allocation funds designated Conservative, Moderate, Moderate Growth and Growth, the Transamerica Asset Allocation Horizon Funds designated Short, Intermediate and Long, each a separate series of Transamerica Funds, as well as the Transamerica JPMorgan Asset Allocation portfolios designated Conservative, Diversified Equity Allocation, Moderate Growth, Moderate and International Moderate Growth, and Transamerica 60/40 Allocation VP, Transamerica Goldman Sachs 70/30 Allocation VP and Transamerica BlackRock Tactical Allocation VP, each a separate series of Transamerica Series Trust, are asset allocation funds ("Asset Allocation Funds") that may invest in certain series of Transamerica Funds and Transamerica Series Trust and

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may own a significant portion of the shares of an underlying fund. Certain Asset Allocation Funds may invest in TAM-sponsored ETFs that have investment objectives and strategies similar to certain series of Transamerica Funds and Transamerica Series Trust. Other investment vehicles, including Transamerica collective investment trust funds, and institutional investors may also own a significant portion of a fund's shares.

Unaffiliated funds (the "Unaffiliated Funds") may invest in series of Transamerica Funds subject to the fund of funds restrictions of Section 12(d)(1) of the 1940 Act. Unaffiliated Funds may invest in an underlying fund beyond the limits of Section 12(d)(1), in reliance on certain exemptions, such as Rule 12d1-4 under the 1940 Act, subject to certain terms and conditions. An Unaffiliated Fund may own a significant portion of the shares of an underlying fund.

Transactions by a large shareholder may be disruptive to the management of a fund. A fund may experience large redemptions or investments due to transactions in fund shares by a large shareholder. While it is impossible to predict the overall effect of these transactions over time, there could be an adverse impact on a fund's performance. In the event of such redemptions or investments, a fund could be required to sell securities or to invest cash at a time when it may not otherwise desire to do so. Such transactions may increase a fund's brokerage and/or other transaction costs. In addition, when a large shareholder owns a substantial portion of a fund's shares, a large redemption by that shareholder could cause actual expenses to increase, or could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio. Redemptions of fund shares could also accelerate the realization of taxable capital gains. The impact of these transactions is likely to be greater when a large shareholder purchases, redeems, or owns a substantial portion of a fund's shares. When possible, TAM and/or the sub-adviser will consider how to minimize these potential adverse effects, and may take such actions as it deems appropriate to address potential adverse effects, including carrying out the transactions over a period of time, although there can be no assurance that such actions will be successful.

**Legal and Regulatory:** Legal and regulatory changes could occur that may adversely affect a fund, its investments, and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. New or revised laws or regulations may be imposed by the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, the Internal Revenue Service, the U.S. Federal Reserve or other governmental regulatory authorities or self-regulatory organizations that could adversely affect a fund. A fund also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules by governmental regulatory authorities or self-regulatory organizations.

Regulations require a fund, to the extent it uses derivatives to a material extent, to, among other things, comply with certain overall limits on leverage. These regulations may limit the ability of a fund to pursue its investment strategies and may not be effective to mitigate a fund's risk of loss from derivatives.

A fund also will be leveraged and can incur losses if the value of the fund's assets declines between the time a redemption request is received or deemed to be received by the fund (which in some cases may be the business day prior to actual receipt of the transaction activity by the fund) and the time at which the fund liquidates assets to meet redemption requests. In the case of redemptions representing a significant portion of the fund, the leverage effects described above can be significant and could expose a fund and non-redeeming shareholders to material losses.

**Liquidity:** A fund may make investments that are illiquid or that become illiquid after purchase. Investments may become illiquid due to the lack of an active market, a reduced number of traditional market participants, legal or contractual restrictions on resale, or reduced capacity of traditional market participants to make a market in securities. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased volatility. As a general matter, a reduction in the willingness or ability of dealers and other institutional investors to make markets in fixed-income securities may result in even less liquidity in certain markets. Liquidity risk may be magnified in rising interest rate or volatile environments. Illiquid investments can be difficult to value. If a fund is forced to sell less liquid or illiquid investments to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss (or may not be able to sell at all), and such sale may involve additional costs or may cause the value of your investment to decline. In addition, securities, once sold by a fund, may not settle for an extended period (for example, several weeks or even longer). The fund will not receive its sales proceeds until that time, which may constrain the fund's ability to meet its obligations (including obligations to redeeming shareholders). Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for a fund to sell. This may prevent a fund from limiting losses. Further, when there is illiquidity in the market for certain investments, a fund, due to limitations on illiquid investments, may be unable to achieve its desired level of exposure to a certain sector or asset class. A fund is required by law to maintain a liquidity risk

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management program to assess and manage the fund's liquidity risk. This program is intended to reduce liquidity risk, but may not achieve the desired results. Analyses and judgments made under the program may be incorrect, and changes in market conditions, which may be rapid and unexpected, may adversely affect the program.

**Loans:** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. In the event of bankruptcy of a borrower, a fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a loan.

A fund may invest in certain commercial loans, including loans generally known as "syndicated bank loans," by acquiring participations or assignments in such loans. The lack of a liquid secondary market for such securities may have an adverse impact on the value of the securities and a fund's ability to dispose of particular assignments or participations when necessary to meet redemptions of shares or to meet a fund's liquidity needs. When purchasing a participation, a fund may be subject to the credit risks of both the borrower and the lender that is selling the participation. When purchasing a loan assignment, a fund acquires direct rights against the borrowers, but only to the extent of those held by the assigning lender. Investment in loans through a direct assignment from the financial institution's interests with respect to a loan may involve additional risks to a fund.

Junior loans, which have a lower place in the borrower's capital structure than senior loans and may be unsecured, involve a higher degree of overall risk than senior loans of the same borrower. Second lien loans are secured by the assets of the issuer. In a typical structure, the claim on collateral and right of payment of second lien loans are junior to those of first-lien loans. Subordinated bridge loans are loans that are intended to provide short-term financing to provide a "bridge" to an asset sale, bond offering, stock offering, or divestiture. Generally, bridge loans are provided by arrangers as part of an overall financing package. Typically, the issuer will agree to increasing interest rates if the loan is not repaid as expected. A subordinated bridge loan is junior to a senior bridge loan in right of payment.

There may be no active trading market for loans. Loans may have settlement periods in excess of seven days. Failure to receive sales proceeds on a timely basis may constrain a fund's ability to meet its obligations (including obligations to redeeming shareholders).

Certain courts have determined that loans are not securities and, therefore, purchasers such as a fund may not be entitled to the anti-fraud protections of the federal securities laws, including the prohibitions on insider trading.

Loans may have restrictive covenants limiting the ability of a borrower to further encumber its assets. However, in periods of high demand by lenders like a fund for loan investments, borrowers may limit these covenants and weaken a lender's ability to access collateral securing the loan; reprice the credit risk associated with the borrower; and mitigate potential loss. A fund may experience greater losses or delays and expenses in enforcing its rights with respect to loans with fewer restrictive covenants.

**Management:** The value of your investment in a fund may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results. For example, the value of your investment in a fund may go down if its investment manager's or sub-adviser's judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, is incorrect. A fund may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by its investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. A fund's investment strategies may not work as intended or may otherwise fail to produce the desired results. In addition, a fund's investment strategies or policies may change from time to time. Legislative, regulatory or tax developments may also affect the investment techniques available to an investment manager or sub-adviser in connection with managing a fund. Those changes and developments may not lead to the results intended by the investment manager or sub-adviser and could have an adverse effect on the value or performance of the fund. Any of these things could cause a fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Market:** The market prices of a fund's securities and other assets may go up or down, sometimes sharply and unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning), investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. To the extent a fund may overweight its investments in certain sectors, industries, issuers, or geographies, such position will increase the fund's exposure to the risk of loss from adverse developments affecting those sectors, industries, issuers, or geographies. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a

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whole) may fall in response to a decline in the price of a particular security or group of securities. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the fund's securities and assets fall, the value of your investment will go down. A fund may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a fund's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including a fund's securities.

Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. Following Russia's invasion of Ukraine in 2022, Russian stocks lost all, or nearly all, of their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the fund's investments.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments and generally for economies, and markets in the U.S. and elsewhere and, in the case of Transamerica Government Money Market, the fund's ability to maintain a $1.00 share price. Similarly, political events within the United States at times have resulted, and may in the future result, in a failure to approve a budget for the federal government and a subsequent shutdown of government services, which in turn could negatively affect the U.S. economy, decrease the value of fund investments, and increase uncertainty in or impair the operation of securities markets in the United States and elsewhere. Changes in interest rates and levels of inflation also could adversely affect the value and liquidity of the fund's investments, impair the fund's ability to satisfy redemption requests, and negatively impact the fund's performance.

The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the fund's opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, China's long-running conflict over Taiwan's sovereignty, other disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict. If the political climate between the United States and China does not improve or continues to deteriorate, if China enters into military conflict with Taiwan, the Philippines or another neighbor, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the fund's assets may go down.

**Medium Capitalization Companies:** Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. Such companies usually do not pay significant dividends that could cushion returns in a falling market.

**Model and Data:** Certain sub-advisers may utilize quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging a fund's investments.

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If Models and Data prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose a fund to additional risks. For example, by utilizing Models or Data, a sub-adviser may buy certain investments at prices that are priced too high, to sell certain other investments at prices that are too low, or to miss favorable opportunities altogether. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. A fund bears the risk that Models or Data used by its sub-adviser will not be successful in determining the size, direction, and/or weighting of investment positions that will enable the fund to achieve its investment objective.

Models can be predictive in nature. The use of predictive Models has inherent risks. For example, such Models may incorrectly forecast future behavior, leading to potential losses on a cash flow and/or a mark-to-market basis. In addition, in unforeseen or certain low-probability scenarios (often involving a market disruption of some kind), such Models may produce unexpected results, which can result in losses for a fund. Furthermore, the success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data.

Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. To address these issues, a sub-adviser evaluates the performance of the Models utilized, including Model prices and outputs versus recent transactions or similar securities, and as a result, such Models may be modified from time to time. There also can be no assurance that the use of Models will result in effective investment decisions for a fund.

**Money Market Funds:** An investment in a money market fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor is not required to reimburse the fund for losses or to provide financial support to the fund. Although many money market funds seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in such money market funds. Certain other money market funds float their net asset value. An investment in a money market fund is not guaranteed and it is possible for a fund to lose money by investing in money market funds.

**Mortgage-Related and Asset-Backed Securities:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund's net asset value. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae (formally known as Federal National Mortgage Association) or Freddie Mac (formally known as Federal Home Loan Mortgage Corporation) or by agencies of the U.S. government, such as the Government National Mortgage Association ("Ginnie Mae"). Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. Certain asset-backed securities present a heightened level of risk because, in the event of default, the liquidation value of the underlying assets may be inadequate to pay any unpaid principal or interest.

The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee. The risk of default is generally higher in the case of mortgage-backed investments that include so-called "sub-prime" mortgages. For mortgage-backed securities, when market conditions result in an increase in the default rates on the underlying mortgages and the foreclosure values of the underlying real estate are below the outstanding amount of the underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful.

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Mortgage-backed and asset-backed securities are subject to prepayment or call, valuation, liquidity, credit, interest rate and extension risks, and to risks associated with the servicing of the mortgages and loans underlying those securities. The structure of some of these securities may be complex and there may be less available information than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, a fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss.

**Municipal Securities:** Issuers of municipal securities tend to derive a significant portion of their revenue from taxes, particularly property and income taxes, and decreases in personal income levels and property values and other unfavorable economic factors, such as a general economic recession, adversely affect municipal securities. Municipal issuers may also be adversely affected by rising health care costs, increasing unfunded pension liabilities and by the phasing out of federal programs providing financial support. Where municipal securities are issued to finance particular projects, especially those relating to education, health care, transportation, housing, water or sewer and utilities, issuers often depend on revenues from those projects to make principal and interest payments. Adverse conditions and developments in those sectors can result in lower revenues to issuers of municipal securities and can also have an adverse effect on the broader municipal securities market. To the extent a fund invests significantly in a single state, or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, such as health care, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

There may be less public information available on municipal issuers or projects than other issuers, and valuing municipal securities may be more difficult. In addition, the secondary market for municipal securities is less well developed and liquid than other markets, and dealers may be less willing to offer and sell municipal securities in times of market turbulence. Changes in the financial condition of one or more individual municipal issuers (or one or more insurers of municipal issuers), or one or more defaults by municipal issuers or insurers, can adversely affect liquidity and valuations in the overall market for municipal securities. The value of municipal securities can also be adversely affected by regulatory and political developments affecting the ability of municipal issuers to pay interest or repay principal, actual or anticipated tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors.

The rate of interest paid on municipal securities normally is lower than the rate of interest paid on fully taxable securities. Some municipal securities, such as general obligation issues, are backed by the issuer's taxing authority, while other municipal securities, such as revenue issues, are backed only by revenues from certain facilities or other sources and not by the issuer itself.

The municipal market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening.

To the extent that a fund invests in municipal securities whose issuers are located in a single state, such as California, the fund will be more susceptible to economic, political and other developments that may adversely affect issuers in that state than are funds whose portfolios are more geographically diverse. These developments may include state or local legislation or policy changes, voter-passed initiatives, erosion of the tax base or reduction in revenues of the state or one or more local governments, the effects of terrorist acts or the threat of terrorist acts, the effects of possible natural disasters, or other economic or credit problems affecting the state generally or any individual locality. The major sources of revenues for local government, property taxes and sales taxes, as well as fees based on real estate development, may be adversely affected by an economic recession. Unfavorable developments in any economic sector may adversely affect a particular state's overall municipal market. Historically, California's economy has been more volatile than that of the nation as a whole. Although California has a relatively diversified economy, California has concentrations in high technology, trade, entertainment, agriculture, manufacturing, tourism, construction, government and services.

Investment in municipal securities of issuers in U.S. territories may have more risks than in tax-exempt securities issued by other issuers. Municipal securities issued by the Commonwealth of Puerto Rico or its agencies carry substantial risks. From 2017-2022, the Commonwealth, its Sales Tax Financing Corporation, Highways and Transportation Authority, Employees' Retirement System, Public Buildings Authority, and Aqueduct and Sewer Authority, were subject to the equivalent of municipal bankruptcy proceedings, known as "PROMESA" cases. During those proceedings, these municipal entities were unable to issue new municipal securities or repay existing municipal debt. At this time, Puerto Rico's Electric Power Authority ("PREPA") remains in such proceedings and subject to such restrictions. Moreover, the validity of PREPA's debt instruments (and thus whether the holders are entitled to any recovery at all) has been called into question as part of its PROMESA case. PROMESA is a novel federal law and many of its provisions have been disputed. Those agencies of the Commonwealth that are not currently debtors in PROMESA proceedings at this time may enter such proceedings in the future and, in any event, can be expected to be subject to many of the same stressors that caused the proceedings mentioned above. For these and other reasons, the timing and rate of recovery on municipal securities that have been or will be issued by the Commonwealth of Puerto Rico or any of its agencies are highly unpredictable.

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**Natural Resource-Related Securities:** Securities of companies involved with natural resources may be subject to significant price fluctuations for several reasons, including the volatility of prices for energy and basic materials, possible instability of supply, changes in demand or inflation. In addition, some companies may be subject to the risks generally associated with the extraction, handling and use of natural resources.

**Operational:** Your ability to transact with a fund or the valuation of your investment may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology (including as a result of cybersecurity incidents), changes in personnel, and errors caused by third party service providers or trading counterparties. It is not possible to identify all of the operational risks that may affect a fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. A fund and its shareholders could be negatively impacted as a result.

**Over-the-Counter Transactions:** A fund may engage in over-the-counter ("OTC") transactions, which trade in a dealer network, rather than on an exchange. In general, there is less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges. Transactions in the OTC markets also are subject to the credit risk of the counterparty.

**Preferred Stock:** Preferred stock represents an interest in a company that generally entitles the holder to receive, in preference to the holders of the company's common stock, dividends and a fixed share of the proceeds resulting from any liquidation of the company. Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise. Shareholders of preferred stock may suffer a loss of value if dividends are not paid. Preferred stock does not generally carry voting rights.

**Prepayment or Call:** Many fixed-income securities give the issuer the option to repay or call the security prior to its maturity date. Issuers often exercise this right when interest rates fall. Accordingly, if a fund holds a fixed-income security subject to prepayment or call risk, it will not benefit fully from the increase in value that other fixed-income securities generally experience when interest rates fall. Upon prepayment of the security, a fund would also be forced to reinvest the proceeds at then current yields, which would be lower than the yield of the security that was paid off. This may adversely affect a fund's net asset value. In addition, if a fund purchases a fixed-income security at a premium (at a price that exceeds its stated par or principal value), the fund may lose the amount of the premium paid in the event of prepayment. Prepayment further tends to reduce the yield to maturity and the average life of the security.

**Privately Placed and Other Restricted Securities:** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted Securities include securities eligible for resale pursuant to Rule 144A, and securities of U.S. and non-U.S. issuers initially offered and sold outside the United States pursuant to Regulation S. Restricted securities also include private placements of securities with agreed upon contractual restrictions on the resale of such securities that are in addition to applicable legal restrictions.

Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale. Restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility. Also, a fund may get only limited information about the issuer of a given restricted security, and therefore may be less able to predict a loss. Restricted securities may involve a high degree of business and financial risk, which may result in substantial losses.

An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices. For this reason, restricted securities may adversely affect a fund's overall liquidity if eligible buyers are or become uninterested in buying them at a particular time.

Restricted securities may not be listed on an exchange and may have no active trading market. A fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. A fund may incur additional expense when disposing of restricted securities, including all or a portion of the cost to register the securities for resale, and other transaction costs which may be higher for restricted securities than unrestricted securities.

**Real Estate Securities:** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks may include, without limitation:

• declining real estate value

• risks relating to general and local economic conditions

• over-building

• increased competition for assets in local and regional markets

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• increases in property taxes

• increases in operating expenses or interest rates

• change in neighborhood value or the appeal of properties to tenants

• insufficient levels of occupancy

• inadequate rents to cover operating expenses

The performance of securities issued by companies in the real estate industry also may be affected by prudent management of insurance risks, adequacy of financing available in capital markets, competent management, changes in applicable laws and government regulations (including zoning, environmental, and tax laws) and social and economic trends.

If the fund's real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**Redemption (Transamerica Government Money Market):** The fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that the fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. The redemption by one or more large shareholders of their holdings in the fund could have an adverse impact on the remaining shareholders in the fund. In addition, the fund may suspend redemptions when permitted by applicable regulations.

**Redemption:** A fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. In that event, the value of your investment in the fund would go down. If a fund is required to liquidate assets to accommodate redemptions, the liquidation could accelerate the recognition of capital gains by the fund, and any capital gains recognized by the fund generally need to be distributed to shareholders in order to avoid fund-level taxation. The non-redeeming shareholders could receive a disproportionate amount of those taxable distributions, even though the capital gains were recognized as a result of the redeeming shareholders. Redemption risk is greater to the extent that a fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in a fund could hurt performance and/or cause the remaining shareholders in the fund to lose money. Further, a fund's redemption risk is increased if one decision maker has control of fund shares owned by separate fund shareholders, including clients or affiliates of the investment manager and/or sub-adviser.

**Regulatory:** In recent years, the U.S. government adopted and implemented regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as margin, reporting and registration requirements. Additional U.S. or other regulations may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. The Dodd-Frank Wall Street Reform Act (the "Reform Act") substantially increased regulation of the over-the-counter ("OTC") derivatives market and participants in that market, including imposing clearing and reporting requirements on transactions involving instruments that fall within the Reform Act's definition of "swap" and "security-based swap," which terms generally include OTC derivatives, and imposing registration and potential substantive requirements on certain swap and security-based swap market participants. In addition, under the Reform Act, a fund may be subject to additional recordkeeping and reporting requirements. Certain SEC rulemakings from recent years that may affect a fund include the following:

• Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by registered investment companies, such as a fund, and set limits on a fund's investments in derivatives.

• Rule 12d1-4 under the 1940 Act provides an enhanced regulatory framework applicable to fund of fund arrangements.

• Rule 2a-5 under the 1940 Act establishes an updated regulatory framework for registered investment company valuation practices.

• Rule 2a-7 under the 1940 Act was amended to, among other things, increase the daily and weekly liquid asset minimum requirements for money market funds and remove the ability of money market funds to temporarily suspend redemptions.

The impact of these and future regulations cannot be fully known at this time, and there can be no assurance that any new government regulation will not adversely affect a fund's ability to achieve its investment objective.

**REITs:** Investing in real estate investment trusts ("REITs") involves unique risks. When a fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. A decline in rental income could occur because of extended vacancies, increased competition from other properties, tenants' failure to pay rent or poor management. A REIT's performance also depends on the company's ability to finance property purchases and renovations and manage its cash flows. Because REITs are typically invested in a limited number of projects or in a particular market segment, they are more susceptible to adverse developments affecting a single project or market segment than more broadly diversified investments. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, a fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and

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requirements. A failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs, or changes in the treatment of U.S. REITs under U.S. federal tax law, could adversely affect the value of a particular U.S. REIT or the market for U.S. REITs as a whole.

**Renewable Energy:** Renewable energy companies are dependent upon factors such as available solar resource, wind conditions, weather conditions and power generating equipment performance that may significantly impact the performance of such companies. Investments in renewable energy companies can also be significantly affected by events that adversely affect the renewable energy industry (*e.g.*, obsolescence of existing technology, short product cycles, falling prices and profits, the supply of, and demand for, oil and gas, the price of oil and gas, competition from new market entrants, and general economic conditions) and may fluctuate more than that of investments in other industries. Furthermore, renewable energy companies may be impacted by international politics and various governmental regulatory policies. In particular, renewable energy companies can be highly dependent upon government policies that support renewable energy generation and enhance the economic viability of owning renewable energy generation assets. Such policies can include tax credits, accelerated cost-recovery systems of depreciation, and renewable portfolio standard programs, which mandate that a specified percentage of electricity sales come from eligible sources of renewable energy.

**Repurchase Agreements:** In a repurchase agreement, a fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price, which is typically higher than the purchase price paid by the fund. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.

**Sector Focus:** To the extent a fund invests more heavily in a particular market sector, the value of the fund's shares performance will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Securities Lending:** Each fund, except as noted below, may lend securities to other financial institutions that provide cash or U.S. government or agency securities as collateral. When a fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the fund will also receive a fee or interest on the collateral. Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the cash or non-cash collateral falls, including the value of investments made with cash collateral. These events could trigger adverse tax consequences for a fund.

The Asset Allocation Funds and Transamerica Government Money Market do not participate in securities lending.

**Small and Medium Capitalization Companies:** Investing in small- and medium-sized companies involves greater risk than is customarily associated with more established companies. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. Smaller capitalization companies often have limited product lines, markets, or financial resources and their management may lack depth and experience. Such companies usually do not pay significant dividends that could cushion returns in a falling market.

**Small Capitalization Companies:** Investing in small capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of small capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than larger capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small capitalization companies may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. Small capitalization companies often have limited product lines, markets, or financial resources and their management may lack depth and experience. Such companies usually do not pay significant dividends that could cushion returns in a falling market.

**SOFR:** A fund may be exposed to financial instruments that reference Secured Overnight Financing Rate ("SOFR").

Global regulators and private sector actors have established alternative reference rates, such as SOFR, to replace the London Interbank Offered Rate (previously defined as "LIBOR"), which has ceased publication. Today, SOFR is the dominant U.S. dollar interest rate benchmark. Certain floating or variable rate obligations or investments of a fund may reference SOFR.

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SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions collateralized by U.S. Treasury securities. SOFR differs fundamentally from LIBOR. LIBOR was intended to be an unsecured rate that represented interbank funding costs for different short-term maturities. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates during certain periods. SOFR also has a limited history. There is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. The future performance of SOFR, and SOFR-based reference rates, is not known. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

**Sovereign Debt:** Sovereign debt instruments, which are debt obligations issued or guaranteed by a foreign governmental entity, are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on debt that it has issued or guaranteed, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, relationships with other lenders such as commercial banks, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, the debt may be restructured, or it may ask for forgiveness of interest or principal on its existing debt. Unlike most corporate debt restructurings, the fees and expenses of financial and legal advisers to the creditors in connection with a restructuring may be borne by the holders of the sovereign debt securities instead of the sovereign entity itself. On the other hand, a governmental entity may be unwilling to renegotiate the terms of its sovereign debt. There is no established legal process for a U.S. bondholder (such as a fund) to enforce its rights against a governmental entity that does not fulfill its obligations, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Strategies and Styles:** Investment strategies and styles with different characteristics tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. A fund may outperform or underperform other funds that employ a different strategy or style. A fund may employ a combination of strategies and/or styles that impact its risk characteristics.

**Structure Conflicts:** TAM has established an investment program whereby a substantial portion of the assets of certain funds are invested in underlying Transamerica mutual funds. TAM has also included TAM-sponsored ETFs as investment options for certain funds. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.

**Structured Instruments:** A fund may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. These may include instruments issued by structured investment or special purpose vehicles or conduits, and may be asset-backed or mortgage-backed securities. Structured instruments may take the form of participation interests or receipts in underlying securities or other assets, and in some cases are backed by a financial institution serving as a liquidity provider. The interest rate or principal amount payable at maturity on a structured instrument may vary based on changes in one or more specified reference factors, such as currencies, interest rates, commodities, indices or other financial indicators. Changes in the underlying reference factors may result in disproportionate changes in amounts payable under a structured instrument. Some of these instruments may have an interest rate swap feature which substitutes a floating or variable interest rate for the fixed-interest rate on an underlying security, and some may be asset-backed or mortgage-backed securities. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. For structured securities that have embedded leverage features, small changes in interest or prepayment rates may cause large and sudden price movements. Structured instruments may be less liquid and therefore more difficult to value accurately than more traditional securities and instruments. Structured instruments may behave in ways not anticipated by a fund, or they may not receive the tax, accounting or regulatory treatment anticipated by a fund.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations (Transamerica Balanced II, Transamerica Bond, Transamerica Capital Growth, Transamerica Core Bond, Transamerica High Yield Bond, Transamerica Large Growth, Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond and Transamerica Small Cap Growth):** For certain funds, the sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." A sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund's investments. A sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in a sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of a fund's security selection process may impact a sub-adviser's investment decisions and may affect a fund's exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact a fund's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed,

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inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact a sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Taiwan:** Investments in Taiwan are subject to legal, regulatory, political, currency, and economic risks that are unique to Taiwan, including risks associated with its ongoing tensions with China. The economy of Taiwan is heavily dependent on exports and key trading partners, including Japan, China, and the United States. Currency fluctuations, increasing competition from Asia's other emerging economies, spending reductions by key trading partners, and conditions that weaken demand for Taiwan's export products worldwide could have a negative impact on the Taiwanese economy as a whole. In addition, Taiwan lacks many natural resources. As such, any significant increase in commodity prices, worldwide shortages, or volatility in the commodities market could have an adverse effect on Taiwan's economy. The Chinese government is engaged in a longstanding dispute with Taiwan, and continually threatens invasion. Continued deterioration of the political and economic relations between the United States and China could exacerbate the tensions between China and Taiwan and cause China to act upon its threat of invasion. Such escalation could adversely affect Taiwan's economy, as well as the value of a fund.

**Tax:** In order to qualify for treatment as a regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), a fund must meet certain requirements regarding the composition of its income, the diversification of its assets, and the amounts of its distributions. In particular, a fund must generally diversify its holdings so that, at the end of each quarter of each taxable year, at least 50% of the value of the fund's total assets is represented by (1) cash and cash items, U.S. government securities, securities of other regulated investment companies, and (2) other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the fund's total assets and to not more than 10% of the outstanding voting securities of such issuer. If a fund were to fail to meet any of these requirements, the fund might not be eligible for treatment as a RIC, in which case it would be subject to federal income tax on its net income at the applicable corporate rate (without reduction for distributions to shareholders). The fund may be able to preserve its RIC qualification by meeting certain conditions, in which case it may be subject to certain additional taxes.

Any income a fund derives from investments in certain hard asset ETFs, such as certain commodity ETFs, and from other non-qualifying sources must be limited to a maximum of 10% of the fund's gross income. If a fund fails to meet the 10% requirement, the fund may be subject to the federal income tax consequences described in the preceding paragraph. A fund may invest no more than 25% of its total assets in the securities of entities treated as qualified publicly traded partnerships for federal income tax purposes. If a fund fails to meet the 25% requirement, the fund may be subject to the federal income tax consequences described in the preceding paragraph.

**To Be Announced (TBA) Transactions:** Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by a fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing a fund to further losses. Whether or not a fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement.

**Underlying Exchange-Traded Funds:** To the extent a fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects a fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which a fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of a fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that a fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. The price of an ETF can fluctuate up and down, and a fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to certain risks that do not apply to conventional funds, including: (i) the market price of an ETF's shares may be above or below the shares' net asset value; (ii) during periods of market volatility, the share prices of ETFs may deviate significantly from their NAVs; (iii) an active trading market for an ETF's shares may not develop or be maintained; (iv) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally, or trading in one or more of the ETF's underlying securities is halted, which could result in the ETF being more volatile; or (v) a limited number of institutions may act as authorized participants to create or redeem block-sized units of ETF shares. In the event substantial market or other disruptions affecting ETFs should occur in the future, the liquidity and value of a fund's shares could also be substantially and adversely affected.

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Certain funds may invest in underlying Transamerica-sponsored ETFs. To the extent a fund holds a large portion of the outstanding shares of a Transamerica-sponsored ETF and/or represents a large percentage of the trading volume of a Transamerica-sponsored ETF, this could prevent the fund from selling shares of the Transamerica-sponsored ETF on the exchange at such times or price or in such amounts as it may otherwise desire. These risks are in addition to other risks of investing in ETFs.

**Underlying Funds:** When a fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects a fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which a fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that a fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests.

**Underlying Government Money Market Funds (Transamerica Government Money Market):** The fund may invest in other government money market funds. Each of the underlying government money market funds in which the fund may invest has its own investment risks. There can be no assurance that the investment objective of any underlying government money market fund will be achieved. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying government money market funds in which it invests.

**U.S. Government Securities:** U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates or the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to certain U.S. government-sponsored entities in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**Valuation:** Certain investments may be more difficult to value than other types of investments. Many factors may influence the price at which a fund could sell any particular portfolio investment. The sales price may well differ — higher or lower — from a fund's last valuation, and such differences could be significant, particularly for illiquid securities, securities priced based upon valuations provided by third party pricing services, securities that trade in relatively thin or volatile markets, or securities that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. If market conditions make it difficult to value some investments, a fund may value these investments using more subjective methods, such as fair value methodologies. Investors who purchase or redeem fund shares on days when a fund is holding fair-valued securities may receive a greater or lesser number of shares, or greater or lower redemption proceeds, than they would have received if the fund had not fair-valued the securities or had used a different valuation methodology. The value of foreign securities, certain fixed-income securities and currencies, as applicable, may be materially affected by events after the close of the markets on which they are traded, but before a fund determines its net asset value. A fund's ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Value Investing:** The value approach carries the risk that the market will not recognize a security's intrinsic value for a long time, undervaluation may become more severe, or that a stock considered to be undervalued may actually be appropriately priced. A fund may underperform other equity funds that use different investing styles. A fund may also underperform other equity funds using the value style. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Warrants and Rights:** Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. Also, the value of a warrant or right does not necessarily change with the value of the underlying securities. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.

**Yield (Transamerica Government Money Market):** As a money market fund, the fund invests in short-term money market instruments. As a result, the amount of income received by the fund will go up or down depending on variations in short-term interest rates. Investing in high quality, short-term instruments may result in a lower yield (the income on your investment) than investing in lower quality or longer-term instruments. The fund's expenses could absorb all or a significant portion of the fund's income, and, if the

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fund's expenses exceed the fund's income, the fund that seeks to maintain a stable net asset value (typically, $1.00 per share) may be unable to maintain its $1.00 share price. If interest rates increase, the fund's yield may not increase proportionately. For example, TAM may discontinue any temporary voluntary fee limitation or recoup expenses previously forgone and/or reimbursed. A money market fund is also required to maintain liquidity levels based on the characteristics and anticipated liquidity needs of its shareholders and a fund with greater liquidity needs may have a lower yield than money market funds with a different shareholder base. The fund may hold cash uninvested and, if so, will not earn income on those assets.

**Yield:** The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund's yield may not increase proportionately.

Please note that there are other factors that could adversely affect your investment in a fund and that could prevent the fund from achieving its investment objective. More information about risks appears in the SAI. Before investing, you should carefully consider the risks that you will assume.

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**Shareholder Information**

**Management of Transamerica Funds** 

The Board of Trustees is responsible for overseeing the management and business affairs of Transamerica Funds. It oversees the operation of Transamerica Funds by its officers. It also reviews the management of each fund's assets by the investment manager and sub-advisers. Information about the Trustees and executive officers of Transamerica Funds is contained in the Statement of Additional Information ("SAI").

**Investment Manager** 

Transamerica Asset Management, Inc. ("TAM"), located at 1801 California Street, Suite 5200, Denver, CO 80202, serves as investment manager for Transamerica Funds. TAM provides continuous and regular investment management services to the funds. TAM is responsible for all aspects of the day-to-day management of Transamerica Asset Allocation – Intermediate Horizon, Transamerica Asset Allocation – Long Horizon and Transamerica Asset Allocation – Short Horizon. For each of the other funds, TAM currently acts as a "manager of managers" and hires investment sub-advisers to furnish investment advice and recommendations and has entered into a sub-advisory agreement with each fund's sub-adviser. In acting as a manager of managers, TAM provides investment management services that include, without limitation, selection, proactive oversight and monitoring of sub-advisers, daily monitoring of the sub-advisers' buying and selling of securities for the funds and regular review and evaluation of sub-adviser performance and adherence to investment style and process. TAM's management services include, among other things, the provision of supervisory, compliance and administrative services to each fund. More information on the investment management services rendered by TAM is included in the SAI. TAM is paid investment management fees for its service as investment manager to each fund. These fees are calculated on the average daily net assets of each fund.

TAM has been a registered investment adviser since 1996. As of December 31, 2025, TAM has approximately $64.2 billion in total assets under management. The funds are operated by TAM pursuant to an exclusion from registration as a commodity pool operator under the Commodity Exchange Act.

TAM is directly owned by Transamerica Life Insurance Company ("TLIC") (77%) and AUSA Holding, LLC ("AUSA") (23%), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd, a Bermuda exempted company with liability limited by shares (formerly, Aegon N.V., a Netherlands corporation), and a publicly traded international insurance group.

TAM acts as a manager of managers for the funds pursuant to an exemptive order from the U.S. Securities and Exchange Commission ("SEC") (Release IC-23379 dated August 5, 1998). TAM has responsibility, subject to oversight by the Board of Trustees, to, among other matters, oversee and monitor sub-advisers, recommend selection of sub-advisers and recommend changes to sub-advisers where it believes appropriate or advisable. The exemptive order permits TAM, subject to certain conditions including the approval of the Board of Trustees, but without the approval of the applicable fund's shareholders, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) employ a new unaffiliated sub-adviser for a fund pursuant to the terms of a new investment sub-advisory agreement, either as a replacement for an existing sub-adviser or as an additional sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) materially change the terms of any sub-advisory agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) continue the employment of an existing sub-adviser on sub-advisory contract terms where a contract has been assigned because of a change of control of the sub-adviser.

Pursuant to the exemptive order, each fund has agreed to provide certain information about new sub-advisers and new sub-advisory agreements to its shareholders.

**Management Fees Paid for the Fiscal Year Ended October 31, 2025**

For the fiscal year ended October 31, 2025, each fund paid the following management fee as a percentage of its average daily net assets:

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| | |
|:---|:---|
| **Name of Fund** | &nbsp;&nbsp; **Management Fees (after** <br> **waivers/expense reimbursements** <br> **and recapture)**<br>|
| Transamerica Asset Allocation Intermediate Horizon | 0.10% |
| Transamerica Asset Allocation Long Horizon | 0.10% |
| Transamerica Asset Allocation Short Horizon | 0.10% |
| Transamerica Balanced II | 0.37%  |

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| | |
|:---|:---|
| **Name of Fund** | &nbsp;&nbsp; **Management Fees (after** <br> **waivers/expense reimbursements** <br> **and recapture)**<br>|
| Transamerica Bond | 0.36% |
| Transamerica Capital Growth | 0.69% |
| Transamerica Core Bond | 0.38% |
| Transamerica Emerging Markets Equity | 0.77% |
| Transamerica Government Money Market | 0.19% |
| Transamerica High Yield Bond | 0.55% |
| Transamerica Inflation Opportunities | 0.37% |
| Transamerica International Equity | 0.71% |
| Transamerica Large Core ESG | 0.45% |
| Transamerica Large Growth | 0.65% |
| Transamerica Large Value Opportunities | 0.45% |
| Transamerica Mid Cap Growth | 0.68% |
| Transamerica Mid Cap Value Opportunities | 0.69% |
| Transamerica Multi-Managed Balanced | 0.59% |
| Transamerica Short-Term Bond | 0.37% |
| Transamerica Small Cap Growth | 0.77% |
| Transamerica Small Cap Value | 0.61% |

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***Trustees' Approval of Investment Management Agreement*** 

A discussion regarding the Board of Trustees' renewal of each fund's investment management agreement is available in that fund's report for the fiscal year ended October 31, 2025 as filed on Form N-CSR.

**Sub-Adviser(s)** 

Pursuant to an Investment Sub-advisory Agreement between TAM and each sub-adviser on behalf of the respective fund, each sub-adviser shall provide day-to-day investment advice and recommendations for the fund.

Each sub-adviser receives compensation from TAM.

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| | | |
|:---|:---|:---|
| **Funds** | **Sub-Adviser** | **Sub-Adviser Address** |
| &nbsp;&nbsp; Transamerica Balanced II<br> Transamerica Bond<br> Transamerica Core Bond<br> Transamerica High Yield Bond<br> Transamerica Multi-Managed Balanced<br> Transamerica Short-Term Bond<br>| &nbsp;&nbsp; Aegon USA Investment Management, <br> LLC<br>| &nbsp;&nbsp; 6300 C Street SW<br> Cedar Rapids, IA 52499<br>|
| Transamerica Government Money Market | &nbsp;&nbsp; BlackRock Investment Management, <br> LLC<br>| &nbsp;&nbsp; 1 University Square Drive<br> Princeton, NJ 08540-6455<br>|
| &nbsp;&nbsp; Transamerica Balanced II<br> Transamerica Multi-Managed Balanced<br>| &nbsp;&nbsp; J.P. Morgan Investment Management <br> Inc.<br>| &nbsp;&nbsp; 383 Madison Avenue<br> New York, NY 10179<br>|
| &nbsp;&nbsp; Transamerica Capital Growth<br> Transamerica Large Growth<br>| &nbsp;&nbsp; Morgan Stanley Investment <br> Management Inc.<br>| &nbsp;&nbsp; 1585 Broadway<br> New York, NY 10036<br>|
| &nbsp;&nbsp; Transamerica Inflation Opportunities<br> Transamerica Large Core ESG<br> Transamerica Large Value Opportunities<br>| PineBridge Investments LLC | &nbsp;&nbsp; Park Avenue Tower<br> 65 East 55th Street<br> New York, NY 10022<br>|
| Transamerica Small Cap Growth | Ranger Investment Management, L.P. | &nbsp;&nbsp; 8115 Preston Road, Suite 590<br> Dallas, TX 75225<br>|
| Transamerica Small Cap Value | &nbsp;&nbsp; Systematic Financial Management, <br> L.P.<br>| &nbsp;&nbsp; 300 Frank W. Burr Blvd.<br> Glenpointe East, 7th Floor<br> Teaneck, NJ 07666<br>|
| &nbsp;&nbsp; Transamerica Emerging Markets Equity <br> Transamerica International Equity<br> Transamerica Mid Cap Value Opportunities<br>| Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; 6641 West Broad Street, Suite 600<br> Richmond, VA 23230<br>|
| &nbsp;&nbsp; Transamerica Large Growth<br> Transamerica Mid Cap Growth<br>| &nbsp;&nbsp; Wellington Management Company <br> LLP<br>| &nbsp;&nbsp; 280 Congress Street<br> Boston, MA 02210<br>|

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**Further Information About Each Sub-Adviser**

Aegon USA Investment Management, LLC, a wholly-owned and indirect subsidiary of Aegon Ltd, has been a registered investment adviser since December 2001. As of December 31, 2025, Aegon USA Investment Management, LLC had approximately $87.2 billion in total assets under management.

BlackRock Investment Management, LLC, a wholly owned and indirect subsidiary of BlackRock, Inc., has been a registered investment adviser since 1988. As of December 31, 2025, BlackRock, Inc. had approximately $14 trillion in total assets under management.

J.P. Morgan Investment Management Inc. is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co., a bank holding company. As of December 31, 2025, J.P. Morgan Investment Management Inc. and its affiliates had approximately $4.1 trillion in assets under management.

Morgan Stanley Investment Management Inc., a subsidiary of Morgan Stanley, has been a registered investment adviser since 1981. As of December 31, 2025, Morgan Stanley Investment Management Inc. had approximately $1.89 trillion in total assets under management.

PineBridge Investments LLC is a wholly-owned indirect subsidiary of MetLife Inc. ("MetLife"), and is part of MetLife Investment Management, LLC, the institutional asset management business of MetLife. PineBridge Investments LLC has been a registered investment adviser since 2016. As of December 31, 2025, PineBridge Investments LLC, including its affiliates, had approximately $741.7 billion in total assets under management.

Ranger Investment Management, L.P. has been a registered investment adviser since 2003. As of December 31, 2025, Ranger Investment Management, L.P. had approximately $1.5 billion in total assets under management.

Systematic Financial Management, L.P. has been a registered investment adviser since 1982. Affiliated Managers Group, Inc. (NYSE: AMG), a publicly traded asset management company, holds its equity interest in Systematic Financial Management, L.P. through its holding companies Titan NJ LP Holdings LLC and Titan NJ GP Holdings, Inc. Systematic Financial Management, L.P.'s Management Team retains autonomous control of the investment philosophy and process, as well as comprehensive management of the firm. As of December 31, 2025, Systematic Financial Management, L.P. had approximately $4.2 billion in total assets under management.

Thompson, Siegel & Walmsley LLC is an indirect wholly owned subsidiary of Perpetual Limited. Thompson, Siegel & Walmsley LLC has been a registered investment adviser since 1970. As of December 31, 2025, Thompson, Siegel & Walmsley LLC had approximately $20.6 billion in total assets under management.

Wellington Management Company LLP and its predecessor entities have been registered as an investment adviser since 1960. As of December 31, 2025, Wellington Management Company LLP and its advisory affiliates had approximately $1.33 trillion in total assets under management.

**Portfolio Manager(s)** 

Each fund is managed by the portfolio manager(s) listed below. The SAI provides additional information about each portfolio manager's compensation, other accounts managed by the portfolio manager, and the portfolio manager's ownership in each fund they manage.

**Transamerica Asset Allocation Intermediate Horizon** 

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| | | |
|:---|:---|:---|
| **Name** | **Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Kane Cotton, CFA | Transamerica Asset Management, Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2016; Portfolio <br> Manager of the predecessor fund since 2014; <br> Employed by Transamerica Asset Management, <br> Inc. since 2014<br>|
| E. Kele Evans, CFA | Transamerica Asset Management, Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2026; <br> Employed by Transamerica Asset Management, <br> Inc. since 2019<br>|
| Rufat Garalov, CFA | Transamerica Asset Management, Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2021; <br> Employed by Transamerica Asset Management, <br> Inc. since 2014<br>|

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**Transamerica Asset Allocation Long Horizon** 

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| | | |
|:---|:---|:---|
| **Name** | **Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Kane Cotton, CFA | Transamerica Asset Management, Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2016; Portfolio <br> Manager of the predecessor fund since 2014; <br> Employed by Transamerica Asset Management, <br> Inc. since 2014<br>|
| E. Kele Evans, CFA | Transamerica Asset Management, Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2026; <br> Employed by Transamerica Asset Management, <br> Inc. since 2019<br>|
| Rufat Garalov, CFA | Transamerica Asset Management, Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2021; <br> Employed by Transamerica Asset Management, <br> Inc. since 2014<br>|

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**Transamerica Asset Allocation Short Horizon** 

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| | | |
|:---|:---|:---|
| **Name** | **Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Kane Cotton, CFA | Transamerica Asset Management, Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2016; Portfolio <br> Manager of the predecessor fund since 2014; <br> Employed by Transamerica Asset Management, <br> Inc. since 2014<br>|
| E. Kele Evans, CFA | Transamerica Asset Management, Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2026; <br> Employed by Transamerica Asset Management, <br> Inc. since 2019<br>|
| Rufat Garalov, CFA | Transamerica Asset Management, Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2021; <br> Employed by Transamerica Asset Management, <br> Inc. since 2014<br>|

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**Transamerica Balanced II** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Daniel Belton, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2025; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2023; Vice President of <br> investment grade credit strategy at BMO Capital <br> Markets from 2018 to 2023<br>|
| Tyler A. Knight, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2016; Portfolio <br> Manager of the predecessor fund since 2015; <br> Portfolio Manager with Aegon USA Investment <br> Management, LLC since 2008; Currently Head of <br> Public Securitized<br>|
| Brian W. Westhoff, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2016; Portfolio <br> Manager of the predecessor fund since 2014; <br> Portfolio Manager with Aegon USA Investment <br> Management, LLC since 2011; Currently Head of <br> US Multi-Sector and Investment Grade<br>|
| Sivakumar N. Rajan | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2015; Currently Head of <br> Multi-Sector Portfolio Management<br>|
| Tim Snyder, CFA | J.P. Morgan Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2016; Portfolio <br> Manager of the predecessor fund since 2013; <br> Employee of J.P. Morgan Investment Management <br> Inc. since 2003; Executive Director; Portfolio <br> Manager on the U.S. Structured Equity Team; <br> Specialties include Research Enhanced Index <br> (REI) strategies <br>|

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Raffaele Zingone, CFA | J.P. Morgan Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2016; Portfolio <br> Manager of the predecessor fund since 2010; <br> Employee of J.P. Morgan Investment Management <br> Inc. since 1991; Managing Director; Portfolio <br> Manager on the U.S. Structured Equity Team; <br> Specialties include Research Enhanced Index <br> (REI) strategies<br>|

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**Transamerica Bond** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | **Positions Over Past Five Years** |
| Tyler A. Knight, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2021; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2008; Currently Head of <br> Public Securitized<br>|
| Brian W. Westhoff, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2005; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2011; Currently Head of <br> US Multi-Sector and Investment Grade<br>|
| Norbert King | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2025; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2017; Currently Head of <br> Investment Grade Credit<br>|
| Sivakumar N. Rajan | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2022; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2015; Currently Head of <br> Multi-Sector Portfolio Management<br>|

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**Transamerica Capital Growth** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Dennis P. Lynch | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Lead Portfolio Manager of the fund since 2011; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 1998; Managing Director; Head of <br> Counterpoint Global<br>|
| Sam G. Chainani, CFA | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 1996; Managing Director; Investor <br> on Counterpoint Global<br>|
| Jason C. Yeung, CFA | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 2002; Managing Director; Investor <br> on Counterpoint Global<br>|
| Armistead B. Nash | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 2002; Managing Director; Investor <br> on Counterpoint Global<br>|
| Alexander T. Norton | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 2000; Executive Director; Investor <br> on Counterpoint Global<br>|

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**Transamerica Core Bond** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Daniel Belton, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2025; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2023; Vice President of <br> investment grade credit strategy at BMO Capital <br> Markets from 2018 to 2023<br>|
| Tyler A. Knight, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2015; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2008; Currently Head of <br> Public Securitized<br>|
| Brian W. Westhoff, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2014; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2011; Currently Head of <br> US Multi-Sector and Investment Grade<br>|
| Sivakumar N. Rajan | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2015; Currently Head of <br> Multi-Sector Portfolio Management<br>|

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**Transamerica Emerging Markets Equity** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Elliott W. Jones, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2024; Portfolio <br> Manager on the Emerging Markets Strategy and a <br> Research Analyst dedicated to the non-U.S. team; <br> Joined Thompson, Siegel & Walmsley LLC in <br> 2012<br>|

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**Transamerica High Yield Bond** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Kevin Bakker, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2007; <br> Employee with Aegon USA Investment <br> Management, LLC since 2003, initially as a <br> research analyst and became a portfolio manager in <br> 2007; Currently Co-Head of U.S. High Yield<br>|
| Benjamin D. Miller, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2006; <br> Employee with Aegon USA Investment <br> Management, LLC since 1993, initially as a <br> research analyst and became a portfolio manager in <br> 2006; Currently Co-Head of U.S. High Yield<br>|
| James K. Schaeffer, Jr. | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; <br> Employee with Aegon USA Investment <br> Management, LLC since 2004 and held various <br> investment management roles; Currently Head of <br> US Leveraged Finance and Global CLOs<br>|

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**Transamerica Inflation Opportunities** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Robert A. Vanden Assem, CFA | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2014; <br> Employee of PineBridge Investments LLC since <br> 2001; Managing Director and Head of Investment <br> Grade Fixed-Income <br>|

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Roberto Coronado | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2016; <br> Employee of PineBridge Investments LLC since <br> 2014; Managing Director and Senior Portfolio <br> Manager of Global Rates and Investment Grade <br> Fixed-Income<br>|
| Gunter H. Seeger | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2018; <br> Employee of PineBridge Investments LLC since <br> 2009; Senior Vice President, Senior Portfolio <br> Manager and Research Analyst, U.S. Rates and <br> Securitized Products<br>|

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**Transamerica International Equity** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Brandon H. Harrell, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; Portfolio <br> Manager of TS&W International Equity Portfolio <br> from October 31, 2005 to February 28, 2011; <br> Portfolio Manager at Thompson, Siegel & <br> Walmsley LLC since 1996<br>|
| Stedman D. Oakey, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2025; Portfolio <br> Manager at Thompson, Siegel & Walmsley LLC <br> since 2011 and International Research Analyst <br> since 2005<br>|

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**Transamerica Large Core ESG** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Sheedsa Ali, CFA | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2018; <br> Employee of PineBridge Investments LLC since <br> 2005; Head of quantitative equity research and <br> Portfolio Manager of Research Enhanced <br> Strategies at PineBridge Investments LLC<br>|

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**Transamerica Large Growth** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Dennis P. Lynch | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Lead Portfolio Manager of the fund since 2019; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 1998; Managing Director; Head of <br> Counterpoint Global<br>|
| Sam G. Chainani, CFA | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2019; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 1996; Managing Director; Investor <br> on Counterpoint Global<br>|
| Jason C. Yeung, CFA | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2019; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 2002; Managing Director; Investor <br> on Counterpoint Global<br>|
| Armistead B. Nash | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2019; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 2002; Managing Director; Investor <br> on Counterpoint Global <br>|

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Alexander T. Norton | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2019; <br> associated with Morgan Stanley Investment <br> Management Inc. in an investment management <br> capacity since 2000; Executive Director; Investor <br> on Counterpoint Global<br>|
| Douglas McLane, CFA | Wellington Management Company LLP | &nbsp;&nbsp; Lead Portfolio Manager of the fund since 2022; <br> Portfolio Manager of the fund since 2017; Senior <br> Managing Director and Equity Portfolio Manager <br> of Wellington Management Company LLP; joined <br> the firm in 2011<br>|
| David Siegle, CFA | Wellington Management Company LLP | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; <br> Managing Director and Equity Portfolio Manager <br> of Wellington Management Company LLP; joined <br> the firm in 2001<br>|

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**Transamerica Large Value Opportunities** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Sheedsa Ali, CFA | PineBridge Investments LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2018; <br> Employee of PineBridge Investments LLC since <br> 2005; Head of quantitative equity research and <br> Portfolio Manager of Research Enhanced <br> Strategies at PineBridge Investments LLC<br>|

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**Transamerica Mid Cap Growth** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Timothy N. Manning | Wellington Management Company LLP | &nbsp;&nbsp; Portfolio Manager of the fund since 2018; Senior <br> Managing Director and Equity Portfolio Manager <br> with Wellington Management Company LLP and <br> Leader of the Mid Cap Growth Team; joined the <br> firm in 2007<br>|

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**Transamerica Mid Cap Value Opportunities** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| R. Michael Creager, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2019; <br> Research Analyst at Thompson, Siegel & Walmsley <br> LLC since 2006<br>|
| Brett P. Hawkins, CFA | Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2014; Chief <br> Investment Officer; Portfolio Manager at <br> Thompson, Siegel & Walmsley LLC since 2001<br>|

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**Transamerica Multi-Managed Balanced** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Daniel Belton, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2025; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2023; Vice President of <br> investment grade credit strategy at BMO Capital <br> Markets from 2018 to 2023<br>|
| Tyler A. Knight, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2015; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2008; Currently Head of <br> Public Securitized <br>|

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Brian W. Westhoff, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2014; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2011; Currently Head of <br> US Multi-Sector and Investment Grade<br>|
| Sivakumar N. Rajan | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2015; Currently Head of <br> Multi-Sector Portfolio Management<br>|
| Tim Snyder, CFA | J.P. Morgan Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2013; <br> Employee of J.P. Morgan Investment Management <br> Inc. since 2003; Executive Director; Portfolio <br> Manager on the U.S. Structured Equity Team; <br> Specialties include Research Enhanced Index <br> (REI) strategies<br>|
| Raffaele Zingone, CFA | J.P. Morgan Investment Management Inc. | &nbsp;&nbsp; Portfolio Manager of the fund since 2011; <br> Employee of J.P. Morgan Investment Management <br> Inc. since 1991; Managing Director; Portfolio <br> Manager on the U.S. Structured Equity Team; <br> Specialties include Research Enhanced Index <br> (REI) strategies<br>|

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**Transamerica Short-Term Bond** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Tyler A. Knight, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2008; Currently Head of <br> Public Securitized<br>|
| Brian W. Westhoff, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2015; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2011; Currently Head of <br> US Multi-Sector and Investment Grade<br>|
| Norbert King | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2017; Currently Head of <br> Investment Grade Credit<br>|
| Sivakumar N. Rajan | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the fund since 2022; Portfolio <br> Manager with Aegon USA Investment <br> Management, LLC since 2015; Currently Head of <br> Multi-Sector Portfolio Management<br>|

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**Transamerica Small Cap Growth** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| W. Conrad Doenges | Ranger Investment Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2012; Portfolio <br> Manager at Ranger Investment Management, L.P. <br> since 2004<br>|
| Andrew Hill | Ranger Investment Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; Portfolio <br> Manager at Ranger Investment Management, L.P. <br> since 2017<br>|
| Joseph LaBate | Ranger Investment Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2017; Portfolio <br> Manager at Ranger Investment Management, L.P. <br> since 2017<br>|
| Brown McCullough | Ranger Investment Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2023; Director <br> and Sector Manager at Ranger Investment <br> Management, L.P. since 2015<br>|

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**Transamerica Small Cap Value** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Kenneth W. Burgess, CFA | Systematic Financial Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2024; Portfolio <br> Manager since 1996; Employed by Systematic <br> Financial Management, L.P. since 1993<br>|
| Rick Plummer, CFA | Systematic Financial Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2025; <br> Employed by Systematic Financial Management, <br> L.P. since 2004<br>|
| W. Ryan Wick, CFA | Systematic Financial Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the fund since 2024; <br> Assistant Portfolio Manager since 2014; Employed <br> by Systematic Financial Management, L.P. since <br> 2005<br>|

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***Trustees' Approval of Sub-Advisory Agreements*** 

A discussion regarding the Board of Trustees' renewal of each fund's investment sub-advisory agreement is available in that fund's report for the fiscal year ended October 31, 2025 as filed on Form N-CSR.

**Disclosure of Portfolio Holdings** 

A detailed description of each fund's policies and procedures with respect to the disclosure of its portfolio holdings is available in the SAI.

**Fund Expenses** 

During times of market volatility or decline, assets of your fund may decline significantly, causing total annual fund operating expenses (as a percentage of the value of your investment) to become higher than the numbers shown in your fund's Annual Fund Operating Expenses table under "Fees and Expenses" in this prospectus. In addition, the total annual fund operating expenses shown in your fund's Annual Fund Operating Expenses table may not correlate to the ratios of expenses to average net assets shown in the Financial Highlights section of the prospectus, which reflect the operating expenses of your fund and do not include certain expenses such as acquired (i.e., underlying) funds' fees and expenses.

The "Other expenses" items in the Annual Fund Operating Expenses table for your fund include fees for custodial, legal, transfer agency, and, as applicable, sub-transfer agency services. "Other expenses" may include additional expenses such as interest expense (including borrowing costs and overdraft charges) as well as various other expenses applicable to each share class of your fund.

*Sub-Transfer Agency Fees* 

Class R2 shares pay sub-transfer agency fees of $11.00 per account to financial intermediaries (including affiliates of TAM) that provide sub-transfer agency, recordkeeping and/or shareholder services with respect to shareholder accounts in lieu of the transfer agent providing such services. The other share classes offered in this prospectus do not pay sub-transfer agency fees directly, but, the transfer agent may use its available resources to pay for sub-transfer agency services for any share class, including those that pay sub-transfer agency fees directly.

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**How To Contact the Funds**

Retirement plan participants in a retirement plan administered by Transamerica Retirement Solutions, TAM's affiliate, should contact 1-800-755-5801 for additional information. If you hold your account through an unaffiliated plan administrator, recordkeeper or financial intermediary, please contact them directly for account specific questions.

• Customer Service: 1-888-233-4339 – Monday through Friday; hours of operation as posted on the funds' website at www.transamerica.com/contact-us.

• Internet: www.transamerica.com

• Fax: 1-888-329-4339

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| | |
|:---|:---|
| ***Mailing Address:*** | &nbsp;&nbsp;&nbsp; Transamerica Fund Services, Inc.<br> P.O. Box 219945<br> Kansas City, MO 64121-9945<br>|
| ***Overnight Address:*** | &nbsp;&nbsp;&nbsp; Transamerica Fund Services, Inc.<br> 801 Pennsylvania Avenue<br> Suite 219945<br> Kansas City, MO 64105-1307<br>|

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The following information applies to Class R, Class R2, Class R4 and Class I3 shares.

**Availability**

Class R shares, Class R2 shares and Class R4 shares are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. A plan's record-keeper or financial service firm serving as an intermediary must have an agreement with Transamerica Funds or its agents to utilize Class R and Class R2 shares in certain investment products or programs.

A financial service firm serving as an intermediary can provide participants with detailed information on how to participate in the plan, elect a fund as an investment option, elect different investment options, alter the amounts contributed to the plan or change allocations among investment options. For questions about participant accounts or to obtain an application to participate in a plan, participants should contact their financial service firm serving as an intermediary, employee benefits office, the plan administrator, or the organization that provides recordkeeping services for the plan.

Financial service firms may provide some of the shareholder servicing and account maintenance services required by retirement plan accounts and their plan participants, including transfers of registration, dividend payee charges and generation of confirmation statements, and may arrange for plan administrators to provide other investment or administrative services. Financial service firms may charge retirement plans and plan participants transaction fees and/or other additional amounts for such services. Similarly, retirement plans may charge plan participants for certain expenses. These fees and additional amounts could reduce the return of investments in Class R, Class R2 and Class R4 shares of the funds.

Class R, Class R2 and Class R4 shares are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments.

Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts.

Each fund reserves the right to discontinue offering Class R, Class R2, Class R4 and Class I3 shares at any time, to liquidate or merge such share classes into another class of shares, or to cease investment operations entirely.

**Opening an Account and Purchasing Shares**

Federal regulations may require a fund to obtain, verify and record certain information from you and persons authorized to act on your behalf in order to establish an account. Required information includes name, date of birth (for an individual), permanent residential address or principal place of business and Social Security Number or Employer Identification Number. The fund may also ask to see other identifying documents. If you do not provide the information, the fund may not be able to open your account. Identifying

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information must be provided for each trader on an account. The fund may also place limits on account transactions while it is in the process of verifying your identity. If the fund is unable to verify your identity, or that of another person(s) authorized to act on your behalf, or if the fund believes it has identified potentially criminal activity, the fund reserves the right to take action it deems appropriate or as required by law, which may include redeeming your shares and closing your account.

The funds are offered for sale in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands and are not registered for sale outside the United States. If you are a Non-U.S. Person, you must provide a U.S. mailing address to establish an account, unless your broker-dealer firm submits your account through the National Securities Clearing Corporation, and an appropriate tax form (e.g., Form W-8BEN) and documentary evidence and letter of explanation. Your broker-dealer may be required to submit a foreign certification form and other information as instructed by the fund's distributor. Non-U.S. investors should be aware that U.S. withholding and estate taxes and certain U.S. tax reporting requirements may apply to any investment in a fund.

Eligible retirement plans generally may open an account and purchase Class R, Class R2 and Class R4 shares by contacting any broker, dealer or other financial service firm authorized to sell Class R, Class R2 and Class R4 shares of the funds. Additional shares may be purchased through a retirement plan's administrator, record-keeper or financial service firm serving as an intermediary. There is no minimum investment for eligible retirement plans investing in Class R and R2 shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R, Class R2 or Class R4 shares. The funds are currently waiving this minimum. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary. There is no minimum initial investment for Class I3 shares for those that qualify for the share class or a minimum subsequent investment amount.

Shares are purchased at the net asset value per share ("NAV"), without a sales charge.

Transamerica Funds must receive your payment within two business days after your order is accepted.

Transamerica Funds or its agents may reject a request for purchase of shares at any time, in whole or in part, including any purchase under the exchange privilege. Each fund reserves the right to discontinue offering Class R, Class R2, R4 or Class I3 shares at any time, to liquidate or merge into another class of shares, or to cease investment operations entirely.

Investors changing a mailing address to a non-U.S. address will be required to have a foreign certification form completed by their broker-dealer and returned to us and submit an appropriate tax form (e.g. Form W-8BEN) and documentary evidence and letter of explanation before future purchases can be accepted.

Each fund reserves the right to make additional exceptions or otherwise to modify the foregoing policies at any time.

**Through an Authorized Dealer** 

• The dealer is responsible for opening your account and may need to provide Transamerica Funds with your taxpayer identification number.

**Selling Shares**

Shares may be sold (or "redeemed") on any day the New York Stock Exchange is open for business. Proceeds from the redemption of shares will normally be sent to redeeming shareholders within two business days after receipt of a redemption request in good order, but in any event within seven days, regardless of the method the fund uses to make such payment (e.g., check, wire or electronic funds transfer (ACH)). However, Transamerica Funds may postpone payment under certain circumstances, such as when the New York Stock Exchange is closed (other than on weekends or holidays) or trading is restricted, if an emergency exists, or otherwise as permitted by order of the SEC or authorized by law.

If you own Class R, Class R2, Class R4 or Class I3 shares, please refer to the retirement plan or other relevant documents for information on how to redeem Class R, Class R2, Class R4 or Class I3 shares of the funds.

Shares are redeemed at NAV.

Shares will normally be redeemed for cash, although each fund retains the right to wholly or partly redeem its shares in kind, under unusual circumstances (such as adverse or unstable market, economic, or political conditions), in an effort to protect the interests of shareholders by the delivery of securities selected from its assets at its discretion. On the same redemption date, some shareholders may be paid in whole or in part in securities (which may differ among those shareholders), while other shareholders may be paid entirely in cash. The disposal of the securities received in-kind may be subject to brokerage costs and, until sold, such securities remain at market risk and liquidity risk, including the risk that such securities are or become difficult to sell. If the fund pays your redemption with illiquid or less liquid securities, you will bear the risk of not being able to sell such securities. The funds may pay redemption proceeds with cash obtained through short-term borrowing arrangements, if available. Please see the SAI for more details.

Please see additional information relating to original signature guarantee later in this prospectus.

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**Through an Authorized Dealer** 

• You may redeem your shares through an authorized dealer (they may impose a service charge). Contact your Registered Representative or call your plan administrator, recordkeeper or financial intermediary for assistance.

**Exchanging Shares**

For Class R, Class R2, Class R4 and Class I3 shares, if authorized by your plan, you can request an exchange of your shares in one fund for corresponding shares of another fund. Please refer to your plan's documents for additional information. An exchange is treated as a redemption of a fund's shares followed by a purchase of the shares of the fund into which you exchanged. Prior to making exchanges into a fund you do not own, please read the prospectus of that fund.

An exchange of shares in one fund for shares of another fund is considered a redemption followed by a purchase and generally results in a capital gain or loss for federal income tax purposes, unless you are investing through an IRA, 401(k) or other tax-advantaged account. You should consult your tax advisor before making an exchange.

**Converting Shares** 

If you hold Class R, Class R2, Class R4 or Class I3 shares and are eligible for purchase of Class I shares as described in the Class I prospectus, you may be eligible to convert your shares to Class I shares of the same fund, subject to the discretion of Transamerica Fund Services, Inc. to permit or reject such a conversion. Please contact your financial adviser or plan administrator, recordkeeper or financial intermediary for conversion requirements and instructions. Class I shares are not available in this prospectus.

A conversion between share classes of the same fund is a nontaxable event.

If you convert from one class of shares to another, the transaction will be based on the respective NAVs of the two classes on the trade date for the conversion. Consequently, a conversion may provide you with fewer shares or more shares than you originally owned, depending on that day's NAV. At the time of conversion, the total dollar value of your "old" shares will equal the total dollar value of your "new" shares. However, subsequent share price fluctuations may decrease or increase the total dollar value of your "new" shares compared with that of your "old" shares.

**Choosing a Share Class**

**Class R and Class R2 Shares**

Class R and Class R2 shares are generally intended for purchase by smaller retirement plan clients of Transamerica Retirement Solutions, LLC. For Class R shares, a fund may pay TCL and/or financial intermediaries annual distribution and service fees of up to 0.50% of the average daily net assets of the fund's Class R shares. For Class R2 shares, a fund may pay TCL and/or financial intermediaries annual distribution and service fees of up to 0.25% of the average daily net assets of the fund's Class R2 shares. Class R and Class R2 shares are only offered through 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined benefit plans and non-qualified deferred compensation plans (eligible retirement plans). Class R and Class R2 shares are available only to eligible retirement plans where either Class R or Class R2 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

**Class R4 Shares**

Class R4 shares are generally intended for purchase by larger retirement plan clients of Transamerica Retirement Solutions, LLC. Class R4 shares of a fund may pay TCL and/or financial intermediaries annual distribution and service fees of up to 0.25% of the average daily net assets of the fund's Class R4 shares. Class R4 shares are intended for purchase by participants in certain retirement plans described below and under the following conditions:

°

401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans and non-qualified deferred compensation plans (eligible retirement plans).

°

Class R4 shares are available only to eligible retirement plans where Class R4 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

°

The plan's record-keeper or financial service firm serving as an intermediary must have an agreement with Transamerica Funds or its agents to utilize Class R4 shares in certain investment products or programs.

**Class I3 Shares**

Class I3 shares are intended for purchase by certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class I3 shares are not subject to distribution and service fees.

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**Features and Policies**

**Customer Service** 

Please contact your retirement plan's administrator, recordkeeper or financial service firm acting as intermediary for account specific information.

**Minimum Account Balance** 

Due to the proportionately higher cost of maintaining customer fund accounts with balances below the stated minimums for each class of shares, Transamerica Funds reserves the right to close such accounts or assess an annual fee on such fund accounts to help offset the costs associated with maintaining the account. Transamerica Funds generally provides a 60-day notification to the address of record prior to assessing a minimum fund account fee, or closing any fund account. The following describes the fees assessed against fund accounts with balances below the stated minimum:

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| | |
|:---|:---|
| **Account Balance (per fund account)** | **Fee Assessment (per fund account)** |
| &nbsp;&nbsp; If your balance is below $1,000 per fund account, <br> including solely due to declines in NAV<br>| $25 annual fee assessed, until balance reaches $1,000 |

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No fees will be charged on:

• accounts opened within the preceding 12 months

• accounts with an active monthly Automatic Investment Plan or payroll deduction ($50 minimum per fund account)

• accounts owned by an individual that, when combined by Social Security Number, have a balance of $5,000 or more

• accounts owned by individuals in the same household (by address) that have a combined balance of $5,000 or more

• accounts for which Transamerica Funds in its discretion has waived the minimum account balance requirements

• UTMA/UGMA accounts (held at Transamerica Funds)

• UMB Bank, N.A. Custodial Accounts (held at Transamerica Funds)

• Coverdell ESA accounts (held at Transamerica Funds)

• Omnibus and Network Level 3 accounts

While there is currently no minimum account size for maintaining a Class R or Class R2 share account, the funds reserve the right, without prior notice, to establish a minimum amount required to maintain an account.

**Professional Fees** 

Your financial professional may charge a fee for his or her services. This fee will be in addition to any fees charged by Transamerica Funds. Your financial professional will answer any questions that you may have regarding such fees.

**Signature Guarantee** 

An original signature guarantee assures that a signature is genuine so that you are protected from unauthorized account transactions. Acceptable guarantors only include participants in the Securities Transfer Agents Medallion Program ("STAMP2000"). Participants in STAMP2000 may include financial institutions such as banks, savings and loan associations, trust companies, credit unions, broker-dealers, and member firms of a national securities exchange. For certain requests, a notary may be accepted.

An original signature guarantee is typically required if any of the following is applicable:

• You request a redemption or distribution transaction totaling more than $100,000 or, in the case of an IRA with a market value in excess of $100,000, you request a custodian to custodian transfer.

• You would like a check made payable to anyone other than the shareholder(s) of record.

• You would like a check mailed to an address which has been changed within 10 days of the redemption request.

• You would like a check mailed to an address other than the address of record.

• You would like your redemption proceeds wired to a bank account other than a bank account of record.

• Wire or ACH proceeds to a bank account changed within 10 days of the redemption request.

• You are adding or removing a shareholder from an account.

• You are changing ownership of an account.

• When establishing an electronic bank link, if the Transamerica Funds' account holder's name does not appear on the check.

• Transactions requiring supporting legal documentation.

The funds reserve the right to require an original signature guarantee or a notary under other circumstances or to reject or delay a redemption on certain legal grounds.

An original signature guarantee or notary may be refused if any of the following is applicable:

• It does not appear valid or in good form.

• The transaction amount exceeds the surety bond limit of the signature guarantee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The guarantee stamp has been reported as stolen, missing or counterfeit.

Certain direct institutional accounts may utilize alternative methods in place of a signature guarantee with prior approval from Transamerica. Contact Transamerica for additional details.

**Note:** For certain maintenance and non-financial requests, Transamerica Funds may require a Signature Validation Program Stamp for your protection. When an institution provides a Signature Validation Program Stamp, it assures Transamerica Funds that the signature and instructions are yours and that you have the authority to provide the instruction(s) contained within the request.

**E-Mail Communication** 

As e-mail communications may not be secure, and because we are unable to take reasonable precautions to verify your shareholder and transaction information, we cannot respond to account-specific requests received via e-mail. For your protection, we ask that all account-specific requests be submitted only via online (required to be established in advance), telephone, mail or fax. Establishing an online account can be done by logging into the Transamerica Funds website at https://secureaccountview.com/BFWeb/clients/transamerica/index.

• The Account Login page will be displayed, underneath the Login screen, select the Red "New User" button.

• The Account Access: New User Setup screen will be displayed.

• Select a username, enter your social security number/EIN, account number and establish your password, following the instructions on the page.

You can also contact Transamerica at 1-888-233-4339, Monday through Friday between 8:00 a.m. and 7:00 p.m. (Eastern time) to establish an online account.

**Reinvestment Privilege** 

Within a 90-day period after you sell your shares, you have the right to "reinvest" your money in any fund, in shares of the same class as the shares that you sold. Any CDSC you paid on your shares will be credited to your account. To take advantage of the 90-day reinvestment privilege, a written request must accompany your investment check.

**Right to Terminate or Suspend Account Privileges** 

The fund may, in its discretion, limit or terminate trading activity by any person, group or account that it believes would be disruptive, even if the activity has not exceeded the policy described in this prospectus. As part of the fund's policy to detect and deter frequent purchases, redemptions and exchanges, the fund may review and consider the history of frequent trading activity in all accounts in the Transamerica Funds known to be under common ownership or control. The fund may send a written warning to a shareholder that it believes may be engaging in disruptive or excessive trading activity; however, the fund reserves the right to suspend or terminate the ability to purchase or exchange shares, with or without warning, for any account that the fund determines, in the exercise of its discretion, has engaged in such trading activity.

**Market Timing/Excessive Trading** 

Some investors try to profit from various short-term or frequent trading strategies known as market timing. Examples of market timing include switching money into funds when their share prices are expected to rise and taking money out when their share prices are expected to fall, and switching from one fund to another and then back again after a short period of time. As money is shifted in and out, a fund may incur expenses for buying and selling securities. Excessive purchases, redemptions or exchanges of fund shares may disrupt portfolio management, hurt fund performance and drive fund expenses higher. For example, a fund may be forced to liquidate investments as a result of short-term trading and incur increased brokerage costs or realize capital gains without attaining any investment advantage. These costs are generally borne by all shareholders, including long-term investors who do not generate these costs.

The Board of Trustees has approved policies and procedures that are designed to discourage market timing or excessive trading, which include limitations on the number of transactions in fund shares. If you intend to engage in such practices, we request that you do not purchase shares of any of the funds. Each fund reserves the right to reject any request to purchase shares, including purchases in connection with an exchange transaction, which the fund reasonably believes to be in connection with market timing or excessive trading.

While the funds discourage market timing and excessive short-term trading, the funds cannot always recognize or detect such trading, particularly if it is facilitated by financial intermediaries or done through Omnibus Account arrangements.

The funds' distributor has entered into agreements with intermediaries requiring the intermediaries to provide certain information to help identify harmful trading activity and to prohibit further purchases or exchanges by a shareholder identified as having engaged in excessive trading. There is no guarantee that the procedures used by financial intermediaries will be able to curtail frequent, short-term trading activity. For example, shareholders who seek to engage in frequent, short-term trading activity may use a variety of strategies

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to avoid detection, and the financial intermediaries' ability to deter such activity may be limited by the capabilities of operational and information systems. Due to the risk that the funds and financial intermediaries may not detect all harmful trading activity, it is possible that shareholders may bear the risks associated with such activity.

Orders to purchase, redeem or exchange shares forwarded by certain omnibus accounts with Transamerica Funds will not be considered to be market timing or excessive trading for purposes of Transamerica Funds' policies. However, the market timing and excessive trading policies of these omnibus firms or plans may apply to transactions by the underlying shareholders.

Reallocations in underlying series of Transamerica Funds by an Asset Allocation Fund that invests in other series of Transamerica Funds in furtherance of a fund's objective are not considered to be market timing or excessive trading.

Transamerica Funds' excessive trading policies do not apply to Transamerica Government Money Market, Transamerica Short-Term Bond and Transamerica UltraShort Bond.

**Additional Information** 

This prospectus and the SAI provide information concerning the funds that you should consider in determining whether to purchase shares of a fund. A fund may make changes to this information from time to time. A fund's investment strategies and policies may be changed from time to time without shareholder approval, unless specifically stated otherwise in this prospectus or in the SAI.

A fund that has a policy of investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the particular type of securities suggested by its name will provide its shareholders with at least 60 days' prior written notice before making changes to such policy. Such notice will comply with the conditions set forth in any applicable SEC rules then in effect.

Neither this prospectus nor the SAI is intended to give rise to any contract rights or other rights of any shareholder, other than rights conferred by federal or state securities laws.

The funds may enter into contractual arrangements with various parties, including the funds' investment manager, who provides services to the funds. Shareholders are not parties to, or intended (or "third party") beneficiaries of those contractual arrangements.

To the extent authorized by law, the funds reserve the right to discontinue offering shares at any time, to merge or liquidate a class of shares or to cease operations entirely.

**Abandoned or Unclaimed Property** 

Every state has unclaimed property laws that generally provide for escheatment to the state of unclaimed property under various circumstances. In addition to the state unclaimed property laws, we may be required to escheat property pursuant to regulatory demand, finding, agreement or settlement. To help prevent such escheatment, it is important that you keep your contact and other information on file with us up to date, including the names, contact information and identifying information for customers, beneficiaries and other payees. Such updates should be communicated in a form and manner satisfactory to us. Individual states may have their own requirements. For more information regarding escheatment and unclaimed property in your state, ask your salesperson or visit your financial intermediary's website.

**Sending Forms and Transaction Requests in Good Order** 

We cannot process your requests for transactions relating to the funds until they are received in good order. "Good order" means the actual receipt of the instructions relating to the requested transaction in writing (or, when appropriate, by telephone or electronically), along with all forms, information and supporting legal documentation necessary to effect the transaction. This information and documentation generally includes, to the extent applicable to the transaction: your completed application; the transaction amount (in dollars, shares or percentage terms); the names, fund and account number(s) and allocations to and/or from the fund accounts affected by the requested transaction; the signatures of all owners (exactly as registered on the account) if necessary; Social Security Number or Taxpayer I.D.; and any other information or supporting documentation that we may require, including any spousal or joint owner's consents and signature guarantees. With respect to purchase requests, "good order" also generally includes receipt of sufficient funds to effect any purchase. We may, in our sole discretion, determine whether any particular transaction request is in good order, and we reserve the right to change or waive any good order requirements at any time. "Received" or receipt in good order generally means that everything necessary must be received by the funds, at our mailing address specified in this prospectus. We reserve the right to reject electronic transactions that do not meet our requirements.

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**Pricing of Shares**

**How Share Price Is Determined** 

The price at which shares are purchased or redeemed is the NAV, plus any applicable sales charge, that is next calculated following receipt and acceptance of a purchase order in good order or receipt of a redemption order in good order by the fund, an authorized intermediary, or the mail processing center located in Kansas City, Missouri.

**When Share Price Is Determined** 

The NAV of each fund (or class thereof) is determined on each day the NYSE is open for business as of the scheduled close of regular trading (normally 4:00 p.m. Eastern time). If the NYSE closes at another time, each fund will calculate a NAV for each class of shares as of the scheduled closing time. The NAV is not determined on days when the NYSE is closed (generally New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving and Christmas). Foreign securities may trade in their primary markets on weekends or other days when a fund does not price its shares (therefore, the value of a fund's foreign securities may change on days when shareholders will not be able to buy or sell shares of the funds). These securities will be valued pursuant to the funds' Pricing and Valuation procedures for such securities.

Purchase orders received in good order and accepted, and redemption orders received in good order, as of the scheduled close of regular trading of the NYSE, usually 4:00 p.m. Eastern Time, receive the NAV determined as of the close of the NYSE that day. Purchase and redemption requests received after the NYSE is closed receive the NAV determined as of the close of the NYSE the next day the NYSE is open.

Purchase orders for shares of the Asset Allocation Funds that are received in good order and accepted as of the scheduled close of regular trading on the NYSE receive the NAV determined as of the close of the NYSE that day. For direct purchases, corresponding orders for shares of the underlying constituent funds are priced on the same day that orders for shares of the Asset Allocation Funds are received and accepted. For purchases of shares of the Asset Allocation Funds through the National Securities Clearing Corporation ("NSCC"), orders for shares of the underlying constituent funds will be placed after the receipt and acceptance of the settled purchase order for shares of the Asset Allocation Funds.

**How NAV Is Calculated** 

The NAV of each fund (or class thereof) is calculated by taking the value of its net assets (which may include realized and unrealized capital gain and income) and dividing by the number of shares of the fund (or class) that are then outstanding.

The value of a fund's securities and other assets for purposes of determining the fund's NAV is determined pursuant to valuation procedures of the funds and TAM. TAM has been designated as the funds' valuation designee with responsibility for fair valuation subject to oversight by the funds' Board. TAM has formed a valuation committee to assist with its designated responsibilities as valuation designee (the "Valuation Committee").

*For funds other than Transamerica Government Money Market:* In general, securities and other investments are valued based on prices at the close of regular trading on the NYSE.

Equity securities, swaps, and options listed or traded on securities exchanges (except for the securities traded on NASDAQ/NMS), including ETFs, dollar-denominated foreign securities and ADRs, are normally valued at the closing price on the exchange or system where the security is principally traded. With respect to securities traded on the NASDAQ/NMS, such closing price will generally be the NASDAQ Official Closing Price ("NOCP").

The market price for debt obligations (except short-term obligations that will mature in 60 days or less) and for swaps that are not traded on a securities exchange is generally the price supplied by an independent third-party pricing service, which may use market prices or quotations or a variety of fair value techniques and methodologies to identify the market value of the security or instrument.

Short-term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment's fair value.

Foreign securities are generally priced as described above for the particular type of security (*i.e.*, equity securities or debt securities). The prices for foreign securities are converted from the local currency into U.S. dollars using current exchange rates.

Market quotations for securities prices may be obtained from automated pricing services.

Shares of open-end funds (other than ETF shares) are generally valued at the NAV reported by that investment company.

ETF shares are normally valued at the most recent sale price or official closing price on the exchange on which they are traded.

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When an authorized pricing service does not provide a price or the price provided is believed by the Valuation Committee to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. When such a price or quotation for a security is not readily available, or is believed by the Valuation Committee to be unreliable, then the Valuation Committee will fair value such fund investment, in good faith, in accordance with fair valuation procedures.

The types of securities for which such fair value pricing may be required include, but are not limited to: foreign securities, where a significant event occurs after the close of the foreign market on which such security principally trades that is likely to have changed the value of such security, or the closing value is otherwise deemed unreliable; securities of an issuer that has entered into a restructuring; securities whose trading has been halted or suspended; fixed-income securities that have gone into default and for which there is no current market value quotation; and securities that are restricted as to transfer or resale. The funds use a fair value model developed by an independent third party pricing service to price foreign equity securities on days when there is a certain percentage change in the value of a domestic equity security index, as such percentage may be determined by TAM from time to time.

Valuing securities in accordance with fair valuation procedures involves greater reliance on judgment than valuing securities based on readily available market quotations. The Valuation Committee makes fair value determinations in good faith in accordance with the valuation procedures. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service. There can be no assurance that a fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the fund determines its NAV.

The prices that a fund uses may differ from the amounts that would be realized if the investments were sold and the differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility.

*For Transamerica Government Money Market:* The fund generally values its securities using the amortized cost method. This valuation method assumes a steady rate of amortization of any premium or discount from the date of purchase until the maturity of each security. This valuation method is designed to permit a money market fund to maintain a constant net asset value of $1.00 per share, but there is no guarantee that it will do so.

**Distribution of Shares**

**Distributor**

Transamerica Capital, LLC ("TCL"), located at 1801 California Street, Suite 5200, Denver, CO 80202, underwrites and distributes all classes of fund shares and bears the expenses of offering these shares to the public. TCL is an affiliate of the investment manager and the funds.

The funds may pay TCL, or its agent, fees for its services. Of the distribution and service fees it usually receives for Class R, Class R2 or Class R4 shares, TCL, or its agent, may reallow or pay to brokers or dealers who sold them 0.50%, 0.25% and 0.25%, respectively, of the average daily net assets of those shares.

**Distribution Plan**

Each fund has adopted a Rule 12b-1 Plan under the Investment Company Act of 1940 (the "Plan") for Class R, Class R2 and Class R4 shares.

The Plan permits the use of fund assets to pay distribution and service fees for the sale and distribution of its shares. These fees are used to pay TCL, broker-dealers, financial intermediaries and other professionals who sell fund shares and provide ongoing services to shareholders and to pay other marketing and advertising expenses.

Under the Plan, each fund pays the following distribution and service fees (as a percentage of the fund's average daily net assets):

• **Class R Shares** – Up to 0.50%

• **Class R2 and Class R4 Shares** – Up to 0.25%

• **Class I3 Shares** – N/A

Because these fees are paid out of each fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

**Other Distribution and Service Arrangements** 

TCL, TAM and their affiliates may enter into arrangements with affiliated entities that provide administrative, recordkeeping and other services with respect to one or more of the funds. Payment for these services is made by TCL, TAM and their affiliates out of past profits and other available sources and may take the form of internal credit, recognition or cash payments. TCL, TAM and their affiliates may also enter into similar arrangements with unaffiliated entities.

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TCL engages in wholesaling activities designed to support, maintain, and increase the number of financial intermediaries who sell shares of the funds. Wholesaling activities include, but are not limited to, recommending and promoting, directly or through intermediaries but without ever engaging with a retail client, the funds to financial intermediaries and providing sales training, retail broker support and other services. Payment for these activities is made by TCL, TAM and their affiliates out of profits and other available sources, including revenue sharing payments from others.

TCL (in connection with, or in addition to, wholesaling services), TAM and fund sub-advisers, directly or through TCL, out of their past profits and other available sources, typically provide cash payments or non-cash compensation to unaffiliated brokers and other financial intermediaries who have sold shares of the funds, promote the distribution of the funds or render investor services to fund shareholders. Such payments and compensation are in addition to the sales charges, Rule 12b-1 Plan fees, service fees and other fees that may be paid, directly or indirectly, to such brokers and other financial intermediaries. These arrangements are sometimes referred to as "revenue sharing" arrangements. The amount of revenue sharing payments is substantial, may be substantial to any given recipient and may exceed the costs and expenses incurred by the recipient for any fund-related distribution or shareholder servicing activities. The presence of these payments and the basis on which an intermediary compensates its registered representatives or salespersons may create an incentive for a particular intermediary, registered representative or salesperson to highlight, feature or recommend the funds, at least in part, based on the level of compensation paid. Revenue sharing arrangements are separately negotiated. Revenue sharing payments are not an additional charge to the funds.

Such additional cash payments may be made to brokers and other financial intermediaries that provide services to the funds and/or fund shareholders, including (without limitation) shareholder servicing, marketing support and/or access to meetings and/or events, sales representatives and management representatives of the broker or other financial intermediaries. Cash compensation may also be paid to brokers and other financial intermediaries for inclusion of a fund on a sales list or mutual fund trading platform, including a preferred or select sales list or trading platform, in other sales programs, or as an expense reimbursement or compensation in cases where the broker or other financial intermediary provides services to fund shareholders. To the extent permitted by applicable law, TCL and other parties may pay or allow other incentives and compensation to brokers and other financial intermediaries. TCL, TAM and the other parties making these payments generally assess the advisability of continuing making these payments periodically. These cash payments may take a variety of forms, including (without limitation), annual flat fees, reimbursement of ticket charges, additional compensation based on sales, on-going fees for shareholder servicing and maintenance of investor accounts, and finder's fees that vary depending on the fund or share class and the dollar amount of shares sold. Revenue sharing payments can be calculated: (i) as a percentage of gross or net sales for a particular period; (ii) as a percentage of gross or net assets under management; (iii) as a fixed or negotiated flat fee dollar amount; or (iv) based on a combination of any of these methods. During 2025, in general, payments calculated as a percentage of sales ranged from 8 basis points (0.08%) to 50 basis points (0.50%), payments calculated as a percentage of assets under management ranged from 2 basis points (0.02%) to 16 basis points (0.16%), and flat annual fees ranged from $3,000.00 to $655,299.95 (calculated after revenue sharing offsets for sales), which included at times payments for a series of meetings and/or events of other broker-dealers and banks.

As of December 31, 2025, TCL had revenue sharing agreements with more than 71 broker dealers and other financial intermediaries including, without limitation: Ameriprise Financial Services, Inc.; Advisor Group, Inc./Osaic, Inc. (Osaic Wealth, Inc., SagePoint Financial, Inc., Securities America Advisors, Triad, American Portfolios, and Osaic Institutions, Inc.); Atria Wealth Solutions, Inc. (Cadaret Grant & Co., CUSO Financial Services, L.P., Grove Point Investments, Next Financial Group, Inc., SCF Securities, Inc., and Western International Securities, Inc.); Cambridge Investment Research, Inc.; Centaurus Financial, Inc.; Aretec Group, Inc./Cetera Financial Group, Inc. (Avantax Insurance Agency, Cetera Advisors, LLC, Cetera Advisor Networks, LLC, Cetera Financial Specialists, LLC, Cetera Investment Services, LLC and Cetera Wealth Services); CFD Investments Inc.; Charles Schwab & Co., Inc.; Citigroup Global Markets, Inc.; Clear Financial; Commonwealth Financial Network; Community America Financial Solutions LLC/Copper Financial; D.A. Davidson & Co., Inc.; Edward Jones; EF Legacy Securities; Equitable Advisors, LLC; Equity Services, Inc.; Financial Data Services, Inc.; First Trust Capital Management, L.P; Geneos Wealth Management, Inc.; Great West Financial; Hantz Financial Services, Inc.; Hornor Townsend & Kent Inc.; Independent Financial Group, LLC; Janney Montgomery Scott; J.P. Morgan Securities LLC; Kestra Investment Services; Lincoln Investment; Lion Street Financial, LLC; LPL Financial Corp.; Logan Group Securities; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley Smith Barney LLC; MML Investors Services, LLC; Mutual of Omaha Investor Services Inc.; National Financial Services, Inc.; Nations Financial Group Inc.; OneAmerica Securities Inc.; Oppenheimer & Co. Inc.; Park Avenue Securities LLC; Pershing LLC; Principal Connectivity; PNC Investments; Raymond James and Associates, Inc.; Raymond James Financial Services, Inc.; RBC Capital Markets; Stifel Nicolaus & Company Inc.; Trinity Wealth Securities LLC; UBS Financial Services, Inc.; United Planners Financial Services of America; US Bancorp Investments, Inc.; Voya Financial Advisors, Inc.; and Wells Fargo Advisors, LLC. For the calendar year ended December 31, 2025, TCL paid approximately $41 million to these brokers and other financial intermediaries in connection with revenue sharing arrangements. TCL expects to have revenue sharing arrangements with a number of brokers and other financial intermediaries in 2026, including some or all of the foregoing brokers and financial intermediaries, among others, on terms similar to those discussed above.

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For the calendar year ended December 31, 2025, TCL and its affiliates received revenue sharing payments from asset managers including Alliance Bernstein; BlackRock Investment Management, LLC; Fidelity; First Trust; Goldman Sachs Asset Management, L.P.; Great Lakes Advisors, LLC; Janus Henderson Investors US LLC; JP Morgan Asset Management Inc; Kayne Anderson Capital Advisors, L.P.; Madison Asset Management, LLC; Milliman Financial Risk Management LLC; Morgan Stanley Investment Management Inc.; NASDAQ; PGIM Quantitative Solutions LLC; PineBridge Investments LLC; Raymond James Investment Management/Clarivest Asset Management; Systematic Financial Management, L.P.; T. Rowe Price Associates, Inc.; Thompson, Siegel & Walmsley LLC; Wellington Management Company LLP; and Westfield Capital Management Company, L.P. in the amount of $690,000.00 to participate in TCL sponsored events.

As of December 31, 2025, TAM made revenue sharing payments to approximately 8 financial intermediaries with respect to the funds, the most sizeable of which were to TCL and Transamerica Life Insurance Company. For the same period, TAM did not receive any revenue sharing payments from financial services firms.

TAM also serves as investment manager to certain funds of funds that are underlying investment options for Transamerica insurance products. TCL and its affiliates make revenue sharing payments to, or receive revenue sharing payments from, affiliates of certain underlying unaffiliated funds within Transamerica insurance products for the provision of services to investors and distribution activities. These amounts are in addition to any revenue sharing programs described above with respect to mutual fund distributors. A financial intermediary may receive both mutual fund-related and insurance-related revenue sharing payments.

In addition, while TCL typically pays most of the sales charge applicable to the sale of fund shares to brokers and other financial intermediaries through which purchases are made, TCL may, on occasion, pay the entire sales charge. (Additional information about payments of sales charges to brokers is available in the section titled "Dealer Reallowances" of the SAI.)

From time to time, TCL, its affiliates and/or TAM and/or fund sub-advisers may also, to the extent permitted by applicable law, pay non-cash compensation or revenue sharing to brokers and other financial intermediaries and their sales representatives in the form of, for example: (i) occasional gifts or prizes; (ii) occasional meals, tickets or other entertainment; and/or (iii) ad hoc sponsorship support of broker marketing events, programs, sales contests, promotions or other activities. Such non-cash compensation may also include, in part, assistance with the costs and expenses associated with travel, lodging, and educational sales and promotional meetings, seminars, programs and conferences, entertainment and meals to the extent permitted by law. TCL and TAM may also make payments in connection with the sponsorship by Transamerica or its affiliates of special events which may be attended by brokers and other financial intermediaries. Such non-cash compensation is in addition to the overall revenue sharing arrangements described above.

The non-cash compensation to sales representatives and compensation or reimbursement received by brokers and other financial intermediaries through sales charges, other fees payable from the funds, and/or revenue sharing arrangements for selling shares of the funds may be more or less than the overall compensation or reimbursement on similar or other products and may influence your broker or other financial intermediary to present and recommend the funds over other investment options available in the marketplace. In addition, depending on the arrangements in place at any particular time, your broker or other financial intermediary may have a financial incentive for recommending a particular class of fund shares over other share classes.

Shareholders may obtain more information about these arrangements, including the conflicts of interests that such arrangements may create, from their brokers and other financial intermediaries, and should so inquire if they would like additional information. Intermediaries may categorize and disclose these arrangements to their clients and to members of the public in a manner different from the disclosures in this prospectus and the SAI. A shareholder should ask his/her broker or financial intermediary how he/she will be compensated for investments made in the funds. Revenue sharing payments, as well as payments under the shareholder services and distribution plan (where applicable), also benefit TAM, TCL and their affiliates and fund sub-advisers to the extent the payments result in more assets being invested in the funds on which fees are being charged.

Although a fund may use financial firms that sell fund shares to effect transactions for the fund's portfolio, the fund and its investment manager or sub-adviser will not consider the sale of fund shares as a factor when choosing financial firms to effect those transactions.

**Distributions and Taxes**

**Dividends and Distributions** 

Each fund intends to distribute all or substantially all of its net investment income and net capital gains, if any, to its shareholders each year. Dividends will be reinvested in additional shares unless you elect to take your dividends in cash. Each fund generally pays any distributions of net capital gains annually.

Each fund generally pays any dividends from net investment income annually, except the following:

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Pay quarterly** <br> **dividends**<br>| **Pay monthly** <br> **dividends**<br>| **Declare**<br> **dividends daily**<br> **and pay monthly**<br>|
| Transamerica Asset Allocation Intermediate Horizon | &nbsp;&nbsp; X |  |  |
| Transamerica Asset Allocation Long Horizon | &nbsp;&nbsp; X |  |  |
| Transamerica Asset Allocation Short Horizon | &nbsp;&nbsp; X |  |  |
| Transamerica Balanced II | &nbsp;&nbsp; X |  |  |
| Transamerica Bond |  |  | &nbsp;&nbsp; X |
| Transamerica Core Bond |  |  | &nbsp;&nbsp; X |
| Transamerica Government Money Market |  |  | &nbsp;&nbsp; X |
| Transamerica High Yield Bond |  |  | &nbsp;&nbsp; X |
| Transamerica Inflation Opportunities |  | &nbsp;&nbsp; X |  |
| Transamerica Large Core ESG | &nbsp;&nbsp; X |  |  |
| Transamerica Large Value Opportunities | &nbsp;&nbsp; X |  |  |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; X |  |  |

---

Notwithstanding the foregoing, the Board of Trustees of Transamerica Funds has delegated authority to TAM to change the frequency with which dividends are declared and paid by a fund, including if a fund does not have any income to distribute, and to declare and make payments of long-term capital gains with respect to a fund as permitted or required by law or in order to avoid tax penalties. Further, each fund reserves the right to change its dividend distribution policy at the discretion of the Board of Trustees.

**Taxes on Distributions in General**

A fund will not generally have to pay income tax on amounts it distributes to shareholders. Shareholders will generally be taxed on distributions (other than any distributions treated as a return of capital) whether such distributions are paid in cash or reinvested in additional shares.

The following are guidelines for how certain distributions by a fund are generally taxed to non-corporate shareholders under current federal income tax law:

• Distributions of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) will be taxed as long-term capital gains, generally at reduced rates, regardless of how long the shareholders have held their shares. Certain capital gain dividends attributable to dividends received from U.S. REITs may be taxable to noncorporate shareholders at a rate other than the generally applicable reduced rates.

• Distributions reported as paid from a fund's "qualified dividend income" may be taxable to shareholders as qualified dividend income at reduced rates. Qualified dividend income generally is income derived from certain dividends from U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that a fund receives in respect of stock of certain foreign corporations will be qualified dividend income if that stock is readily tradable on an established U.S. securities market. A shareholder (and the fund in which the shareholder invests) will have to satisfy certain holding period requirements in order for the shareholder to obtain the benefit of the tax rates applicable to qualified dividend income.

• Distributions in excess of a fund's earnings and profits will, as to each shareholder, be treated as a return of capital to the extent of the shareholder's basis in his or her fund shares, and as a capital gain thereafter (assuming the shareholder holds the shares as capital assets). A distribution treated as a return of capital will not be taxable currently but will reduce the shareholder's tax basis in his or her shares, which will generally increase the gain (or decrease the loss) that will be recognized on a subsequent sale or exchange of the shares.

• Other distributions generally will be taxed at ordinary income tax rates.

A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount. This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates or trusts. For these purposes, dividends, interest, and certain capital gains are generally taken into account in computing a shareholder's net investment income.

If a fund declares a dividend in October, November, or December, payable to shareholders of record in such a month, and pays it in the following January, shareholders will be taxed on the dividend as if they received it in the year in which it was declared.

Each fund in which you invest will send you a tax report annually summarizing the amount and tax aspects of your distributions. If you buy shares of a fund at a time when the fund has income or net capital gain that has not been declared before it makes a taxable distribution (other than, in general, regular monthly distributions paid by funds that declare dividends daily), the distribution will be generally taxable to you even though it may effectively represent a return of a portion of your investment. This is known as "buying a dividend."

------

Investors who invest through tax-deferred accounts, such as IRAs, 403(b) accounts, and qualified retirement plans, will ordinarily not be subject to tax until a distribution is made from the account, at which time such distribution is generally taxed as ordinary income. These accounts are subject to complex tax rules, and tax-deferred account investors should therefore consult their tax advisers regarding their investments in a tax-deferred account.

Funds that invest in other funds ("asset allocation funds") may recognize income on distributions from underlying funds in which they invest and may also recognize gains and losses if they redeem or sell shares in underlying funds. Distributions of net capital gains or qualified dividend income of either the asset allocation funds or underlying funds will generally be taxed at reduced long-term capital gain rates when distributed to noncorporate shareholders of the asset allocation funds. Other distributions, including short-term capital gains, generally will be taxed as ordinary income. The structure of such asset allocation funds and the reallocation of investments among underlying funds could affect the amount, timing and character of distributions.

**Taxes on the Sale or Exchange of Shares** 

If you sell shares of a fund or exchange them for shares of another fund, you generally will have a capital gain or loss, which will generally be a long-term capital gain or loss if you held the shares for more than one year; otherwise it will generally be a short-term capital gain or loss. Sales or exchanges of shares of Transamerica Government Money Market will not result in capital gain or loss if that fund maintains a constant net asset value per share.

Any loss recognized on shares held for six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions of long-term capital gain that were received with respect to the shares.

Any gain or loss on the sale or exchange of shares is computed by subtracting your tax basis in the shares from the redemption proceeds in the case of a sale or the value of the shares received in the case of an exchange. Because your tax basis depends on the original purchase price, on the price at which any dividends may have been reinvested, and on the amount of any distributions treated as returns of capital for federal income tax purposes, you should be sure to keep account statements so that you or your tax return preparer will be able to determine whether a sale will result in a taxable gain or loss.

**Withholding Taxes** 

A fund in which you invest may be required to apply backup withholding of U.S. federal income tax on all distributions payable to you if you fail to provide the funds with your correct taxpayer identification number or to make required certifications, or if you have been notified by the Internal Revenue Service (the "IRS") that you are subject to backup withholding.

The backup withholding rate is currently 24%. Backup withholding is not an additional tax, but is a method by which the IRS ensures that it will collect taxes otherwise due. Any amounts withheld may be credited against your U.S. federal income tax liability. Backup withholding will not be applied to payments that have been subject to the 30% withholding tax applicable to shareholders that are not U.S. persons.

**Non-Resident Alien Withholding** 

Dividends and certain other payments (but not distributions of net capital gains or exempt-interest dividends) to persons who are not citizens or residents of the United States or U.S. entities ("Non-U.S. Persons") are generally subject to U.S. tax withholding at the rate of 30%. The 30% withholding described in this paragraph will not be imposed on any dividends reported as interest-related dividends or as short-term capital gain dividends. Each fund intends to withhold U.S. federal income tax at the rate of 30% on taxable distributions and other payments to Non-U.S. Persons that are subject to withholding, regardless of whether a lower rate may be permitted under an applicable treaty.

Non-U.S. Persons and investors changing a mailing address to a non-U.S. address will need to provide an appropriate tax form (e.g., Form W-8BEN) and documentary evidence and letter of explanation.

Unless certain non-U.S. entities that hold fund shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to fund distributions (but not distributions of exempt-interest dividends) payable to such entities. A non-U.S. shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement.

**Other Tax Information** 

This tax discussion is for general information only. In addition to federal income taxes, you may be subject to state, local or foreign taxes on payments received from, and investments made in shares of, a fund. More information is provided in the SAI of the funds. You should also consult your own tax adviser for information regarding all tax consequences applicable to your investments in the funds.

------

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Financial Highlights tables are intended to help you understand a fund's performance for the past five years or since its inception if less than five years. Certain information reflects financial results for a single fund share. The total returns in the tables represent the rate an investor would have earned (or lost) on an investment in the fund for the period shown, assuming reinvestment of all dividends and distributions. Information has been derived from financial statements audited by Ernst & Young LLP, an Independent Registered Public Accounting firm, whose report, along with the fund's financial statements, is included in the October 31, 2025 report filed on Form N-CSR, which is available to you upon request. All references to a fund's Notes to Financial Statements within the Financial Highlights tables refer to the applicable section of a fund's applicable report filed on Form N-CSR.

If a fund shows performance for a class not offered by this prospectus, financial highlights are shown for that class in this section.

Information is shown for Class I shares of Transamerica Emerging Markets Equity because the fund had not issued Class R or Class R4 shares as of October 31, 2025. Class I shares of the fund are not offered in this prospectus.

------

**Transamerica Asset Allocation Intermediate Horizon** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.81 | $8.23 | $8.87 | $11.97 | $10.66 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.35 | 0.25 | 0.19 | 0.56 | 0.30 |
| Net realized and unrealized gain (loss) | 0.86 | 1.51 | 0.03 | (2.55)<br>| 1.99 |
| Total investment operations | 1.21 | 1.76 | 0.22 | (1.99)<br>| 2.29 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.56)<br>| (0.18)<br>| (0.19)<br>| (0.56)<br>| (0.31)<br>|
| Net realized gains | (0.12)<br>|  | (0.67)<br>| (0.55)<br>| (0.67)<br>|
| Total dividends and/or distributions to shareholders | (0.68)<br>| (0.18)<br>| (0.86)<br>| (1.11)<br>| (0.98)<br>|
| **Net asset value, end of year** | $10.34 | $9.81 | $8.23 | $8.87 | $11.97 |
| **Total return** | 13.00<br> %<br>| 21.48<br> %<br>| 2.58<br> %<br>| (18.09)%<br>| 22.33<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $133 | $113 | $4436 | $5761 | $10351 |
| Expenses to average net assets<sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net investment income (loss) to average net assets | 3.55<br> %<br>| 2.68<br> %<br>| 2.24<br> %<br>| 5.59<br> %<br>| 2.58<br> %<br>|
| Portfolio turnover rate | 300<br> %<br>| 27<br> %<br>| 25<br> %<br>| 33<br> %<br>| 32<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br> **2025**<br>| **October 31,** <br> **2024**<br>| **October 31,** <br> **2023**<br>| **October 31,** <br> **2022**<br>| **October 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | $9.76 | $8.23 | $8.87 | $11.97 | $10.66 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.25 | 0.20 | 0.17 | 0.53 | 0.28 |
| Net realized and unrealized gain (loss) | 0.94 | 1.53 | 0.03 | (2.54)<br>| 1.98 |
| Total investment operations | 1.19 | 1.73 | 0.20 | (2.01)<br>| 2.26 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.49)<br>| (0.20)<br>| (0.17)<br>| (0.54)<br>| (0.28)<br>|
| Net realized gains | (0.12)<br>|  | (0.67)<br>| (0.55)<br>| (0.67)<br>|
| Total dividends and/or distributions to shareholders | (0.61)<br>| (0.20)<br>| (0.84)<br>| (1.09)<br>| (0.95)<br>|
| **Net asset value, end of year** | $10.34 | $9.76 | $8.23 | $8.87 | $11.97 |
| **Total return** | 12.79<br> %<br>| 21.13<br> %<br>| 2.31<br> %<br>| (18.29)%<br>| 22.01<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $42936 | $231599 | $214541 | $233763 | $327930 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 2.50<br> %<br>| 2.13<br> %<br>| 1.99<br> %<br>| 5.34<br> %<br>| 2.38<br> %<br>|
| Portfolio turnover rate | 300<br> %<br>| 27<br> %<br>| 25<br> %<br>| 33<br> %<br>| 32<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

------

**Transamerica Asset Allocation Long Horizon** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.77 | $7.76 | $8.62 | $12.51 | $10.13 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.29 | 0.21 | 0.08 | 0.71 | 0.26 |
| Net realized and unrealized gain (loss) | 1.40 | 2.04 | 0.22 | (3.14)<br>| 3.38 |
| Total investment operations | 1.69 | 2.25 | 0.30 | (2.43)<br>| 3.64 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.31)<br>| (0.11)<br>| (0.09)<br>| (0.78)<br>| (0.28)<br>|
| Net realized gains | (0.35)<br>| (0.13)<br>| (1.07)<br>| (0.68)<br>| (0.98)<br>|
| Total dividends and/or distributions to shareholders | (0.66)<br>| (0.24)<br>| (1.16)<br>| (1.46)<br>| (1.26)<br>|
| **Net asset value, end of year** | $10.80 | $9.77 | $7.76 | $8.62 | $12.51 |
| **Total return** | 18.32<br> %<br>| 29.39<br> %<br>| 3.65<br> %<br>| (21.84)%<br>| 37.96<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $613 | $497 | $5527 | $5451 | $6911 |
| Expenses to average net assets<sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net investment income (loss) to average net assets | 2.91<br> %<br>| 2.34<br> %<br>| 0.98<br> %<br>| 7.21<br> %<br>| 2.21<br> %<br>|
| Portfolio turnover rate | 166<br> %<br>| 23<br> %<br>| 19<br> %<br>| 30<br> %<br>| 23<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br> **2025**<br>| **October 31,** <br> **2024**<br>| **October 31,** <br> **2023**<br>| **October 31,** <br> **2022**<br>| **October 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | $9.74 | $7.74 | $8.60 | $12.49 | $10.12 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.22 | 0.10 | 0.06 | 0.72 | 0.23 |
| Net realized and unrealized gain (loss) | 1.45 | 2.14 | 0.21 | (3.17)<br>| 3.37 |
| Total investment operations | 1.67 | 2.24 | 0.27 | (2.45)<br>| 3.60 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.28)<br>| (0.11)<br>| (0.06)<br>| (0.76)<br>| (0.25)<br>|
| Net realized gains | (0.35)<br>| (0.13)<br>| (1.07)<br>| (0.68)<br>| (0.98)<br>|
| Total dividends and/or distributions to shareholders | (0.63)<br>| (0.24)<br>| (1.13)<br>| (1.44)<br>| (1.23)<br>|
| **Net asset value, end of year** | $10.78 | $9.74 | $7.74 | $8.60 | $12.49 |
| **Total return** | 18.03<br> %<br>| 29.25<br> %<br>| 3.38<br> %<br>| (22.09)%<br>| 37.55<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $61425 | $154154 | $130323 | $139118 | $201847 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 2.17<br> %<br>| 1.15<br> %<br>| 0.75<br> %<br>| 7.31<br> %<br>| 2.00<br> %<br>|
| Portfolio turnover rate | 166<br> %<br>| 23<br> %<br>| 19<br> %<br>| 30<br> %<br>| 23<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

------

**Transamerica Asset Allocation Short Horizon** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.18 | $8.43 | $8.72 | $10.75 | $10.54 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.36 | 0.31 | 0.31 | 0.35 | 0.31 |
| Net realized and unrealized gain (loss) | 0.23 | 0.72 | (0.17)<br>| (1.75)<br>| 0.35 |
| Total investment operations | 0.59 | 1.03 | 0.14 | (1.40)<br>| 0.66 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (1.18)<br>| (0.28)<br>| (0.30)<br>| (0.35)<br>| (0.31)<br>|
| Net realized gains |  |  | (0.13)<br>| (0.28)<br>| (0.14)<br>|
| Total dividends and/or distributions to shareholders | (1.18)<br>| (0.28)<br>| (0.43)<br>| (0.63)<br>| (0.45)<br>|
| **Net asset value, end of year** | $8.59 | $9.18 | $8.43 | $8.72 | $10.75 |
| **Total return** | 7.15<br> %<br>| 12.26<br> %<br>| 1.59<br> %<br>| (13.69)%<br>| 6.37<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $9 | $12 | $381 | $450 | $565 |
| Expenses to average net assets<sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net investment income (loss) to average net assets | 4.20<br> %<br>| 3.45<br> %<br>| 3.55<br> %<br>| 3.62<br> %<br>| 2.86<br> %<br>|
| Portfolio turnover rate | 407<br> %<br>| 24<br> %<br>| 33<br> %<br>| 29<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br> **2025**<br>| **October 31,** <br> **2024**<br>| **October 31,** <br> **2023**<br>| **October 31,** <br> **2022**<br>| **October 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | $9.13 | $8.43 | $8.72 | $10.75 | $10.54 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.30 | 0.30 | 0.29 | 0.33 | 0.28 |
| Net realized and unrealized gain (loss) | 0.27 | 0.71 | (0.17)<br>| (1.76)<br>| 0.35 |
| Total investment operations | 0.57 | 1.01 | 0.12 | (1.43)<br>| 0.63 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (1.06)<br>| (0.31)<br>| (0.28)<br>| (0.32)<br>| (0.28)<br>|
| Net realized gains |  |  | (0.13)<br>| (0.28)<br>| (0.14)<br>|
| Total dividends and/or distributions to shareholders | (1.06)<br>| (0.31)<br>| (0.41)<br>| (0.60)<br>| (0.42)<br>|
| **Net asset value, end of year** | $8.64 | $9.13 | $8.43 | $8.72 | $10.75 |
| **Total return** | 6.86<br> %<br>| 12.01<br> %<br>| 1.33<br> %<br>| (13.92)%<br>| 6.10<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $6543 | $72441 | $74419 | $82354 | $114974 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 3.37<br> %<br>| 3.34<br> %<br>| 3.29<br> %<br>| 3.37<br> %<br>| 2.63<br> %<br>|
| Portfolio turnover rate | 407<br> %<br>| 24<br> %<br>| 33<br> %<br>| 29<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

------

**Transamerica Balanced II** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.17 | $10.80 | $10.71 | $13.87 | $11.62 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.18 | 0.18 | 0.16 | 0.10 | 0.07 |
| Net realized and unrealized gain (loss) | 1.41 | 2.61 | 0.55 | (2.04)<br>| 2.72 |
| Total investment operations | 1.59 | 2.79 | 0.71 | (1.94)<br>| 2.79 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.19)<br>| (0.20)<br>| (0.16)<br>| (0.10)<br>| (0.08)<br>|
| Net realized gains | (1.55)<br>| (0.22)<br>| (0.46)<br>| (1.12)<br>| (0.46)<br>|
| Total dividends and/or distributions to shareholders | (1.74)<br>| (0.42)<br>| (0.62)<br>| (1.22)<br>| (0.54)<br>|
| **Net asset value, end of year** | $13.02 | $13.17 | $10.80 | $10.71 | $13.87 |
| **Total return** | 13.51<br> %<br>| 26.19<br> %<br>| 6.85<br> %<br>| (15.34)%<br>| 24.59<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $22657 | $63449 | $54090 | $56015 | $76911 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.23<br> %<br>| 1.11<br> %<br>| 1.09<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.10<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>|
| Net investment income (loss) to average net assets | 1.47<br> %<br>| 1.49<br> %<br>| 1.47<br> %<br>| 0.82<br> %<br>| 0.55<br> %<br>|
| Portfolio turnover rate <sup>(B)</sup> | 52<br> %<br>| 38<br> %<br>| 34<br> %<br>| 35<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 144%, 135%, 135%, 128% and 118%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.16 | $10.80 | $10.71 | $13.87 | $11.62 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.24 | 0.24 | 0.22 | 0.16 | 0.13 |
| Net realized and unrealized gain (loss) | 1.42 | 2.60 | 0.55 | (2.04)<br>| 2.72 |
| Total investment operations | 1.66 | 2.84 | 0.77 | (1.88)<br>| 2.85 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.27)<br>| (0.26)<br>| (0.22)<br>| (0.16)<br>| (0.14)<br>|
| Net realized gains | (1.55)<br>| (0.22)<br>| (0.46)<br>| (1.12)<br>| (0.46)<br>|
| Total dividends and/or distributions to shareholders | (1.82)<br>| (0.48)<br>| (0.68)<br>| (1.28)<br>| (0.60)<br>|
| **Net asset value, end of year** | $13.00 | $13.16 | $10.80 | $10.71 | $13.87 |
| **Total return** | 14.17<br> %<br>| 26.70<br> %<br>| 7.40<br> %<br>| (14.90)%<br>| 25.21<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $49024 | $48855 | $42972 | $44058 | $58098 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.62<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.62<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>|
| Net investment income (loss) to average net assets | 1.94<br> %<br>| 1.97<br> %<br>| 1.98<br> %<br>| 1.32<br> %<br>| 1.04<br> %<br>|
| Portfolio turnover rate <sup>(B)</sup> | 52<br> %<br>| 38<br> %<br>| 34<br> %<br>| 35<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 144%, 135%, 135%, 128% and 118%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

------

**Transamerica Bond** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $8.03 | $7.55 | $7.79 | $9.14 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.31 | 0.31 | 0.28 | 0.16 |
| Net realized and unrealized gain (loss) | 0.15 | 0.48 | (0.23)<br>| (1.36)<br>|
| Total investment operations | 0.46 | 0.79 | 0.05 | (1.20)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.32)<br>| (0.31)<br>| (0.29)<br>| (0.15)<br>|
| **Net asset value, end of year** | $8.17 | $8.03 | $7.55 | $7.79 |
| **Total return** | 5.81<br> %<br>| 10.60<br> %<br>| 0.52<br> %<br>| (13.24)%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of year (000's) | $397 | $419 | $206 | $9 |
| Expenses to average net assets |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.20<br> %<br>| 1.14<br> %<br>| 0.96<br> %<br>| 1.20<br> %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.01<br> %<br>| 0.99<br> %<br>| 0.95<br> %<br>| 0.76<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.91<br> %<br>| 3.88<br> %<br>| 3.57<br> %<br>| 2.89<br> %<sup>(D)</sup><br>|
| Portfolio turnover rate <sup>(E)</sup> | 59<br> %<br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 127%, 118%, 102% and 80%, for the years ended October* *31, 2025, October 31, 2024, October 31, 2023 and October 31, 2022, respectively.*

------

**Transamerica Capital Growth** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $31.03 | $19.08 | $19.81 | $32.68 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | (0.47)<br>| (0.30)<br>| (0.24)<br>| (0.14)<br>|
| Net realized and unrealized gain (loss) | 18.10 | 12.25 | (0.49)<br>| (12.73)<br>|
| Total investment operations | 17.63 | 11.95 | (0.73)<br>| (12.87)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Net asset value, end of year** | $48.66 | $31.03 | $19.08 | $19.81 |
| **Total return** | 56.82<br> %<br>| 62.63<br> %<br>| (3.78)%<br>| (39.32)%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of year (000's) | $15 | $9 | $6 | $6 |
| Expenses to average net assets |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.44<br> %<br>| 1.54<br> %<br>| 1.63<br> %<br>| 1.56<br> %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.41<br> %<br>| 1.41<br> %<br>| 1.41<br> %<br>| 1.11<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | (1.17)%<br>| (1.16)%<br>| (1.16)%<br>| (0.92)%<sup>(D)</sup><br>|
| Portfolio turnover rate | 74<br> %<br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

------

**Transamerica Core Bond** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.60 | $8.11 | $8.39 | $10.36 | $10.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.35 | 0.36 | 0.32 | 0.20 | 0.16 |
| Net realized and unrealized gain (loss) | 0.13 | 0.49 | (0.28)<br>| (1.79)<br>| (0.14)<br>|
| Total investment operations | 0.48 | 0.85 | 0.04 | (1.59)<br>| 0.02 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.35)<br>| (0.36)<br>| (0.32)<br>| (0.21)<br>| (0.17)<br>|
| Net realized gains |  |  |  | (0.17)<br>| (0.36)<br>|
| Total dividends and/or distributions to shareholders | (0.35)<br>| (0.36)<br>| (0.32)<br>| (0.38)<br>| (0.53)<br>|
| **Net asset value, end of year** | $8.73 | $8.60 | $8.11 | $8.39 | $10.36 |
| **Total return** | 5.75<br> %<br>| 10.54<br> %<br>| 0.38<br> %<br>| (15.85)%<br>| 0.21<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $137897 | $126506 | $107894 | $102515 | $152590 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.68<br> %<br>| 0.69<br> %<br>| 0.68<br> %<br>| 0.67<br> %<br>| 0.66<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.65<br> %<br>| 0.66<br> % <sup>(B)</sup><br>| 0.66<br> %<sup>(B)</sup><br>| 0.65<br> %<br>| 0.65<br> %<br>|
| Net investment income (loss) to average net assets | 4.09<br> %<br>| 4.13<br> %<br>| 3.76<br> %<br>| 2.14<br> %<br>| 1.57<br> %<br>|
| Portfolio turnover rate <sup>(C)</sup> | 75<br> %<br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Includes interest expense outside the operating expense limit.*

<sup>(C)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305%, 310%, 286% and 258%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.61 | $8.13 | $8.39 | $10.37 | $10.88 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.33 | 0.33 | 0.30 | 0.18 | 0.14 |
| Net realized and unrealized gain (loss) | 0.13 | 0.49 | (0.26)<br>| (1.81)<br>| (0.15)<br>|
| Total investment operations | 0.46 | 0.82 | 0.04 | (1.63)<br>| (0.01)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.33)<br>| (0.34)<br>| (0.30)<br>| (0.18)<br>| (0.14)<br>|
| Net realized gains |  |  |  | (0.17)<br>| (0.36)<br>|
| Total dividends and/or distributions to shareholders | (0.33)<br>| (0.34)<br>| (0.30)<br>| (0.35)<br>| (0.50)<br>|
| **Net asset value, end of year** | $8.74 | $8.61 | $8.13 | $8.39 | $10.37 |
| **Total return** | 5.46<br> %<br>| 10.10<br> %<br>| 0.33<br> %<br>| (16.15)%<br>| (0.05)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $12895 | $20060 | $19987 | $23157 | $31469 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.92<br> %<br>| 0.93<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>| 0.91<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.92<br> %<br>| 0.93<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>| 0.91<br> %<br>|
| Net investment income (loss) to average net assets | 3.80<br> %<br>| 3.86<br> %<br>| 3.47<br> %<br>| 1.88<br> %<br>| 1.32<br> %<br>|
| Portfolio turnover rate <sup>(B)</sup> | 75<br> %<br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305%, 310%, 286% and 258%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Core Bond (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.59 | $8.11 | $8.38 | $10.36 | $10.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.37 | 0.37 | 0.34 | 0.22 | 0.19 |
| Net realized and unrealized gain (loss) | 0.14 | 0.49 | (0.27)<br>| (1.80)<br>| (0.14)<br>|
| Total investment operations | 0.51 | 0.86 | 0.07 | (1.58)<br>| 0.05 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.37)<br>| (0.38)<br>| (0.34)<br>| (0.23)<br>| (0.20)<br>|
| Net realized gains |  |  |  | (0.17)<br>| (0.36)<br>|
| Total dividends and/or distributions to shareholders | (0.37)<br>| (0.38)<br>| (0.34)<br>| (0.40)<br>| (0.56)<br>|
| **Net asset value, end of year** | $8.73 | $8.59 | $8.11 | $8.38 | $10.36 |
| **Total return** | 6.11<br> %<br>| 10.66<br> %<br>| 0.74<br> %<br>| (15.74)%<br>| 0.45<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $163906 | $264926 | $233018 | $248167 | $369100 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.43<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.43<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>|
| Net investment income (loss) to average net assets | 4.29<br> %<br>| 4.36<br> %<br>| 3.97<br> %<br>| 2.36<br> %<br>| 1.81<br> %<br>|
| Portfolio turnover rate <sup>(B)</sup> | 75<br> %<br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305%, 310%, 286% and 258%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.*

------

**Transamerica Emerging Markets Equity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.10 | $7.00 | $6.59 | $11.81 | $9.90 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.14 | 0.12 | 0.13 | 0.25 | 0.19 |
| Net realized and unrealized gain (loss) | 2.56 | 1.18 | 0.48 | (4.30)<br>| 1.78 |
| Total investment operations | 2.70 | 1.30 | 0.61 | (4.05)<br>| 1.97 |
| **Contributions from affiliate** |  |  |  | 0.01<br> <sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  | (0.20)<br>| (0.20)<br>| (0.14)<br>| (0.06)<br>|
| Net realized gains |  |  |  | (1.04)<br>|  |
| Total dividends and/or distributions to shareholders |  | (0.20)<br>| (0.20)<br>| (1.18)<br>| (0.06)<br>|
| **Net asset value, end of year** | $10.80 | $8.10 | $7.00 | $6.59 | $11.81 |
| **Total return** | 33.33<br> %<br>| 18.94<br> %<br>| 9.13<br> %<br>| (37.56)%<sup>(B)</sup><br>| 19.96<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $607 | $4094 | $5593 | $5366 | $8503 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.07<br> %<br>| 1.04<br> %<br>| 1.02<br> %<br>| 0.97<br> %<br>| 0.97<br> %<sup>(C)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.98<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>| 0.97<br> %<br>| 0.97<br> %<sup>(C)(D)</sup><br>|
| Net investment income (loss) to average net assets | 1.58<br> %<br>| 1.62<br> %<br>| 1.67<br> %<br>| 2.80<br> %<br>| 1.57<br> %<br>|
| Portfolio turnover rate | 35<br> %<br>| 71<br> %<br>| 68<br> %<br>| 66<br> %<br>| 85<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

------

**Transamerica Government Money Market** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.04 | 0.05 | 0.04 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.00<br> <sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| 0.00<br> <sup>(B)</sup><br>|
| Total investment operations | 0.04 | 0.05 | 0.04 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00)<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00)<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00)<sup>(B)</sup><br>|
| **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 3.80<br> %<br>| 4.71<br> %<br>| 4.13<br> %<br>| 0.65<br> %<br>| 0.03<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $48427 | $104088 | $109842 | $127876 | $124774 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.71<br> %<br>| 0.64<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.75<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.69<br> %<sup>(C)</sup><br>| 0.73<br> %<br>| 0.69<br> %<br>| 0.36<br> %<br>| 0.10<br> %<sup>(C)</sup><br>|
| Net investment income (loss) to average net assets | 3.76<br> %<br>| 4.61<br> %<br>| 4.03<br> %<br>| 0.65<br> %<br>| 0.02<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield* *from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long* *as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the* *contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.04 | 0.05 | 0.04 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.00<br> <sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| 0.00<br> <sup>(B)</sup><br>|
| Total investment operations | 0.04 | 0.05 | 0.04 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| **Contributions from affiliate** |  |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00)<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00)<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00)<sup>(B)</sup><br>|
| **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 4.02<br> %<br>| 4.94<br> %<br>| 4.44<br> %<br>| 0.81<br> %<br>| 0.34<br> %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $40550 | $52938 | $45604 | $70505 | $72583 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62<br> %<br>| 0.58<br> %<br>| 0.57<br> %<br>| 0.56<br> %<br>| 0.55<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.50<br> %<sup>(D)</sup><br>| 0.50<br> %<br>| 0.40<br> %<br>| 0.19<br> %<br>| 0.01<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.94<br> %<br>| 4.84<br> %<br>| 4.33<br> %<br>| 0.80<br> %<br>| 0.10<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.24% lower had the affiliate not made additional contributions.*

<sup>(D)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield* *from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long* *as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the* *contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Government Money Market (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.04 | 0.05 | 0.04 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | (0.00)<sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| (0.00)<sup>(B)</sup><br>| 0.00<br> <sup>(B)</sup><br>|
| Total investment operations | 0.04 | 0.05 | 0.04 | 0.01 | 0.00<br> <sup>(B)</sup><br>|
| **Contributions from affiliate** |  |  |  |  | 0.00<br> <sup>(B)(C)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00)<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00)<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00)<sup>(B)</sup><br>|
| **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 4.14<br> %<br>| 5.12<br> %<br>| 4.52<br> %<br>| 0.79<br> %<br>| 0.30<br> %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $103479 | $64077 | $69628 | $87756 | $83914 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.37<br> %<br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.31<br> %<br>| 0.30<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.37<br> %<sup>(D)</sup><br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.23<br> %<br>| 0.06<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 4.04<br> %<br>| 5.03<br> %<br>| 4.42<br> %<br>| 0.72<br> %<br>| 0.04<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.26% lower had the affiliate not made additional contributions.*

<sup>(D)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield* *from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long* *as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the* *contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.*

------

**Transamerica High Yield Bond** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.22 | $7.61 | $7.77 | $9.22 | $8.64 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.55 | 0.50 | 0.43 | 0.41 | 0.38 |
| Net realized and unrealized gain (loss) | 0.04 | 0.61 | (0.15)<br>| (1.46)<br>| 0.59 |
| Total investment operations | 0.59 | 1.11 | 0.28 | (1.05)<br>| 0.97 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.55)<br>| (0.50)<br>| (0.44)<br>| (0.40)<br>| (0.39)<br>|
| **Net asset value, end of year** | $8.26 | $8.22 | $7.61 | $7.77 | $9.22 |
| **Total return** | 7.49<br> %<br>| 14.82<br> %<br>| 3.59<br> %<br>| (11.58)%<br>| 11.35<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $13418 | $29254 | $38138 | $48173 | $66337 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.86<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.83<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> % <sup>(B)</sup><br>| 0.85<br> %<sup>(B)</sup><br>| 0.85<br> %<br>|
| Net investment income (loss) to average net assets | 6.71<br> %<br>| 6.21<br> %<br>| 5.52<br> %<br>| 4.81<br> %<br>| 4.20<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.53 | 0.48 | 0.41 | 0.39 | 0.37 |
| Net realized and unrealized gain (loss) | 0.05 | 0.61 | (0.15)<br>| (1.46)<br>| 0.60 |
| Total investment operations | 0.58 | 1.09 | 0.26 | (1.07)<br>| 0.97 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.53)<br>| (0.48)<br>| (0.42)<br>| (0.40)<br>| (0.38)<br>|
| **Net asset value, end of year** | $8.26 | $8.21 | $7.60 | $7.76 | $9.23 |
| **Total return** | 7.35<br> %<br>| 14.55<br> %<br>| 3.33<br> %<br>| (11.86)%<br>| 11.29<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $10803 | $17495 | $16090 | $17663 | $24423 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>| 1.12<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.10<br> %<sup>(B)</sup><br>| 1.10<br> %<sup>(B)</sup><br>| 1.10<br> %<sup>(B)</sup><br>| 1.10<br> %<br>| 1.10<br> %<br>|
| Net investment income (loss) to average net assets | 6.46<br> %<br>| 5.97<br> %<br>| 5.26<br> %<br>| 4.55<br> %<br>| 3.98<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica High Yield Bond (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.57 | 0.52 | 0.45 | 0.43 | 0.41 |
| Net realized and unrealized gain (loss) | 0.04 | 0.60 | (0.15)<br>| (1.46)<br>| 0.60 |
| Total investment operations | 0.61 | 1.12 | 0.30 | (1.03)<br>| 1.01 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.57)<br>| (0.51)<br>| (0.46)<br>| (0.44)<br>| (0.42)<br>|
| **Net asset value, end of year** | $8.25 | $8.21 | $7.60 | $7.76 | $9.23 |
| **Total return** | 7.75<br> %<br>| 15.11<br> %<br>| 3.85<br> %<br>| (11.42)%<br>| 11.87<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $109128 | $150644 | $140818 | $154394 | $222760 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 6.96<br> %<br>| 6.46<br> %<br>| 5.76<br> %<br>| 5.04<br> %<br>| 4.48<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica Inflation Opportunities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $9.75 | $9.15 | $9.15 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.35 | 0.13 | 0.04 |
| Net realized and unrealized gain (loss) | 0.16 | 0.72 | (0.04)<br>|
| Total investment operations | 0.51 | 0.85 |  |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.37)<br>| (0.25)<br>|  |
| **Net asset value, end of year** | $9.89 | $9.75 | $9.15 |
| **Total return** | 5.34<br> %<br>| 9.39<br> %<br>| 0.00<br> % <sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $133 | $160 | $832 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.79<br> %<br>| 0.77<br> %<br>| 0.85<br> % <sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> % <sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.53<br> %<br>| 1.35<br> %<br>| 14.40<br> % <sup>(D)</sup><br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on October 27, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br> **2025**<br>| **October 31,** <br> **2024**<br>| **October 31,** <br> **2023** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $9.66 | $9.08 | $9.08 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.30 | 0.22 | 0.04 |
| Net realized and unrealized gain (loss) | 0.17 | 0.59 | (0.04)<br>|
| Total investment operations | 0.47 | 0.81 |  |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.33)<br>| (0.23)<br>|  |
| **Net asset value, end of year** | $9.80 | $9.66 | $9.08 |
| **Total return** | 4.99<br> %<br>| 8.94<br> %<br>| 0.00<br> %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $3805 | $6013 | $6194 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.04<br> %<br>| 1.01<br> %<br>| 1.10<br> %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.13<br> %<br>| 2.26<br> %<br>| 15.21<br> %<sup>(D)</sup><br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on October 27, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Inflation Opportunities (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $9.78 | $9.18 | $9.18 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.33 | 0.27 | 0.04 |
| Net realized and unrealized gain (loss) | 0.20 | 0.60 | (0.04)<br>|
| Total investment operations | 0.53 | 0.87 |  |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.38)<br>| (0.27)<br>|  |
| **Net asset value, end of year** | $9.93 | $9.78 | $9.18 |
| **Total return** | 5.54<br> %<br>| 9.49<br> %<br>| 0.00<br> %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $18053 | $57058 | $59308 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.54<br> %<br>| 0.52<br> %<br>| 0.60<br> %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.52<br> %<br>| 0.52<br> %<sup>(E)</sup><br>| 0.53<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.36<br> %<br>| 2.76<br> %<br>| 16.89<br> %<sup>(D)</sup><br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on October 27, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

------

**Transamerica International Equity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $21.55 | $18.40 | $16.37 | $21.77 | $16.06 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.50 | 0.44 | 0.41 | 0.42 | 0.37 |
| Net realized and unrealized gain (loss) | 4.26 | 3.32 | 1.72 | (5.11)<br>| 5.55 |
| Total investment operations | 4.76 | 3.76 | 2.13 | (4.69)<br>| 5.92 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.50)<br>| (0.61)<br>| (0.10)<br>| (0.71)<br>| (0.21)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.57)<br>| (0.61)<br>| (0.10)<br>| (0.71)<br>| (0.21)<br>|
| **Net asset value, end of year** | $25.74 | $21.55 | $18.40 | $16.37 | $21.77 |
| **Total return** | 22.75<br> %<br>| 20.66<br> %<br>| 12.99<br> %<br>| (22.22)%<br>| 37.05<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $7396 | $5869 | $5381 | $4986 | $23706 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.02<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.02<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 2.13<br> %<br>| 2.09<br> %<br>| 2.12<br> %<br>| 2.14<br> %<br>| 1.76<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br> **2025**<br>| **October 31,** <br> **2024**<br>| **October 31,** <br> **2023**<br>| **October 31,** <br> **2022**<br>| **October 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | $21.53 | $18.38 | $16.40 | $21.80 | $16.08 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.41 | 0.38 | 0.36 | 0.37 | 0.33 |
| Net realized and unrealized gain (loss) | 4.30 | 3.33 | 1.72 | (5.11)<br>| 5.55 |
| Total investment operations | 4.71 | 3.71 | 2.08 | (4.74)<br>| 5.88 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.41)<br>| (0.56)<br>| (0.10)<br>| (0.66)<br>| (0.16)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.48)<br>| (0.56)<br>| (0.10)<br>| (0.66)<br>| (0.16)<br>|
| **Net asset value, end of year** | $25.76 | $21.53 | $18.38 | $16.40 | $21.80 |
| **Total return** | 22.41<br> %<br>| 20.37<br> %<br>| 12.70<br> %<br>| (22.40)%<br>| 36.74<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $17950 | $22147 | $20745 | $19863 | $31246 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.29<br> %<br>| 1.26<br> %<br>| 1.25<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.29<br> %<br>| 1.26<br> %<br>| 1.25<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>|
| Net investment income (loss) to average net assets | 1.78<br> %<br>| 1.80<br> %<br>| 1.89<br> %<br>| 1.95<br> %<br>| 1.57<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica International Equity (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $21.52 | $18.37 | $16.40 | $21.81 | $16.08 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.48 | 0.49 | 0.46 | 0.47 | 0.42 |
| Net realized and unrealized gain (loss) | 4.32 | 3.32 | 1.71 | (5.11)<br>| 5.56 |
| Total investment operations | 4.80 | 3.81 | 2.17 | (4.64)<br>| 5.98 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.56)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.63)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>|
| **Net asset value, end of year** | $25.69 | $21.52 | $18.37 | $16.40 | $21.81 |
| **Total return** | 23.07<br> %<br>| 20.98<br> %<br>| 13.27<br> %<br>| (22.03)%<br>| 37.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $55745 | $114306 | $108197 | $115536 | $166596 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) to average net assets | 2.11<br> %<br>| 2.32<br> %<br>| 2.39<br> %<br>| 2.48<br> %<br>| 2.04<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica Large Core ESG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.28 | $10.56 | $10.18 | $13.68 | $10.52 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.09 | 0.08 | 0.09 | 0.09 | 0.10 |
| Net realized and unrealized gain (loss) | 2.15 | 3.52 | 0.89 | (1.56)<br>| 4.06 |
| Total investment operations | 2.24 | 3.60 | 0.98 | (1.47)<br>| 4.16 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.07)<br>| (0.09)<br>| (0.09)<br>| (0.09)<br>| (0.10)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>| (0.51)<br>| (1.94)<br>| (0.90)<br>|
| Total dividends and/or distributions to shareholders | (2.59)<br>| (0.88)<br>| (0.60)<br>| (2.03)<br>| (1.00)<br>|
| **Net asset value, end of year** | $12.93 | $13.28 | $10.56 | $10.18 | $13.68 |
| **Total return** | 19.87<br> %<br>| 35.69<br> %<br>| 10.12<br> %<br>| (12.73)%<br>| 41.88<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $849 | $1797 | $1303 | $2391 | $2800 |
| Expenses to average net assets<sup>(B)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.80<br> %<br>| 0.79<br> %<br>| 0.84<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.81<br> %<br>| 0.81<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>|
| Net investment income (loss) to average net assets | 0.72<br> %<br>| 0.68<br> %<br>| 0.89<br> %<br>| 0.78<br> %<br>| 0.77<br> %<br>|
| Portfolio turnover rate | 110<br> %<br>| 105<br> %<br>| 98<br> %<br>| 77<br> %<br>| 82<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br> **2025**<br>| **October 31,** <br> **2024**<br>| **October 31,** <br> **2023**<br>| **October 31,** <br> **2022**<br>| **October 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | $13.28 | $10.56 | $10.18 | $13.68 | $10.52 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.05 | 0.06 | 0.07 | 0.06 | 0.07 |
| Net realized and unrealized gain (loss) | 2.16 | 3.51 | 0.88 | (1.56)<br>| 4.06 |
| Total investment operations | 2.21 | 3.57 | 0.95 | (1.50)<br>| 4.13 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.05)<br>| (0.06)<br>| (0.06)<br>| (0.06)<br>| (0.07)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>| (0.51)<br>| (1.94)<br>| (0.90)<br>|
| Total dividends and/or distributions to shareholders | (2.57)<br>| (0.85)<br>| (0.57)<br>| (2.00)<br>| (0.97)<br>|
| **Net asset value, end of year** | $12.92 | $13.28 | $10.56 | $10.18 | $13.68 |
| **Total return** | 19.54<br> %<br>| 35.39<br> %<br>| 9.85<br> %<br>| (13.03)%<br>| 41.64<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $44504 | $63176 | $51216 | $49946 | $66418 |
| Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.05<br> %<br>| 1.03<br> %<br>| 1.08<br> %<br>| 1.02<br> %<br>| 1.01<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.05<br> %<br>| 1.03<br> %<br>| 1.06<br> %<br>| 1.02<br> %<br>| 1.01<br> %<br>|
| Net investment income (loss) to average net assets | 0.43<br> %<br>| 0.47<br> %<br>| 0.62<br> %<br>| 0.54<br> %<br>| 0.54<br> %<br>|
| Portfolio turnover rate | 110<br> %<br>| 105<br> %<br>| 98<br> %<br>| 77<br> %<br>| 82<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Large Core ESG (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.27 | $10.55 | $10.17 | $13.68 | $10.52 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.11 | 0.11 | 0.12 | 0.12 | 0.13 |
| Net realized and unrealized gain (loss) | 2.15 | 3.52 | 0.89 | (1.57)<br>| 4.06 |
| Total investment operations | 2.26 | 3.63 | 1.01 | (1.45)<br>| 4.19 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.11)<br>| (0.12)<br>| (0.12)<br>| (0.12)<br>| (0.13)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>| (0.51)<br>| (1.94)<br>| (0.90)<br>|
| Total dividends and/or distributions to shareholders | (2.63)<br>| (0.91)<br>| (0.63)<br>| (2.06)<br>| (1.03)<br>|
| **Net asset value, end of year** | $12.90 | $13.27 | $10.55 | $10.17 | $13.68 |
| **Total return** | 20.15<br> %<br>| 36.05<br> %<br>| 10.41<br> %<br>| (12.58)%<br>| 42.24<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $127921 | $128401 | $106910 | $109512 | $136168 |
| Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.55<br> %<br>| 0.54<br> %<br>| 0.59<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.55<br> %<br>| 0.56<br> %<br>| 0.56<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>|
| Net investment income (loss) to average net assets | 0.89<br> %<br>| 0.94<br> %<br>| 1.12<br> %<br>| 1.03<br> %<br>| 1.03<br> %<br>|
| Portfolio turnover rate | 110<br> %<br>| 105<br> %<br>| 98<br> %<br>| 77<br> %<br>| 82<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

------

**Transamerica Large Growth** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $14.17 | $9.42 | $8.92 | $20.40 | $16.94 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.07)<br>| (0.05)<br>| (0.03)<br>| (0.06)<br>| (0.11)<br>|
| Net realized and unrealized gain (loss) | 5.49 | 4.80 | 0.65 | (7.61)<br>| 6.39 |
| Total investment operations | 5.42 | 4.75 | 0.62 | (7.67)<br>| 6.28 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (2.86)<br>|  | (0.12)<br>| (3.81)<br>| (2.82)<br>|
| **Net asset value, end of year** | $16.73 | $14.17 | $9.42 | $8.92 | $20.40 |
| **Total return** | 42.92<br> %<br>| 50.42<br> %<br>| 7.07<br> %<br>| (45.34)%<br>| 39.52<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $169 | $1982 | $4362 | $16757 | $64361 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.98<br> %<br>| 0.96<br> %<br>| 0.97<br> %<br>| 0.95<br> %<br>| 0.94<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.91<br> % <sup>(B)</sup><br>| 0.90<br> %<br>| 0.91<br> %<sup>(B)</sup><br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Net investment income (loss) to average net assets | (0.43)%<br>| (0.42)%<br>| (0.33)%<br>| (0.53)%<br>| (0.58)%<br>|
| Portfolio turnover rate | 56<br> %<br>| 32<br> %<br>| 36<br> %<br>| 60<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Includes interest expense outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.80 | $9.20 | $8.75 | $20.13 | $16.79 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.12)<br>| (0.09)<br>| (0.06)<br>| (0.09)<br>| (0.16)<br>|
| Net realized and unrealized gain (loss) | 5.34 | 4.69 | 0.63 | (7.48)<br>| 6.32 |
| Total investment operations | 5.22 | 4.60 | 0.57 | (7.57)<br>| 6.16 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (2.86)<br>|  | (0.12)<br>| (3.81)<br>| (2.82)<br>|
| **Net asset value, end of year** | $16.16 | $13.80 | $9.20 | $8.75 | $20.13 |
| **Total return** | 42.56<br> %<br>| 50.00<br> %<br>| 6.63<br> %<br>| (45.47)%<br>| 39.11<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $114481 | $127060 | $92098 | $92615 | $200390 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.22<br> %<br>| 1.20<br> %<br>| 1.21<br> %<br>| 1.19<br> %<br>| 1.18<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.22<br> %<br>| 1.20<br> %<br>| 1.21<br> %<br>| 1.19<br> %<br>| 1.18<br> %<br>|
| Net investment income (loss) to average net assets | (0.87)%<br>| (0.75)%<br>| (0.65)%<br>| (0.81)%<br>| (0.86)%<br>|
| Portfolio turnover rate | 56<br> %<br>| 32<br> %<br>| 36<br> %<br>| 60<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $14.40 | $9.55 | $9.03 | $20.56 | $17.03 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.05)<br>| (0.03)<br>| (0.02)<br>| (0.04)<br>| (0.07)<br>|
| Net realized and unrealized gain (loss) | 5.61 | 4.88 | 0.66 | (7.68)<br>| 6.42 |
| Total investment operations | 5.56 | 4.85 | 0.64 | (7.72)<br>| 6.35 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (2.86)<br>|  | (0.12)<br>| (3.81)<br>| (2.82)<br>|
| **Net asset value, end of year** | $17.10 | $14.40 | $9.55 | $9.03 | $20.56 |
| **Total return** | 43.26<br> %<br>| 50.79<br> %<br>| 7.21<br> %<br>| (45.20)%<br>| 39.76<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $288842 | $336765 | $290665 | $303089 | $971642 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.71<br> %<br>| 0.72<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.71<br> %<br>| 0.72<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>|
| Net investment income (loss) to average net assets | (0.37)%<br>| (0.25)%<br>| (0.16)%<br>| (0.32)%<br>| (0.36)%<br>|
| Portfolio turnover rate | 56<br> %<br>| 32<br> %<br>| 36<br> %<br>| 60<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica Large Value Opportunities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $11.40 | $8.77 | $9.61 | $11.51 | $8.17 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.14 | 0.14 | 0.17 | 0.16 | 0.19 |
| Net realized and unrealized gain (loss) | 0.49 | 2.65 | (0.24)<br>| (0.28)<br>| 3.34 |
| Total investment operations | 0.63 | 2.79 | (0.07)<br>| (0.12)<br>| 3.53 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.15)<br>| (0.16)<br>| (0.16)<br>| (0.17)<br>| (0.19)<br>|
| Net realized gains | (2.05)<br>|  | (0.61)<br>| (1.61)<br>|  |
| Total dividends and/or distributions to shareholders | (2.20)<br>| (0.16)<br>| (0.77)<br>| (1.78)<br>| (0.19)<br>|
| **Net asset value, end of year** | $9.83 | $11.40 | $8.77 | $9.61 | $11.51 |
| **Total return** | 6.74<br> %<br>| 32.01<br> %<br>| (0.97)%<br>| (1.46)%<br>| 43.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $8747 | $10039 | $6968 | $9087 | $10065 |
| Expenses to average net assets<sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.75<br> %<br>| 0.75<br> % <sup>(C)</sup><br>| 0.75<br> %<sup>(C)</sup><br>| 0.75<br> %<sup>(C)</sup><br>| 0.75<br> %<br>|
| Net investment income (loss) to average net assets | 1.40<br> %<br>| 1.39<br> %<br>| 1.82<br> %<br>| 1.61<br> %<br>| 1.83<br> %<br>|
| Portfolio turnover rate | 123<br> %<br>| 114<br> %<br>| 111<br> %<br>| 119<br> %<br>| 117<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(C)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $11.39 | $8.77 | $9.61 | $11.50 | $8.17 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.12 | 0.12 | 0.15 | 0.14 | 0.16 |
| Net realized and unrealized gain (loss) | 0.49 | 2.63 | (0.24)<br>| (0.27)<br>| 3.33 |
| Total investment operations | 0.61 | 2.75 | (0.09)<br>| (0.13)<br>| 3.49 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.13)<br>| (0.14)<br>| (0.15)<br>| (0.16)<br>|
| Net realized gains | (2.05)<br>|  | (0.61)<br>| (1.61)<br>|  |
| Total dividends and/or distributions to shareholders | (2.17)<br>| (0.13)<br>| (0.75)<br>| (1.76)<br>| (0.16)<br>|
| **Net asset value, end of year** | $9.83 | $11.39 | $8.77 | $9.61 | $11.50 |
| **Total return** | 6.52<br> %<br>| 31.56<br> %<br>| (1.22)%<br>| (1.63)%<br>| 42.93<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $44105 | $64945 | $55174 | $61830 | $70159 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.01<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>| 0.98<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.00<br> %<sup>(C)</sup><br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 1.17<br> %<br>| 1.15<br> %<br>| 1.57<br> %<br>| 1.37<br> %<br>| 1.53<br> %<br>|
| Portfolio turnover rate | 123<br> %<br>| 114<br> %<br>| 111<br> %<br>| 119<br> %<br>| 117<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(C)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Large Value Opportunities (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $11.38 | $8.75 | $9.59 | $11.49 | $8.16 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.17 | 0.19 | 0.19 | 0.21 |
| Net realized and unrealized gain (loss) | 0.49 | 2.65 | (0.24)<br>| (0.28)<br>| 3.33 |
| Total investment operations | 0.65 | 2.82 | (0.05)<br>| (0.09)<br>| 3.54 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.19)<br>| (0.18)<br>| (0.20)<br>| (0.21)<br>|
| Net realized gains | (2.05)<br>|  | (0.61)<br>| (1.61)<br>|  |
| Total dividends and/or distributions to shareholders | (2.23)<br>| (0.19)<br>| (0.79)<br>| (1.81)<br>| (0.21)<br>|
| **Net asset value, end of year** | $9.80 | $11.38 | $8.75 | $9.59 | $11.49 |
| **Total return** | 6.93<br> %<br>| 32.39<br> %<br>| (0.72)%<br>| (1.20)%<br>| 43.70<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $185132 | $263302 | $224564 | $259718 | $313063 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.52<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.49<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.52<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.49<br> %<sup>(C)</sup><br>|
| Net investment income (loss) to average net assets | 1.65<br> %<br>| 1.65<br> %<br>| 2.07<br> %<br>| 1.87<br> %<br>| 2.04<br> %<br>|
| Portfolio turnover rate | 123<br> %<br>| 114<br> %<br>| 111<br> %<br>| 119<br> %<br>| 117<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(C)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

------

**Transamerica Mid Cap Growth** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.93 | $7.38 | $6.97 | $15.53 | $12.17 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.06)<br>| (0.06)<br>| (0.03)<br>| (0.04)<br>| (0.08)<br>|
| Net realized and unrealized gain (loss) | 1.66 | 2.61 | 0.44 | (4.17)<br>| 4.08 |
| Total investment operations | 1.60 | 2.55 | 0.41 | (4.21)<br>| 4.00 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| **Net asset value, end of year** | $11.12 | $9.93 | $7.38 | $6.97 | $15.53 |
| **Total return** | 16.52<br> %<br>| 34.55<br> %<br>| 5.88<br> %<br>| (35.26)%<br>| 33.59<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $424 | $59 | $145 | $127 | $192 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.10<br> %<br>| 1.05<br> %<br>| 1.02<br> %<br>| 1.03<br> %<br>| 1.01<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>|
| Net investment income (loss) to average net assets | (0.54)%<br>| (0.60)%<br>| (0.44)%<br>| (0.43)%<br>| (0.54)%<br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br> **2025**<br>| **October 31,** <br> **2024**<br>| **October 31,** <br> **2023**<br>| **October 31,** <br> **2022**<br>| **October 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | $9.62 | $7.17 | $6.79 | $15.29 | $12.03 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.10)<br>| (0.08)<br>| (0.06)<br>| (0.06)<br>| (0.12)<br>|
| Net realized and unrealized gain (loss) | 1.60 | 2.53 | 0.44 | (4.09)<br>| 4.02 |
| Total investment operations | 1.50 | 2.45 | 0.38 | (4.15)<br>| 3.90 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| **Net asset value, end of year** | $10.71 | $9.62 | $7.17 | $6.79 | $15.29 |
| **Total return** | 16.00<br> %<br>| 34.17<br> %<br>| 5.60<br> %<br>| (35.47)%<br>| 33.13<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $10468 | $17214 | $14056 | $14603 | $25582 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.35<br> %<br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.27<br> %<br>| 1.25<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.33<br> %<br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.27<br> %<br>| 1.25<br> %<br>|
| Net investment income (loss) to average net assets | (0.93)%<br>| (0.94)%<br>| (0.75)%<br>| (0.76)%<br>| (0.88)%<br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Mid Cap Growth (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.01 | $7.43 | $7.00 | $15.56 | $12.17 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.05)<br>| (0.04)<br>| (0.02)<br>| (0.02)<br>| (0.05)<br>|
| Net realized and unrealized gain (loss) | 1.67 | 2.62 | 0.45 | (4.19)<br>| 4.08 |
| Total investment operations | 1.62 | 2.58 | 0.43 | (4.21)<br>| 4.03 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| **Net asset value, end of year** | $11.22 | $10.01 | $7.43 | $7.00 | $15.56 |
| **Total return** | 16.59<br> %<br>| 34.72<br> %<br>| 6.14<br> %<br>| (35.11)%<br>| 33.64<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $9395 | $21705 | $19062 | $22531 | $36970 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.85<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.76<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.76<br> %<sup>(B)</sup><br>|
| Net investment income (loss) to average net assets | (0.42)%<br>| (0.44)%<br>| (0.25)%<br>| (0.26)%<br>| (0.38)%<br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

------

**Transamerica Mid Cap Value Opportunities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $11.85 | $10.34 | $11.15 | $14.92 | $10.19 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.15 | 0.13 | 0.12 | 0.08 | 0.06 |
| Net realized and unrealized gain (loss) | 0.51 | 1.91 | (0.22)<br>| (0.53)<br>| 4.77 |
| Total investment operations | 0.66 | 2.04 | (0.10)<br>| (0.45)<br>| 4.83 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.16)<br>| (0.10)<br>| (0.11)<br>| (0.05)<br>| (0.10)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (1.06)<br>| (0.53)<br>| (0.71)<br>| (3.32)<br>| (0.10)<br>|
| **Net asset value, end of year** | $11.45 | $11.85 | $10.34 | $11.15 | $14.92 |
| **Total return** | 6.17<br> %<br>| 20.17<br> %<br>| (0.95)%<br>| (3.99)%<br>| 47.83<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $23797 | $55605 | $50254 | $82892 | $116919 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Net investment income (loss) to average net assets | 1.30<br> %<br>| 1.16<br> %<br>| 1.12<br> %<br>| 0.67<br> %<br>| 0.40<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br> **2025**<br>| **October 31, 2024** | **October 31,** <br> **2023**<br>| **October 31, 2022** | **October 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | $11.79 | $10.29 | $11.10 | $14.86 | $10.15 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.11 | 0.09 | 0.08 | 0.04 | 0.01 |
| Net realized and unrealized gain (loss) | 0.51 | 1.90 | (0.22)<br>| (0.53)<br>| 4.77 |
| Total investment operations | 0.62 | 1.99 | (0.14)<br>| (0.49)<br>| 4.78 |
| **Contributions from affiliate** |  | 0.00<br> <sup>(B)(C)</sup><br>|  | 0.00<br> <sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.10)<br>| (0.06)<br>| (0.07)<br>| (0.00)<sup>(B)</sup><br>| (0.07)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (1.00)<br>| (0.49)<br>| (0.67)<br>| (3.27)<br>| (0.07)<br>|
| **Net asset value, end of year** | $11.41 | $11.79 | $10.29 | $11.10 | $14.86 |
| **Total return** | 5.87<br> %<br>| 19.76<br> %<sup>(C)</sup><br>| (1.31)%<br>| (4.34)%<sup>(D)</sup><br>| 47.20<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $33113 | $51470 | $47918 | $52688 | $58856 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.24<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.23<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.24<br> %<br>| 1.24<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>|
| Net investment income (loss) to average net assets | 1.02<br> %<br>| 0.82<br> %<br>| 0.71<br> %<br>| 0.33<br> %<br>| 0.07<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Mid Cap Value Opportunities (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $11.80 | $10.30 | $11.12 | $14.89 | $10.17 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.17 | 0.15 | 0.13 | 0.10 | 0.08 |
| Net realized and unrealized gain (loss) | 0.51 | 1.90 | (0.22)<br>| (0.52)<br>| 4.76 |
| Total investment operations | 0.68 | 2.05 | (0.09)<br>| (0.42)<br>| 4.84 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.12)<br>| (0.13)<br>| (0.08)<br>| (0.12)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (1.08)<br>| (0.55)<br>| (0.73)<br>| (3.35)<br>| (0.12)<br>|
| **Net asset value, end of year** | $11.40 | $11.80 | $10.30 | $11.12 | $14.89 |
| **Total return** | 6.41<br> %<br>| 20.35<br> %<br>| (0.85)%<br>| (3.81)%<br>| 48.03<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $51612 | $78336 | $80186 | $99003 | $128122 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>|
| Net investment income (loss) to average net assets | 1.51<br> %<br>| 1.32<br> %<br>| 1.22<br> %<br>| 0.83<br> %<br>| 0.60<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica Multi-Managed Balanced** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $35.71 | $29.46 | $28.53 | $32.40 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.45 | 0.46 | 0.40 | 0.16 |
| Net realized and unrealized gain (loss) | 3.97 | 7.10 | 1.52 | (3.88)<br>|
| Total investment operations | 4.42 | 7.56 | 1.92 | (3.72)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.46)<br>| (0.48)<br>| (0.43)<br>| (0.15)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>|  |
| Total dividends and/or distributions to shareholders | (2.58)<br>| (1.31)<br>| (0.99)<br>| (0.15)<br>|
| **Net asset value, end of year** | $37.55 | $35.71 | $29.46 | $28.53 |
| **Total return** | 13.14<br> %<br>| 26.15<br> %<br>| 6.83<br> %<br>| (11.47)%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of year (000's) | $2868 | $1919 | $826 | $113 |
| Expenses to average net assets |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.32<br> %<br>| 1.30<br> %<br>| 1.16<br> %<br>| 1.29<br> %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.21<br> %<br>| 1.20<br> %<br>| 1.16<br> %<sup>(E)</sup><br>| 1.03<br> %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 1.28<br> %<br>| 1.36<br> %<br>| 1.34<br> %<br>| 0.81<br> %<sup>(D)</sup><br>|
| Portfolio turnover rate <sup>(F)</sup> | 50<br> %<br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(F)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 148%, 137%, 133% and 128%, for the years ended October* *31, 2025, October 31, 2024, October 31, 2023 and October 31, 2022, respectively.*

------

**Transamerica Short-Term Bond** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $9.98 | $9.70 | $9.73 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.41 | 0.40 | 0.29 |
| Net realized and unrealized gain (loss) | 0.12 | 0.28 | (0.03) <sup>(C)</sup><br>|
| Total investment operations | 0.53 | 0.68 | 0.26 |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.42)<br>| (0.40)<br>| (0.29)<br>|
| **Net asset value, end of year** | $10.09 | $9.98 | $9.70 |
| **Total return** | 5.38<br> %<br>| 7.13<br> %<br>| 2.70<br> % <sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $33099 | $34088 | $30204 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.66<br> %<br>| 0.66<br> %<br>| 0.67<br> % <sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> % <sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.13<br> %<br>| 4.04<br> %<br>| 3.30<br> % <sup>(E)</sup><br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on December 9, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to* *the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br> **2025**<br>| **October 31,** <br> **2024**<br>| **October 31,** <br> **2023** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $9.98 | $9.70 | $9.73 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.38 | 0.37 | 0.26 |
| Net realized and unrealized gain (loss) | 0.12 | 0.29 | (0.02) <sup>(C)</sup><br>|
| Total investment operations | 0.50 | 0.66 | 0.24 |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.39)<br>| (0.38)<br>| (0.27)<br>|
| **Net asset value, end of year** | $10.09 | $9.98 | $9.70 |
| **Total return** | 5.10<br> %<br>| 6.85<br> %<br>| 2.46<br> %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $3136 | $8962 | $10280 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.91<br> %<br>| 0.91<br> %<br>| 0.91<br> %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.91<br> %<br>| 0.91<br> %<br>| 0.91<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 3.82<br> %<br>| 3.77<br> %<br>| 3.03<br> %<sup>(E)</sup><br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on December 9, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to* *the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Short-Term Bond (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup><br>|
| **Net asset value, beginning of year** | $9.80 | $9.52 | $9.56 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.43 | 0.42 | 0.30 |
| Net realized and unrealized gain (loss) | 0.11 | 0.28 | (0.03)<sup>(C)</sup><br>|
| Total investment operations | 0.54 | 0.70 | 0.27 |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.43)<br>| (0.42)<br>| (0.31)<br>|
| **Net asset value, end of year** | $9.91 | $9.80 | $9.52 |
| **Total return** | 5.65<br> %<br>| 7.44<br> %<br>| 2.91<br> %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $69142 | $94922 | $87545 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.41<br> %<br>| 0.42<br> %<br>| 0.42<br> %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.41<br> %<br>| 0.42<br> %<br>| 0.42<br> %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.35<br> %<br>| 4.28<br> %<br>| 3.53<br> %<sup>(E)</sup><br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on December 9, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to* *the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

------

**Transamerica Small Cap Growth** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $6.59 | $5.81 | $6.15 | $9.80 | $6.98 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.03)<br>| (0.03)<br>| (0.04)<br>| (0.05)<br>| (0.06)<br>|
| Net realized and unrealized gain (loss) | 0.28 | 1.11 | (0.06)<br>| (2.63)<br>| 3.55 |
| Total investment operations | 0.25 | 1.08 | (0.10)<br>| (2.68)<br>| 3.49 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $6.06 | $6.59 | $5.81 | $6.15 | $9.80 |
| **Total return** | 3.55<br> %<br>| 18.54<br> %<br>| (1.57)%<br>| (29.93)%<br>| 52.06<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $109 | $161 | $157 | $186 | $249 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.34<br> %<br>| 1.27<br> %<br>| 1.27<br> %<br>| 1.25<br> %<br>| 1.21<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>|
| Net investment income (loss) to average net assets | (0.42)%<br>| (0.44)%<br>| (0.60)%<br>| (0.69)%<br>| (0.65)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br> **2025**<br>| **October 31,** <br> **2024**<br>| **October 31,** <br> **2023**<br>| **October 31,** <br> **2022**<br>| **October 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | $6.36 | $5.63 | $5.99 | $9.60 | $6.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.04)<br>| (0.05)<br>| (0.06)<br>| (0.07)<br>| (0.08)<br>|
| Net realized and unrealized gain (loss) | 0.26 | 1.08 | (0.06)<br>| (2.57)<br>| 3.48 |
| Total investment operations | 0.22 | 1.03 | (0.12)<br>| (2.64)<br>| 3.40 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $5.80 | $6.36 | $5.63 | $5.99 | $9.60 |
| **Total return** | 3.18<br> %<br>| 18.23<br> %<br>| (1.96)%<br>| (30.16)%<br>| 51.54<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $5536 | $11224 | $10880 | $13897 | $21336 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.59<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>| 1.49<br> %<br>| 1.46<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.49<br> %<br>| 1.46<br> %<br>|
| Net investment income (loss) to average net assets | (0.74)%<br>| (0.79)%<br>| (0.95)%<br>| (1.03)%<br>| (0.98)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Small Cap Growth (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $6.68 | $5.88 | $6.21 | $9.87 | $7.01 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | (0.01)<br>| (0.02)<br>| (0.03)<br>| (0.04)<br>| (0.05)<br>|
| Net realized and unrealized gain (loss) | 0.26 | 1.12 | (0.06)<br>| (2.65)<br>| 3.58 |
| Total investment operations | 0.25 | 1.10 | (0.09)<br>| (2.69)<br>| 3.53 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $6.15 | $6.68 | $5.88 | $6.21 | $9.87 |
| **Total return** | 3.51<br> %<br>| 18.67<br> %<br>| (1.38)%<br>| (29.81)%<br>| 52.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $7403 | $19127 | $17942 | $22433 | $34682 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.09<br> %<br>| 1.02<br> %<br>| 1.02<br> %<br>| 1.00<br> %<br>| 0.96<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>|
| Net investment income (loss) to average net assets | (0.22)%<br>| (0.29)%<br>| (0.45)%<br>| (0.53)%<br>| (0.51)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**Transamerica Small Cap Value** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $6.30 | $4.79 | $6.70 | $13.07 | $8.23 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.05 | 0.03 | 0.03 | 0.04 | 0.02 |
| Net realized and unrealized gain (loss) | 0.20 | 1.64 | (0.79)<br>| (0.66)<br>| 4.83 |
| Total investment operations | 0.25 | 1.67 | (0.76)<br>| (0.62)<br>| 4.85 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.16)<br>| (0.06)<br>| (0.05)<br>| (0.01)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.38)<br>| (0.16)<br>| (1.15)<br>| (5.75)<br>| (0.01)<br>|
| **Net asset value, end of year** | $5.17 | $6.30 | $4.79 | $6.70 | $13.07 |
| **Total return** | 4.73<br> %<br>| 35.20<br> %<br>| (13.32)%<br>| (7.85)%<br>| 58.90<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $198 | $162 | $161 | $162 | $184 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.33<br> %<br>| 1.22<br> %<br>| 1.12<br> %<br>| 1.09<br> %<br>| 1.05<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>|
| Net investment income (loss) to average net assets | 0.89<br> %<br>| 0.57<br> %<br>| 0.50<br> %<br>| 0.59<br> %<br>| 0.20<br> %<br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br> **2025**<br>| **October 31,** <br> **2024**<br>| **October 31,** <br> **2023**<br>| **October 31,** <br> **2022**<br>| **October 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | $6.29 | $4.78 | $6.68 | $13.05 | $8.23 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.04 | 0.02 | 0.02 | 0.03 | 0.00<br> <sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.19 | 1.63 | (0.80)<br>| (0.67)<br>| 4.82 |
| Total investment operations | 0.23 | 1.65 | (0.78)<br>| (0.64)<br>| 4.82 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  | (0.14)<br>| (0.03)<br>| (0.03)<br>|  |
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.34)<br>| (0.14)<br>| (1.12)<br>| (5.73)<br>|  |
| **Net asset value, end of year** | $5.18 | $6.29 | $4.78 | $6.68 | $13.05 |
| **Total return** | 4.35<br> %<br>| 34.91<br> %<br>| (13.54)%<br>| (8.16)%<br>| 58.57<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $2951 | $6672 | $5388 | $7613 | $10125 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.57<br> %<br>| 1.47<br> %<br>| 1.36<br> %<br>| 1.34<br> %<br>| 1.29<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.39<br> %<br>| 1.39<br> %<br>| 1.36<br> %<br>| 1.34<br> %<br>| 1.29<br> %<br>|
| Net investment income (loss) to average net assets | 0.67<br> %<br>| 0.27<br> %<br>| 0.29<br> %<br>| 0.36<br> %<br>| 0.02<br> %<br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Transamerica Small Cap Value (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $6.31 | $4.79 | $6.70 | $13.10 | $8.24 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> | 0.06 | 0.04 | 0.04 | 0.06 | 0.06 |
| Net realized and unrealized gain (loss) | 0.20 | 1.65 | (0.79)<br>| (0.66)<br>| 4.83 |
| Total investment operations | 0.26 | 1.69 | (0.75)<br>| (0.60)<br>| 4.89 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.06)<br>| (0.17)<br>| (0.07)<br>| (0.10)<br>| (0.03)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.40)<br>| (0.17)<br>| (1.16)<br>| (5.80)<br>| (0.03)<br>|
| **Net asset value, end of year** | $5.17 | $6.31 | $4.79 | $6.70 | $13.10 |
| **Total return** | 4.86<br> %<br>| 35.70<br> %<br>| (13.12)%<br>| (7.70)%<br>| 59.37<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $7355 | $20179 | $16635 | $23917 | $31764 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.08<br> %<br>| 0.97<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.89<br> %<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>|
| Net investment income (loss) to average net assets | 1.20<br> %<br>| 0.78<br> %<br>| 0.80<br> %<br>| 0.85<br> %<br>| 0.52<br> %<br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

------

**List and Description of Certain Underlying Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

As described in this prospectus, under normal market conditions the assets of each Asset Allocation Fund are invested in underlying bond, stock and money market funds approximately as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Long-Term Expected Average Allocations** | **Long-Term Expected Average Allocations** | **Long-Term Expected Average Allocations** |
|  | **Bond**<br> **Funds**<br>| **Stock**<br> **Funds**<br>| **Government**<br> **Money Market**<br> **Fund**<br>|
| Transamerica Asset Allocation Intermediate Horizon | &nbsp;&nbsp; 49.8% | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 0.2% |
| Transamerica Asset Allocation Long Horizon | &nbsp;&nbsp; 9.8% | &nbsp;&nbsp; 90% | &nbsp;&nbsp; 0.2% |
| Transamerica Asset Allocation Short Horizon | &nbsp;&nbsp; 89.8% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 0.2% |

---

TAM selects the underlying funds and the relative amounts to be invested in them. The underlying bond funds reflect a mix of short-term bonds, intermediate-term bonds, and high yield bonds. The underlying stock funds reflect a mix of large, mid, and small cap domestic stocks as well as international stocks.

Currently, TAM seeks to allocate an Asset Allocation Fund's bond investments under the broad allocations listed above among sub-asset classes according to the following target percentages, under normal market conditions:

---

| | | |
|:---|:---|:---|
| **Sub-Asset Class** | &nbsp;&nbsp; **Potential Asset**<br> **Allocation Range**<br>| **Underlying Funds Available** |
| Intermediate-term bonds | 55 – 90% | &nbsp;&nbsp; Transamerica Core Bond<br> Transamerica Inflation Opportunities<br>|
| Short-term bonds | 0 – 25% | Transamerica Short-Term Bond |
| High-yield bonds | 0 – 20% | Transamerica High Yield Bond |

---

Currently, TAM seeks to allocate an Asset Allocation Fund's stock investments under the broad allocations listed above among sub-asset classes according to the following target percentages, under normal market conditions:

---

| | | |
|:---|:---|:---|
| **Sub-Asset Class** | &nbsp;&nbsp; **Potential Asset**<br> **Allocation Range**<br>| **Underlying Funds Available** |
| Large cap stocks | 35 – 70% | &nbsp;&nbsp; Transamerica Large Core ESG<br> Transamerica Large Value <br> Opportunities<br> Transamerica Large Growth<br>|
| Small and mid-cap stocks | 10 – 40% | &nbsp;&nbsp; Transamerica Mid Cap Growth<br> Transamerica Mid Cap Value <br> Opportunities<br> Transamerica Small Cap Value<br> Transamerica Small Cap Growth<br>|
| International stocks | 10 – 40% | Transamerica International Equity |

---

In the short-term, actual asset allocations may vary due to short-term changes in cash flows caused by purchases and redemptions in the Asset Allocation Funds. Under normal circumstances, each Asset Allocation Fund invests in Transamerica Government Money Market in minimal amounts for cash management and liquidity purposes. However, TAM may allocate the assets of each Asset Allocation Fund without limit to Transamerica Government Money Market in attempting to respond to adverse market, political or other conditions or to process a large purchase or redemption within an Asset Allocation Fund.

The Asset Allocation Funds are not required to invest in all of the underlying funds available, nor are they required to invest in any particular underlying Fund. TAM may change the overall asset allocations between underlying bond and stock funds at any time to reflect TAM's current strategy for asset allocation, and also may change the relative amounts invested in a particular sub-asset class, at any time. From time to time, TAM may select new or different underlying funds than those listed in this Appendix A, without prior approval or notice to shareholders.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**Both the investment returns and principal value of mutual funds will fluctuate over time so that shares, when redeemed, may be worth more or less than their original cost.** 

Transamerica Funds

1801 California Street, Suite 5200

Denver, CO 80202

Customer Service: 1-888-233-4339

Shareholder inquiries and transaction requests should be mailed to:

Transamerica Fund Services, Inc.

P.O. Box 219945

Kansas City, MO 64121-9945

ADDITIONAL INFORMATION about these funds is contained in the Statement of Additional Information dated March 1, 2026, as may be further supplemented or revised from time to time, in the annual and semi-annual reports to shareholders, and in Form N-CSR. The Statement of Additional Information is incorporated by reference into this prospectus.

Information about the funds (including the Statement of Additional Information) has been filed with and is available from the SEC. Copies of this information may be obtained after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. Reports and other information about the funds are also available on the SEC's Internet site at https://www.sec.gov.

To obtain a copy of the Statement of Additional Information or the annual and semi-annual reports, without charge, or to request other information or make other inquiries about the funds, call or write to Transamerica Funds at the phone number or address above or visit Transamerica Funds website at www.transamerica.com. In each Transamerica Fund annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each fund's performance during its last fiscal year. In Form N-CSR, you will find each fund's annual and semi-annual financial statements.

Each fund's most recently calculated net asset value per share is available on our website at www.transamerica.com.

www.transamerica.com

Sales Support: 1-800-851-7555

Distributor: Transamerica Capital, LLC

The Investment Company Act File Number for Transamerica Funds is 811-04556.

------

Transamerica Funds

Statement of Additional Information

**March 1, 2026** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp; **Class A**<br> **Ticker**<br>| &nbsp;&nbsp;&nbsp; **Class C**<br> **Ticker**<br>| &nbsp;&nbsp;&nbsp; **Class I**<br> **Ticker**<br>| &nbsp;&nbsp;&nbsp; **Class I2**<br> **Ticker**<br>| &nbsp;&nbsp;&nbsp; **Class R**<br> **Ticker**<br>| &nbsp;&nbsp;&nbsp; **Class R3**<br> **Ticker**<br>| &nbsp;&nbsp;&nbsp; **Class R6**<br> **Ticker**<br>|
| Transamerica Asset Allocation – Conservative <br> Portfolio<br>| ICLAX | ICLLX | TACIX | - | ICVRX | TAAJX | - |
| Transamerica Asset Allocation – Growth Portfolio | IAAAX | IAALX | TAGIX | - | IGWRX | TAAKX | - |
| Transamerica Asset Allocation – Moderate Growth <br> Portfolio<br>| IMLAX | IMLLX | TMGIX | - | IMGRX | TAALX | - |
| Transamerica Asset Allocation – Moderate Portfolio | IMOAX | IMOLX | TMMIX | - | IMDRX | TAAMX | - |
| Transamerica Bond | IDITX | IFLLX | TFXIX |  | \*\* | - | TAFLX |
| Transamerica Capital Growth | IALAX | ILLLX | TFOIX |  | \*\* | - | TCPWX |
| Transamerica Core Bond | TABDX | TABEX | TABGX |  | \*\* | - | TAGMX |
| Transamerica Emerging Markets Debt | EMTAX | EMTCX | EMTIX | IAADX | - | - | TAEDX |
| Transamerica Emerging Markets Equity | TEOAX\* | TEOCX\* | TEOIX | TEOJX | \*\* | TEOQX | TEOOX |
| Transamerica Energy Infrastructure | TMLAX | TMCLX | TMLPX |  | - | - | - |
| Transamerica Floating Rate | TFLAX | TFLCX | TFLIX |  | - |  | - |
| Transamerica Government Money Market | IATXX | IMLXX | TAMXX |  | - |  | - |
| Transamerica High Yield Bond | IHIYX | INCLX | TDHIX |  | \*\* |  | TAHBX |
| Transamerica High Yield Muni | THAYX | THCYX | THYIX | THYTX | - | - | - |
| Transamerica Inflation Opportunities | TIOAX | TIOCX | ITIOX |  | \*\* | - | RTIOX |
| Transamerica Intermediate Muni | TAMUX | TCMUX | TIMUX | TIMTX | - | - | - |
| Transamerica International Equity | TRWAX | TRWCX | TSWIX | TRWIX | \*\* | - | TAINX |
| Transamerica International Focus | TGRHX | TGRJX\* | TGRGX |  | - | - | TGRFX |
| Transamerica International Small Cap Value | - | - | TISVX |  | - | - | TSLSX |
| Transamerica International Stock | TIHAX | - | TIHBX | TIHIX | - | - | TIHJX |
| Transamerica Large Cap Value | TWQAX | TWQCX | TWQIX | TWQZX | - | - | TALCX |
| Transamerica Large Core ESG | TLACX | - | - | - | \*\* | - | TLASX |
| Transamerica Large Growth | - | - | - | - | \*\* | - | TAGDX |
| Transamerica Long Credit | TLCDX | TLCFX\* | TLCJX |  | - | - | TLCKX\* |
| Transamerica Mid Cap Growth | MCGAX | MGTCX | IMCGX |  | \*\* | - | TAGFX |
| Transamerica Mid Cap Value Opportunities | MCVAX | MCVCX | MVTIX | IAAEX | \*\* | - | MVTRX |
| Transamerica Multi-Asset Income | TASHX | TCSHX | TSHIX |  | - | - | - |
| Transamerica Multi-Managed Balanced | IBALX | IBLLX | TBLIX | None\* | \*\* | - | TAMMX |
| Transamerica Short-Term Bond | ITAAX | ITACX | TSTIX | TSIWX | \*\* | - | TASTX |
| Transamerica Small Cap Growth | ASGTX | CSGTX | ISCGX | TSPIX | \*\* | - | RTSGX |
| Transamerica Small Cap Value | TSLAX | TSLCX | TSLIX |  | \*\* | - | TSLRX |
| Transamerica Small/Mid Cap Value | IIVAX | IIVLX | TSVIX | TSMVX | - | - | TASMX |
| Transamerica Strategic Income | TUNAX | - | TUNIX |  | - | - | TUNRX |
| Transamerica Sustainable Equity Income | TDFAX | TDFCX | TDFIX | TRDIX | - | - | TADFX |
| Transamerica UltraShort Bond | TUSBX | TUSDX\* | TUSFX | - | - | - | TUSHX\* |
| Transamerica US Growth<sup>1</sup> <br>| TADAX | TADCX | TDEIX |  | - | - | TAGHX |

---

<sup>1</sup> Class T: TWMTX.

Each of the funds listed above is a series of Transamerica Funds. Each fund with "None" listed above indicates that share class does not have a ticker symbol. Each fund with "–" listed for a share class above indicates that share class is not a share class of the fund.

\* This class of the fund is not currently offered.

\*\* Class R shares of the fund are offered in a separate SAI.

This Statement of Additional Information ("SAI") is not a prospectus, and should be read in conjunction with the funds' prospectus dated March 1, 2026, as it may be supplemented or revised from time to time.

This SAI is incorporated by reference in its entirety into the prospectus. The prospectus and this SAI may be obtained free of charge by writing or calling the funds at the below address or toll-free telephone number. This SAI sets forth information that may be of interest to shareholders, but that is not necessarily included in the prospectus. Additional information about the funds' investments is available in the funds' Annual and Semi-Annual Reports to shareholders and in Form N-CSR, which may be obtained free of charge by writing or calling the funds at the below address or telephone number. The [funds' financial statements](https://www.sec.gov/ix?doc=/Archives/edgar/data/787623/000119312526004640/d66697dncsr.htm) are incorporated herein by reference.

**Investment Manager: Transamerica Asset Management, Inc.** 

1801 California Street, Suite 5200, Denver, CO 80202

Customer Service (888) 233-4339 (toll free)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**TABLE OF CONTENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Page** |
| [General Description of the Trust and the Funds](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_1) | 1 |
| [Investment Objectives, Policies, Practices and Associated Risk Factors](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_2) | 2 |
| [Investment Policies](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_2) | 2 |
| [Additional Information Regarding Investment Practices](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_4) | 4 |
| [Portfolio Turnover](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_36) | 36 |
| [Disclosure of Portfolio Holdings](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_37) | 37 |
| [Management of the Trust](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_40) | 40 |
| [Board Members and Officers](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_40) | 40 |
| [Trustee Ownership of Equity Securities](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_47) | 47 |
| [Trustee Compensation](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_49) | 49 |
| [Shareholder Communication Procedures with the Board of Trustees](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_50) | 50 |
| [Code of Ethics](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_50) | 50 |
| [Proxy Voting Policies and Procedures](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_50) | 50 |
| [Investment Management and Other Services](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_50) | 50 |
| [The Investment Manager](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_50) | 50 |
| [Conflicts of Interest](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_60) | 60 |
| [Sub-Advisers](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_63) | 63 |
| [Portfolio Manager Information](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_69) | 69 |
| [Transfer Agent](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_69) | 69 |
| [Custodian](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_69) | 69 |
| [Securities Lending Activities](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_69) | 69 |
| [Independent Registered Public Accounting Firm](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_70) | 70 |
| [Distributor and Distribution Plan](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_70) | 70 |
| [Dealer Reallowances](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_73) | 73 |
| [Purchase, Redemption and Pricing of Shares](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_75) | 75 |
| [Purchase of Shares](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_75) | 75 |
| [Retirement Plans](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_77) | 77 |
| [Redemption of Shares](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_77) | 77 |
| [Net Asset Valuation ("NAV") Determination](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_78) | 78 |
| [Brokerage](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_79) | 79 |
| [Principal Shareholders and Control Persons](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_85) | 85 |
| [Further Information About the Trust and the Funds](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_136) | 136 |
| [Dividends and Other Distributions](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_138) | 138 |
| [Taxes](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_138) | 138 |
| [Financial Statements](#xx_df9bae70-ff72-4326-9705-ba12061a5dd8_146) | 146 |
| [Appendix A – Proxy Voting Policies](#xx_97b3ab31-8efd-40c1-aa30-a1fb88bebb2d_1) | A-1 |
| [Appendix B – Portfolio Managers](#xx_7747e308-84aa-4bdb-93d3-d15625482dc3_1) | B-1 |
| [Appendix C – Securities Lending Activities](#xx_0dbbf1f6-e5c8-4f76-b96e-0202404df9d5_1) | C-1 |

---

------

**General Description of the Trust and the Funds**

Transamerica Funds (the "Trust") is an open-end management investment company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Shares of the Trust are currently divided into separate series (each a "fund" or together, the "funds") described herein. Each fund offers one or more classes. The Trust may create additional series and classes from time to time.

The Trust was organized as a Delaware statutory trust on February 25, 2005. Prior to March 1, 2008, the Trust's name was Transamerica IDEX Mutual Funds. The Trust is the successor to a Massachusetts business trust named Transamerica IDEX Mutual Funds.

Each fund is classified as diversified under the 1940 Act, except for Transamerica Emerging Markets Debt, Transamerica High Yield Muni and Transamerica Energy Infrastructure, which are classified as non-diversified.

Transamerica Asset Management, Inc. ("TAM" or the "Investment Manager") is the investment manager for each fund.

During the last five years, the names of certain funds have changed as follows:

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| | |
|:---|:---|
| **Fund Name** | **Fund Name History** |
| Transamerica Asset Allocation – Conservative Portfolio | N/A |
| Transamerica Asset Allocation – Growth Portfolio | N/A |
| Transamerica Asset Allocation – Moderate Growth Portfolio | N/A |
| Transamerica Asset Allocation – Moderate Portfolio | N/A |
| Transamerica Bond | N/A |
| Transamerica Capital Growth | N/A |
| Transamerica Core Bond | &nbsp;&nbsp; Transamerica Intermediate Bond was renamed Transamerica Core Bond on <br> November 1, 2022.<br>|
| Transamerica Emerging Markets Debt | N/A |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; Transamerica Emerging Markets Opportunities was renamed Transamerica <br> Emerging Markets Equity on August 30, 2024.<br>|
| Transamerica Energy Infrastructure | &nbsp;&nbsp; Transamerica MLP & Energy Income was renamed Transamerica Energy <br> Infrastructure on June 1, 2021.<br>|
| Transamerica Floating Rate | N/A |
| Transamerica Government Money Market | N/A |
| Transamerica High Yield Bond | N/A |
| Transamerica High Yield Muni | N/A |
| Transamerica Inflation Opportunities | N/A |
| Transamerica Intermediate Muni | N/A |
| Transamerica International Equity | N/A |
| Transamerica International Focus | &nbsp;&nbsp; Transamerica International Growth was renamed Transamerica International Focus <br> on November 1, 2021.<br>|
| Transamerica International Small Cap Value | N/A |
| Transamerica International Stock | N/A |
| Transamerica Large Cap Value | N/A |
| Transamerica Large Core ESG | &nbsp;&nbsp; Transamerica Large Core was renamed Transamerica Large Core ESG on March 1, <br> 2023.<br>|
| Transamerica Large Growth | N/A |
| Transamerica Long Credit\* | N/A |
| Transamerica Mid Cap Growth | N/A |
| Transamerica Mid Cap Value Opportunities | N/A |
| Transamerica Multi-Asset Income | N/A |
| Transamerica Multi-Managed Balanced | N/A |
| Transamerica Short-Term Bond | N/A |
| Transamerica Small Cap Growth | N/A |
| Transamerica Small Cap Value | N/A |
| Transamerica Small/Mid Cap Value | N/A |
| Transamerica Strategic Income | &nbsp;&nbsp; Transamerica Unconstrained Bond was renamed Transamerica Strategic Income on <br> March 1, 2025.<br>|
| Transamerica Sustainable Equity Income | &nbsp;&nbsp; Transamerica Dividend Focused was renamed Transamerica Sustainable Equity <br> Income on December 1, 2020.<br>|
| Transamerica UltraShort Bond\* | N/A |
| Transamerica US Growth | N/A |

---

The footnote reference below is intended for use as relevant to each applicable table included in this SAI:

\*

Transamerica Long Credit and Transamerica UltraShort Bond commenced operations on March 31, 2023, and as such, there is no historical information for the funds for fiscal years ended prior to that date.

------

**Investment Objectives, Policies, Practices and Associated Risk Factors** 

The investment objective of each fund and the strategies each fund employs to achieve its objective are described in each fund's prospectus. There can be no assurance that a fund will achieve its objective.

As indicated in each prospectus in the sections entitled "More on Each Fund's Strategies and Investments" and "Features and Policies - Additional Information," each fund's investment objective and, unless otherwise noted in the prospectus or in this SAI, its investment policies and techniques may be changed by the funds' Board of Trustees (the "Board") without approval of shareholders. A change in the investment objective or policies of a fund may result in the fund having an investment objective or policies different from those which a shareholder deemed appropriate at the time of investment.

**Investment Policies** 

**Fundamental Investment Policies** 

Fundamental investment policies of each fund may not be changed without the vote of a majority of the outstanding voting securities of the fund, defined under the 1940 Act as the lesser of (a) 67% or more of the voting securities of the fund present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities of the fund are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of the fund.

Each fund has adopted, except as otherwise noted, the following fundamental policies:

**1. Borrowing** 

The fund may not borrow money, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction.

**2. Underwriting Securities** 

The fund may not engage in the business of underwriting the securities of other issuers except as permitted by the 1940 Act.

**3. Making Loans** 

The fund may make loans only as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.

**4. Senior Securities** 

The fund may not issue any senior security, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted from time to time by regulatory authority having jurisdiction.

**5. Real Estate** 

The fund may not purchase or sell real estate except as permitted by the 1940 Act.

**6. Commodities** 

The fund may not purchase physical commodities or contracts relating to physical commodities, except as permitted from time to time under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction.

**7. Concentration of Investments** 

The fund may not make any investment if, as a result, the fund's investments will be concentrated in any one industry, as the relevant terms are used in the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

**The fundamental policy above relating to concentration does not pertain to Transamerica Energy Infrastructure.** 

**The following fundamental policy pertains to Transamerica Energy Infrastructure:** 

The fund may not make any investment if, as a result, the fund's investments will be concentrated in any one industry, as the relevant terms are used in the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time; except that the fund will concentrate in industries in the energy sector.

**Transamerica High Yield Muni and Transamerica Intermediate Muni have the following additional fundamental investment policy:** 

The fund will invest, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in investments the income from which will be exempt from federal income tax and the federal alternative minimum tax applicable to individuals.

Solely for purposes of the above fundamental investment policies, the "1940 Act" shall mean the Investment Company Act of 1940 and the rules and regulations thereunder, all as amended from time to time, or other successor law governing the regulation of investment companies, or interpretations or modifications thereof by the U.S. Securities and Exchange Commission (the "SEC"), SEC staff or other authority, or exemptive or other relief or permission from the SEC, SEC staff or other authority.

------

**Additional Information about Fundamental Investment Policies** 

The following provides additional information about each fund's fundamental investment policies. This information does not form part of the funds' fundamental investment policies.

With respect to the fundamental policy relating to borrowing money set forth in (1) above, the 1940 Act permits a fund to borrow money in amounts of up to one-third of the fund's total assets from banks for any purpose, and to borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes (the fund's total assets include the amounts being borrowed). To limit the risks attendant to borrowing, the 1940 Act requires the fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the fund's total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. In accordance with Rule 18f-4 under the 1940 Act, when a fund engages in reverse repurchase agreements and similar financing transactions, the fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions as "derivative transactions" under Rule 18f-4 and comply with Rule 18f-4 with respect to such transactions.

With respect to the fundamental policy relating to underwriting set forth in (2) above, the 1940 Act does not prohibit a fund from engaging in the underwriting business or from underwriting the securities of other issuers; in fact, the 1940 Act permits a fund to have underwriting commitments of up to 25% of its assets under certain circumstances. Those circumstances currently are that the amount of the fund's underwriting commitments, when added to the value of the fund's investments in issuers where the fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. A fund engaging in transactions involving the acquisition or disposition of portfolio securities may be considered to be an underwriter under the Securities Act of 1933, as amended (the "1933 Act"). Under the 1933 Act, an underwriter may be liable for material omissions or misstatements in an issuer's registration statement or prospectus. Securities purchased from an issuer and not registered for sale under the 1933 Act are considered restricted securities. If these securities are registered under the 1933 Act, they may then be eligible for sale but participating in the sale may subject the seller to underwriter liability. Although it is not believed that the application of the 1933 Act provisions described above would cause a fund to be engaged in the business of underwriting, the policy in (2) above will be interpreted not to prevent the fund from engaging in transactions involving the acquisition or disposition of portfolio securities, regardless of whether the fund may be considered to be an underwriter under the 1933 Act.

With respect to the fundamental policy relating to lending set forth in (3) above, the 1940 Act does not prohibit a fund from making loans; however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets. Each fund will be permitted by this policy to make loans of money, including to other funds, portfolio securities or other assets. Each fund has obtained exemptive relief from the SEC to make short term loans to other Transamerica funds through a credit facility in order to satisfy redemption requests or to cover unanticipated cash shortfalls; as discussed below under "Additional Information - Interfund Lending". The conditions of the SEC exemptive order permitting interfund lending are designed to minimize the risks associated with interfund lending, however no lending activity is without risk.

With respect to the fundamental policy relating to issuing senior securities set forth in (4) above, "senior securities" are defined as fund obligations that have a priority over the fund's shares with respect to the payment of dividends or the distribution of fund assets. The 1940 Act prohibits a fund from issuing senior securities, except that the fund may borrow money in amounts of up to one-third of the fund's total assets from banks for any purpose. A fund also may borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes, and these borrowings are not considered senior securities. The issuance of senior securities by a fund can increase the speculative character of the fund's outstanding shares through leveraging.

With respect to the fundamental policy relating to real estate set forth in (5) above, the 1940 Act does not prohibit a fund from owning real estate; however, a fund is limited in the amount of illiquid assets it may purchase. To the extent that investments in real estate are considered illiquid, rules under the 1940 Act generally limit a fund's purchases of illiquid investments to 15% of net assets. The policy in (5) above will be interpreted not to prevent a fund from investing in real estate-related companies, companies whose businesses consist in whole or in part of investing in real estate, mortgage-backed securities ("MBS") instruments (like mortgages) that are secured by real estate or interests therein, or real estate investment trust securities. Investing in real estate may involve risks, including that real estate is generally considered illiquid and may be difficult to value and sell. In addition, owners of real estate may be subject to various liabilities, including environmental liabilities.

With respect to the fundamental policy relating to commodities set forth in (6) above, the 1940 Act does not prohibit a fund from owning commodities, whether physical commodities and contracts related to physical commodities (such as oil or grains and related futures contracts), or financial commodities and contracts related to financial commodities (such as currencies and, possibly, currency futures). However, a fund is limited in the amount of illiquid assets it may purchase. To the extent that investments in commodities are considered illiquid, rules under the 1940 Act generally limit a fund's purchases of illiquid investments to 15% of net assets.

With respect to the fundamental policy relating to concentration set forth in (7) above, the 1940 Act does not define what constitutes "concentration" in an industry. The SEC staff has taken the position that investment of 25% or more of a fund's total assets in one or more issuers conducting their principal activities in the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration could change in the future. The policy in (7) above will be interpreted to refer to concentration as that term may be interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following: securities of the U.S. government and its agencies or instrumentalities; tax-exempt securities of state, territory, possession or municipal governments and their authorities, agencies, instrumentalities or political subdivisions (excluding private activity municipal securities backed principally by

------

non-governmental issuers); and repurchase agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be considered to be members of any industry. There also will be no limit on investment in issuers based solely on their domicile in a single jurisdiction or country as an issuer's domicile will not be considered an industry for purposes of the policy. A type of investment (e.g., equity securities, fixed-income securities, investment companies, etc.) will not be considered to be an industry under the policy. The policy also will be interpreted to give broad authority to a fund as to how to reasonably classify issuers within or among industries. For purposes of determining compliance with its concentration policy, each fund will consider the holdings of any underlying Transamerica-sponsored mutual funds in which the fund invests. The funds intend to comply with the SEC staff's view that securities issued by a foreign government constitute a single industry for purposes of calculating applicable limits on concentration.

The funds' fundamental policies are written and will be interpreted broadly. For example, the policies will be interpreted to refer to the 1940 Act and the related rules as they are in effect from time to time, and to interpretations and modifications of or relating to the 1940 Act by the SEC, its staff and others as they are given from time to time. When a policy provides that an investment practice may be conducted as permitted by the 1940 Act, the practice will be considered to be permitted if either the 1940 Act permits the practice or the 1940 Act does not prohibit the practice.

Except for the fundamental policy on borrowing set forth in (1) above, if any percentage restriction described above is complied with at the time of an investment, a later increase or decrease in the percentage resulting from a change in values or assets will not constitute a violation of such restriction.

The investment practices described above involve risks. Please see your fund's prospectus and this SAI for a description of certain of these risks.

**Non-Fundamental Policies** 

The funds have adopted the following non-fundamental policies, which may be changed by the Board of the Trust without shareholder approval.

**1.** **Illiquid investments (all funds)** 

No fund may purchase any investment if, as a result, more than 15% of its net assets (5% of total assets with respect to Transamerica Government Money Market) would be invested in illiquid investments.

**2.** **Purchasing securities on margin (all funds)** 

No fund may purchase securities on margin except to obtain such short-term credits as are necessary for the clearance of transactions, provided that margin payments and other deposits made in connection with transactions in options, futures contracts, swaps, forward contracts and other derivative instruments shall not constitute purchasing securities on margin.

**3.** **Underlying funds in funds-of-funds investment limitation (applicable funds: Transamerica Bond, Transamerica Core Bond, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Equity, Transamerica Energy Infrastructure, Transamerica Floating Rate, Transamerica High Yield Bond, Transamerica Inflation Opportunities, Transamerica International Equity, Transamerica International Small Cap Value, Transamerica International Stock, Transamerica Large Cap Value, Transamerica Large Core ESG, Transamerica Large Growth, Transamerica Long Credit, Transamerica Mid Cap Growth, Transamerica Mid Cap Value Opportunities, Transamerica Short-Term Bond, Transamerica Small Cap Growth, Transamerica Small Cap Value and Transamerica Strategic Income)** 

No fund may acquire any securities of registered open-end investment companies or registered unit investment trusts in reliance on the provisions of Section 12(d)(1)(F) or Section 12(d)(1)(G) of the Investment Company Act of 1940, as amended. This policy does not prevent a fund from investing in securities of registered open-end investment companies or registered unit investment trusts in reliance on any other provision of applicable law or regulation.

**Additional Information Regarding Investment Practices**

Each fund's principal investment strategies are set forth in its prospectus. This section further explains policies and strategies that may be utilized by the funds.

Please refer to each fund's prospectus and investment restrictions for the policies and strategies pertinent to a particular fund.

Unless otherwise indicated, all limitations applicable to fund investments (as stated in the prospectus and elsewhere in this SAI) apply only at the time a transaction is entered into. If a percentage limitation is complied with at the time of an investment, any subsequent change in percentage resulting from a change in values or assets, or a change in credit quality, will not constitute a violation of that limitation. There is no limit on the ability of a fund to make any type of investment or to invest in any type of security, except as expressly stated in the prospectus or in this SAI or as imposed by law. Derivative instruments are taken into account when determining compliance with a fund's 80% policy and any other investment limitations expressed as a percentage of assets.

------

**Debt Securities and Fixed-Income Investing** 

Debt securities include securities such as corporate bonds and debentures; commercial paper; trust preferreds, debt securities issued by the U.S. government, its agencies and instrumentalities; or foreign governments; asset-backed securities; collateralized-mortgage obligations ("CMOs"); zero coupon bonds; floating rate, inverse floating rate and index obligations; "strips"; structured notes; and pay-in-kind and step securities.

Fixed-income investing is the purchase of a debt security that maintains a level of income that does not change, at least for some period of time. When a debt security is purchased, the fund owns "debt" and becomes a creditor to the company or government.

Consistent with its investment policies, a fund may invest in debt securities, which may be referred to as fixed-income instruments. These may include securities issued by the U.S. government, its agencies or government-sponsored enterprises; corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper; mortgage-backed and other asset-backed securities; inflation-indexed bonds issued both by governments and corporations; structured notes, including hybrid or "indexed" securities, event-linked bonds and loan participations; delayed funding loans and revolving credit facilities; bank certificates of deposit ("CDs"), fixed time deposits and bankers' acceptances; repurchase agreements and reverse repurchase agreements; debt securities issued by state or local governments and their agencies, authorities and other government-sponsored enterprises; obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and obligations of international agencies or supranational entities. Consistent with its investment policies, a fund may invest in derivatives based on fixed-income instruments.

Generally, a fund uses the terms "debt security," "bond," "fixed-income instrument" and "fixed-income security" interchangeably, and these terms are interpreted broadly by a fund and include instruments that are intended to provide one or more of the characteristics of a direct investment in one or more debt securities. As new debt securities are developed, a fund may invest in those securities as well.

**Maturity and Duration:** The maturity of a fixed-income security is a measure of the time remaining until the final payment on the security is due. For simple fixed-income securities, duration indicates the average time at which the security's cash flows are to be received. For simple fixed-income securities with interest payments occurring prior to the payment of principal, duration is always less than maturity. For example, a current coupon bullet bond with a maturity of 3.5 years will have a duration of approximately three years. In general, the lower the stated or coupon rate of interest of a fixed-income security, the closer its duration will be to its final maturity; conversely, the higher the stated or coupon rate of interest of a fixed-income security, the shorter its duration will be compared to its final maturity. The determination of duration becomes more complex when fixed-income securities with features like floating coupon payments, optionality, prepayments, and structuring are evaluated. There are differing methodologies for computing effective duration prevailing in the industry. As a result, different investors may estimate duration differently.

Debt and fixed-income securities share three principal risks. First, the level of interest income generated by a fund's fixed-income investments may decline due to a decrease in market interest rates. If rates decline, when a fund's fixed-income securities mature or are sold, they may be replaced by lower-yielding investments. Second, the values of fixed-income securities fluctuate with changes in interest rates. A decrease in interest rates will generally result in an increase in the value of a fund's fixed-income investments. Conversely, during periods of rising interest rates, the value of a fund's fixed-income investments will generally decline. However, a change in interest rates will not have the same impact on all fixed rate securities. For example, the magnitude of these fluctuations will generally be greater when a fund's duration or average maturity is longer. Third, certain fixed-income securities are subject to credit risk, which is the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is unable to pay.

**Mortgage-Backed Securities** 

Mortgage-backed securities may be issued or guaranteed by the U.S. government, its agencies or instrumentalities, or private issuers such as banks, insurance companies, and savings and loans. Some of these securities, such as Government National Mortgage Association ("GNMA") certificates, are backed by the full faith and credit of the U.S. Treasury while others, such as Federal Home Loan Mortgage Corporation ("Freddie Mac") and Federal National Mortgage Association ("Fannie Mae") certificates, are not. The U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, but there can be no assurance that it will support these or other government-sponsored entities in the future.

Mortgage-backed securities represent interests in a pool of mortgages. Principal and interest payments made on the mortgages in the underlying mortgage pool are passed through to the fund. These securities are often subject to more rapid repayment than their stated maturity dates would indicate as a result of principal prepayments on the underlying loans. This can result in significantly greater price and yield volatility than with traditional fixed-income securities. During periods of declining interest rates, prepayments can be expected to accelerate which will shorten these securities' weighted average life and may lower their return. Conversely, in a rising interest rate environment, a declining prepayment rate will extend the weighted average life of these securities which generally would cause their values to fluctuate more widely in response to changes in interest rates.

The value of these securities also may change because of changes in the market's perception of the creditworthiness of the federal agency or private institution that issued or guarantees them. In addition, the mortgage securities market in general may be adversely affected by changes in governmental regulation or tax policies.

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Mortgage-backed securities that are issued or guaranteed by the U.S. government, its agencies or instrumentalities, are not subject to a fund's industry concentration restrictions, by virtue of the exclusion from that test available to all U.S. government securities. In the case of privately issued mortgage-related securities, a fund may take the position that mortgage-related securities do not represent interests in any particular "industry" or group of industries.

As noted above, there are a number of important differences among the agencies and instrumentalities of the U.S. government that issue mortgage related securities and among the securities that they issue. Mortgage-related securities issued by GNMA include GNMA Mortgage Pass-Through Certificates (also known as "Ginnie Maes") which are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the U.S. GNMA is a wholly owned U.S. government corporation within the Department of Housing and Urban Development. GNMA certificates also are supported by the authority of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae include Fannie Mae Guaranteed Mortgage Pass-Through Certificates (also known as "Fannie Maes") which are solely the obligations of Fannie Mae and are not backed by or entitled to the full faith and credit of the U.S. Fannie Mae is a government-sponsored organization owned entirely by private stockholders. Fannie Maes are guaranteed as to the timely payment of the principal and interest by Fannie Mae. Mortgage-related securities issued by Freddie Mac include Freddie Mac Mortgage Participation Certificates (also known as "Freddie Macs" or "PCs"). Freddie Mac is a corporate instrumentality of the U.S., created pursuant to an act of Congress, which is owned entirely by Federal Home Loan Banks. Freddie Macs are not guaranteed by the U.S. or by any Federal Home Loan Banks and do not constitute a debt or obligation of the U.S. or of any Federal Home Loan Bank. Freddie Macs entitle the holder to the timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac guarantees either ultimate collection or the timely payment of all principal payments on the underlying mortgage loans. When Freddie Mac does not guarantee timely payment of principal, Freddie Mac may remit the amount due on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but in no event later than one year after it becomes payable.

CMOs, which are debt obligations collateralized by mortgage loans or mortgage pass-through securities, provide the holder with a specified interest in the cash flow of a pool of underlying mortgages or other mortgage-backed securities. Issuers of CMOs frequently elect to be taxed as pass-through entities known as real estate mortgage investment conduits. CMOs are issued in multiple classes, each with a specified fixed or floating interest rate and a final distribution date. The relative payment rights of the various CMO classes may be structured in many ways. In most cases, however, payments of principal are applied to the CMO classes in the order of their respective stated maturities, so that no principal payments will be made on a CMO class until all other classes having an earlier stated maturity date are paid in full. The classes may include accrual certificates (also known as "Z-Bonds"), which only accrue interest at a specified rate until other specified classes have been retired and are converted thereafter to interest-paying securities. They may also include planned amortization classes which generally require, within certain limits, that specified amounts of principal be applied on each payment date, and generally exhibit less yield and market volatility than other classes. In many cases, CMOs are issued or guaranteed by the U.S. government or its agencies or instrumentalities or may be collateralized by a fund of mortgages or mortgage-related securities guaranteed by such an agency or instrumentality. Certain CMOs in which a fund may invest are not guaranteed by the U.S. government or its agencies or instrumentalities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS may be issued by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a fund's yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a fund may fail to recoup some or all of its initial investment in these securities even if the security is in one of the highest rating categories.

The repayment of certain mortgage-related securities depends primarily on the cash collections received from the issuer's underlying asset portfolio and, in certain cases, the issuer's ability to issue replacement securities (such as asset-backed commercial paper). As a result, a fund could experience losses in the event of credit or market value deterioration in the issuer's underlying portfolio, mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations of maturing securities, or the issuer's inability to issue new or replacement securities. This is also true for other asset-backed securities. Upon the occurrence of certain triggering events or defaults, the investors in a security held by a fund may become the holders of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. If mortgage-backed securities or asset-backed securities are bought at a discount, however, both scheduled payments of principal and unscheduled prepayments will increase current and total returns and will accelerate the recognition of income.

Unlike mortgage-backed securities issued or guaranteed by the U.S. government or one of its sponsored entities, mortgage-backed securities issued by private issuers do not have a government or government-sponsored entity guarantee, but may have credit enhancement provided by external entities such as banks or financial institutions or achieved through the structuring of the transaction itself. Examples of such credit support arising out of the structure of the transaction include the issue of senior and subordinated securities (e.g., the issuance of securities by a special purpose vehicle in multiple classes or "tranches," with one or more classes being senior to other subordinated classes as to the payment of principal and interest, with the result that defaults on the underlying mortgage loans are borne first by the holders of the subordinated class); creation of "reserve funds" (in which case cash or investments, sometimes funded from a portion of the payments on the

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underlying mortgage loans, are held in reserve against future losses); and "over-collateralization" (in which case the scheduled payments on, or the principal amount of, the underlying mortgage loans exceeds that required to make payment of the securities and pay any servicing or other fees). However, there can be no guarantee that credit enhancements, if any, will be sufficient to prevent losses in the event of defaults on the underlying mortgage loans. A fund may also buy mortgage-backed securities without insurance or guarantees.

If a fund purchases subordinated mortgage-backed securities, the payments of principal and interest on the fund's subordinated securities generally will be made only after payments are made to the holders of securities senior to the fund's securities. Therefore, if there are defaults on the underlying mortgage loans, a fund will be less likely to receive payments of principal and interest, and will be more likely to suffer a loss. Privately issued mortgage-backed securities are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, mortgage-backed securities held in a fund may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans.

In addition, mortgage-backed securities that are issued by private issuers are not subject to the underwriting requirements for the underlying mortgages that are applicable to those mortgage-backed securities that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage-backed securities may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored mortgage-backed securities and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon rates and maturities of the underlying mortgage loans in a private-label mortgage-backed securities pool may vary to a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans. For these reasons, the loans underlying these securities have had, in many cases, higher default rates than those loans that meet government underwriting requirements.

The risk of non-payment is greater for mortgage-backed securities that are backed by mortgage pools that contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage payments by holders of adjustable rate mortgages.

A fund may invest in mortgage-related securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, and by private issuers entities, provided, however, that to the extent that a fund purchases mortgage-related securities from such issuers which may, solely for purposes of the 1940 Act, be deemed to be investment companies, the fund's investment in such securities will be subject to the limitations on its investment in investment company securities.

**Asset-Backed Securities** 

Asset-backed securities are generally issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pool of assets, or as debt instruments, which are generally issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. The pool of assets generally represents the obligations of a number of different parties.

Asset-backed securities have many of the same characteristics and risks as the mortgage-backed securities described above, except that asset-backed securities may be backed by non-real-estate loans, leases or receivables such as auto, credit card or home equity loans.

Non-mortgage asset-backed securities are not issued or guaranteed by the U.S. government or its agencies or government-sponsored entities; however, the payment of principal and interest on such obligations may be guaranteed up to certain amounts and for a certain time period by a letter of credit issued by a financial institution (such as a bank or insurance company) which may be affiliated or unaffiliated with the issuers of such securities. In addition, such securities generally will have remaining estimated lives at the time of purchase of five years or less.

Asset-backed securities frequently carry credit protection in the form of extra collateral, subordinated certificates, cash reserve accounts, letters of credit or other enhancements. For example, payments of principal and interest may be guaranteed up to certain amounts and for a certain time period by a letter of credit or other enhancement issued by a financial institution. Assets that have been used to back asset-backed securities include motor vehicle installment sales contracts or installment loans secured by motor vehicles, and receivables from revolving credit (credit card) agreements. Other types of asset-backed securities include those that represent interest in pools of corporate bonds (such as collateralized bond obligations or "CBOs"), bank loans (such as collateralized loan obligations or "CLOs") and other debt obligations (such as collateralized debt obligations or "CDOs").

Asset-backed security values may also be affected by factors such as changes in interest rates, the availability of information concerning the pool and its structure, the creditworthiness of the servicing agent for the loan pool, the originator of the loans, or the financial institution providing any credit enhancement and the exhaustion of any credit enhancement. The risks of investing in asset-backed securities depend upon payment of the underlying loans by the individual borrowers (i.e., the backing asset). In its capacity as purchaser of an asset-backed security, a fund would generally have no recourse to the entity that originated the loans in the event of default by the borrower. If a letter of credit or other form of credit enhancement is exhausted or otherwise unavailable, holders of asset-backed securities may experience delays in payments or losses if the full amounts due on underlying assets are not realized. Asset-backed securities may also present certain additional risks related to the particular type of collateral. For example, credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed

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on the credit cards, thereby reducing the balance due. Asset-backed securities are also subject to prepayment risk, which may shorten the weighted average life of such securities and may lower their return. In addition, asset backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Asset-backed securities may be subject to greater risk of default during periods of economic downturn than other securities, which could result in possible losses to a fund. In addition, the secondary market for asset-backed securities may not be as liquid as the market for other securities which may result in a fund's experiencing difficulty in selling or valuing asset-backed securities.

**Corporate Debt Securities** 

Corporate debt securities exist in great variety, differing from one another in quality, maturity, and call or other provisions. Lower-grade bonds, whether rated or unrated, usually offer higher interest income, but also carry increased risk of default. Corporate bonds may be secured or unsecured, senior to or subordinated to other debt of the issuer, and, occasionally, may be guaranteed by another entity. In addition, they may carry other features, such as those described under "Convertible Securities" and "Variable or Floating Rate Securities," or have special features such as the right of the holder to shorten or lengthen the maturity of a given debt instrument, rights to purchase additional securities, rights to elect from among two or more currencies in which to receive interest or principal payments, or provisions permitting the holder to participate in earnings of the issuer or to participate in the value of some specified commodity, financial index, or other measure of value.

**Commercial Paper** 

Commercial paper refers to short-term unsecured promissory notes issued by commercial and industrial corporations to finance their current operations. Commercial paper may be issued at a discount and redeemed at par, or issued at par with interest added at maturity. The interest or discount rate depends on general interest rates, the credit standing of the issuer, and the maturity of the note, and generally moves in tandem with rates on large CDs and Treasury bills. An established secondary market exists for commercial paper, particularly that of stronger issuers which are rated by Moody's Investors Service ("Moody's") and Standard & Poor's Rating Group ("S&P"). Investments in commercial paper are subject to the risks that general interest rates will rise, that the credit standing or rating of the issuer will fall, or that the secondary market in the issuer's notes will become too limited to permit their liquidation at a reasonable price.

Commercial paper includes asset-backed commercial paper ("ABCP") that is issued by structured investment vehicles or other conduits. These conduits may be sponsored by mortgage companies, investment banking firms, finance companies, hedge funds, private equity firms and special purpose finance entities. ABCP typically refers to a debt security with an original term to maturity of up to 270 days, the payment of which is supported by cash flows from underlying assets, or one or more liquidity or credit support providers, or both. Assets backing ABCP, which may be included in revolving pools of assets with large numbers of obligors, include credit card, car loan and other consumer receivables and home or commercial mortgages, including subprime mortgages. The repayment of ABCP issued by a conduit depends primarily on the cash collections received from the conduit's underlying asset portfolio and the conduit's ability to issue new ABCP. Therefore, there could be losses to a fund investing in ABCP in the event of credit or market value deterioration in the conduit's underlying portfolio, mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations of maturing ABCP, or the conduit's inability to issue new ABCP. To protect investors from these risks, ABCP programs may be structured with various protections, such as credit enhancement, liquidity support, and commercial paper stop-issuance and wind-down triggers. However, there can be no guarantee that these protections will be sufficient to prevent losses to investors in ABCP.

Some ABCP programs provide for an extension of the maturity date of the ABCP if, on the related maturity date, the conduit is unable to access sufficient liquidity through the issue of additional ABCP. This may delay the sale of the underlying collateral, and a fund may incur a loss if the value of the collateral deteriorates during the extension period. Alternatively, if collateral for ABCP deteriorates in value, the collateral may be required to be sold at inopportune times or at prices insufficient to repay the principal and interest on the ABCP. ABCP programs may provide for the issuance of subordinated notes as an additional form of credit enhancement. The subordinated notes are typically of a lower credit quality and have a higher risk of default. A fund purchasing these subordinated notes will therefore have a higher likelihood of loss than investors in the senior notes.

**Bank Obligations** 

Bank obligations include dollar-denominated CDs, time deposits and bankers' acceptances and other short-term debt obligations issued by domestic banks, foreign subsidiaries or foreign branches of domestic banks, domestic and foreign branches of foreign banks, domestic savings and loan associations and other banking institutions. CDs are short-term, unsecured, negotiable obligations of commercial banks. Time deposits are non-negotiable deposits maintained in banks for specified periods of time at stated interest rates. Bankers' acceptances are negotiable time drafts drawn on commercial banks usually in connection with international transactions.

Domestic commercial banks organized under federal law are supervised and examined by the Comptroller of the Currency and are required to be members of the Federal Reserve System and to be insured by the Federal Deposit Insurance Corporation ("FDIC"). Domestic banks organized under state law are supervised and examined by state banking authorities, but are members of the Federal Reserve System only if they elect to join. Most state institutions are insured by the FDIC (although such insurance may not be of material benefit to a fund, depending upon the principal amount of obligations of each held by the fund) and are subject to federal examination and to a substantial body

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of federal law and regulation. As a result of federal and state laws and regulations, domestic banks are, among other things, generally required to maintain specified levels of reserves and are subject to other supervision and regulation designed to promote financial soundness. However, not all of such laws and regulations apply to the foreign branches of domestic banks.

Obligations of foreign branches and subsidiaries of domestic banks and foreign branches of foreign banks, such as CDs and time deposits, may be general obligations of the parent bank in addition to the issuing branch, or may be limited by the terms of a specific obligation and governmental regulation. Such obligations are subject to different risks than are those of domestic banks or domestic branches of foreign banks. These risks include foreign economic and political developments, foreign governmental restrictions that may adversely affect payment of principal and interest on the obligations, foreign exchange controls and foreign withholding and other taxes on interest income. Foreign branches of domestic banks and foreign branches of foreign banks are not necessarily subject to the same or similar regulatory requirements that apply to domestic banks, such as mandatory reserve requirements, loan limitations and accounting, auditing and financial recordkeeping requirements. In addition, less information may be publicly available about a foreign branch of a domestic bank or about a foreign bank than about a domestic bank.

Obligations of domestic branches of foreign banks may be general obligations of the parent bank, in addition to the issuing branch, or may be limited by the terms of a specific obligation and by state and federal regulation as well as governmental action in the country in which the foreign bank has its head office. A domestic branch of a foreign bank with assets in excess of $1 billion may or may not be subject to reserve requirements imposed by the Federal Reserve System or by the state in which the branch is located if the branch is licensed in that state. In addition, branches licensed by the Comptroller of the Currency and branches licensed by certain states ("State Branches") may or may not be required to: (i) pledge to the regulator, by depositing assets with a designated bank within the state; and (ii) maintain assets within the state in an amount equal to a specified percentage of the aggregate amount of liabilities of the foreign bank payable at or through all of its agencies or branches within the state. The deposits of State Branches may not necessarily be insured by the FDIC. In addition, there may be less publicly available information about a domestic branch of a foreign bank than about a domestic bank.

**Bank Capital Securities:** Bank capital securities are issued by banks to help fulfill their regulatory capital requirements. There are two common types of bank capital: Tier I and Tier II. Bank capital is generally, but not always, of investment grade quality. Tier I securities often take the form of trust preferred securities. Tier II securities are commonly thought of as hybrids of debt and preferred stock, are often perpetual (with no maturity date), callable and, under certain conditions, allow for the issuer bank to withhold payment of interest until a later date.

**Collateralized Debt Obligations** 

Collateralized debt obligations ("CDOs") include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust or other special purpose entity ("SPE") which is typically backed by a diversified pool of fixed-income securities (which may include high-risk, below-investment-grade securities). A CLO is a trust or other SPE that is typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Although certain CDOs may receive credit enhancement in the form of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be present, and may fail to protect a fund against the risk of loss on default of the collateral. Certain CDOs may use derivatives contracts to create "synthetic" exposure to assets rather than holding such assets directly. CDOs may charge management fees and administrative expenses, which are in addition to those of a fund.

For both CBOs and CLOs, the cashflows from the SPE are split into two or more portions, called tranches, which vary in risk and yield. The riskier portions are the residual, equity, and subordinate tranches, which bear some or all of the risk of default by the bonds or loans in the trust, and therefore protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically has higher ratings and lower yields than its underlying securities, and can be rated investment grade. Despite the protection from the riskier tranches, senior CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default, the total loss of the riskier tranches due to losses in the collateral, market anticipation of defaults, fraud by the trust, the illiquidity of CBO or CLO securities, and investor aversion to CBO or CLO securities as a class. Interest on certain tranches of a CDO may be paid in kind (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments.

The risks of an investment in a CDO depend largely on the type of underlying collateral securities and the tranche of the CDO in which a fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by a fund as illiquid investments. However, an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the risks typically associated with fixed-income securities discussed elsewhere in this SAI and a fund's prospectus (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the collateral may decline in value or default; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) the CDO's manager may perform poorly.

**Zero Coupon, Step Coupon, Deferred Payment, Stripped and Pay-In-Kind Securities** 

Zero coupon bonds are issued and traded at a discount from their face values. They do not entitle the holder to any periodic payment of interest prior to maturity. Step coupon bonds are issued and trade at a discount from their face values and pay coupon interest. The coupon

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rate typically is low for an initial period and then increases to a higher coupon rate thereafter. Deferred payment securities are securities that remain zero coupon securities until a predetermined date, at which time the stated coupon rate becomes effective and interest becomes payable at regular intervals. The discount from the face amount or par value depends on the time remaining until cash payments begin, prevailing interest rates, liquidity of the security and the perceived credit quality of the issuer. Stripped securities are securities that are stripped of their interest after the securities are issued, but otherwise are comparable to zero coupon bonds. Pay-in-kind securities may pay all or a portion of their interest or dividends in the form of additional securities. Upon maturity, the holder is entitled to receive the aggregate par value of the securities.

Federal income tax law requires holders of zero coupon, step coupon and deferred payment securities to report the portion of the original issue discount on such securities that accrues that year as interest income, even if prior to the receipt of the corresponding cash payment. In order to avoid a fund-level tax, a fund must distribute each year substantially all of its taxable income, including original issue discount accrued on zero coupon, step coupon or deferred payment securities. Because a fund may not receive full or even any cash payments on a current basis in respect of accrued original-issue discount on zero coupon, step coupon or deferred payment securities, in some years a fund may have to distribute cash obtained from other sources in order to satisfy those distribution requirements. A fund might obtain such cash from selling other fund holdings. These actions may reduce the assets to which a fund's expenses could be allocated and may reduce the rate of return for the fund. In some circumstances, such sales might be necessary in order to satisfy cash distribution requirements even though investment considerations might otherwise make it undesirable for the fund to sell the securities at the time.

Generally, the market prices of zero coupon, step coupon, deferred payment, stripped and pay-in-kind securities are more volatile than the prices of securities that pay interest periodically and in cash and are likely to respond to changes in interest rates to a greater degree than other types of debt securities having similar maturities and credit quality. Investments in zero coupon and step coupon bonds may be more speculative and subject to greater fluctuations in value because of changes in interest rates than bonds that pay interest currently.

**Repurchase Agreements** 

In a repurchase agreement, a fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date within a number of days (usually not more than seven) from the date of purchase. The resale price reflects the purchase price plus an agreed-upon incremental amount which typically is unrelated to the coupon rate or maturity of the purchased security and represents compensation to the seller for use of the purchased security. A repurchase agreement involves the obligation of the seller to pay the agreed-upon price, which obligation is in effect secured by the value (at least equal to the amount of the agreed-upon resale price and marked-to-market daily) of the underlying security or collateral. All repurchase agreements entered into by a fund are fully collateralized at all times during the period of the agreement.

Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, a fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. Repurchase agreements involve risks in the event of default or insolvency of the other party, including possible delays or restrictions upon a fund's ability to dispose of the underlying securities, the risk of a possible decline in the value of the underlying securities during the period in which the fund seeks to assert its right to them, the risk of incurring expenses associated with asserting those rights and the risk of losing all or part of the income from the agreement.

A fund may, together with other registered investment companies managed by the fund's sub-adviser or its affiliates, transfer uninvested cash balances into a single joint account, the daily aggregate balance of which will be invested in one or more repurchase agreements, including tri-party subcustody repurchase arrangements.

**Convertible Securities** 

Convertible securities are fixed-income securities that may be converted at either a stated price or stated rate into underlying shares of common stock. Convertible securities have general characteristics similar to both fixed-income and equity securities. Although to a lesser extent than with fixed-income securities generally, the market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying common stocks and, therefore, also will react to variations in the general market for equity securities. A significant feature of convertible securities is that as the market price of the underlying common stock declines, convertible securities tend to trade increasingly on a yield basis, and so they may not experience market value declines to the same extent as the underlying common stock. When the market price of the underlying common stock increases, the prices of the convertible securities tend to rise as a reflection of the value of the underlying common stock.

As fixed-income securities, convertible securities provide for a stream of income. The yields on convertible securities generally are higher than those of common stocks. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. However, a convertible security offers the potential for capital appreciation through the conversion feature, enabling the holder to benefit from increases in the market price of the underlying common stock.

Convertible securities generally are subordinated to other similar but non-convertible securities of the same issuer, although convertible bonds, as corporate debt obligations, enjoy seniority in right of payment to all equity securities, and convertible preferred stock is senior to common stock of the same issuer. Because of the subordination feature, however, convertible securities typically have lower ratings than similar non-convertible securities.

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DECS ("Dividend Enhanced Convertible Stock," or "Debt Exchangeable for Common Stock" when-issued as a debt security) offer a substantial dividend advantage with the possibility of unlimited upside potential if the price of the underlying common stock exceeds a certain level. DECS convert to common stock at maturity. The amount received is dependent on the price of the common stock at the time of maturity. DECS contain two call options at different strike prices. The DECS participate with the common stock up to the first call price. They are effectively capped at that point unless the common stock rises above a second price point, at which time they participate with unlimited upside potential.

PERCS ("Preferred Equity Redeemable Stock," convert into an equity issue that pays a high cash dividend, has a cap price and mandatory conversion to common stock at maturity) offer a substantial dividend advantage, but have capital appreciation potential limited to a predetermined level. PERCS are less risky and less volatile than the underlying common stock because their superior income mitigates declines when the common stock falls, while the cap price limits gains when the common stock rises.

In evaluating investment in a convertible security, primary emphasis will be given to the attractiveness of the underlying common stock. The convertible debt securities in which a fund may invest are subject to the same rating criteria as the fund's investment in non-convertible debt securities.

A fund will limit its holdings of convertible debt securities to those that, at the time of purchase, are rated at least B- by S&P or B3 by Moody's or B- by Fitch, Inc., or, if not rated by S&P, Moody's or Fitch, are of equivalent investment quality as determined by the sub-adviser.

**High Yield Securities** 

Debt securities rated below investment grade (lower than Baa as determined by Moody's, lower than BBB as determined by S&P or Fitch, Inc.) or, if unrated, determined to be below investment grade by a fund's sub-adviser, are commonly referred to as "lower grade debt securities" or "junk bonds." Generally, such securities offer a higher current yield than is offered by higher rated securities, but also are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. The market values of certain of these securities also tend to be more sensitive to individual corporate developments and changes in economic conditions than higher quality bonds. In addition, medium and lower rated securities and comparable unrated securities generally present a higher degree of credit risk. Lower grade debt securities generally are unsecured and frequently subordinated to the prior payment of senior indebtedness. In addition, the market value of securities in lower rated categories is more volatile than that of higher quality securities, and the markets in which medium and lower rated securities are traded are more limited than those in which higher rated securities are traded. The existence of limited markets may make it more difficult for a fund to obtain accurate market quotations for purposes of valuing its securities and calculating its net asset value. Moreover, the lack of a liquid trading market may restrict the availability of securities for a fund to purchase and may also have the effect of limiting the ability of a fund to sell securities at their fair value either to meet redemption requests or to respond to changes in the economy or the financial markets. These liquidity constraints may be exacerbated during periods of market stress.

Lower rated debt securities also present risks based on payment expectations. If an issuer calls the obligation for redemption, a fund may have to replace the security with a lower yielding security, resulting in a decreased return for investors. Also, the principal value of bonds moves inversely with movements in interest rates; in the event of rising interest rates, the value of the securities held by a fund may decline more than a fund consisting of higher rated securities. If a fund experiences unexpected net redemptions, it may be forced to sell its higher rated bonds, resulting in a decline in the overall credit quality of the securities held by the fund and increasing the exposure of the fund to the risks of lower rated securities.

Subsequent to its purchase by a fund, an issuer of securities may cease to be rated or its rating may be reduced below the minimum required for purchase by a fund. Neither event will require sale of these securities by a fund, but a sub-adviser will consider the event in determining whether the fund should continue to hold the security.

Except for certain funds, a fund's investments in convertible debt securities and other high-yield, non-convertible debt securities rated below investment grade will comprise less than 35% of the fund's net assets. Debt securities rated below the four highest categories are not considered "investment-grade" obligations.

**Distressed Debt Securities** 

Distressed debt securities are debt securities that are purchased in the secondary market and are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or interest at the time of acquisition by a fund or are rated in the lower rating categories (Ca or lower by Moody's and CC or lower by S&P) or which, if unrated, are in the judgment of a sub-adviser of equivalent quality. Investment in distressed debt securities is speculative and involves significant risk. The risks associated with high-yield securities are heightened by investing in distressed debt securities.

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A fund will generally make such investments only when the fund's sub-adviser believes it is reasonably likely that the issuer of the distressed debt securities will make an exchange offer or will be the subject of a plan of reorganization pursuant to which the fund will receive new securities (e.g., equity securities). However, there can be no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In addition, a significant period of time may pass between the time at which a fund makes its investment in distressed debt securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is unlikely that the fund will receive any interest payments on the distressed debt securities, the fund will be subject to significant uncertainty as to whether or not the exchange offer or plan will be completed and the fund may be required to bear certain extraordinary expenses to protect or recover its investment. Even if an exchange offer is made or plan of reorganization is adopted with respect to the distressed debt securities held by a fund, there can be no assurance that the securities or other assets received by the fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover, any securities received by the fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of a fund's participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt securities, the fund may be restricted from disposing of such securities.

**Defaulted Securities** 

Defaulted securities are debt securities on which the issuer is not currently making interest payments. Generally, a fund will invest in defaulted securities only when its sub-adviser believes, based upon analysis of the financial condition, results of operations and economic outlook of an issuer, that there is potential for resumption of income payments, that the securities offer an unusual opportunity for capital appreciation or that other advantageous developments appear likely in the future. Notwithstanding a sub-adviser's belief as to the resumption of income payments, however, the purchase of any security on which payment of interest or dividends is suspended involves a high degree of risk. Such risk includes, among other things, the following:

Investments in securities that are in default involve a high degree of financial and market risks that can result in substantial, or at times even total, losses. Issuers of defaulted securities may have substantial capital needs and may become involved in bankruptcy or reorganization proceedings. Among the problems involved in investments in such issuers is the fact that it may be difficult to obtain information about the condition of such issuers. The market prices of such securities also are subject to abrupt and erratic movements and above average price volatility, and the spread between the bid and asked prices of such securities may be greater than normally expected.

A fund will limit holdings of any such securities to amounts that its sub-adviser (if applicable) believes could be readily sold, and its holdings of such securities would, in any event, be limited so as not to limit the fund's ability to readily dispose of securities to meet redemptions.

**Structured Notes and Related Instruments** 

"Structured" notes and other related instruments are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an "embedded index"), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets, such as indexes reflecting bonds. Structured instruments may be issued by corporations, including banks, as well as by governmental agencies and frequently are assembled in the form of medium-term notes, but a variety of forms is available and may be used in particular circumstances. The terms of such structured instruments normally provide that their principal and/or interest payments are to be adjusted upwards or downwards (but ordinarily not below zero) to reflect changes in the embedded index while the instruments are outstanding. As a result, the interest and/or principal payments that may be made on a structured product may vary widely, depending on a variety of factors, including the volatility of the embedded index and the effect of changes in the embedded index on principal and/or interest payments. The rate of return on structured notes may be determined by applying a multiplier to the performance or differential performance of the referenced index(es) or other asset(s). Application of a multiplier involves leverage that will serve to magnify the potential for gain and the risk of loss. Investment in indexed securities and structured notes involves certain risks, including the credit risk of the issuer and the normal risks of price changes in response to changes in interest rates. Further, in the case of certain indexed securities or structured notes, a decline in the reference instrument may cause the interest rate to be reduced to zero, and any further declines in the reference instrument may then reduce the principal amount payable on maturity. Finally, these securities may be less liquid than other types of securities, and may be more volatile than their underlying reference instruments.

**U.S. Government Securities** 

U.S. government obligations generally include direct obligations of the U.S. Treasury (such as U.S. Treasury bills, notes, and bonds) and obligations issued or guaranteed by U.S. government agencies or instrumentalities. Examples of the types of U.S. government securities that a fund may hold include the Federal Housing Administration, Small Business Administration, General Services Administration, Federal Farm Credit Banks, Federal Intermediate Credit Banks, and Maritime Administration. U.S. government securities may be supported by the full faith and credit of the U.S. government (such as securities of the Small Business Administration); by the right of the issuer to borrow from the U.S. Treasury (such as securities of the Federal Home Loan Bank); by the discretionary authority of the U.S. government to purchase the agency's obligations (such as securities of Fannie Mae); or only by the credit of the issuing agency.

Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities. Such an event could lead to significant disruptions in U.S. and global markets. In recent years, government shutdowns and debt ceiling tensions and changes to sovereign credit outlooks have contributed to increased market volatility in U.S. government obligations.

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Examples of agencies and instrumentalities which may not always receive financial support from the U.S. government are: Federal Land Banks; Central Bank for Cooperatives; Federal Intermediate Credit Banks; Federal Home Loan Banks; Farmers Home Administration; Freddie Mac; and Fannie Mae.

Obligations guaranteed by U.S. government agencies or government-sponsored entities include issues by non-government-sponsored entities (like financial institutions) that carry direct guarantees from U.S. government agencies. In the case of obligations not backed by the full faith and credit of the U.S., a fund must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the U.S. government itself in the event the agency or instrumentality does not meet its commitments. Neither the U.S. government nor any of its agencies or instrumentalities guarantees the market value of the securities they issue. Therefore, the market value of such securities will fluctuate in response to changes in interest rates.

**Variable and Floating Rate Securities** 

Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate.

The interest rate on a floating rate debt instrument (a "floater") is a variable rate which is tied to another interest rate, such as a corporate bond index or Treasury bill rate. The interest rate on a floater resets periodically, typically every six months. Because of the interest rate reset feature, floaters may provide a fund with a certain degree of protection against rising interest rates, although a fund will participate in any declines in interest rates as well. A credit spread trade is an investment position relating to a difference in the prices or interest rates of two bonds or other securities or currencies, where the value of the investment position is determined by movements in the difference between the prices or interest rates, as the case may be, of the respective securities or currencies.

The interest rate on an inverse floating rate debt instrument (an "inverse floater") resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floating rate security may exhibit greater price volatility than a fixed rate obligation of similar credit quality.

A floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher degree of leverage inherent in some floaters is associated with greater volatility in their market values.

Such instruments may include variable amount master demand notes that permit the indebtedness thereunder to vary in addition to providing for periodic adjustments in the interest rate. The absence of an active secondary market with respect to particular variable and floating rate instruments could make it difficult for a fund to dispose of a variable or floating rate note if the issuer defaulted on its payment obligation or during periods that a fund is not entitled to exercise its demand rights, and a fund could, for these or other reasons, suffer a loss with respect to such instruments. In determining average-weighted portfolio maturity, an instrument will be deemed to have a maturity equal to either the period remaining until the next interest rate adjustment or the time a fund involved can recover payment of principal as specified in the instrument, depending on the type of instrument involved.

Variable rate master demand notes are unsecured commercial paper instruments that permit the indebtedness thereunder to vary and provide for periodic adjustment in the interest rate. Because variable rate master demand notes are direct lending arrangements between a fund and the issuer, they are not normally traded.

Although no active secondary market may exist for these notes, a fund may demand payment of principal and accrued interest at any time or may resell the note to a third party. While the notes are not typically rated by credit rating agencies, issuers of variable rate master demand notes must satisfy a sub-adviser that the ratings are within, or equivalent to, the two highest ratings of commercial paper.

In addition, when purchasing variable rate master demand notes, a sub-adviser will consider the earning power, cash flows, and other liquidity ratios of the issuers of the notes and will continuously monitor their financial status and ability to meet payment on demand.

In the event an issuer of a variable rate master demand note defaulted on its payment obligations, a fund might be unable to dispose of the note because of the absence of a secondary market and could, for this or other reasons, suffer a loss to the extent of the default.

**Municipal Securities** 

Municipal securities generally include debt obligations (bonds, notes or commercial paper) issued by or on behalf of any of the 50 states and their political subdivisions, agencies and public authorities, certain other governmental issuers (such as Puerto Rico, the U.S. Virgin Islands and Guam) or other qualifying issuers, participation or other interests in these securities and other related investments. A shareholder in a fund will generally exclude from gross income its allocable share of the interest the fund receives on municipal securities.

Municipal securities are issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, such as airports, bridges, highways, housing, hospitals, mass transportation, schools, streets, water and sewer works, gas, and electric utilities. They may also be issued to refund outstanding obligations, to obtain funds for general operating expenses, or to obtain funds to loan to other public institutions and facilities and in anticipation of the receipt of revenue or the issuance of other obligations.

The two principal classifications of municipal securities are "general obligation" securities and "limited obligation" or "revenue" securities. General obligation securities are secured by a municipal issuer's pledge of its full faith, credit, and taxing power for the payment of principal and interest. Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the repayment of

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principal when due is affected by the issuer's maintenance of its tax base. Revenue securities are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source. Accordingly, the timely payment of interest and the repayment of principal in accordance with the terms of the revenue security is a function of the economic viability of the facility or revenue source. Revenue securities include private activity bonds (described below) which are not payable from the unrestricted revenues of the issuer. Consequently, the credit quality of private activity bonds is usually directly related to the credit standing of the corporate user of the facility involved. Municipal securities may also include "moral obligation" bonds, which are normally issued by special purpose public authorities. If the issuer of moral obligation bonds is unable to meet its debt service obligations from current revenues, it may draw on a reserve fund the restoration of which is a moral commitment but not a legal obligation of the state or municipality which created the issuer.

**Private Activity Bonds:** Private activity bonds are issued by or on behalf of public authorities to provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing construction of privately operated industrial facilities, such as warehouse, office, plant and storage facilities and environmental and pollution control facilities. Such bonds are secured primarily by revenues derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a parent company or otherwise secured. Private activity bonds generally are not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, repayment of such bonds generally depends on the revenue of a private entity. The continued ability of an entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by many factors, including the size of the entity, its capital structure, demand for its products or services, competition, general economic conditions, government regulation and the entity's dependence on revenues for the operation of the particular facility being financed.

Interest income on certain types of private activity bonds issued after August 7, 1986 to finance non-governmental activities is a specific tax preference item for purposes of the federal alternative minimum tax ("AMT") applicable to individuals. Subsequent federal legislation has modified AMT applicability from time to time. Investors should consult current tax rules governing private activity bond AMT treatment. Non-corporate investors may be subject to a federal AMT to the extent that the fund derives interest from private activity bonds.

**Industrial Development Bonds:** Industrial development bonds ("IDBs") are issued by public authorities to obtain funds to provide financing for privately-operated facilities for business and manufacturing, housing, sports, convention or trade show facilities, airport, mass transit, port and parking facilities, air or water pollution control facilities, and certain facilities for water supply, gas, electricity or sewerage or solid waste disposal. Although IDBs are issued by municipal authorities, the payment of principal and interest on IDBs is dependent solely on the ability of the user of the facilities financed by the bonds to meet its financial obligations and the pledge, if any, of the real and personal property being financed as security for such payments. IDBs are considered municipal securities if the interest paid is exempt from regular federal income tax. Interest earned on IDBs may be subject to the federal AMT applicable to individuals.

**Municipal Notes:** Municipal notes are short-term debt obligations issued by municipalities which normally have a maturity at the time of issuance of six months to three years. Such notes include tax anticipation notes, bond anticipation notes, revenue anticipation notes and project notes. Notes sold in anticipation of collection of taxes, a bond sale or receipt of other revenues are normally obligations of the issuing municipality or agency.

**Municipal Commercial Paper:** Municipal commercial paper is short-term debt obligations issued by municipalities. Although done so infrequently, municipal commercial paper may be issued at a discount (sometimes referred to as Short-Term Discount Notes). These obligations are issued to meet seasonal working capital needs of a municipality or interim construction financing and are paid from a municipality's general revenues or refinanced with long-term debt. The availability of municipal commercial paper may be limited at times and can fluctuate with market liquidity conditions.

**Participation Interests:** A participation interest in municipal obligations (such as private activity bonds and municipal lease obligations) gives a fund an undivided interest in the municipal obligation in the proportion that the fund's participation interest bears to the total principal amount of the municipal obligation. Participation interests in municipal obligations may be backed by an irrevocable letter of credit or guarantee of, or a right to put to, a bank (which may be the bank issuing the participation interest, a bank issuing a confirming letter of credit to that of the issuing bank, or a bank serving as agent of the issuing bank with respect to the possible repurchase of the participation interest) or insurance policy of an insurance company. A fund has the right to sell the participation interest back to the institution or draw on the letter of credit or insurance after a specified period of notice, for all or any part of the full principal amount of the fund's participation in the security, plus accrued interest. Purchase of a participation interest may involve the risk that a fund will not be deemed to be the owner of the underlying municipal obligation for purposes of the ability to claim tax exemption of interest paid on that municipal obligation.

**Variable Rate Obligations:** The interest rate payable on a variable rate municipal obligation is adjusted either at predetermined periodic intervals or whenever there is a change in the market rate of interest upon which the interest rate payable is based. A variable rate obligation may include a demand feature pursuant to which a fund would have the right to demand prepayment of the principal amount of the obligation prior to its stated maturity. The issuer of the variable rate obligation may retain the right to prepay the principal amount prior to maturity.

**Municipal Lease Obligations:** Municipal lease obligations may take the form of a lease, an installment purchase or a conditional sales contract. Municipal lease obligations are issued by state and local governments and authorities to acquire land, equipment and facilities such as state and municipal vehicles, telecommunications and computer equipment, and other capital assets. Interest payments

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on qualifying municipal leases are exempt from federal income taxes. A fund may purchase these obligations directly, or it may purchase participation interests in such obligations. Municipal leases are generally subject to greater risks than general obligation or revenue bonds. State laws set forth requirements that states or municipalities must meet in order to issue municipal obligations; and such obligations may contain a covenant by the issuer to budget for, appropriate, and make payments due under the obligation. However, certain municipal lease obligations may contain "non-appropriation" clauses which provide that the issuer is not obligated to make payments on the obligation in future years unless funds have been appropriated for this purpose each year. Accordingly, such obligations are subject to "non-appropriation" risk. While municipal leases are secured by the underlying capital asset, it may be difficult to dispose of such assets in the event of non-appropriation or other default.

**Tax-Exempt Commercial Paper:** Tax-exempt commercial paper is a short-term obligation with a stated maturity of 270 days or less. It is issued by state and local governments or their agencies to finance seasonal working capital needs or as short term financing in anticipation of longer term financing. While tax-exempt commercial paper is intended to be repaid from general revenues or refinanced, it frequently is backed by a letter of credit, lending arrangement, note repurchase agreement or other credit facility agreement offered by a bank or financial institution.

**Custodial Receipts and Certificates:** Custodial receipts or certificates underwritten by securities dealers or banks evidence ownership of future interest payments, principal payments or both on certain municipal obligations. The underwriter of these certificates or receipts typically purchases municipal obligations and deposits the obligations in an irrevocable trust or custodial account with a custodian bank, which then issues receipts or certificates that evidence ownership of the periodic unmatured coupon payments and the final principal payment on the obligations. Although under the terms of a custodial receipt, a fund would be typically authorized to assert its rights directly against the issuer of the underlying obligation, a fund could be required to assert through the custodian bank those rights as may exist against the underlying issuer. Thus, in the event the underlying issuer fails to pay principal and/or interest when due, the fund may be subject to delays, expenses and risks that are greater than those that would have been involved if the fund had purchased a direct obligation of the issuer. In addition, in the event that the trust or custodial account in which the underlying security has been deposited is determined to be an association taxable as a corporation, instead of a non-taxable entity, the yield on the underlying security would be reduced in recognition of any taxes paid.

**Stand-By Commitments:** Under a stand-by commitment a dealer agrees to purchase, at the fund's option, specified municipal obligations held by the fund at a specified price and, in this respect, stand-by commitments are comparable to put options. A stand-by commitment entitles the holder to achieve same day settlement and to receive an exercise price equal to the amortized cost of the underlying security plus accrued interest, if any, at the time of exercise. The fund will be subject to credit risk with respect to an institution providing a stand-by commitment and a decline in the credit quality of the institution could cause losses to the fund.

**Tender Option Bonds:** A tender option bond is a municipal bond (generally held pursuant to a custodial arrangement) having a relatively long maturity and bearing interest at a fixed rate substantially higher than prevailing short-term tax-exempt rates, that has been coupled with the agreement of a third party, such as a financial institution, pursuant to which such institution grants the security holders the option, at periodic intervals, to tender their securities to the institution and receive the face value thereof. As consideration for providing the option, the institution generally receives periodic fees equal to the difference between the municipal bond's fixed coupon rate and the rate, as determined by a remarketing or similar agent, that would cause the securities, coupled with the tender option, to trade at par. Thus, after payment of this fee, the security holder would effectively hold a demand obligation that bears interest at the prevailing short-term tax-exempt rate.

**Loan Participations and Assignments** 

Loan participations typically represent direct participation in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. A fund may participate in such syndications, or can buy part of a loan, becoming a lender. A fund's investment in a loan participation typically will result in the fund having a contractual relationship only with the lender and not with the borrower. A fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing a participation, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any right of set-off against the borrower, and the fund may not directly benefit from any collateral supporting the loan in which it

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has purchased the participation. As a result, a fund may be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, a fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. Some loans may be secured in whole or in part by assets or other collateral. In other cases, loans may be unsecured or may become undersecured by declines in the value of assets or other collateral securing such loan.

When a fund purchases a loan assignment from lenders, it will acquire direct rights against the borrowers on the loan. Because assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights and obligations acquired by a fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender.

Certain of the participations or assignments acquired by a fund may involve unfunded commitments of the lenders or revolving credit facilities under which a borrower may from time to time borrow and repay amounts up to the maximum amount of the facility. In such cases, the fund would have an obligation to advance its portion of such additional borrowings upon the terms specified in the loan documentation. A fund may acquire loans of borrowers that are experiencing, or are more likely to experience, financial difficulty, including loans of borrowers that have filed for bankruptcy protection. Although loans in which a fund may invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower's obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of bankruptcy of a borrower, a fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan.

Because there is no liquid market for commercial loans, the funds anticipate that such securities could be sold only to a limited number of institutional investors. The lack of a liquid secondary market may have an adverse impact on the value of such securities and a fund's ability to dispose of particular assignments or participations when necessary to meet redemptions of fund shares, to meet the fund's liquidity needs or when necessary in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. The lack of a liquid secondary market also may make it more difficult for a fund to assign a value to those securities for purposes of valuing the fund's investments and calculating its net asset value.

Investments in loans through a direct assignment of the financial institution's interests with respect to the loan may involve additional risks to a fund. For example, if a loan is foreclosed, a fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under certain legal theories of lender liability, a fund could be held liable as co-lender. It is unclear whether loans and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. In the absence of definitive regulatory guidance, a fund relies on its sub-adviser's research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the fund.

**Subordinated Securities** 

Subordinated securities are subordinated or "junior" to more senior securities of the issuer, or which represent interests in pools of such subordinated or junior securities. Such securities may include so-called "high yield" or "junk" bonds (i.e., bonds that are rated below investment grade by a rating agency or that are determined by a fund's sub-adviser to be of equivalent quality) and preferred stock. Under the terms of subordinated securities, payments that would otherwise be made to their holders may be required to be made to the holders of more senior securities, and/or the subordinated or junior securities may have junior liens, if they have any rights at all, in any collateral (meaning proceeds of the collateral are required to be paid first to the holders of more senior securities). As a result, subordinated or junior securities will be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer.

**Participation Interests** 

A participation interest gives a fund an undivided interest in the security in the proportion that the fund's participation interest bears to the total principal amount of the security. These instruments may have fixed, floating or variable rates of interest, with remaining maturities of 13 months or less. If the participation interest is unrated, or has been given a rating below that which is permissible for purchase by a fund, the participation interest will be backed by an irrevocable letter of credit or guarantee of a bank, or the payment obligation otherwise will be collateralized by U.S. government securities, or, in the case of unrated participation interests, the fund's sub-adviser must have determined that the instrument is of comparable quality to those instruments in which the fund may invest. For certain participation interests, a fund will have the right to demand payment, on not more than seven days' notice, for all or any part of the fund's participation interest in the security, plus accrued interest. As to these instruments, a fund intends to exercise its right to demand payment only upon a default under the terms of the security, as needed to provide liquidity to meet redemptions, or to maintain or improve the quality of its portfolio.

**Unsecured Promissory Notes** 

A fund also may purchase unsecured promissory notes which are not readily marketable and have not been registered under the 1933 Act, provided such investments are consistent with the fund's investment objective.

**Guaranteed Investment Contracts** 

A fund may invest in guaranteed investment contracts ("GICs") issued by insurance companies. Pursuant to such contracts, a fund makes cash contributions to a deposit portfolio of the insurance company's general account. The insurance company then credits to the portfolio guaranteed interest. The GICs provide that this guaranteed interest will not be less than a certain minimum rate. The insurance company may assess periodic charges against a GIC for expenses and service costs allocable to it, and the charges will be deducted from the value of the deposit portfolio. Because a fund may not receive the principal amount of a GIC from the insurance company on seven days' notice or less,

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the GIC is considered an illiquid investment. In determining average weighted portfolio maturity, a GIC will be deemed to have a maturity equal to the longer of the period of time remaining until the next readjustment of the guaranteed interest rate or the period of time remaining until the principal amount can be recovered from the issuer through demand.

**Credit-Linked Securities** 

Credit-linked securities are issued by a limited purpose trust or other vehicle that, in turn, invests in a basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order to provide exposure to certain high yield or other fixed-income markets. For example, a fund may invest in credit-linked securities as a cash management tool in order to gain exposure to the high yield markets and/or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, investments in credit-linked securities represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the trust's receipt of payments from, and the trust's potential obligations to, the counterparties to the derivative instruments and other securities in which the trust invests. For instance, the trust may sell one or more credit default swaps, under which the trust would receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the trust would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. This, in turn, would reduce the amount of income and principal that a fund would receive as an investor in the trust. A fund's investments in these instruments are indirectly subject to the risks associated with derivative instruments, including, among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. It is expected that the securities will be exempt from registration under the 1933 Act. Accordingly, there may be no established trading market for the securities and they may constitute illiquid investments.

Certain issuers of structured products may be deemed to be investment companies as defined in the 1940 Act. As a result, a fund's investments in these structured products may be subject to limits applicable to investments in investment companies and may be subject to restrictions contained in the 1940 Act and certain rules thereunder.

**Event-Linked Bonds** 

A fund may invest a portion of its net assets in "event-linked bonds," which are fixed-income securities for which the return of principal and payment of interest is contingent on the non-occurrence of specific "trigger" event, such as a hurricane, earthquake, or other physical or weather-related phenomenon. Some event-linked bonds are commonly referred to as "catastrophe bonds." If a trigger event causes losses exceeding a specific amount in the geographic region and time period specified in a bond, a fund investing in the bond may lose a portion or all of its principal invested in the bond. If no trigger event occurs, the fund will recover its principal plus interest. For some event-linked bonds, the trigger event or losses may be based on company-wide losses, index-portfolio losses, industry indices, or readings of scientific instruments rather than specified actual losses. Often the event-linked bonds provide for extensions of maturity that are mandatory, or optional at the discretion of the issuer, in order to process and audit loss claims in those cases where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. In addition to the specified trigger events, event-linked bonds also may expose a fund to certain unanticipated risks including but not limited to issuer risk, credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, liquidity risk, and adverse tax consequences.

**Equity Securities and Related Investments** 

Equity securities, such as common stock, generally represent an ownership interest in a company. While equity securities have historically generated higher average returns than fixed-income securities, equity securities have also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of a particular equity security held by a fund. Also, the prices of equity securities, particularly common stocks, are sensitive to general movements in the stock market. A drop in the stock market may depress the price of equity securities held by a fund.

Holders of equity securities are not creditors of the issuer. As such, if an issuer liquidates, holders of equity securities are entitled to their pro rata share of the issuer's assets, if any, after creditors (including the holders of fixed-income securities and senior equity securities) are paid.

There may be little trading in the secondary market for particular equity securities, which may adversely affect a fund's ability to value accurately or dispose of such equity securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of equity securities.

**Common Stocks:** Common stocks are the most prevalent type of equity security. Common stockholders receive the residual value of the issuer's earnings and assets after the issuer pays its creditors and any preferred stockholders. As a result, changes in an issuer's earnings directly influence the value of its common stock.

**Preferred Stocks:** A fund may purchase preferred stock. Preferred stock pays dividends at a specified rate and has preference over common stock in the payment of dividends and the liquidation of an issuer's assets but is junior to the debt securities of the issuer in those same respects. Preferred stock generally pays quarterly dividends. Preferred stocks may differ in many of their provisions. Among the features that differentiate preferred stocks from one another are the dividend rights, which may be cumulative or non-cumulative and participating or non-participating, redemption provisions, and voting rights. Such features will establish the income return and may affect the prospects for capital appreciation or risks of capital loss.

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The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in an issuer's creditworthiness than are the prices of debt securities. Shareholders of preferred stock may suffer a loss of value if dividends are not paid. Under ordinary circumstances, preferred stock does not carry voting rights.

**Investments in Initial Public Offerings:** A fund may invest in initial public offerings of equity securities. The market for such securities may be more volatile and entail greater risk of loss than investments in more established companies. Investments in initial public offerings may represent a significant portion of a fund's investment performance. A fund cannot assure that investments in initial public offerings will continue to be available to the fund or, if available, will result in positive investment performance. In addition, as a fund's portfolio grows in size, the impact of investments in initial public offerings on the overall performance of the fund is likely to decrease.

**Warrants and Rights** 

A fund may invest in warrants and rights. A warrant is a type of security that entitles the holder to buy a given number of common stock at a specified price, usually higher than the market price at the time of issuance, for a period of years or to perpetuity. The purchaser of a warrant expects the market price of the security will exceed the purchase price of the warrant plus the exercise price of the warrant, thus resulting in a profit. Of course, because the market price may never exceed the exercise price before the expiration date of the warrant, the purchaser of the warrant risks the loss of the entire purchase price of the warrant. In contrast, rights, which also represent the right to buy common shares, normally have a subscription price lower than the current market value of the common stock and are offered during a set subscription period.

Warrants and rights are subject to the same market risks as common stocks, but may be more volatile in price. An investment in warrants or rights may be considered speculative. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities and a warrant or right ceases to have value if it is not exercised prior to its expiration date.

**Derivatives** 

The following investments are subject to limitations as set forth in each fund's investment restrictions and policies.

A fund may utilize options, futures contracts (sometimes referred to as "futures"), options on futures contracts, forward contracts, swaps (including total return swaps, some of which may be known as contracts for difference), swaps on futures contracts, caps, floors, collars, indexed securities, various mortgage-related obligations, structured or synthetic financial instruments and other derivative instruments (collectively, "Financial Instruments"). A fund may use Financial Instruments for any purpose, including as a substitute for other investments, to attempt to enhance its portfolio's return or yield and to alter the investment characteristics of its portfolio (including to attempt to mitigate risk of loss in some fashion, or "hedge"). A fund may choose not to make use of derivatives for a variety of reasons, and no assurance can be given that any derivatives strategy employed will be successful.

The U.S. government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. Rule 18f-4 under the 1940 Act governs a fund's use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by the fund. Rule 18f-4 under the 1940 Act permits a fund to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if the fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Rule 18f-4 requires a fund that invests in Derivatives Transactions above a specified amount to adopt and implement a derivatives risk management program administered by a derivatives risk manager that is appointed by and overseen by the fund's Board, and comply with an outer limit on fund leverage risk based on value at risk. A fund that uses Derivative Transactions in a limited amount is considered a "limited derivatives user," as defined by Rule 18f-4, and is not subject to the full requirements of Rule 18f-4, but must adopt and implement policies and procedures reasonably designed to manage the fund's derivatives risk. Funds are subject to reporting and recordkeeping requirements regarding their derivatives use.

The requirements of Rule 18f-4 may limit a fund's ability to engage in derivatives transactions as part of its investment strategies. These requirements may also increase the cost of a fund's investments and cost of doing business, which could adversely affect the value of a fund's investments and/or the performance of a fund. The rule also may not be effective to limit a fund's risk of loss. In particular, measurements of value at risk rely on historical data and may not accurately measure the degree of risk reflected in a fund's derivatives or other investments. There may be additional regulation of the use of derivatives by registered investment companies, such as the funds, which could significantly affect their use. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

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In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation and coverage framework arising from prior SEC guidance for covering derivatives and similar instruments. A fund may still segregate cash or other liquid or other assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties.

The use of Financial Instruments may be limited by applicable law and any applicable regulations of the SEC, the Commodity Futures Trading Commission (the "CFTC"), or the exchanges on which some Financial Instruments may be traded. (Note, however, that some Financial Instruments that a fund may use may not be listed on any exchange and may not be regulated by the SEC or the CFTC.) In addition, a fund's ability to use Financial Instruments may be limited by tax considerations.

In addition to the instruments and strategies discussed in this section, a sub-adviser may discover additional opportunities in connection with Financial Instruments and other similar or related techniques. These opportunities may become available as a sub-adviser develops new techniques, as regulatory authorities broaden the range of permitted transactions and as new Financial Instruments or other techniques are developed. A sub-adviser may utilize these opportunities and techniques to the extent that they are consistent with a fund's investment objective and permitted by its investment limitations and applicable regulatory authorities. These opportunities and techniques may involve risks different from or in addition to those summarized herein.

This discussion is not intended to limit a fund's investment flexibility, unless such a limitation is expressly stated, and therefore will be construed by a fund as broadly as possible. Statements concerning what a fund may do are not intended to limit any other activity. Also, as with any investment or investment technique, even when the prospectus or this discussion indicates that a fund may engage in an activity, it may not actually do so for a variety of reasons, including cost considerations.

The use of Financial Instruments involves special considerations and risks, certain of which are summarized below, and may result in losses to a fund. In general, the use of Financial Instruments may increase the volatility of a fund and may involve a small investment of cash relative to the magnitude of the risk or exposure assumed. Even a small investment in derivatives may magnify or otherwise increase investment losses to a fund. As noted above, there can be no assurance that any derivatives strategy will succeed.

• Financial Instruments are subject to the risk that the market value of the derivative itself or the market value of underlying instruments will change in a way adverse to a fund's interest. Many Financial Instruments are complex, and successful use of them depends in part upon the sub-adviser's ability to forecast correctly future market trends and other financial or economic factors or the value of the underlying security, index, interest rate, currency or other instrument or measure. Even if a sub-adviser's forecasts are correct, other factors may cause distortions or dislocations in the markets that result in unsuccessful transactions. Financial Instruments may behave in unexpected ways, especially in abnormal or volatile market conditions.

• A fund may segregate cash or other liquid assets to cover the funding of its obligations under Financial Instruments or make margin payments when it takes positions in Financial Instruments involving obligations to third parties. Assets that are segregated or used as cover, margin or collateral may be required to be in the form of cash or liquid securities, and typically may not be sold while the position in the Financial Instrument is open unless they are replaced with other appropriate assets. If markets move against a fund's position, the fund may be required to maintain or post additional assets and may have to dispose of existing investments to obtain assets acceptable as collateral or margin. This may prevent it from pursuing its investment objective. Assets that are segregated or used as cover, margin or collateral typically are invested, and these investments are subject to risk and may result in losses to a fund. These losses may be substantial, and may be in addition to losses incurred by using the Financial Instrument in question. If a fund is unable to close out its positions, it may be required to continue to maintain such assets or accounts or make such payments until the positions expire or mature, and the fund will continue to be subject to investment risk on the assets. In addition, a fund may not be able to recover the full amount of its margin from an intermediary if that intermediary were to experience financial difficulty. Segregation, cover, margin and collateral requirements may impair a fund's ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so, or require the fund to sell a portfolio security or close out a derivatives position at a disadvantageous time or price.

• A fund's ability to close out or unwind a position in a Financial Instrument prior to expiration or maturity depends on the existence of a liquid market or, in the absence of such a market, the ability and willingness of the other party to the transaction (the "counterparty") to enter into a transaction closing out the position. If there is no market or a fund is not successful in its negotiations, a fund may not be able to sell or unwind the derivative position at a particular time or at an anticipated price. This may also be the case if the counterparty to the Financial Instrument becomes insolvent. A fund may be required to make delivery of portfolio securities or other assets underlying a Financial Instrument in order to close out a position or to sell portfolio securities or assets at a disadvantageous time or price in order to obtain cash to close out the position. While the position remains open, a fund continues to be subject to investment risk on the Financial Instrument. A fund may or may not be able to take other actions or enter into other transactions, including hedging transactions, to limit or reduce its exposure to the Financial Instrument.

• Certain Financial Instruments transactions may have a leveraging effect on a fund, and adverse changes in the value of the underlying security, index, interest rate, currency or other instrument or measure can result in losses substantially greater than the amount invested in the Financial Instrument itself. When a fund engages in transactions that have a leveraging effect, the value of the fund is likely to be more volatile and all other risks also are likely to be compounded. This is because leverage generally magnifies the effect of any increase or decrease in the value of an asset and creates investment risk with respect to a larger pool of assets than a fund would otherwise have. Certain Financial Instruments have the potential for unlimited loss, regardless of the size of the initial investment.

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• Many Financial Instruments may be difficult to value, which may result in increased payment requirements to counterparties or a loss of value to a fund.

• Liquidity risk exists when a particular Financial Instrument is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid, a fund may be unable to initiate a transaction or liquidate a position at an advantageous time or price. Certain Financial Instruments, including certain over-the-counter (or "OTC") options and swaps, may be considered illiquid and therefore subject to a fund's limitation on illiquid investments.

• In a hedging transaction there may be imperfect correlation, or even no correlation, between the identity, price or price movements of a Financial Instrument and the identity, price or price movements of the investments being hedged. This lack of correlation may cause the hedge to be unsuccessful and may result in a fund incurring substantial losses and/or not achieving anticipated gains. Even if the strategy works as intended, a fund might have been in a better position had it not attempted to hedge at all.

• Financial Instruments used for non-hedging purposes may result in losses which would not be offset by increases in the value of portfolio holdings or declines in the cost of securities or other assets to be acquired. In the event that a fund uses a Financial Instrument as an alternative to purchasing or selling other investments or in order to obtain desired exposure to an index or market, the fund will be exposed to the same risks as are incurred in purchasing or selling the other investments directly, as well as the risks of the transaction itself.

• Certain Financial Instruments involve the risk of loss resulting from the insolvency or bankruptcy of the counterparty or the failure by the counterparty to make required payments or otherwise comply with the terms of the contract. In the event of default by a counterparty, a fund may have contractual remedies pursuant to the agreements related to the transaction, which may be limited by applicable law in the case of the counterparty's bankruptcy.

• Financial Instruments involve operational risk. There may be incomplete or erroneous documentation or inadequate collateral or margin, or transactions may fail to settle. For Financial Instruments not guaranteed by an exchange or clearinghouse, a fund may have only contractual remedies in the event of a counterparty default, and there may be delays, costs or disagreements as to the meaning of contractual terms and litigation, in enforcing those remedies.

• Certain Financial Instruments transactions, including certain options, swaps, forward contracts, and certain options on foreign currencies, are entered into directly by the counterparties and/or through financial institutions acting as market makers ("OTC derivatives"), rather than being traded on exchanges or in markets registered with the CFTC or the SEC. Many of the protections afforded to exchange participants will not be available to participants in OTC derivatives transactions. For example, OTC derivatives transactions are not subject to the guarantee of an exchange, and only OTC derivatives that are either required to be cleared or submitted voluntarily for clearing to a clearinghouse will enjoy the protections that central clearing provides against default by the original counterparty to the trade. In an OTC derivatives transaction that is not cleared, the fund bears the risk of default by its counterparty. In a cleared derivatives transaction, the fund is instead exposed to the risk of default of the clearinghouse and the risk of default of the broker through which it has entered into the transaction. Information available on counterparty creditworthiness may be incomplete or outdated, thus reducing the ability to anticipate counterparty defaults.

• Swap contracts involve special risks. Swaps may in some cases be illiquid. In the absence of a central exchange or market for swap transactions, they may be difficult to trade or value, especially in the event of market disruptions. The Dodd-Frank Act established a comprehensive new regulatory framework for swaps. Under this framework, regulation of the swap market is divided between the SEC and the CFTC. The SEC and CFTC have approved a number of rules and interpretations as part of the establishment of this regulatory regime. It is possible that developments in the swap market, including additional regulations, could adversely affect a fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Credit default swaps involve additional risks. For example, credit default swaps increase credit risk since a fund has exposure to both the issuer of the referenced obligation (typically a debt obligation) and the counterparty to the credit default swap.

• Certain derivatives, such as interest rate swaps and credit default swaps that are based on an index, are required under applicable law to be cleared by a regulated clearinghouse. Swaps subject to this requirement are typically submitted for clearing through brokerage firms that are members of the clearinghouse. A fund would establish an account with a brokerage firm to facilitate clearing such a swap, and the clearinghouse would become the fund's counterparty. A brokerage firm would guarantee the fund's performance on the swap to the clearinghouse. The fund would be exposed to the credit risk of the clearinghouse and the brokerage firm that holds the cleared swap. The brokerage firm also would impose margin requirements with respect to open cleared swap positions held by the fund, and the brokerage firm would be able to require termination of those positions in certain circumstances. These margin requirements and termination provisions may adversely affect the fund's ability to trade cleared swaps. In addition, the fund may not be able to recover the full amount of its margin from a brokerage firm if the firm were to go into bankruptcy. It is also possible that the fund would not be able to enter into a swap transaction that is required to be cleared if no clearinghouse will accept the swap for clearing.

• Swaps that are required to be cleared must be traded on a regulated execution facility or contract market that makes them available for trading. The transition from trading swaps bilaterally to trading them on such a facility or market may not result in swaps being easier to

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trade or value and may present certain execution risks if these facilities and markets do not operate properly. On-facility trading of swaps is also expected to lead to greater standardization of their terms. It is possible that a fund may not be able to enter into swaps that fully meet its investment needs, or that the costs of entering into customized swaps, including any applicable margin requirements, will be significant.

• Financial Instruments transactions conducted outside the U.S. may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures. Many of the risks of Financial Instruments transactions are also applicable to Financial Instruments used outside the U.S. Financial Instruments used outside the U.S. also are subject to the risks affecting foreign securities, currencies and other instruments.

• Financial Instruments involving currency are subject to additional risks. Currency related transactions may be negatively affected by government exchange controls, blockages, and manipulations. Exchange rates may be influenced by factors extrinsic to a country's economy. Also, there is no systematic reporting of last sale information with respect to foreign currencies. As a result, the information on which trading in currency derivatives is based may not be as complete as, and may be delayed beyond, comparable data for other transactions.

• Use of Financial Instruments involves transaction costs, which may be significant. Use of Financial Instruments also may increase the amount of taxable income to shareholders.

**Hedging:** As stated above, the term "hedging" often is used to describe a transaction or strategy that is intended to mitigate risk of loss in some fashion. Hedging strategies can be broadly categorized as "short hedges" and "long hedges." A short hedge is a purchase or sale of a Financial Instrument intended partially or fully to offset potential declines in the value of one or more investments held in a fund's portfolio. In a short hedge, a fund takes a position in a Financial Instrument whose price is expected to move in the opposite direction of the price of the investment being hedged.

Conversely, a long hedge is a purchase or sale of a Financial Instrument intended partially or fully to offset potential increases in the acquisition cost of one or more investments that a fund intends to acquire. Thus, in a long hedge, a fund takes a position in a Financial Instrument whose price is expected to move in the same direction as the price of the prospective investment being hedged. A long hedge is sometimes referred to as an anticipatory hedge. In an anticipatory hedge transaction, a fund does not own a corresponding security and, therefore, the transaction does not relate to the portfolio security that a fund owns. Rather, it relates to a security that a fund intends to acquire. If a fund does not complete the hedge by purchasing the security it anticipated purchasing, the effect on the fund's portfolio is the same as if the transaction were entered into for speculative purposes.

In hedging transactions, Financial Instruments on securities (such as options and/or futures) generally are used to attempt to hedge against price movements in one or more particular securities positions that a fund owns or intends to acquire. Financial Instruments on indices, in contrast, generally are used to attempt to hedge against price movements in market sectors in which a fund has invested or expects to invest. Financial Instruments on debt securities generally are used to hedge either individual securities or broad debt market sectors.

**Options – Generally:** A call option gives the purchaser the right to buy, and obligates the writer to sell, the underlying investment at the agreed-upon price during the option period. A put option gives the purchaser the right to sell, and obligates the writer to buy, the underlying investment at the agreed-upon price during the option period. Purchasers of options pay an amount, known as a premium, to the option writer in exchange for the right under the option contract.

Exchange-traded options in the U.S. are issued by a clearing organization affiliated with the exchange on which the option is listed that, in effect, guarantees completion of every exchange-traded option transaction. In contrast, OTC options are contracts between a fund and its counterparty (usually a securities dealer or a bank) with no clearing organization guarantee. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options generally are established through negotiation with the other party to the option contract. When a fund purchases an OTC option, it relies on the counterparty from whom it purchased the option to make or take delivery of the underlying investment upon exercise of the option. Failure by the counterparty to do so would result in the loss of any premium paid by a fund as well as the loss of any expected benefit of the transaction.

Writing put or call options can enable a fund to enhance income or yield by reason of the premiums paid by the purchasers of such options. However, a fund may also suffer a loss. For example, if the market price of the security underlying a put option written by a fund declines to less than the exercise price of the option, minus the premium received, it can be expected that the option will be exercised and a fund would be required to purchase the security at more than its market value. If a security appreciates to a price higher than the exercise price of a call option written by a fund, it can be expected that the option will be exercised and a fund will be obligated to sell the security at less than its market value.

The value of an option position will reflect, among other things, the current market value of the underlying investment, the time remaining until expiration, the relationship of the exercise price to the market price of the underlying investment, the historical price volatility of the underlying investment and general market conditions. Options purchased by a fund that expire unexercised have no value, and the fund will realize a loss in the amount of the premium paid and any transaction costs. If an option written by a fund expires unexercised, the fund realizes a gain equal to the premium received at the time the option was written. Transaction costs must be included in these calculations.

A fund may effectively terminate its right or obligation under an option by entering into a closing transaction. For example, a fund may terminate its obligation under a call or put option that it had written by purchasing an identical call or put option; this is known as a closing

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purchase transaction. Conversely, a fund may terminate a position in a put or call option it had purchased by writing an identical put or call option; this is known as a closing sale transaction. Closing transactions permit a fund to realize profits or limit losses on an option position prior to its exercise or expiration. There can be no assurance that it will be possible for a fund to enter into any closing transaction.

A type of put that a fund may purchase is an "optional delivery standby commitment," which is entered into by parties selling debt securities to a fund. An optional delivery standby commitment gives a fund the right to sell the security back to the seller on specified terms. This right is provided as an inducement to purchase the security.

Transamerica High Yield Bond may not write covered put and call options or buy put and call options and warrants on securities that are traded on U.S. and foreign securities exchanges and over-the-counter.

**Options on Indices:** Puts and calls on indices are similar to puts and calls on securities (described above) or futures contracts (described below) except that all settlements are in cash and gain or loss depends on changes in the index in question rather than on price movements in individual securities or futures contracts. When a fund writes a call on an index, it receives a premium and agrees that, prior to the expiration date, the purchaser of the call, upon exercise of the call, will receive from a fund an amount of cash if the closing level of the index upon which the call is based is greater than the exercise price of the call. The amount of cash is equal to the difference between the closing price of the index and the exercise price of the call times a specified multiple ("multiplier"), which determines the total dollar value for each point of such difference. When a fund buys a call on an index, it pays a premium and has the same rights as to such call as are indicated above. When a fund buys a put on an index, it pays a premium and has the right, prior to the expiration date, to require the seller of the put, upon the fund's exercise of the put, to deliver to the fund an amount of cash if the closing level of the index upon which the put is based is less than the exercise price of the put, which amount of cash is determined by the multiplier, as described above for calls. When a fund writes a put on an index, it receives a premium and the purchaser of the put has the right, prior to the expiration date, to require the fund to deliver to it an amount of cash equal to the difference between the closing level of the index and exercise price times the multiplier if the closing level is less than the exercise price.

Options on indices may, depending on the circumstances, involve greater risk than options on securities. Because index options are settled in cash, when a fund writes a call on an index it may not be able to provide in advance for its potential settlement obligations by acquiring and holding the underlying securities.

**Futures Contracts and Options on Futures Contracts:** A financial futures contract sale creates an obligation by the seller to deliver the type of Financial Instrument or, in the case of index and similar futures, cash, called for in the contract in a specified delivery month for a stated price. A financial futures contract purchase creates an obligation by the purchaser to take delivery of the asset called for in the contract in a specified delivery month at a stated price. Options on futures give the purchaser the right to assume a position in a futures contract at the specified option exercise price at any time during the period of the option.

Futures strategies can be used to change the duration of a fund's portfolio. If a sub-adviser wishes to shorten the duration of the fund's portfolio, a fund may sell a debt futures contract or a call option thereon, or purchase a put option on that futures contract. If a sub-adviser wishes to lengthen the duration of a fund's portfolio, the fund may buy a debt futures contract or a call option thereon, or sell a put option thereon.

Futures contracts may also be used for other purposes, such as to simulate full investment in underlying securities while retaining a cash balance for portfolio management purposes, as a substitute for direct investment in a security, to facilitate trading, to reduce transaction costs, or to seek higher investment returns when a futures contract or option is priced more attractively than the underlying security or index.

No price is paid upon entering into a futures contract. Instead, at the inception of a futures contract a fund is required to deposit "initial margin." Margin must also be deposited when writing a call or put option on a futures contract, in accordance with applicable exchange rules. Under certain circumstances, such as periods of high volatility, a fund may be required by an exchange to increase the level of its initial margin payment, and initial margin requirements might be increased generally in the future by regulatory action.

Subsequent "variation margin" payments are made to and from the futures broker daily as the value of the futures position varies, a process known as "marking-to-market." Daily variation margin calls could be substantial in the event of adverse price movements. If a fund has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a disadvantageous time or price.

Although some futures and options on futures call for making or taking delivery of the underlying securities, currencies or cash, generally those contracts are closed out prior to delivery by offsetting purchases or sales of matching futures or options (involving the same index, currency or underlying security and delivery month). If an offsetting purchase price is less than the original sale price, a fund realizes a gain, or if it is more, a fund realizes a loss. If an offsetting sale price is more than the original purchase price, a fund realizes a gain, or if it is less, a fund realizes a loss. A fund will also bear transaction costs for each contract, which will be included in these calculations. Positions in futures and options on futures may be closed only on an exchange or board of trade that provides a secondary market. However, there can be no assurance that a liquid secondary market will exist for a particular contract at a particular time. In such event, it may not be possible to close a futures contract or options position.

Under certain circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract or an option on a futures contract can vary from the previous day's settlement price; once that limit is reached, no trades may be made that day at a price beyond the limit. Daily price limits do not limit potential losses because prices could move to the daily limit for several consecutive days with little or no trading, thereby preventing liquidation of unfavorable positions.

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If a fund were unable to liquidate a futures contract or an option on a futures position due to the absence of a liquid secondary market, the imposition of price limits or otherwise, it could incur substantial losses. A fund would continue to be subject to market risk with respect to the position. In addition, except in the case of purchased options, a fund would continue to be required to make daily variation margin payments and might be required to maintain the position being hedged by the future or option or to maintain cash or securities in a segregated account.

If an index future is used for hedging purposes the risk of imperfect correlation between movements in the price of index futures and movements in the price of the securities that are the subject of the hedge increases as the composition of a fund's portfolio diverges from the securities included in the applicable index. The price of the index futures may move more than or less than the price of the securities being hedged. To compensate for the imperfect correlation of movements in the price of the securities being hedged and movements in the price of the index futures, a fund may buy or sell index futures in a greater dollar amount than the dollar amount of the securities being hedged if the historical volatility of the prices of such securities being hedged is more than the historical volatility of the prices of the securities included in the index. It is also possible that, where a fund has sold index futures contracts to hedge against a decline in the market, the market may advance and the value of the securities held in the fund may decline. If this occurred, a fund would lose money on the futures contract and also experience a decline in value of its portfolio securities.

Where index futures are purchased to hedge against a possible increase in the price of securities before a fund is able to invest in them in an orderly fashion, it is possible that the market may decline instead. If a sub-adviser then concludes not to invest in them at that time because of concern as to possible further market decline or for other reasons, a fund will realize a loss on the futures contract that is not offset by a reduction in the price of the securities it had anticipated purchasing.

**Non-U.S. Currency Strategies:** A fund may invest in securities that are denominated in non-U.S. currencies and may engage in a variety of non-U.S. currency exchange transactions to protect against uncertainty in the level of future exchange rates or to earn additional income. A fund may use options and futures contracts, swaps and indexed notes relating to non-U.S. currencies and forward currency contracts to attempt to hedge against movements in the values of the non-U.S. currencies in which the fund's securities are denominated or to attempt to enhance income or yield. Currency hedges can protect against price movements in a security that a fund owns or intends to acquire that are attributable to changes in the value of the currency in which it is denominated. Such hedges do not, however, protect against price movements in the securities that are attributable to other causes.

The value of Financial Instruments on non-U.S. currencies depends on the value of the underlying currency relative to the U.S. dollar. Because non-U.S. currency transactions occurring in the interbank market might involve substantially larger amounts than those involved in the use of such Financial Instruments, a fund could be disadvantaged by having to deal in the odd lot market (generally consisting of transactions of less than $1 million) for the underlying non-U.S. currencies at prices that are less favorable than for round lots.

There is no systematic reporting of last sale information for non-U.S. currencies or any regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis. Quotation information generally is representative of very large transactions in the interbank market and thus might not reflect odd-lot transactions where rates might be less favorable. The interbank market in non-U.S. currencies is a global, round-the-clock market. To the extent the U.S. options or futures markets are closed while the markets for the underlying currencies remain open, significant price and rate movements might take place in the underlying markets that cannot be reflected in the markets for the Financial Instruments until they reopen.

Settlement of transactions involving non-U.S. currencies might be required to take place within the country issuing the underlying currency. Thus, a fund might be required to accept or make delivery of the underlying non-U.S. currency in accordance with any U.S. or non-U.S. regulations regarding the maintenance of non-U.S. banking arrangements by U.S. residents and might be required to pay any fees, taxes and charges associated with such delivery assessed in the issuing country.

Generally, OTC non-U.S. currency options used by a fund are European-style options. This means that the option is only exercisable immediately prior to its expiration. This is in contrast to American-style options, which are exercisable at any time prior to the expiration date of the option.

**Forward Currency Contracts:** A fund may enter into forward currency contracts to purchase or sell non-U.S. currencies for a fixed amount of U.S. dollars or another non-U.S. currency. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days (term) from the date of the forward currency contract agreed upon by the parties, at a price set at the time of the forward currency contract. These forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers.

The cost to a fund of engaging in forward currency contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because forward currency contracts are usually entered into on a principal basis, no fees or commissions are involved. When a fund enters into a forward currency contract, it relies on the counterparty to make or take delivery of the underlying currency at the maturity of the contract. Failure by the counterparty to do so would result in the loss of any expected benefit of the transaction.

As is the case with futures contracts, parties to forward currency contracts can enter into offsetting closing transactions, similar to closing transactions on futures contracts, by selling or purchasing, respectively, an instrument identical to the instrument purchased or sold. Secondary markets generally do not exist for forward currency contracts, with the result that closing transactions generally can be made for forward currency contracts only by negotiating directly with the counterparty.

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If a fund engages in a forward currency contract with respect to particular securities, the precise matching of forward currency contract amounts and the value of the securities involved generally will not be possible because the value of such securities, measured in the non-U.S. currency, will change after the forward currency contract has been established. Thus, a fund might need to purchase or sell non-U.S. currencies in the spot (cash) market to the extent such non-U.S. currencies are not covered by forward currency contracts.

**Swaps, Caps, Floors and Collars:** A fund may enter into swaps, caps, floors and collars to preserve a return or a spread on a particular investment or portion of its portfolio, to protect against any increase in the price of securities the fund anticipates purchasing at a later date, to attempt to enhance yield or total return, or as a substitute for other investments. A swap typically involves the exchange by a fund with another party of their respective commitments to pay or receive cash flows, e.g., an exchange of floating rate payments for fixed rate payments. The purchase of a cap entitles the purchaser, to the extent that a specified index exceeds a predetermined value, to receive payments on a notional principal amount from the party selling the cap. The purchase of a floor entitles the purchaser, to the extent that a specified index falls below a predetermined value, to receive payments on a notional principal amount from the party selling the floor. A collar combines elements of a cap and a floor.

Swap agreements, including caps, floors and collars, can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease the overall volatility of a fund's investments and its share price and yield because, and to the extent, these agreements affect a fund's exposure to long- or short-term interest rates, non-U.S. currency values, mortgage-backed or other security values, corporate borrowing rates or other factors such as security prices or inflation rates.

Swap agreements will tend to shift a fund's investment exposure from one type of investment to another. Caps and floors have an effect similar to buying or writing options.

If a counterparty's creditworthiness declines, the value of the agreement would be likely to decline, potentially resulting in losses.

A fund may enter into credit default swap contracts for investment purposes. As the seller in a credit default swap contract, a fund would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or a non-U.S. corporate issuer, on the debt obligation. In return, a fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, a fund would keep the stream of payments and would have no payment obligations. As the seller, a fund would be subject to investment exposure on the notional amount of the swap which may be significantly larger than a fund's cost to enter into the credit default swap.

A fund may purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio, in which case a fund would function as the counterparty referenced in the preceding paragraph. This would involve the risk that the investment may expire worthless and would only generate income in the event of an actual default by the issuer of the underlying obligation (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve credit risk – that the seller may fail to satisfy its payment obligations to a fund in the event of a default.

**Contracts for Difference:** A fund may enter into contracts for difference ("CFDs"). A CFD is a contract between two parties, typically described as "buyer" and "seller," stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value in the future. (If the difference is negative, then the buyer instead pays the seller.) In effect, CFDs are Financial Instruments that allow a fund to take synthetic long or synthetic short positions on underlying assets.

CFDs are subject to liquidity risk because the liquidity of the CFD is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its ﬁnancial obligations under the terms of the contract. To the extent that there is an imperfect correlation between the return on a fund's obligation to its counterparty under the CFD and the return on related assets in its portfolio, the CFD transaction may increase the fund's ﬁnancial risk. CFDs, like many other Financial Instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the fund to deposit additional sums to cover this, and this may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which the fund is liable. CFDs are not registered with the SEC or any U.S. regulator.

**Combined Positions:** A fund may purchase and write options in combination with each other, or in combination with other Financial Instruments, to adjust the risk and return characteristics of its overall position. Because combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

**Turnover:** A fund's derivatives activities may affect its turnover rate and brokerage commission payments. The exercise of calls or puts written by a fund, and the sale or purchase of futures contracts, may cause it to sell or purchase related investments, thus increasing its turnover rate. Once a fund has received an exercise notice on an option it has written, it cannot effect a closing transaction in order to terminate its obligation under the option and must deliver or receive the underlying securities at the exercise price. The exercise of puts purchased by a fund may also cause the sale of related investments, also increasing turnover; although such exercise is within a fund's control, holding a protective put might cause it to sell the related investments for reasons that would not exist in the absence of the put. A fund will pay a brokerage commission each time it buys or sells a put or call or purchases or sells a futures contract. Such commissions may be higher than those that would apply to direct purchases or sales. High turnover can result in increased transaction costs and tax liability for investors and may affect a fund's performance.

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**Roll Timing:** A fund may engage in roll-timing strategies where the fund seeks to extend the expiration or maturity of a position, such as a forward contract, futures contract or to-be-announced ("TBA") transaction, on an underlying asset by closing out the position before expiration and contemporaneously opening a new position with respect to the same underlying asset that has substantially similar terms except for a later expiration date. Such "rolls" enable the fund to maintain continuous investment exposure to an underlying asset beyond the expiration of the initial position without delivery of the underlying asset.

**Foreign Securities**

The following investments are subject to limitations as set forth in each fund's investment restrictions and policies. A fund may invest in foreign securities through the purchase of securities of foreign issuers or of American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and Fiduciary Depositary Receipts ("FDRs") or other securities representing underlying shares of foreign companies.

The risks of investing in securities of non-U.S. issuers or issuers with significant exposure to non-U.S. markets may be related, among other things, to (i) differences in size, liquidity and volatility of, and the degree and manner of regulation of, the securities markets of certain non-U.S. markets compared to the securities markets in the U.S.; (ii) economic, political and social factors; and (iii) foreign exchange matters, such as restrictions on the repatriation of capital, fluctuations in exchange rates between the U.S. dollar and the currencies in which a fund's portfolio securities are quoted or denominated, exchange control regulations and costs associated with currency exchange. The political and economic structures in certain foreign countries, particularly emerging markets and frontier markets, may experience significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristic of more developed countries. Unanticipated political or social developments may affect the values of a fund's investments in such countries. The economies and securities and currency markets of many emerging markets have experienced significant disruption and declines. There can be no assurances that these economic and market disruptions will not continue or reoccur.

Securities of some foreign companies are less liquid, and their prices are more volatile, than securities of comparable domestic companies. Certain foreign countries are known to experience long delays between the trade and settlement dates of securities purchased or sold resulting in increased exposure of a fund to market and foreign exchange fluctuations brought about by such delays, and to the corresponding negative impact on fund liquidity.

The interest payable on a fund's foreign securities may be subject to foreign withholding taxes, which will reduce the fund's return on its investments. In addition, the operating expenses of a fund making such investments can be expected to be higher than those of an investment company investing exclusively in U.S. securities, since the costs of investing in foreign securities, such as custodial costs, valuation costs and communication costs, are higher than the costs of investing exclusively in U.S. securities.

There may be less publicly available information about non-U.S. markets and issuers than is available with respect to U.S. securities and issuers. Non-U.S. companies generally are not subject to accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. The trading markets for most non-U.S. securities are generally less liquid and subject to greater price volatility than the markets for comparable securities in the U.S. The markets for securities in frontier markets and certain emerging markets are in the earliest stages of their development. Even the markets for relatively widely traded securities in certain non-U.S. markets, including emerging countries, may not be able to absorb, without price disruptions, a significant increase in trading volume or trades of a size customarily undertaken by institutional investors in the U.S. In addition, market making and arbitrage activities are generally less extensive in such markets, which may contribute to increased volatility and reduced liquidity. The less liquid a market, the more difficult it may be for a fund to accurately price its portfolio securities or to dispose of such securities at the times determined by a sub-adviser to be appropriate. The risks associated with reduced liquidity may be particularly acute in situations in which a fund's operations require cash, such as in order to meet redemptions and to pay its expenses.

A fund may invest in securities of emerging market and frontier market countries. Emerging market countries typically have economic and political systems that are less fully developed, and that can be expected to be less stable. Frontier market countries generally have smaller economies and even less developed capital markets than emerging markets countries. These securities may be U.S. dollar denominated or non-U.S. dollar denominated and include: (a) debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities, including Brady Bonds; (b) debt obligations of supranational entities; (c) debt obligations (including dollar and non-dollar denominated) and other debt securities of foreign corporate issuers; and (d) non-dollar denominated debt obligations of U.S. corporate issuers. A fund may also invest in securities denominated in currencies of emerging market or frontier market countries. There is no minimum rating criteria for a fund's investments in such securities.

Certain non-U.S. countries, including emerging markets and frontier markets, may be subject to a greater degree of economic, political and social instability. Such instability may result from, among other things: (i) authoritarian governments or military involvement in political and economic decision making; (ii) popular unrest associated with demands for improved economic, political and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; and (v) ethnic, religious and racial disaffection and conflict. Such economic, political and social instability could significantly disrupt the financial markets in such countries and the ability of the issuers in such countries to repay their obligations. In addition, it may be difficult for the fund to pursue claims against a foreign issuer in the courts of a foreign country. Investing in emerging countries also involves the risk of expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on repatriation of capital invested. In the event of such expropriation, nationalization

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or other confiscation in any emerging country, a fund could lose its entire investment in that country. Certain emerging market countries restrict or control foreign investment in their securities markets to varying degrees. These restrictions may limit a fund's investment in those markets and may increase the expenses of a fund. In addition, the repatriation of both investment income and capital from certain markets in the region is subject to restrictions such as the need for certain governmental consents. Even where there is no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects of a fund's operations. Economies in individual non-U.S. countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, currency valuation, capital reinvestment, resource self-sufficiency and balance of payments positions. Many non-U.S. countries have experienced substantial, and in some cases extremely high, rates of inflation. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, very negative effects on the economies and securities markets of certain emerging countries. Economies in emerging countries generally are dependent heavily upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been, and may continue to be, affected adversely and significantly by economic conditions in the countries with which they trade.

Custodian services and other costs relating to investment in international securities markets generally are more expensive than in the U.S. Such markets have settlement and clearance procedures that differ from those in the U.S. In certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. The inability of a fund to make intended securities purchases because of settlement problems could cause a fund to miss attractive investment opportunities. Inability to dispose of a portfolio security caused by settlement problems could result either in losses to a fund because of a subsequent decline in value of the portfolio security or could result in possible liability to the fund. In addition, security settlement and clearance procedures in some emerging countries may not fully protect a fund against loss or theft of its assets.

A fund may be subject to taxes, including withholding taxes imposed by certain non-U.S. countries on income (possibly including, in some cases, capital gains) earned with respect to the fund's investments in such countries. These taxes will reduce the return achieved by a fund. Treaties between the U.S. and such countries may reduce the otherwise applicable tax rates.

The value of the securities quoted or denominated in foreign currencies may be adversely affected by fluctuations in the relative currency exchange rates and by exchange control regulations. A fund's investment performance may be negatively affected by a devaluation of a currency in which the fund's investments are quoted or denominated. Further, a fund's investment performance may be significantly affected, either positively or negatively, by currency exchange rates because the U.S. dollar value of securities quoted or denominated in another currency will increase or decrease in response to changes in the value of such currency in relation to the U.S. dollar.

The rate of exchange between the U.S. dollar and other currencies is determined by the forces of supply and demand in the foreign exchange markets. Changes in the exchange rate may result over time from the interaction of many factors directly or indirectly affecting economic conditions and political developments in other countries. Of particular importance are rates of inflation, interest rate levels, the balance of payments and the extent of government surpluses or deficits in the U.S. and the particular foreign country. All these factors are in turn sensitive to the monetary, fiscal and trade policies pursued by the governments of the U.S. and other foreign countries important to international trade and finance. Government intervention may also play a significant role. National governments rarely voluntarily allow their currencies to float freely in response to economic forces. Sovereign governments use a variety of techniques, such as intervention by a country's central bank or imposition of regulatory controls or taxes, to affect the exchange rates of their currencies.

To the extent a fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country.

**Chinese and Other Emerging Market Securities** 

Investments in China and other emerging market countries may be subject to significant economic, political and social instability. Markets in these countries are generally less developed and may have limited legal protections, less-established regulatory frameworks, and lower levels of transparency compared to more developed markets. China's economic health is largely dependent on exports, and may be dependent upon the economies of other Asian countries. Investments in Chinese and other Asian issuers could be adversely affected by changes in government policies, or trade or political disputes with major trading partners, including the U.S. China's growing trade surplus with the U.S. has contributed to trade disputes and the imposition of tariffs. The U.S. has also restricted the sale of certain goods to China. In addition, the U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China's economy. China's central government exercises significant control over China's economy and may intervene in the financial markets, such as by imposing trading restrictions, and investments in Chinese issuers could be adversely affected by changes in government policies. The Chinese economy could be adversely affected by supply chain disruptions. An economic slowdown in China could adversely affect economies of other emerging market countries that trade with China, as well as companies operating in those countries. Economies of Asian countries and Asian issuers could be adversely affected by regional security threats. In addition, China's long-running conflict over Taiwan's sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict that could adversely impact the economies of China and other Asian countries, disrupt supply chains, and severely affect global economies and markets.

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Additionally, the Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, may, from time to time, be unable to inspect audit work papers of certain foreign issuers. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

**Japanese Securities** 

To the extent a fund invests a significant portion of its assets in companies domiciled in Japan or in securities quoted or denominated in the Japanese yen, the fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the Japanese economy. The Japanese economy is heavily dependent upon international trade, particularly with the U.S. and other Asian countries. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption. Japan's economic growth has historically been relatively low compared with its Asian neighbors and other major developed economies, and it may continue to experience low growth in the future. The Japanese economic growth rate could be impacted by Bank of Japan monetary policies, rising interest rates, tax increases, budget deficits, consumer confidence and volatility in the Japanese yen. Japan's economy has been adversely affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions of its trading partners. Japan's relations with neighboring countries, particularly China, North Korea, South Korea and Russia, have at times been strained due to territorial disputes, historical animosities, defense concerns and regional security issues. Most recently, the Japanese government has shown concern over the increased nuclear and military activity by North Korea. Strained relations may cause uncertainty in the Japanese markets and adversely affect the overall Japanese economy in times of crisis. China has become an important trading partner with Japan, yet the countries' political relationship has become strained. Should political tension increase, it could adversely affect the economy, especially the export sector, and destabilize the region as a whole. Economic growth in Japan is heavily dependent on continued growth in international trade, government support of the financial services sector, among other troubled sectors, and consistent government policy. The Japanese economy has been adversely affected by certain structural issues, including an aging population, significant non-performing loan portfolios at major financial institutions, substantial government deficits and low domestic consumption. In addition, Japan is located in a region that has historically been prone to natural disasters such as earthquakes, volcanic eruptions, typhoons and tsunamis, and is economically sensitive to environmental events. Any such event may negatively affect the securities of Japanese companies held by a fund.

**Taiwanese Securities** 

Investments in Taiwan are subject to legal, regulatory, political, currency, and economic risks that are unique to Taiwan, including risks associated with its ongoing tensions with China. The economy of Taiwan is heavily dependent on exports and key trading partners, including Japan, China, and the United States. Currency fluctuations, increasing competition from Asia's other emerging economies, spending reductions by key trading partners, and conditions that weaken demand for Taiwan's export products worldwide could have a negative impact on the Taiwanese economy as a whole. In addition, Taiwan lacks many natural resources. As such, any significant increase in commodity prices, worldwide shortages, or volatility in the commodities market could have an adverse effect on Taiwan's economy. The Chinese government is engaged in a longstanding dispute with Taiwan, and continually threatens invasion. Continued deterioration of the political and economic relations between the United States and China could exacerbate the tensions between China and Taiwan and cause China to act upon its threat of invasion. Such escalation could adversely affect Taiwan's economy, as well as the value of a fund.

**Russian Securities** 

Certain funds may invest directly in the securities of Russian issuers or may have indirect exposure to Russian securities through its investment in one or more funds with direct investments in Russia. Investment in those securities presents many of the same risks as investing in the securities of emerging country issuers, as described above. The social, political, legal, and operational risks of investing in Russian issuers, and of having assets held in custody within Russia, however, may be particularly pronounced relative to investments in more developed countries. Russia's system of share registration and custody creates certain risks of loss (including the risk of total loss) that are not normally associated with investments in other securities markets.

A risk with respect to direct investment in Russian securities results from the way in which ownership of shares of companies is normally recorded. Ownership of shares (except where shares are held through depositories that meet the requirements of the 1940 Act) is defined according to entries in the company's share register and normally evidenced by "share extracts" from the register or, in certain circumstances, by formal share certificates. However, there is no central registration system for shareholders and these services are carried out by the companies themselves or by registrars located throughout Russia. The share registrars are controlled by the issuer of the security, and investors are provided with few legal rights against such registrars. These registrars are not necessarily subject to effective state supervision, nor are they licensed with any governmental entity. It is possible for a fund to lose its registration through fraud, negligence, or even mere oversight. Each applicable fund will endeavor to ensure that its interest is appropriately recorded, which may involve a custodian or other agent inspecting the share register and obtaining extracts of share registers through regular confirmations. However, these extracts have no legal enforceability and it is possible that a subsequent illegal amendment or other fraudulent act may deprive a fund of its ownership rights or improperly dilute its interests. In addition, while applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a fund to enforce any rights it may have against the registrar or issuer of the securities in the event of a loss of share registration. Further, significant delays or problems may occur in registering the transfer of securities, which could cause a fund to incur losses due to a counterparty's failure to pay for securities the fund has delivered or the fund's inability to complete its contractual obligations because of theft or other reasons.

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Also, although a Russian public enterprise having a certain minimum number of shareholders is required by law to contract out the maintenance of its shareholder register to an independent entity that meets certain criteria, this regulation has not always been strictly enforced in practice. Because of this lack of independence, management of a company may be able to exert considerable influence over who can purchase and sell the company's shares by illegally instructing the registrar to refuse to record transactions in the share register.

In addition, Russia's military invasion of Ukraine in February 2022 resulted in the U.S., other countries and certain international organizations levying broad economic sanctions against Russia. These sanctions froze certain Russian assets and prohibited, among other things, trading in certain Russian securities and doing business with specific Russian corporate entities, large financial institutions, officials and oligarchs. The sanctions also included the removal of some Russian banks from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), the electronic network that connects banks globally, and imposed restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. The U.S. and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also divested interests or otherwise curtailed business dealings with certain Russian businesses. In addition, certain index providers have removed Russian securities from their indices. These actions and any additional sanctions or other intergovernmental actions that may be undertaken against Russia or other countries that support Russia's military invasion in the future may result in the devaluation of Russian or other affected currencies, a downgrade in the sanctioned country's credit rating, and a decline in the value and liquidity of Russian securities and securities of issuers in other countries that support the invasion. In response to sanctions, the Russian Central Bank raised its interest rates and banned sales of local securities by foreigners. Russia may take additional countermeasures or retaliatory actions, which could further impair the value and liquidity of Russian securities and a fund's investments. The potential for wider conflict may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries affected by the invasion. In addition, the ability to price, buy, sell, receive, or deliver such securities is also affected due to these measures. For example, a fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions and/or countermeasures taken by Russia in response to the sanctions may require a fund to freeze its existing investments in companies operating in or having dealings with Russia or other sanctioned countries, which would prevent a fund from selling these investments, and the value of such investments held by a fund could be significantly impacted, which could lead to such investments being valued at zero. Any exposure that a fund may have to Russian counterparties or counterparties in other sanctioned countries also could negatively impact a fund's portfolio. The extent and duration of Russia's military actions, including any retaliatory measures that may be taken by Russia or others subject to sanctions (such as cyberattacks, export restrictions (e.g., natural gas), asset seizures, or military escalation elsewhere in Europe) are unpredictable and may result in significant market disruptions. These and any related events could significantly impact a fund's performance and the value of an investment in a fund even beyond any direct exposure a fund may have to Russian issuers or issuers in other countries affected by the invasion.

**United Kingdom Securities** 

The United Kingdom (U.K.) has one of the largest economies in Europe, and the U.S. and other European countries are substantial trading partners of the U.K. As a result, the U.K.'s economy may be impacted by changes in the economic condition of the U.S., China and other European countries. The profitability of U.K. issuers may also be influenced by the economies of other European countries and economic and market regulations of the European Union (EU). For example, on January 31, 2020, the United Kingdom withdrew from the EU, commonly referred to as "Brexit." Following a transition period, the U.K.'s post-Brexit trade agreement with the EU passed into law in December 2020 and went into effect on January 1, 2021. The U.K. and EU reached an agreement on the terms of their future trading relationship; however, many aspects of the UK-EU trade relationship remain subject to further negotiation. The long-term economic, regulatory and market ramifications of the U.K.'s withdrawal from the EU remains unclear. The impact on the U.K. and European economies and the broader global economy could be significant, resulting in increased volatility and illiquidity, currency fluctuations, impacts on arrangements for trading and on other existing cross-border cooperation arrangements, and in potentially lower growth for companies in the U.K., Europe and globally, which could have an adverse effect on the value and performance of a fund's investments.

**ADRs, EDRs and GDRs:** A fund may purchase ADRs, American Depositary Debentures, American Depositary Notes, American Depositary Bonds, EDRs, GDRs and FDRs, or other securities representing underlying shares of foreign companies. ADRs are publicly traded on exchanges or OTC in the U.S. and are issued through "sponsored" or "unsponsored" arrangements. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depository's transaction fees, whereas under an unsponsored arrangement, the foreign issuer assumes no obligation and the depository's transaction fees are paid by the ADR holders. In addition, less information is available in the U.S. about an unsponsored ADR than about a sponsored ADR, and the financial information about a company may not be as reliable for an unsponsored ADR as it is for a sponsored ADR. A fund may invest in ADRs through both sponsored and unsponsored arrangements. EDRs and GDRs are securities that are typically issued by foreign banks or foreign trust companies, although U.S. banks or U.S. trust companies may issue them. EDRs and GDRs are structured similarly to the arrangements of ADRs. EDRs, in bearer form, are designed for use in European securities markets.

**Eurodollar or Yankee Obligations:** Eurodollar bank obligations are dollar denominated debt obligations issued outside the U.S. capital markets by foreign branches of U.S. banks and by foreign banks. Yankee obligations are dollar denominated obligations issued in the U.S. capital markets by foreign issuers. Eurodollar (and to a limited extent, Yankee) obligations are subject to certain sovereign risks. One such risk is the possibility that a foreign government might prevent dollar denominated funds from flowing across its borders. Other risks include: adverse political and economic developments in a foreign country; the extent and quality of government regulation of financial markets and institutions; the imposition of foreign withholding taxes; and expropriation or nationalization of foreign issuers.

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**Sovereign Government and Supranational Debt:** A fund may invest in all types of debt securities of governmental issuers in all countries, including emerging markets. These sovereign debt securities may include: debt securities issued or guaranteed by governments, governmental agencies or instrumentalities and political subdivisions located in emerging market countries; debt securities issued by government owned, controlled or sponsored entities located in emerging market countries; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers; Brady Bonds, which are debt securities issued under the framework of the Brady Plan as a means for debtor nations to restructure their outstanding external indebtedness; participations in loans between emerging market governments and financial institutions; or debt securities issued by supranational entities such as the World Bank or the European Economic Community. A supranational entity is a bank, commission or company established or financially supported by the national governments of one or more countries to promote reconstruction or development.

Sovereign debt is subject to risks in addition to those relating to non-U.S. investments generally. As a sovereign entity, the issuing government may be immune from lawsuits in the event of its failure or refusal to pay the obligations when due. The debtor's willingness or ability to repay in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its non-U.S. reserves, the availability of sufficient non-U.S. exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward principal international lenders and the political constraints to which the sovereign debtor may be subject. Sovereign debtors may also be dependent on disbursements or assistance from foreign governments or multinational agencies, the country's access to trade and other international credits, and the country's balance of trade. Assistance may be dependent on a country's implementation of austerity measures and reforms, which measures may limit or be perceived to limit economic growth and recovery. Some sovereign debtors have rescheduled their debt payments, declared moratoria on payments or restructured their debt to effectively eliminate portions of it, and similar occurrences may happen in the future. There is no bankruptcy proceeding by which sovereign debt on which governmental entities have defaulted may be collected in whole or in part.

**Sector Focused Investments** 

To the extent a fund invests more heavily in a particular market sector (e.g., the consumer discretionary sector, the financial sector, etc.), the value of the fund's shares and its performance will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile and may also perform differently from the broader market or from each other. In addition, regulatory, economic, or market events that impact a particular sector may have a disproportionate effect on a fund's performance when compared to funds with more diversified sector exposure.

**Other Investments**

**Illiquid Investments** 

Pursuant to Rule 22e-4 under the 1940 Act, a fund (other than a money market fund) may not acquire any "illiquid investment" if, immediately after the acquisition, the fund would have invested more than 15% of its net assets in illiquid investments that are assets. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may be difficult to value, and a fund may have difficulty disposing of such securities promptly. The funds (other than Transamerica Government Money Market) have implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4, and the Board has approved the designation of TAM to administer the liquidity risk management program and related procedures. Transamerica Government Money Market may invest up to 5% of its total assets in illiquid investments.

The sale of illiquid investments often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the OTC markets. A fund may be restricted in its ability to sell such securities at a time when a fund's sub-adviser deems it advisable to do so. In addition, in order to meet redemption requests, a fund may have to sell other assets, rather than such illiquid investments, at a time that is not advantageous.

Each fund monitors the portion of its total assets that are invested in illiquid investments on an ongoing basis, not only at the time of the investment in such securities.

**Investments in the Real Estate Industry and Real Estate Investment Trusts ("REITs")** 

REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. REITs are not taxed on income distributed to shareholders provided they comply with the applicable requirements of the Internal Revenue Code of 1986, as amended (the "Code"). Debt securities issued by REITs, for the most part, are general and unsecured obligations and are subject to risks associated with REITs.

Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. An equity REIT may be affected by changes in the value of the underlying properties owned by the REIT. A mortgage REIT may be affected by changes in interest rates and the ability of the issuers of its portfolio mortgages to repay their obligations. REITs are dependent upon the skills of their managers and are not diversified. REITs are generally dependent upon maintaining cash flows to repay borrowings and to make distributions to shareholders and are subject to the risk of default by lessees or borrowers. REITs whose underlying assets are concentrated in properties used by a particular industry, such as health care, are also subject to industry related risks.

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REITs (especially mortgage REITs) are also subject to interest rate risk. When interest rates decline, the value of a REIT's investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed rate obligations can be expected to decline. If the REIT invests in adjustable rate mortgage loans the interest rates on which are reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest rates. This causes the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed rate obligations. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically, REITs have been more volatile in price than the larger capitalization stocks included in the S&P 500 Index.

Certain funds may invest in foreign real estate companies, which are similar to entities organized and operated as REITs in the U.S. Foreign real estate companies may be subject to laws, rules and regulations governing those entities and their failure to comply with those laws, rules and regulations could negatively impact the performance of those entities. In addition, investments in REITs and foreign real estate companies may involve duplication of management fees and certain other expenses, and a fund indirectly bears its proportionate share of any expenses paid by REITs and foreign real estate companies in which it invests.

**Commodities and Natural Resources** 

Commodities may include, among other things, oil, gas, timber, farm products, minerals, precious metals, for example, gold, silver, platinum, and palladium, and other natural resources. Certain funds may invest in companies (such as mining, dealing or transportation companies) with substantial exposure to, or instruments that result in exposure to, commodities markets. Commodities generally and particular commodities have, at times been subject to substantial price fluctuations over short periods of time and may be affected by unpredictable monetary and political policies such as currency devaluations or revaluations, economic and social conditions within a country, trade imbalances, or trade or currency restrictions between countries. The prices of commodities may be, however, less subject to local and company-specific factors than securities of individual companies. As a result, commodity prices may be more or less volatile in price than securities of companies engaged in commodity-related businesses. Investments in commodities can present concerns such as delivery, storage and maintenance, possible illiquidity, and the unavailability of accurate market valuations.

**Commodity-Linked Investments** 

A fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investments in commodity-linked investments, including commodities futures contracts, commodity-linked derivatives, and commodity-linked notes. Real assets are assets such as oil, gas, industrial and precious metals, livestock, and agricultural or meat products, or other items that have tangible properties, as compared to stocks or bonds, which are financial instruments. The value of commodity-linked investments held by a fund may be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments.

The prices of commodity-linked investments may move in different directions than investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of course, there cannot be any guarantee that these investments will perform in that manner in the future, and at certain times the price movements of commodity-linked investments have been parallel to those of debt and equity securities. Commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with the prices of financial assets and thus may not provide overall fund diversification benefits. Under favorable economic conditions, a fund's commodity-linked investments may be expected to underperform an investment in traditional securities.

**Hybrid Instruments** 

Hybrid instruments combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Often these hybrid instruments are indexed to the price of a commodity, particular currency, or a domestic or foreign debt or equity securities index. Hybrid instruments may take a variety of forms, including, but not limited to, debt instruments with interest or principal payments or redemption terms determined by reference to the value of a currency or commodity or securities index at a future point in time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities with the conversion terms related to a particular commodity. Hybrid instruments may bear interest or pay dividends at below-market (or even relatively nominal) rates. Under certain conditions, the redemption value of such an instrument could be zero. Hybrid instruments are normally at the bottom of an issuer's debt capital structure. As such, they may be more sensitive to economic changes than more senior debt securities. These securities may also be viewed as more equity-like by the market when the issuer or its parent company experience financial problems. Hybrid instruments can have volatile prices and limited liquidity, and their use may not be successful.

**Trade Claims** 

Trade claims are non-securitized rights of payment arising from obligations that typically arise when vendors and suppliers extend credit to a company by offering payment terms for products and services. If the company files for bankruptcy, payments on these trade claims stop and the claims are subject to compromise along with the other debts of the company. Trade claims may be purchased directly from the creditor or through brokers. There is no guarantee that a debtor will ever be able to satisfy its trade claim obligations. Trade claims are speculative and are subject to the risks associated with low-quality obligations.

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**Passive Foreign Investment Companies** 

Certain foreign entities called passive foreign investment companies have been the only or primary way to invest in certain countries. In addition to bearing their proportionate share of a fund's expenses (management fees and operating expenses), shareholders will also indirectly bear similar expenses of passive foreign investment companies in which the fund invests. Capital gains on the sale of such holdings are considered ordinary income regardless of how long the fund held its investment. In addition, the shareholders may be subject to corporate income tax and an interest charge on certain dividends and capital gains earned by a fund from these investments.

To avoid such tax and interest, a fund generally intends to treat these securities as sold on the last day of its fiscal year and recognize any gains for tax purposes at that time; deductions for losses are allowable only to the extent of any gains resulting from these deemed sales for prior taxable years. Such gains and losses will be treated as ordinary income.

**Master Limited Partnerships** 

Master Limited Partnership ("MLPs") are limited partnerships whose shares (or units) are listed and traded on a U.S. securities exchange, just like common stock. To qualify for tax treatment as a partnership, an MLP must receive at least 90% of its income from qualifying sources such as natural resource activities. Natural resource activities include the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner, which is generally a major energy company, investment fund or the management of the MLP, typically controls the MLP through a 2% general partner equity interest in the MLP plus common units and subordinated units. Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership's operations and management.

MLPs are typically structured such that common units have first priority to receive quarterly cash distributions up to an established minimum quarterly dividend ("MQD"). Common units also accrue arrearages in distributions to the extent the MQD is not paid. Once common units have been paid, subordinated units receive distributions of up to the MQD, but subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which maximizes value to unit holders. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where the general partner is receiving 50% of every incremental dollar paid to common and subordinated unit holders. By providing for incentive distributions the general partner is encouraged to streamline costs and acquire assets in order to grow the partnership, increase the partnership's cash flow, and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit all security holders of the MLP.

**MLP I-Shares** 

I-Shares represent an ownership interest issued by an affiliated party of an MLP. The MLP affiliate issuing the I-Shares is structured as a corporation for federal income tax purposes. I-Shares are traded on the New York Stock Exchange ("NYSE") and the NYSE AMEX. The MLP affiliate uses the proceeds from the sale of I-Shares to purchase limited partnership interests in the MLP in the form of i-units. i-units generally receive no allocations of income, gain, loss or deduction unless and until the MLP is liquidated. In addition, rather than receiving cash distributions, the MLP affiliate receives additional i-units based on a formula. Similarly, holders of I-Shares will receive additional I-Shares, in the same proportion as the MLP affiliates' receipt of i-units, rather than cash distributions. Distributions of additional i-units and of additional I-Shares generally are not taxable events for the MLP affiliate and the holder of the I-Shares, respectively. I-Shares themselves have limited voting rights which are similar to those applicable to MLP common units.

**Energy Infrastructure Companies** 

Companies engaged in the energy infrastructure sector principally include publicly-traded MLPs and limited liability companies taxed as partnerships, MLP affiliates, Canadian income trusts and their successor companies, pipeline companies, utilities, and other companies that derive a substantial portion of their revenues from operating or providing services in support of infrastructure assets such as pipelines, power transmission and petroleum and natural gas storage in the petroleum, natural gas and power generation industries (collectively, "Energy Infrastructure Companies").

Energy Infrastructure Companies may be directly affected by energy commodity prices, especially those Energy Infrastructure Companies which own the underlying energy commodity. Commodity prices fluctuate for several reasons, including changes in market and economic conditions, the impact of weather on demand, levels of domestic production and imported commodities, energy conservation, domestic and foreign governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems.

A decrease in the production or availability of natural gas, natural gas liquids, crude oil, coal or other energy commodities or a decrease in the volume of such commodities available for transportation, processing, storage or distribution may adversely impact the financial performance of Energy Infrastructure Companies. In addition, Energy Infrastructure Companies engaged in the production of natural gas, natural gas liquids, crude oil, refined petroleum products or coal are subject to the risk that their commodity reserves naturally deplete over time.

Energy Infrastructure Companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may

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charge for products and services. Various governmental authorities have the power to enforce compliance with these regulations and the permits issued under them and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may adversely affect the financial performance of Energy Infrastructure Companies.

Natural disasters, such as hurricanes in the Gulf of Mexico, also may impact Energy Infrastructure Companies.

**Other Investment Companies** 

Subject to applicable statutory and regulatory limitations and any applicable non-fundamental investment policies, a fund may invest in shares of other investment companies, including shares of other mutual funds, closed-end funds, and unregistered investment companies. Pursuant to a statutory exemption or an exemptive rule adopted by the SEC, a fund may invest in other investment companies beyond the statutory limits prescribed by the 1940 Act. Rule 12d1-4 under the 1940 Act permits registered investment companies to invest in other registered investment companies beyond the limits in Section 12(d)(1), subject to certain conditions, including that the fund enter into a fund of funds investment agreement.

Investments in other investment companies are subject to the risk of the securities in which those investment companies invest. In addition, to the extent a fund invests in securities of other investment companies, fund shareholders would indirectly pay a portion of the operating costs of such companies in addition to the expenses of a fund's own operation. These costs include management, brokerage, shareholder servicing and other operational expenses.

Certain sub-advisers have received an exemptive order from the SEC permitting funds that are sub-advised by the sub-adviser to invest in affiliated registered money market funds and ETFs, and in an affiliated private investment company; provided however, that, among other limitations, in all cases the fund's aggregate investment of cash in shares of such investment companies shall not exceed 25% of its total assets at any time.

**Exchange-Traded Funds ("ETFs")** 

ETFs are typically registered investment companies whose securities are traded over an exchange at their market price. ETFs generally represent a portfolio of securities designed to track a particular market index or other group of securities. Other ETFs are actively managed and seek to achieve a stated objective by investing in a portfolio of securities and other assets. A fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market pending the purchase of individual securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although the potential lack of liquidity of an ETF could result in it being more volatile. There is also a risk that the general level of securities prices may decline, thereby adversely affecting the value of ETFs invested in by a fund. Moreover, a fund's investments in index-based ETFs may not exactly match the performance of a direct investment in the respective indices or portfolios of securities to which they are intended to correspond due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Additionally, ETFs have management fees which increase their costs.

Unlike shares of typical mutual funds or unit investment trusts, shares of ETFs are designed to be traded throughout a trading day, bought and sold based on an exchange based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value. However, the investments held by most ETFs are publicly disclosed on each trading day, and an approximation of actual net asset value is typically disseminated throughout the trading day. Due in part to this transparency, the trading prices of ETFs tend to closely track the actual net asset value of the underlying holdings and a fund will generally gain or lose value depending on the performance of the holdings. A fund may invest in ETFs that are index-based ("passively managed") or actively managed. A sub-set of actively managed ETFs known as "semi-transparent ETFs" do not publicly disclose their holdings on each trading day. Actively managed ETFs, including semi-transparent ETFs, typically trade at larger discounts or premiums to actual net asset values than index-based ETFs. Gains or losses on a fund's investment in an ETF, however, will ultimately depend on the purchase and sale price of the ETF.

**Exchange-Traded Notes ("ETNs")** 

ETNs are generally notes representing debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and ETFs. An ETN's returns are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the specific asset, index or rate ("reference instrument") to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do not make periodic interest payments, and principal is not protected. ETNs are not registered or regulated as investment companies under the 1940 Act.

The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the performance of the reference instrument, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the loan still needs to be repaid.

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Because the return on the ETN is dependent on the issuer's ability or willingness to meet its obligations, the value of the ETN may change due to a change in the issuer's credit rating, despite no change in the underlying reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the assets underlying the reference instrument that the ETN seeks to track.

There may be restrictions on a fund's right to redeem its investment in an ETN, which are generally meant to be held until maturity. The fund's decision to sell its ETN holdings may be limited by the availability of a secondary market. An investor in an ETN could lose some or all of the amount invested. The timing and character of income and gains derived from ETNs is under consideration by the U.S. Treasury and Internal Revenue Service (the "IRS") and may also be affected by future legislation.

**Dollar Roll Transactions** 

"Dollar roll" transactions consist of the sale by a fund to a bank or broker-dealer (the "counterparty") of Ginnie Mae certificates or other mortgage-backed securities together with a commitment to purchase from the counterparty similar, but not identical, securities at a future date. The counterparty receives all principal and interest payments, including prepayments, made on the security while it is the holder. A fund receives a fee from the counterparty as consideration for entering into the commitment to purchase. Dollar rolls may be renewed over a period of several months with a different repurchase price and a cash settlement made at each renewal without physical delivery of securities. Moreover, the transaction may be preceded by a firm commitment agreement pursuant to which a fund agrees to buy a security on a future date. A fund will not use such transactions for leveraging purposes.

The entry into dollar rolls involves potential risks of loss that are different from those related to the securities underlying the transactions. For example, if the counterparty becomes insolvent, a fund's right to purchase from the counterparty might be restricted. In addition, the value of such securities may change adversely before a fund is able to purchase them. Similarly, a fund may be required to purchase securities in connection with a dollar roll at a higher price than may otherwise be available on the open market. Since, as noted above, the counterparty is required to deliver a similar, but not identical, security to a fund, the security that the fund is required to buy under the dollar roll may be worth less than an identical security. Finally, there can be no assurance that a fund's use of the cash that it receives from a dollar roll will provide a return that exceeds the transaction costs.

**Short Sales** 

In short selling transactions, a fund sells a security it does not own in anticipation that the price of the security will decline. The fund must borrow the same security and deliver it to the buyer to complete the sale. The fund will incur a profit or a loss, depending upon whether the market price of the security decreases or increases between the date of the short sale and the date on which the fund must replace the borrowed security. Unlike taking a long position in a security by purchasing the security, where potential losses are limited to the purchase price, possible losses from short sales may, theoretically, be unlimited (e.g., if the price of a stock sold short rises) and a fund may be unable to replace a borrowed security sold short. A fund also may be unable to close out an established short position at an acceptable price and may have to sell long positions at disadvantageous times to cover its short positions.

Short sales also involve other costs. A fund may have to pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed securities to the lender of the securities. A fund secures its obligation to replace the borrowed security by depositing collateral with the lender or its custodian or qualified sub-custodian, usually in cash, U.S. government securities or other liquid securities similar to those borrowed. All short sales will be fully collateralized.

A fund may sell securities "short against the box." In short sales "against the box," the fund, at all times when the short position is open, owns an equal amount of the securities sold short or has the right to obtain, at no added cost, securities identical to those sold short. When selling short against the box, if the price of such securities were to increase rather than decrease, the fund would forgo the potential realization of the increased value of the shares sold short.

**International Agency Obligations** 

Bonds, notes or Eurobonds of international agencies include securities issued by the Asian Development Bank, the European Economic Community, and the European Investment Bank. A fund may also purchase obligations of the International Bank for Reconstruction and Development which, while technically not a U.S. government agency or instrumentality, has the right to borrow from the participating countries, including the U.S.

**When-Issued, Delayed Settlement and Forward Delivery Securities** 

Securities may be purchased and sold on a "when-issued," "delayed settlement" or "forward (delayed) delivery" basis. "When-issued" or "forward delivery" refers to securities whose terms are available, and for which a market exists, but which are not available for immediate delivery. When-issued or forward delivery transactions may be expected to occur a month or more before delivery is due.

A fund may engage in when-issued or forward delivery transactions to obtain what is considered to be an advantageous price and yield at the time of the transaction. When a fund engages in when-issued or forward delivery transactions, it will do so consistent with its investment objective and policies and not for the purpose of investment leverage (although leverage may result).

"Delayed settlement" is a term used to describe settlement of a securities transaction in the secondary market that will occur sometime in the future. No payment or delivery is made by a fund until it receives payment or delivery from the other party to any of the above transactions.

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New issues of stocks and bonds, private placements and U.S. government securities may be sold in this manner.

At the time of settlement, the market value and/or the yield of the security may be more or less than the purchase price. A fund bears the risk of such market value fluctuations. These transactions also involve the risk that the other party to the transaction may default on its obligation to make payment or delivery. As a result, a fund may be delayed or prevented from completing the transaction and may incur additional costs as a consequence of the delay.

**Additional Information** 

**Temporary Defensive Position** 

At times a fund's sub-adviser may judge that conditions in the securities markets make pursuing the fund's typical investment strategy inconsistent with the best interest of its shareholders. At such times, a sub-adviser may temporarily use alternative strategies, primarily designed to reduce fluctuations in the value of the fund's assets. In implementing these defensive strategies, a fund may invest without limit in securities that a sub-adviser believes present less risk to a fund, including equity securities, debt and fixed-income securities, preferred stocks, U.S. government and agency obligations, cash or money market instruments, CDs, demand and time deposits, bankers' acceptance or other securities a sub-adviser considers consistent with such defensive strategies, such as, but not limited to, options, futures, warrants or swaps. During periods in which such strategies are used, the duration of a fund may diverge from the duration range for that fund disclosed in its prospectus (if applicable). It is impossible to predict when, or for how long, a fund will use these alternative strategies. As a result of using these alternative strategies, a fund may not achieve its investment objective.

**Borrowings** 

Certain funds participate in a syndicated, committed line of credit provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

When a fund invests borrowing proceeds in other securities, the fund will bear the risk that the market value of the securities in which the proceeds are invested goes down and is insufficient to repay borrowed proceeds. Like other leveraging risks, this makes the value of an investment in a fund more volatile and increases the fund's overall investment exposure. In addition, if a fund's return on its investment of the borrowing proceeds does not equal or exceed the interest that a fund is obligated to pay under the terms of a borrowing, engaging in these transactions will lower the fund's return.

A fund may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to its borrowing obligations. This could adversely affect the portfolio managers' strategy and result in lower fund returns. Interest on any borrowings will be a fund expense and will reduce the value of a fund's shares.

A fund may borrow on a secured or on an unsecured basis. If a fund enters into a secured borrowing arrangement, a portion of the fund's assets will be used as collateral. During the term of the borrowing, the fund will remain at risk for any fluctuations in the market value of these assets in addition to any securities purchased with the proceeds of the loan. In addition, a fund may be unable to sell the collateral at a time when it would be advantageous to do so, which could adversely affect the portfolio managers' strategy and result in lower fund returns. The fund would also be subject to the risk that the lender may file for bankruptcy, become insolvent, or otherwise default on its obligations to return the collateral to the fund. In the event of a default by the lender, there may be delays, costs and risks of loss involved in a fund's exercising its rights with respect to the collateral or those rights may be limited by other contractual agreements or obligations or by applicable law.

The 1940 Act requires a fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this guideline would have the effect of limiting the amount that the fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund Lending** 

To satisfy redemption requests or to cover unanticipated cash shortfalls, a fund may enter into lending agreements ("Interfund Lending Agreements") under which the fund would lend money and borrow money for temporary purposes directly to and from another Transamerica fund through a credit facility ("Interfund Loan"), subject to meeting the conditions of an SEC exemptive order granted to TAM and the Trust permitting such interfund lending. All Interfund Loans will consist only of uninvested cash reserves that the fund otherwise would invest in repurchase agreements or other short-term instruments.

If a fund has outstanding borrowings, any Interfund Loans to the fund (a) will be at an interest rate equal to or lower than any outstanding bank loan, (b) will be secured at least on an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding bank loan that requires collateral, (c) will have a maturity no longer than any outstanding bank loan (and in any event not over seven days), and (d) will provide that, if an event of default occurs under any agreement evidencing an outstanding bank loan to the fund, the event of default will automatically (without need for action or notice by the lending fund) constitute an immediate event of default under the Interfund Lending Agreement entitling the lending fund to call the Interfund Loan (and exercise all rights with respect to any collateral) and that such call will be made if the lending bank exercises its right to call its loan under its agreement with the borrowing fund.

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A fund may make an unsecured borrowing through the credit facility if its outstanding borrowings from all sources immediately after the interfund borrowing total 10% or less of its total assets; provided, that if the fund has a secured loan outstanding from any other lender, including but not limited to another Transamerica fund, the fund's interfund borrowing will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding loan that requires collateral. If a fund's total outstanding borrowings immediately after an interfund borrowing would be greater than 10% of its total assets, the fund may borrow through the credit facility on a secured basis only. A fund may not borrow through the credit facility nor from any other source if its total outstanding borrowings immediately after the interfund borrowing would be more than 33 <sup>1</sup>∕3% of its total assets.

No fund may lend to another fund through the interfund lending credit facility if the loan would cause its aggregate outstanding loans through the credit facility to exceed 15% of the lending fund's net assets at the time of the loan. A fund's Interfund Loans to any one fund shall not exceed 5% of the lending fund's net assets. The duration of Interfund Loans is limited to the time required to receive payment for securities sold, but in no event more than seven days. Loans effected within seven days of each other will be treated as separate loan transactions for purposes of this condition. Each Interfund Loan may be called on one business day's notice by a lending fund and may be repaid on any day by a borrowing fund.

The limitations detailed above and the other conditions of the SEC exemptive order permitting interfund lending are designed to minimize the risks associated with interfund lending for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case the fund may have to borrow from a bank at higher rates (if such borrowing is available) or sell securities at a loss if an Interfund Loan were not available from another fund. A delay in repayment to a lending fund could result in a lost opportunity or additional lending costs.

**Reverse Repurchase Agreements** 

A reverse repurchase agreement has the characteristics of a secured borrowing and creates leverage. In a reverse repurchase transaction, a fund sells a portfolio instrument to another person, such as a financial institution or broker/dealer, in return for cash. At the same time, a fund agrees to repurchase the instrument at an agreed-upon time and at a price that is greater than the amount of cash that the fund received when it sold the instrument, representing the equivalent of an interest payment by the fund for the use of the cash. During the term of the transaction, a fund will continue to receive any principal and interest payments (or the equivalent thereof) on the underlying instruments.

A fund may engage in reverse repurchase agreements as a means of raising cash to satisfy redemption requests or for other temporary or emergency purposes. Unless otherwise limited in its prospectus or this SAI, a fund may also engage in reverse repurchase agreements to the extent permitted by its fundamental investment policies in order to raise additional cash to be invested by the fund's portfolio managers in other securities or instruments in an effort to increase the fund's investment returns.

During the term of the transaction, a fund will remain at risk for any fluctuations in the market value of the instruments subject to the reverse repurchase agreement as if it had not entered into the transaction. When a fund reinvests the proceeds of a reverse repurchase agreement in other securities, the fund will bear the risk that the market value of the securities in which the proceeds are invested goes down and is insufficient to satisfy the fund's obligations under the reverse repurchase agreement. Like other leveraging risks, this makes the value of an investment in a fund more volatile and increases the fund's overall investment exposure. This could also result in the fund having to dispose of investments at inopportune times and at disadvantageous amounts. In addition, if a fund's return on its investment of the proceeds of the reverse repurchase agreement does not equal or exceed the implied interest that it is obligated to pay under the reverse repurchase agreement, engaging in the transaction will lower the fund's return.

When a fund enters into a reverse repurchase agreement, it is subject to the risk that the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the fund. In the event of a default by the counterparty, there may be delays, costs and risks of loss involved in a fund's exercising its rights under the agreement, or those rights may be limited by other contractual agreements or obligations or by applicable law.

In addition, a fund may be unable to sell the instruments subject to the reverse repurchase agreement at a time when it would be advantageous to do so, or may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to its obligations under a reverse repurchase agreement. This could adversely affect the portfolio managers' strategy and result in losses.

Rule 18f-4 under the 1940 Act permits a fund to enter into reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the fund either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the aggregate, or (ii) treats such transactions as "derivatives transactions" under Rule 18f-4. See "Derivatives."

**Lending** 

Consistent with applicable regulatory requirements and the limitations as set forth in each fund's investment restrictions and policies, a fund may lend portfolio securities to brokers, dealers and other financial organizations meeting capital and other credit requirements or other criteria established by the Board. Loans of securities will be secured continuously by collateral in cash or U.S. government or agency securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received by a fund will be invested in high quality short-term instruments, or in one or more funds maintained by the lending agent for the purpose of investing cash collateral. During the term of the loan, a fund will continue to have investment risk with respect to the security loaned, as well

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as risk with respect to the investment of the cash collateral. Either party has the right to terminate a loan at any time on customary industry settlement notice (which will not usually exceed three business days). During the existence of a loan, a fund will continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and, with respect to cash collateral, will receive any income generated by the fund's investment of the collateral (subject to a rebate payable to the borrower and a percentage of the income payable to the lending agent). Where the borrower provides a fund with collateral other than cash, the borrower is also obligated to pay the fund a fee for use of the borrowed securities. A fund does not have the right to vote any securities having voting rights during the existence of the loan, but would retain the right to call the loan in anticipation of an important vote to be taken among holders of the securities or of the giving or withholding of their consent on a material matter affecting the investment. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in the collateral should the borrower fail financially. In addition, a fund could suffer loss if the loan terminates and the fund is forced to liquidate investments at a loss in order to return the cash collateral to the buyer.

**Voluntary Actions** 

From time to time, a fund may voluntarily participate in actions (for example, rights offerings, conversion privileges, exchange offers, credit event settlements, etc.) where the issuer or counterparty offers securities or instruments to holders or counterparties, such as a fund, and the acquisition is determined to be beneficial to fund shareholders ("Voluntary Action"). Notwithstanding any percentage investment limitation listed under this section or any percentage investment limitation of the 1940 Act or rules thereunder, if a fund has the opportunity to acquire a permitted security or instrument through a Voluntary Action, and the fund will exceed a percentage investment limitation following the acquisition, it will not constitute a violation if, after announcement of the offering, but prior to the receipt of the securities or instruments, the fund sells an offsetting amount of assets that are subject to the investment limitation in question at least equal to the value of the securities or instruments to be acquired.

**Cybersecurity** 

With the increased use of technologies to conduct business, a fund is susceptible to operational, information security and related risks through breaches in cybersecurity. In general, a breach in cybersecurity can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Geopolitical tensions may increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the fund's systems. Cyber incidents affecting a fund's investment manager, sub-adviser and other service providers (including, but not limited to, fund accountants, custodians, transfer agents and financial intermediaries) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with a fund's ability to calculate its NAV, impediments to trading, the inability of fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, litigation costs, reputational damage, reimbursement or other compensation or remediation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which a fund invests, counterparties with which a fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers for fund shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While a fund's service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been adequately identified or prepared for and that an attack may not be detected. Furthermore, a fund cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect the fund or its shareholders. Cybersecurity risks may also impact issuers of securities in which the fund invests, which may cause the fund's investments in such issuers to lose value. A fund and its shareholders could be negatively impacted as a result.

**Portfolio Turnover** 

Portfolio turnover rate is, in general, the percentage calculated by taking the lesser of purchases or sales of portfolio securities (excluding short-term securities) for a year and dividing it by the monthly average of the market value of such securities held during the year.

Changes in security holdings are made by a fund's investment manager or sub-adviser when it is deemed necessary. Such changes may result from: liquidity needs; securities having reached a price or yield objective; anticipated changes in interest rates or the credit standing of an issuer; or developments not foreseen at the time of the investment decision.

The investment manager or a sub-adviser may engage in a significant number of short-term transactions if such investing serves a fund's objective. The rate of portfolio turnover will not be a limiting factor when such short-term investing is considered appropriate. Increased turnover results in higher brokerage costs or mark-up charges for a fund; these charges are ultimately borne by the shareholders.

In computing the portfolio turnover rate, securities whose maturities or expiration dates at the time of acquisition are one year or less are excluded. Subject to this exclusion, the turnover rate for a fund is calculated by dividing (a) the lesser of purchases or sales of portfolio securities for the fiscal year by (b) the monthly average of portfolio securities owned by the fund during the fiscal year.

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There are no fixed limitations regarding the portfolio turnover rates of the funds. Portfolio turnover rates are expected to fluctuate under constantly changing economic conditions and market circumstances. Higher turnover rates tend to result in higher brokerage fees. Securities initially satisfying the basic policies and objective of a fund may be disposed of when they are no longer deemed suitable.

The following funds had a significant variation in their portfolio turnover rates over the fiscal years ended October 31, 2024 and October 31, 2025:

Transamerica Capital Growth saw an increase in trading in 2025 due to dynamic market conditions, leading to a higher turnover rate for the year 2025.

Transamerica International Focus underwent a sub-adviser change in October 2024, leading to a higher turnover rate for 2024.

Transamerica Small Cap Value underwent a sub-adviser change in August 2024, leading to a higher turnover rate for 2024.

Transamerica Strategic Income underwent a strategy change in March of 2025. The sub-adviser began transitioning the portfolio in the second half of 2024, leading to a higher turnover rate for the year 2024.

Historical turnover rates are included in the Financial Highlights tables in the prospectus.

**Disclosure of Portfolio Holdings** 

It is the policy of the funds to protect the confidentiality of their portfolio holdings and prevent the selective disclosure of non-public information about portfolio holdings. The funds' service providers are required to comply with this policy. No non-public information concerning the portfolio holdings of the funds may be disclosed to any unaffiliated third party, except as provided below. The Board has adopted formal procedures governing compliance with these policies.

The funds believe the policy is in the best interests of each fund and its shareholders and that it strikes an appropriate balance between the desire of investors for information about the funds' portfolio holdings and the need to protect the funds from potentially harmful disclosures. Any conflicts of interest between the interests of fund shareholders and those of TAM or its affiliates are addressed in a manner that places the interests of fund shareholders first.

Information concerning the funds' holdings is available via the funds' website at: www.transamerica.com/investments/mutual-funds. The funds generally make publicly available their complete portfolio holdings no sooner than 15 days after month-end. Such information generally remains on the website for 6 months, or as otherwise consistent with applicable regulations.

The funds' semi-annual reports and annual reports contain a complete listing of each fund's holdings as of the end of the fund's second and fourth fiscal quarters. This information is also available in reports filed with the SEC at the SEC's website at https://www.sec.gov. Each fiscal quarter, each non-money market fund will file with the SEC a complete schedule of its monthly portfolio holdings on "Form N-PORT", with quarter-end disclosures being made public 60 days after the end of each fiscal quarter. The Form N-PORT is also available, free of charge, on the EDGAR database on the SEC's website at https://www.sec.gov.

TAM serves as investment adviser to TAM-sponsored ETFs that have investment objectives, strategies and portfolio holdings that are substantially similar to or overlap with those of certain funds, and those ETFs are required to publicly disclose portfolio holdings each business day. As a result, it is possible that other market participants may use such information for their own benefit, which could negatively impact the funds' execution of purchase and sale transactions.

Transamerica Government Money Market files monthly a schedule of portfolio holdings with the SEC on Form N-MFP. The information filed on Form N-MFP is made available to the public by the SEC 60 days after the end of the month to which the information pertains. A schedule of portfolio holdings for Transamerica Government Money Market is posted each month to the fund's website at https://www.transamerica.com/mutual-fund/transamerica-government-money-market/iatxx/893961755 in accordance with Rule 2a-7(h)(10) under the 1940 Act. The Form N-PORT and the Form N-MFP are also available, free of charge, on the EDGAR database on the SEC's website at https://www.sec.gov.

In addition, the funds may release via the funds' website at www.transamerica.com/investments/mutual-funds the following information concerning a fund before disclosure of the fund's full portfolio holdings is made publicly available:

• **Top Ten Holdings –** A fund's top ten holdings and the total percentage of the fund such aggregate holdings represent.

• **Sector Holdings –** A fund's sector information and the total percentage of the fund held in each sector.

• **Other Portfolio Characteristic Data –** Any other analytical data with respect to a fund that does not identify any specific portfolio holdings.

• **Funds of ETFs and Funds of Funds –** For any fund whose investments (other than cash alternatives) consist solely of shares of ETFs and/or other funds, no sooner than 10 days after the end of a month the names of the ETFs or funds held as of the end of that month and the percentage of the fund's net assets held in each ETF or fund as of the end of that month.

Mutual fund rating and ranking organizations such as FactSet, Lipper, Inc. and Morningstar, Inc., or consultants and/or other financial industry institutions such as Bloomberg L.P., and eVestment may request a complete list of non-public portfolio holdings in order to rank or rate a fund or to assess the risks of a fund or otherwise and/or to produce related performance attribution statistics. Similarly, an intermediary

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may be provided with non-public portfolio holdings in order to allow the intermediary to prepare the portfolio holdings information for shareholders on a timely basis. Portfolio holdings information released to these parties is the same portfolio holdings posted to the funds' website each month and is subject to the guidelines discussed below. Pursuant to the policy, TAM may disclose a complete list of each fund's holdings to any person on a monthly basis after the holdings are posted to the funds' website, usually 15 days after month-end.

The funds may also from time to time provide or make available to third parties upon request specific fund level performance attribution information and statistics. Third parties may include fund shareholders or prospective fund shareholders, members of the press, consultants, and ratings and ranking organizations. Nonexclusive examples of performance attribution information and statistics may include (i) the allocation of the fund's holdings and other investment positions among various asset classes, sectors, industries, and countries, (ii) the characteristics of the stock and bond components of the fund's holdings and other investment positions, (iii) the attribution of fund returns by asset class, sector, industry, and country, (iv) performance attribution and other summary and statistical information that does not include identification of specific portfolio holdings (prior to such holdings becoming public), and (v) the volatility characteristics of the fund.

TAM's Operational Risk Committee may approve a request for fund level performance attribution and statistics as long as (i) such disclosure does not enable the receiving party to recreate the complete or partial portfolio holdings of any fund prior to such fund's public disclosure of its portfolio holdings and (ii) TAM has made a good faith determination that the requested information is not material given the particular facts and circumstances. TAM may deny any request for performance attribution information and other statistical information about a fund made by any person, and may do so for any reason or for no reason.

Disclosure of non-public portfolio holdings information for a fund may only be provided pursuant to the guidelines below.

- Non-public portfolio holdings information may be provided at any time (and as frequently as daily) to the funds' service providers, counterparties, and others who generally need access to such information in the performance of their contractual duties and responsibilities providing services to a fund for a legitimate business purpose, where such vendor or service provider is subject to a duty of confidentiality, including a duty to prohibit the vendor from sharing non-public information with an unauthorized source or trading upon any non-public information provided by TAM on behalf of a fund. These entities, parties, and persons include, but are not limited to: TAM, the sub-advisers, custodian, administrator, sub-administrator, transfer agent, sub-transfer agent, executing broker-dealers/counterparties in connection with the purchase or sale of securities or requests for price quotations or bids on one or more securities (including transition managers), research and analytics providers, securities lending agent, financial printer, banks, proxy voting services, pricing service vendors, regulatory authorities, independent public accountants, attorneys, and the funds' officers and trustees, subject to a duty of confidentiality with respect to any portfolio holdings information. In addition, certain of the funds' sub-advisers utilize middle- and back-office providers to fulfill their contractual duties and responsibilities to the funds. The disclosure of non-public portfolio holdings information to such third parties generally will be subject to a requirement, by explicit agreement or by virtue of their respective duties to the funds, that those third parties maintain the confidentiality of such information.

- TAM receives non-public portfolio holdings information to assist in the selection of underlying funds for certain Transamerica asset allocation funds.

- Non-public portfolio holdings information for certain funds may be disclosed to the risk assessment department of Transamerica insurance companies solely to allow them to hedge their obligations under variable annuity and life products. Each applicable Transamerica insurance company has signed a confidentiality agreement.

- A fund may provide non-public portfolio holdings information to (i) third parties that calculate information derived from portfolio holdings for use by TAM, a sub-adviser, or their affiliates, and (ii) an investment adviser or sub-adviser, trustee, or their agents, or a potential replacement sub-adviser for a fund, to whom portfolio holdings are disclosed for proposal or due diligence purposes, prior to Board approval and implementation. Each individual request is reviewed by TAM's Operational Risk Committee which must find, in its sole discretion that, based on the specific facts and circumstances, the disclosure appears unlikely to be harmful to the applicable fund(s). Entities receiving this information must have in place control mechanisms to reasonably ensure or otherwise agree that (a) the portfolio holdings information will be kept confidential, (b) no employee shall use the information to effect trading or for their personal benefit, and (c) the nature and type of information that they, in turn, may disclose to third parties is limited. TAM relies primarily on the existence of non-disclosure agreements and/or control mechanisms when determining that disclosure is not likely to be harmful to a fund. Nothing in this section should be construed as requiring TAM's Operational Risk Committee's review of the disclosure of material, non-public holdings information, as described above, once Board approval of a proposed fund merger, acquisition, or sub-adviser change has been received.

- In addition to those set out above, as of December 31, 2025, the following entities receive information about the funds' securities holdings pursuant to an ongoing arrangement with the funds in connection with services provided to the funds:

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| | | |
|:---|:---|:---|
| <u>Recipient</u> | <u>Purpose</u> | <u>Frequency</u> |
| Bloomberg LP | &nbsp;&nbsp; Statistical ranking, rating, and/or performance <br> attribution analysis and pricing<br>| Daily |
| Broadridge | &nbsp;&nbsp; Print vendor for shareholder documents, proxy <br> solicitor/tabulator, 15(c) analysis<br>| Daily |
| CAPIS | Trade execution analysis | Daily |
| ComplySci | Code of Ethics monitoring | Daily |
| eVestment Alliance, LLC | Institutional sales and RFP opportunities | Quarterly |
| FXTransparency | Trade execution analysis | Quarterly |
| ICE Data Services | Pricing | Daily |
| &nbsp;&nbsp; Institutional Shareholder <br> Services Inc.<br>| Proxy voting services | Quarterly |
| &nbsp;&nbsp; Investment Company <br> Institute<br>| Holdings Information on Form N-PORT | Quarterly |
| JPMorgan Pricing Direct | Pricing | Daily |
| KPMG Taiwan | Provide tax services for market in Taiwan | As necessary |
| Lipper, Inc. | Statistical ranking and rating | Monthly |
| &nbsp;&nbsp; London Stock Exchange <br> Group<br>| Pricing | Daily |
| Morningstar LLC | &nbsp;&nbsp; Statistical ranking, rating, and/or performance <br> attribution analysis<br>| Daily |
| &nbsp;&nbsp; PricewaterhouseCoopers <br> Private Limited<br>| Provide tax services for market in India | As necessary |
| R.R. Donnelly | Financial reporting | Monthly |
| S&P Global | Pricing | Daily |
| truView | Risk and liquidity management analytics | Daily |
| WTax | Foreign tax reclaim services | As necessary |

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TAM, its affiliates, the funds, the funds' sub-advisers and the funds' other service providers will not enter into any arrangements from which they derive compensation for the disclosure of non-public portfolio holdings information.

Subject to such departures as TAM believes reasonable and consistent with reasonably protecting the confidentiality of the portfolio holdings information, each confidentiality agreement should provide that, among other things: the portfolio holdings information is the confidential property of the funds (and their service providers, if applicable) and may not be shared or used directly or indirectly for any purpose except as expressly provided in the confidentiality agreement. The recipient of the portfolio holdings information agrees to limit access to the portfolio holdings information to its employees (and agents) who, on a need to know basis, are (1) authorized to have access to the portfolio holdings information and (2) subject to a duty of confidentiality, including duties not to share the non-public information with an unauthorized source and not to trade on non-public information. Upon written request, the recipient agrees to promptly return or destroy, as directed, the portfolio holdings information.

The funds (or their authorized service providers) may disclose portfolio holdings information before its public disclosure based on the criteria described above. The frequency with which such information may be disclosed, and the length of the lag, if any, between the disclosure date of the information and the date on which the information is publicly disclosed, varies based on the terms of the applicable confidentiality agreement. The funds currently provide portfolio holdings information to the third parties listed herein at the stated frequency as part of ongoing arrangements that include the release of portfolio holdings information in accordance with the policy.

The Trust's Chief Compliance Officer ("CCO") or his/her delegate may, on a case-by-case basis, impose additional restrictions on the dissemination of portfolio holdings information or waive certain requirements. Any exceptions to the policy must be consistent with the purposes of the policy. The CCO reports to the Board material compliance violations of the funds' policies and procedures on disclosure of portfolio holdings.

In addition, separate account and unregistered product clients of TAM, the sub-advisers of the funds, or their respective affiliates generally have access to information regarding the portfolio holdings of their own accounts. Prospective clients may also have access to representative portfolio holdings. These clients and prospective clients are not subject to the portfolio holdings disclosure policies described above. Some of these separate accounts and unregistered product clients have substantially similar or identical investment objectives and strategies to certain funds, and therefore may have substantially similar or nearly identical portfolio holdings as those funds.

Certain information in the above section may not apply to all of the funds managed by TAM.

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There can be no assurance that the funds' policy with respect to disclosure of portfolio holdings will prevent the misuse of such information by individuals and firms that receive such information.

**Commodity Exchange Act Registration** 

The funds are operated by the Investment Manager pursuant to an exclusion from registration as a "commodity pool operator" ("CPO") under the Commodity Exchange Act ("CEA"), and therefore, are not subject to registration or regulation with respect to such funds under the CEA. The funds are limited in their ability to enter into commodity interests positions subject to CFTC jurisdiction.

**Management of the Trust** 

Each of the funds is supervised by the Board.

**Board Members and Officers** 

The members of the Board ("Board Members") and executive officers of the Trust are listed below.

"Interested Board Member" means a Board Member who may be deemed an "interested person" (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as "Interested Trustees." "Independent Board Member" means a Board Member who is not an "interested person" (as defined under the 1940 Act) of the Trust and may also be referred to herein as an "Independent Trustee."

The Board is responsible for overseeing the management and operations of the funds. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund's assets by the investment manager and its respective sub-adviser(s).

The funds are among the funds managed and sponsored by TAM (collectively, "Transamerica Fund Family"). The Transamerica Fund Family consists of (i) Transamerica Funds ("TF") and (ii) Transamerica Series Trust ("TST"). The Transamerica Fund Family consists of 95 funds as of the date of this SAI.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202.

The Board Members, their year of birth, their positions with the Trust, and their principal occupations for at least the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)**<br> **Held with**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length**<br> **of Time**<br> **Served\***<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Funds in**<br> **Complex**<br> **Overseen**<br> **by Board**<br> **Member**<br>| **Other**<br> **Directorships Held**<br> **By Board Member** <br> **During Past Five** <br> **Years**<br>|
| **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** |
| &nbsp;&nbsp; Marijn P. Smit<br> (1973)<br>| Chairman of<br> the Board, <br> President and<br> Chief Executive<br> Officer<br>| Since 2014 | Chairman of the Board, President and Chief <br> Executive Officer, TF and TST (2014 – <br> present);<br> President and Chief Executive Officer, <br> Transamerica Asset Allocation Variable <br> Funds ("TAAVF") (2014 – 2023);<br> Chairman of the Board, Transamerica ETF <br> Trust ("TET") (2017 – 2022), President and <br> Chief Executive Officer, TET (2017 – <br> 2024);<br> Chairman of the Board, President and Chief <br> Executive Officer, Transamerica Partners <br> Portfolio ("TPP"), Transamerica Partners <br> Funds Group ("TPFG") and Transamerica <br> Partners Funds Group II ("TPFG II") (2014 <br> – 2018);<br> Director, Chairman of the Board, President <br> and Chief Executive Officer, Transamerica <br> Asset Management, Inc. ("TAM") (2014 - <br> present) and Transamerica Fund Services, <br> Inc. ("TFS") (2014 – 2023); Director, <br> Chairman of the Board and Executive Vice<br>| 95 | Director, Transamerica <br> Trust Company <br> (formerly, Massachusetts <br> Fidelity Trust Company) <br> (2014 - 2021); <br> Director, Aegon Global <br> Funds (2016 - 2022); <br> Director, Transamerica <br> Stable Value Solutions, <br> Inc. (October 2023 – <br> present) <br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)**<br> **Held with**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length**<br> **of Time**<br> **Served\***<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Funds in**<br> **Complex**<br> **Overseen**<br> **by Board**<br> **Member**<br>| **Other**<br> **Directorships Held**<br> **By Board Member** <br> **During Past Five** <br> **Years**<br>|
| **INTERESTED BOARD MEMBERS—continued** | **INTERESTED BOARD MEMBERS—continued** | **INTERESTED BOARD MEMBERS—continued** | **INTERESTED BOARD MEMBERS—continued** | **INTERESTED BOARD MEMBERS—continued** | **INTERESTED BOARD MEMBERS—continued** |
| &nbsp;&nbsp; Marijn P. Smit <br> *(continued)*<br>|  |  | President, TFS (2023 – present);<br> Senior Vice President, Transamerica <br> Retirement Solutions LLC (2012 - 2020); <br> Trust Officer, Transamerica Trust Company <br> (formerly, Massachusetts Fidelity Trust <br> Company) (2014 - 2021);<br> President, Investment Solutions, <br> Transamerica Investments & Retirement <br> (2014 – 2016);<br> Vice President, Transamerica Life Insurance <br> Company (2010 – 2016);<br> Vice President, Transamerica Premier Life <br> Insurance Company (2010 – 2016);<br> Senior Vice President, Transamerica <br> Financial Life Insurance Company (2013 – <br> 2016);<br> Senior Vice President, Transamerica <br> Retirement Advisors, Inc. (2013 – 2016);<br> President and Director, Transamerica Stable <br> Value Solutions, Inc. (2010 – 2016).<br>|  |  |
| &nbsp;&nbsp; Kent Callahan<br> (1960)<br>| Board Member | Since 2023 | Board Member, TF and TST (September <br> 2023 - present); <br> Founder and Chief Executive Officer, <br> Shamrock Solutions, LLC (May 2023 - <br> present); <br> Vice Chairman, Transamerica Workplace <br> Solutions (June 2022 - December 2022); <br> President and Chief Executive Officer, <br> Transamerica Workplace Solutions (2020 – <br> 2022); and Senior Managing Director, <br> Transamerica Workplace Solutions (2019 – <br> 2020); <br> President and Chief Executive Officer, <br> Transamerica Latin America Operations <br> (2016 – 2019).<br>| 95 | N/A |
| **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** |
| &nbsp;&nbsp; Sandra N. Bane<br> (1952)<br>| Board Member | Since 2008 | Retired (1999 – present);<br> Board Member, TF and TST (2008 – <br> present);<br> Board Member, TAAVF (2008 – 2023);<br> Board Member, TPP, TPFG and TPFG II <br> (2008 – 2018);<br> Partner, KPMG (1975 – 1999).<br>| 95 | Big 5 Sporting Goods <br> (2002 – 2021); <br> Southern Company Gas <br> (energy services holding <br> company) (2008 – <br> present)<br>|
| &nbsp;&nbsp; Leo J. Hill<br> (1956)<br>| Lead Independent<br> Board Member<br>| Since 2002 | Principal, Advisor Network Solutions, LLC <br> (business consulting) (2006 – present);<br> Board Member, TST (2001 – present);<br> Board Member, TF (2002 – present);<br> Board Member, TAAVF (2007 – 2023);<br> Board Member, TPP, TPFG and TPFG II <br> (2007 – 2018);<br> Market President, Nations Bank of Sun <br> Coast Florida (1998 – 1999);<br> Chairman, President and Chief Executive <br> Officer, Barnett Banks of Treasure Coast <br> Florida (1994 – 1998);<br> Executive Vice President and Senior Credit <br> Officer, Barnett Banks of Jacksonville, <br> Florida (1991 – 1994);<br> Senior Vice President and Senior Loan <br> Administration Officer, Wachovia Bank of <br> Georgia (1976 – 1991).<br>| 95 | Ameris Bancorp (2013 – <br> present);<br> Ameris Bank (2013 – <br> present) <br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)**<br> **Held with**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length**<br> **of Time**<br> **Served\***<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Funds in**<br> **Complex**<br> **Overseen**<br> **by Board**<br> **Member**<br>| **Other**<br> **Directorships Held**<br> **By Board Member** <br> **During Past Five** <br> **Years**<br>|
| **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** |
| &nbsp;&nbsp; Kathleen T. Ives<br> (1965)<br>| Board Member | Since 2021 | Board Member, TF and TST (2021 – <br> present);<br> Board Member, TAAVF (2021 – 2023);<br> Senior Vice President & Director of Internal <br> Audit (2011-2019), Senior Vice President & <br> Deputy General Counsel (2008 – 2011), OFI <br> Global Asset Management, Inc.<br>| 95 | Junior Achievement <br> Rocky Mountain <br> (non-profit organization) <br> (2013 – present); <br> Institute of Internal <br> Auditors, Denver <br> Chapter (audit <br> organization) (2017 – <br> 2021)<br>|
| &nbsp;&nbsp; Lauriann C. Kloppenburg<br> (1960)<br>| Board Member | Since 2021 | Board Member, TF and TST (2021 – <br> present);<br> Board Member, TAAVF (2021 – 2023); <br> Investment Committee Member, 1911 <br> Office, LLC (family office) (2017 – <br> Present);<br> Student Fund Advisory Board Member, <br> Champlain College (2016 – present);<br> Executive in Residence, Champlain College <br> (2016 – 2024);<br> Executive in Residence, Bentley University <br> (2015 – 2017); <br> Chief Strategy Officer (2012 – 2013), Chief <br> Investment Officer – Equity Group (2004 – <br> 2012), Loomis Sayles & Company, L.P.<br>| 95 | Trustees of Donations to <br> the Protestant Episcopal <br> Church (non-profit <br> organization) (2010 – <br> 2022); <br> Forte Foundation <br> (non-profit organization) <br> (2016 – present); <br> Board Member, Adams <br> Funds (investment <br> companies) (2017 – <br> present)<br>|
| &nbsp;&nbsp; Fredric A. Nelson III<br> (1957)<br>| Board Member | Since 2017 | Board Member, TF and TST (2017 – <br> present);<br> Co-Owner, Annapolis Sailing School (2014 <br> – present);<br> Board Member, TAAVF (2017 – 2023);<br> Board Member, TPP, TPFG and TPFG II <br> (2017 – 2018);<br> Chief Investment Officer ("CIO"), <br> Commonfund (2011 – 2015);<br> Vice Chairman, CIO, ING Investment <br> Management Americas (2003 – 2009);<br> Managing Director, Head of U.S. Equity, JP <br> Morgan Investment Management (1994 – <br> 2003);<br> Managing Director, Head of Global <br> Quantitative Investments Group, Bankers <br> Trust Global Investment Management (1981 <br> – 1994).<br>| 95 | Annapolis Sailing <br> School (2014 – present); <br> Global Index Group <br> ("GIG") (2016 – 2023)<br>|
| &nbsp;&nbsp; John E. Pelletier<br> (1964)<br>| Board Member | Since 2017 | Board Member, TF and TST (2017 – <br> present);<br> Board Member, TAAVF (2017 – 2023);<br> Board Member, TPP, TPFG and TPFG II <br> (2017 – 2018);<br> Director, Center for Financial Literacy, <br> Champlain College (2010 – present);<br> Co-Chair, Vermont Financial Literacy <br> Commission with Vermont State Treasurer <br> (2015 – 2018);<br> Chairman, Vermont Universal Children's <br> Higher Education Savings Account Program <br> Advisory Committee (2015 – 2021);<br> Founder and Principal, Sterling Valley <br> Consulting LLC (a financial services <br> consulting firm) (2009 – 2017);<br> Chief Legal Officer, Eaton Vance Corp. <br> (2007 – 2008);<br> Executive Vice President and Chief <br> Operating Officer (2004 - 2007), General<br>| 95 | Independent Director, <br> The Sentinel Funds and <br> Sentinel Variable <br> Products Trust (2013 – <br> 2017) <br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)**<br> **Held with**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length**<br> **of Time**<br> **Served\***<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Funds in**<br> **Complex**<br> **Overseen**<br> **by Board**<br> **Member**<br>| **Other**<br> **Directorships Held**<br> **By Board Member** <br> **During Past Five** <br> **Years**<br>|
| **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** |
| &nbsp;&nbsp; John E. Pelletier <br> *(continued)*<br>|  |  | Counsel (1997 – 2004), Natixis Global <br> Associates.<br>|  |  |
| &nbsp;&nbsp; Kevin A. Simonoff<br> (1973)<br>| Board Member | Since 2026 | Board Member, TF and TST (January 2026 <br> – present);<br> Founder & Chief Executive Officer, <br> ThreeTree Advisory LLC (January 2026 – <br> present); <br> President & Chief Executive Officer, Voya <br> Funds (2023-2024);<br> Chief Strategy & Transformation Officer <br> (2022-2024),<br> Head of Business Management (2019-2022), <br> Voya Investment Management; Board <br> Member, Voya Investment Management <br> (UK) and Voya Investment Management <br> Services (UK) Ltd (2018-2023).<br>| 95 | Sound Point Alternative <br> Income Fund Board <br> Director (2025 – <br> present); <br> McIntire Alumni <br> Advisory Board Member <br> (2024 – present), UVA <br> McIntire School of <br> Commerce<br>|
| &nbsp;&nbsp; John W. Waechter<br> (1952)<br>| Board Member | Since 2005 | Partner, Englander Fischer (2016 – present) <br> (law firm);<br> Board Member, TST (2004 – present);<br> Board Member, TF (2005 – present);<br> Board Member, TAAVF (2007 – 2023);<br> Board Member, TPP, TPFG and TPFG II <br> (2007 – 2018).<br>| 95 | Board Member, <br> Operation PAR, Inc. <br> (non-profit organization) <br> (2008 – present); <br> Board Member, Boley <br> PAR, Inc. (non-profit <br> organization) (2016 - <br> present) <br> Board Member, <br> Remember Honor <br> Support, Inc. (non-profit <br> organization)<br> (2013 - 2020);<br> Board Member, WRH <br> Income Properties, Inc. <br> and WRH Properties, <br> Inc. and affiliates (real <br> estate) (2014 - present)<br>|

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\*

Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust's Declaration of Trust.

**Officers** 

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position** | **Term of Office**<br> **and Length of**<br> **Time Served\***<br>| **Principal Occupation(s) or Employment**<br> **During Past Five Years**<br>|
| &nbsp;&nbsp; Marijn P. Smit<br> (1973)<br>| Chairman of the Board, President <br> and Chief Executive Officer<br>| Since 2014 | See Interested Board Members Table Above. |
| &nbsp;&nbsp; Joshua Durham<br> (1973)<br>| Vice President and Chief <br> Operating Officer<br>| Since 2022 | Vice President and Chief Operating Officer, TF and TST (2022 – <br> present); <br> Interim Treasurer, TF and TST (2024 – 2025);<br> Vice President and Chief Operating Officer, TAAVF (2022 – <br> 2023);<br> Director, Senior Vice President, and Chief Operating Officer, TAM <br> (2022 - present) and TFS (2022 – 2023); <br> Director, President and Chief Executive Officer, TFS (2023 – <br> present);<br> Vice President, Transamerica Casualty Insurance Company (2016 <br> – 2022);<br> Vice President (2004 – 2007 and 2012 – 2022) and Responsible <br> Officer (2017 – 2022), Transamerica Financial Life Insurance <br> Company;<br> Vice President (2004 – 2007 and 2010 – 2022) and Responsible <br>|

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position** | **Term of Office**<br> **and Length of**<br> **Time Served\***<br>| **Principal Occupation(s) or Employment**<br> **During Past Five Years**<br>|
| &nbsp;&nbsp; Joshua Durham <br> *(continued)*<br>|  |  | Officer (2016 – 2022), Transamerica Life Insurance Company;<br> Chief Administrative Officer (2014 – 2016) and Senior Vice <br> President (2009 – 2020), Transamerica Stable Value Solutions Inc.;<br> Vice President, Transamerica Premier Life Insurance Company <br> (2010 – 2020);<br> Vice President, Transamerica Advisors Life Insurance Company <br> (2016 – 2019); <br> Vice President, TAG Resources, LLC (2022); <br> Vice President, Transamerica Retirement Solutions, LLC (2017 – <br> 2022).<br>|
| &nbsp;&nbsp; Dennis P. Gallagher<br> (1970)<br>| Chief Legal Officer and <br> Secretary<br>| Since 2021; <br> 2006 – 2014<br>| Chief Legal Officer and Secretary, TF and TST (2021 – present <br> and 2006 - 2014); <br> Chief Legal Officer and Secretary, TAAVF (2021 – 2023 and 2006 <br> - 2014); <br> Chief Legal Officer and Assistant Secretary, TAM (2022 – <br> present); <br> Lead Attorney, TAM (2017 – 2021); <br> Chief Legal Officer, Latin American Operations and International <br> Funds (2014 – 2022); <br> Director, Senior Vice President, General Counsel, Operations and <br> Secretary, TAM (2006 – 2014); <br> Director, Senior Vice President, General Counsel, Chief <br> Administrative Officer and Secretary, TFS (2006 – 2014);<br> Chairman of the Board, Aegon Global Funds (2013 – 2022); <br> Board Member, Mongeral Aegon Seguros e Previdencia SA (2017 <br> – 2022); <br> Assistant Secretary, TF, TST, TET and TAAVF (2019); <br> Vice President, General Counsel and Secretary, TPP, TPFG and <br> TPFG II (2007 – 2014); <br> Assistant Vice President, Transamerica Capital, LLC ("TCL") <br> (2007 – 2014); <br> Lead Attorney, Transamerica Stable Value Solutions. Inc. (2024 - <br> 2025).<br>|
| &nbsp;&nbsp; James E. Goundrey<br> (1977)<br>| Assistant Secretary | Since 2024 | Assistant Secretary, TF and TST (2024 – present); <br> Assistant General Counsel, TAM (2022 – present); <br> Associate General Counsel, Edward D. Jones & Co. (2019 – 2022); <br> Vice President and Senior Counsel, State Street Investment <br> Management (formerly, State Street Global Advisors) (2015-2019).<br>|
| &nbsp;&nbsp; Byron D. Hittle<br> (1974)<br>| Chief Compliance Officer | Since 2025 | Chief Compliance Officer, TF and TST (2025 – present);<br> Executive Director (2025) and Managing Counsel (2017 – 2025), <br> Assistant Vice President, Senior Legal Counsel (2012 – 2016), <br> Legal Counsel (2008 – 2011), Janus Henderson Investors.<br>|
| &nbsp;&nbsp; Molly Possehl<br> (1978)<br>| Anti-Money Laundering Officer | Since 2019 | Anti-Money Laundering Officer, TF and TST (2019 – present); <br> Anti-Money Laundering Officer, TET (2019-2024);<br> Anti-Money Laundering Officer, TAAVF (2019 – 2023);<br> Anti-Money Laundering Compliance Officer and Fraud Officer, <br> Transamerica Life Insurance Company/Aegon USA (2015 – <br> present); <br> Senior Director, Compliance, Transamerica Life Insurance <br> Company (2021 – present);<br> Assistant General Counsel, Transamerica Life Insurance <br> Company/Aegon USA (2013 – 2021).<br>|
| &nbsp;&nbsp; Kari Seabrands<br> (1969)<br>| Treasurer | Since 2025 | Treasurer, TF and TST (2025 – present); <br> Senior Director, Fund Administration, TAM (2025 – present);<br> Senior Director, Head of Global Fund Services, Russell <br> Investments (2023 – 2025); <br> Treasurer, Chief Accounting Officer and Chief Financial Officer, <br> Russell Investment Company ("RIC"), Russell Investment Funds <br> ("RIF"), Russell Investments Exchange Traded Funds, Russell <br> Investments Strategic Credit Fund and Russell Investment New <br> Economy Infrastructure Fund (2023 – 2025);<br> Director, Russell Investments Financial Services, LLC and Russell <br> Investments Fund Services, LLC (2023 – 2025); <br> Director, Fund Administration, Russell Investments (2012 – 2023) <br> Assistant Treasurer, RIC and RIF (2012 – 2023).<br>|

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\*

Elected and serves at the pleasure of the Board of the Trust.

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If an officer has held offices for different funds for different periods of time, the earliest applicable date is shown. No officer of the Trust, except for the Chief Compliance Officer, receives any compensation from the Trust.

The Board believes that each Board Member's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Board Members lead to the conclusion that the Board possesses the requisite skills and attributes. The Board believes that the Board Members' ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with TAM, the sub-advisers, other services providers, counsel and independent auditors, and to exercise effective business judgment in the performance of their duties, support this conclusion. The following sets forth information about each Board Member's specific experience, qualifications, attributes and/or skills that serve as the basis for the person's continued service in that capacity: Ms. Bane has experience as a certified public accountant and as a board member of multiple organizations; Mr. Callahan has financial services industry experience as an executive and consultant with various TAM affiliates and other entities; Mr. Hill has financial and entrepreneurial experience as an executive, owner and consultant as well as experience as a board member of multiple organizations; Ms. Ives has audit, securities industry, compliance and legal experience, including as a fund executive; Ms. Kloppenburg has investment management experience as an executive and experience as a board member of multiple organizations; Mr. Nelson has investment management experience as well as other business, securities industry and fund executive experience; Mr. Pelletier has securities industry and fund legal and operations experience, entrepreneurial experience as an executive, owner and consultant, and board experience; Mr. Simonoff has securities industry and investment management experience, including as a fund executive; Mr. Smit has investment management and insurance experience as an executive and in leadership roles with TAM and affiliated entities; and Mr. Waechter has experience as a certified public accountant and a board member of multiple organizations as well as securities industry, compliance and legal experience. References to the qualifications, attributes and skills of Board Members does not constitute an assertion by the Board or any individual Board Member that a Board Member has any special expertise or experience that would impose any greater responsibility or liability on such Board Member than would exist otherwise.

Mr. Smit, an Interested Board Member, serves as Chairman of the Board. Independent Board Members constitute more than 75% of the Board. The Board currently believes that its leadership structure, including an interested Chairman and a Lead Independent Board Member, is appropriate and is in the best interests of the funds and their shareholders, and that its committees, as further described below, help ensure that the funds have effective and independent governance and oversight. The Board believes that an interested Chairman has a professional interest in the quality of the services provided to the funds and that the Chairman is best equipped to provide oversight of such services on a day-to-day basis because of TAM's sponsorship of the funds and TAM's ongoing monitoring of the investment sub-advisers that manage the assets of each fund.

The Independent Board Members determined that it was appropriate to appoint a Lead Independent Board Member to facilitate communication among the Independent Board Members and with management. Accordingly, the Independent Board Members have appointed Mr. Hill to serve as Lead Independent Board Member. Among other responsibilities, the Lead Independent Board Member coordinates with management, the committee chairs, and the other Independent Board Members regarding review of agendas for board and committee meetings; serves as chair of meetings of the Independent Board Members; and, in consultation with the other Independent Board Members and as requested or appropriate, communicates with management, counsel, third party service providers and others on behalf of the Independent Board Members.

The Board believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Board Members from management. The Independent Board Members also believe that they can effectively act independently without having an Independent Board Member act as Chairman. Among other reasons, this belief is based on the fact that they have appointed a Lead Independent Board Member, the Independent Board Members represent over 75% of the Board, and as further described below, Independent Board Members chair and comprise both of the Board's committees.

**Board Committees** 

The Board has two standing committees: the Audit Committee and Nominating Committee. Both the Audit Committee and Nominating Committee are chaired by an Independent Board Member and composed of all of the Independent Board Members. Ms. Bane serves as the Audit Committee Chairperson and Ms. Ives serves as the Nominating Committee Chairperson. Through the funds' board committees, the Independent Board Members consider and address important matters involving the funds, including those presenting conflicts or potential conflicts of interest for management, and they believe they can act independently and effectively.

The Audit Committee, among other things, oversees the accounting and reporting policies and practices and internal controls of the Trust, oversees the quality and integrity of the financial statements of the Trust, approves, prior to appointment, the engagement of the Trust's independent registered public accounting firm, reviews and evaluates the independent registered public accounting firm's qualifications, independence and performance, and approves the compensation of the independent registered public accounting firm.

The Audit Committee also approves all audit and permissible non-audit services provided to each fund by the independent registered public accounting firm and all permissible non-audit services provided by each fund's independent registered public accounting firm to TAM and any affiliated service providers if the engagement relates directly to each fund's operations and financial reporting.

The Nominating Committee is a forum for identifying, considering, selecting and nominating, or recommending for nomination by the Board, candidates to fill vacancies on the Board. In assessing the qualifications of a potential candidate for membership on the Board, the

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Nominating Committee may consider the candidate's potential contribution to the operation of the Board and its committees, and such other factors as it may deem relevant. The Nominating Committee will consider diversity in identifying potential candidates, including race, gender, differences of viewpoint, professional experience and skill, as well as such other individual qualities and attributes as it may deem relevant.

When addressing vacancies, the Nominating Committee sets any standards or qualifications for service on the Board and may consider nominees recommended by any source it deems appropriate, including from management or shareholders. Shareholders who wish to recommend a nominee should send recommendations to the Trust's Secretary that include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board Members. A recommendation must be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders or appointed. The Nominating Committee will consider all submissions meeting the applicable requirements stated herein that are received by December 31 of the most recently completed calendar year. The Nominating Committee also identifies potential nominees through its network of contacts and may also engage, if it deems appropriate, a professional search firm.

**Risk Oversight** 

Through its oversight of the management and operations of the funds, the Board also has a risk oversight function, which includes (without limitation) the following: (i) requesting and reviewing reports on the operations of the funds; (ii) reviewing compliance reports and approving compliance policies and procedures of the funds and their service providers; (iii) meeting with management to consider areas of risk and to seek assurances that adequate resources are available to address risks; (iv) meeting with service providers, including fund auditors, to review fund activities; and (v) meeting with the Chief Compliance Officer and other officers of the funds and their service providers to receive information about compliance, and risk assessment and management matters. Such oversight is exercised primarily through the Board and its Audit Committee but, on an ad hoc basis, also can be exercised by the Independent Board Members during executive sessions.

The Board recognizes that not all risks that may affect the funds can be identified in advance, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the funds' goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. The funds' day-to-day investment management and business affairs are carried out by or through TAM, its affiliates, the sub-advisers and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the funds' and each other in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's risk management oversight is inherently subject to limitations. Some risks may be beyond the reasonable control of the Board, the funds, TAM, its affiliates, the sub-advisers or other service providers.

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**Additional Information about the Committees of the Board** 

Both the Audit Committee and Nominating Committee are composed of all of the Independent Board Members. For the fiscal year ended October 31, 2025, the Audit Committee met 3 times and the Nominating Committee met 3 times.

**Trustee Ownership of Equity Securities** 

The table below gives the dollar range of shares of the funds, as well as the aggregate dollar range of shares of all funds/portfolios in the Transamerica Fund Family, owned by each current Trustee as of December 31, 2025.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interested Trustees** | **Interested Trustees** |  |  |  |  |  |  |  |  |
| **Fund** | **Marijn P. Smit** | **Kent Callahan** | **Sandra N.** <br> **Bane**<br>| **Leo J. Hill** | **Kathleen T.** <br> **Ives**<br>| **Lauriann C.** <br> **Kloppenburg**<br>| **Fredric A.** <br> **Nelson III**<br>| **John E.** <br> **Pelletier**<br>| **Kevin A.** <br> **Simonoff\***<br>| **John W.** <br> **Waechter**<br>|
| &nbsp;&nbsp; Transamerica Asset Allocation – <br> Conservative Portfolio<br>|  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Asset Allocation – <br> Growth Portfolio<br>|  |  |  |  |  |  |  |  |  | Over $100,000 |
| &nbsp;&nbsp; Transamerica Asset Allocation – <br> Moderate Growth Portfolio<br>|  |  |  |  |  |  |  |  |  | Over $100,000 |
| &nbsp;&nbsp; Transamerica Asset Allocation – <br> Moderate Portfolio<br>|  |  |  |  |  |  |  |  |  |  |
| Transamerica Bond |  |  |  |  |  |  | Over $100,000 |  |  | $10001 – <br> $50000<br>|
| Transamerica Capital Growth |  |  |  |  |  |  |  |  |  |  |
| Transamerica Core Bond |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Emerging Markets <br> Debt<br>|  |  |  |  |  |  | $50001 – <br> $100000<br>|  |  |  |
| &nbsp;&nbsp; Transamerica Emerging Markets <br> Equity<br>|  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Energy <br> Infrastructure<br>|  |  |  |  |  |  |  |  |  |  |
| Transamerica Floating Rate |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Government Money <br> Market<br>|  |  | Over $100,000 |  |  |  |  |  | $50001 – <br> $100000<br>|  |
| Transamerica High Yield Bond |  |  |  |  |  |  |  |  |  |  |
| Transamerica High Yield Muni |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Inflation <br> Opportunities<br>|  |  |  |  |  | Over $100,000 |  |  |  |  |
| Transamerica Intermediate Muni |  |  |  |  |  |  |  |  |  |  |
| Transamerica International Equity |  | Over $100,000 |  |  | Over $100,000 |  |  |  |  | Over $100,000 |
| Transamerica International Focus |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica International Small <br> Cap Value<br>| $1 – $10000 |  |  |  |  |  |  |  |  |  |
| Transamerica International Stock |  |  |  | Over $100,000 |  |  |  |  |  |  |
| Transamerica Large Cap Value |  |  |  |  |  |  |  |  |  |  |
| Transamerica Large Core ESG |  |  |  |  |  |  |  |  |  |  |
| Transamerica Large Growth |  |  |  |  |  |  |  |  |  |  |
| Transamerica Long Credit |  |  |  |  |  |  |  |  |  |  |
| Transamerica Mid Cap Growth |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities<br>|  |  |  |  |  |  |  |  |  |  |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interested Trustees** | **Interested Trustees** |  |  |  |  |  |  |  |  |
| **Fund** | **Marijn P. Smit** | **Kent Callahan** | **Sandra N.** <br> **Bane**<br>| **Leo J. Hill** | **Kathleen T.** <br> **Ives**<br>| **Lauriann C.** <br> **Kloppenburg**<br>| **Fredric A.** <br> **Nelson III**<br>| **John E.** <br> **Pelletier**<br>| **Kevin A.** <br> **Simonoff\***<br>| **John W.** <br> **Waechter**<br>|
| Transamerica Multi-Asset Income |  |  |  | Over $100,000 |  | Over $100,000 |  | Over $100,000 |  |  |
| &nbsp;&nbsp; Transamerica Multi-Managed <br> Balanced<br>|  |  | Over $100,000 | Over $100,000 |  |  | $50001 – <br> $100000<br>| Over $100,000 |  |  |
| Transamerica Short-Term Bond |  |  |  |  |  |  |  |  |  |  |
| Transamerica Small Cap Growth |  |  |  |  |  |  |  |  |  |  |
| Transamerica Small Cap Value |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Small/Mid Cap <br> Value<br>|  |  |  |  |  |  |  |  |  |  |
| Transamerica Strategic Income |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Sustainable Equity <br> Income<br>|  |  |  |  |  |  |  |  |  |  |
| Transamerica UltraShort Bond |  |  |  |  |  |  |  |  |  |  |
| Transamerica US Growth |  |  |  |  |  |  |  |  |  |  |

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\* As of January 1, 2026

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Transamerica Fund Family** | **Transamerica Fund Family** |
| **Trustee** | &nbsp;&nbsp; **Aggregate Dollar** <br> **Range of Equity** <br> **Securities**<br>|
| Interested Trustees |  |
| Marijn P. Smit | $1 - $10000 |
| Kent Callahan | Over $100,000 |
| Independent Trustees |  |
| Sandra N. Bane | Over $100,000 |
| Leo J. Hill | Over $100,000 |
| Kathleen T. Ives | Over $100,000 |
| Lauriann C. Kloppenburg | Over $100,000 |
| Fredric A. Nelson III | Over $100,000 |
| John E. Pelletier | Over $100,000 |
| Kevin A. Simonoff\* | $50001 - $100000 |
| John W. Waechter | Over $100,000 |

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\* As of January 1, 2026

As of December 31, 2025, none of the Independent Board Members or their immediate family members owned beneficially or of record any securities of the Investment Manager, sub-advisers or Distributor of the funds, or in a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Investment Manager, sub-advisers or Distributor of the funds.

**Trustee Compensation** 

As of January 1, 2026, the Independent Board Members receive a base retainer of $395,000 from the funds/portfolios of Transamerica Funds and TST.

The Trust pays a pro rata share of these fees allocable to each series of the Trust based on the relative assets of the series.

As of January 1, 2026, the Lead Independent Trustee of the Board receives an additional retainer of $88,000 per year; and the Audit Committee Chairperson receives an additional retainer of $38,000 per year. The Trust also pays a pro rata share allocable to each series of Transamerica Funds based on the relative assets of the series for the Lead Independent Trustee and Audit Committee Chairperson retainers.

Any fees and expenses paid to an Interested Board Member and officers are paid by TAM or an affiliate and not by the Trust or any series, except that the compensation of the Chief Compliance Officer is paid as provided in the next sentence. A portion of the compensation of the Chief Compliance Officer is paid by TAM or an affiliate; the remaining portion is allocated ratably, based on relative net assets, among the mutual funds sponsored by TAM, including the series of the Trust.

**Compensation Table**

The following table provides compensation amounts paid by the funds to the Independent Trustees for the fiscal year ended October 31, 2025. Interested Trustees are not compensated by the funds. Messrs. Callahan and Smit are compensated for their Board service by TAM or an affiliate of TAM.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person, Position** | **Aggregate** <br> **Compensation from** <br> **the Trust**<br>| **Pension or Retirement** <br> **Benefits Accrued as** <br> **Part of Funds** <br> **Expenses**<sup>(a)</sup> <br>| **Estimated Annual** <br> **Benefits Upon** <br> **Retirement**<sup>(a)</sup> <br>| **Total Compensation** <br> **from the Transamerica** <br> **Fund Family** <br> **(including the Trust)**<sup>(b)</sup> <br>|
| Sandra N. Bane, Trustee | $163871 | N/A | N/A | $411800 |
| Leo J. Hill, Trustee | $184753 | N/A | N/A | $464400 |
| Kathleen T. Ives, Trustee | $152368 | N/A | N/A | $383000 |
| Lauriann C. Kloppenburg, Trustee | $152368 | N/A | N/A | $383000 |
| Fredric A. Nelson III, Trustee | $152368 | N/A | N/A | $383000 |
| John E. Pelletier, Trustee | $152368 | N/A | N/A | $383000 |
| Patricia L. Sawyer, Trustee<sup>(c)</sup> | $164145 | N/A | N/A | $412600 |
| Kevin A. Simonoff<sup>(d)</sup> | N/A | N/A | N/A | N/A |
| John W. Waechter, Trustee | $155108 | N/A | N/A | $390000 |

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(a) The Trust has no plan or other arrangement pursuant to which the Trustees receive pension or retirement benefits.

(b) Compensation expenses are allocated pro rata based on the relative net assets of each fund included in the Transamerica Fund Family.

(c) Effective as of December 31, 2025, Ms. Sawyer retired as a Board Member.

(d) Information is not shown for Mr. Simonoff as he became a Board Member on January 1, 2026.

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**Shareholder Communication Procedures with the Board of Trustees** 

The Board of the Trust has adopted these procedures by which shareholders of the Trust may send written communications to the Board. Shareholders may mail written communications to the Board, addressed to the care of the Secretary of the Trust ("Secretary"), as follows:

Board of Trustees

Transamerica Funds

c/o Secretary

1801 California Street, Suite 5200

Denver, CO 80202

Each shareholder communication must (i) be in writing and be signed by the shareholder, (ii) identify the underlying series of the Trust to which it relates, and (iii) identify the class (if applicable) held by the shareholder. The Secretary is responsible for collecting, reviewing and organizing all properly submitted shareholder communications. Usually, with respect to each properly submitted shareholder communication, the Secretary shall either (i) provide a copy of the communication to the Board at the next regularly scheduled Board meeting or (ii) if the Secretary determines that the communication requires more immediate attention, forward the communication to the Board promptly after receipt. The Secretary may, in good faith, determine that a shareholder communication should not be provided to the Board because the communication (i) does not reasonably relate to a series of the Trust or its operation, management, activities, policies, service providers, Board, officers, shareholders or other matters relating to an investment in the Trust, or (ii) is ministerial in nature (such as a request for Trust literature, share data or financial information). These Procedures shall not apply to (i) any communication from an officer or Trustee of the Trust, (ii) any communication from an employee or agent of the Trust, unless such communication is made solely in such employee's or agent's capacity as a shareholder, (iii) any shareholder proposal submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 ("Exchange Act") or any communication made in connection with such a proposal, or (iv) any communication that reasonably may be considered to be a complaint regarding the Trust or shareholder services, which complaint shall instead be promptly forwarded to the Trust's Chief Compliance Officer. The Trustees are not required to attend the Trust's shareholder meetings, if any, or to otherwise make themselves available to shareholders for communications, other than pursuant to these Procedures.

**Code of Ethics** 

The Trust, TAM, each sub-adviser and TCL have each adopted a Code of Ethics as required by applicable law, which is designed to prevent affiliated persons of the Trust, TAM, each sub-adviser and TCL from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the funds (which may also be held by persons subject to a code of ethics). There can be no assurance that the codes of ethics will be effective in preventing such activities.

Pursuant to Rule 17j-1 under the 1940 Act, the funds, TAM, the sub-advisers and the distributor each have adopted a code of ethics that permits their personnel to invest in securities for their own accounts, including securities that may be purchased or held by a fund. All personnel must place the interests of clients first, must not act upon non-public information, must not take inappropriate advantage of their positions, and are required to fulfill their fiduciary obligations. All personal securities transactions by employees must adhere to the requirements of the codes of ethics and must be conducted in such a manner as to avoid any actual or potential conflict of interest, the appearance of such a conflict, or the abuse of an employee's position of trust and responsibility.

**Proxy Voting Policies and Procedures** 

TAM exercises voting discretion for the Asset Allocation Funds. The proxy voting policies and procedures of the respective sub-advisers are used to determine how to vote proxies relating to securities held by the remainder of the funds. The proxy voting policies and procedures of the funds, TAM and the sub-advisers are attached hereto as Appendix A.

TAM's proxy voting policy and procedures address material conflicts of interest that may arise between TAM or its affiliates and the funds by: (i) providing for voting in accordance with the recommendation of an independent third party or the Board; (ii) voting shares in the same proportion as the vote of all of the other holders of a fund's shares; or (iii) obtaining the consent of the Board (or a Board Committee) with full disclosure of the conflict.

The Trust files SEC Form N-PX, with the complete proxy voting records of the funds for the 12 months ended June 30th, no later than August 31st of each year. The information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2025 is available upon request, without charge, on (1) on the following website at https://www.transamerica.com/financial-pro/investments/prospectus; and (2) on the SEC's website at https://www.sec.gov.

**Investment Management and Other Services** 

**The Investment Manager**

TAM serves as the investment manager for the funds. The Trust has entered into an Investment Management Agreement ("Management Agreement"), on behalf of each fund with TAM. TAM, located at 1801 California Street, Suite 5200, Denver, CO 80202, provides continuous and regular investment management services to the funds. TAM supervises each respective fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to each fund.

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TAM currently acts as a "manager of managers" and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of any such fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of each fund and its investment strategy and the ongoing review and evaluation of that investment strategy including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for each fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the funds' investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the funds' Board, participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the funds; oversight of other service providers to the funds, such as the custodian, the transfer agent, the funds' independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the funds; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services.

TAM's investment management services also include the provision of supervisory and administrative services to each fund. These services include performing certain administrative services for the funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the funds by State Street, to whom TAM has outsourced the provision of certain services as described below; to the extent agreed upon by TAM and the funds from time to time, monitoring and verifying the custodian's daily calculation of net asset values; shareholder relations functions; compliance services; valuation services; assisting in due diligence and in oversight and monitoring of certain activities of sub-advisers and certain aspects of fund investments; assisting with fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the funds' custodian and dividend disbursing agent and monitoring their services to the funds; assisting the funds in preparing reports to shareholders; acting as liaison with the funds' independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of Trustees and committees of Trustees; assisting in the preparation of regular communications with the Trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the funds.

TAM is directly owned by Transamerica Life Insurance Company (77%) ("TLIC") and AUSA Holding, LLC (23%) ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Transamerica Corporation (DE) is owned by Aegon International B.V., which is owned by Aegon Ltd, a Bermuda exempted company with liability limited by shares (formerly, Aegon N.V., a Netherlands corporation), and a publicly traded international insurance group.

**Management Agreement** 

TAM has agreed, under each fund's Management Agreement, to regularly provide the fund with investment management services, including management, supervision and investment research and advice, and to furnish a continuous investment program for the fund's portfolio of securities and other investments consistent with the fund's investment objectives, policies and restrictions, as stated in the fund's prospectus and SAI. TAM also provides supervisory and administrative services to each fund, as well as services incidental to the foregoing services. TAM is permitted to enter into contracts with sub-advisers, subject to the Board's approval. TAM has entered into sub-advisory agreements, as described below.

As compensation for services performed, each fund pays TAM a fee computed daily at an annual rate of the fund's average daily net assets as described below. TAM bears all expenses incurred by it in the performance of its duties under each fund's Management Agreement. A fund bears all expenses not expressly assumed by TAM incurred in the operation of the fund and the offering of its shares.

The Management Agreement for a fund will terminate, unless sooner terminated as set forth therein, two years from its effective date, and will continue in effect from year to year thereafter, if continuance is specifically approved at least annually by (i) the vote of a majority of the Board Members who are not parties thereto or interested persons of any party thereto, cast in person at a meeting called for the purpose of voting on the approval of the terms of renewal, and by (ii) either the Board or the affirmative vote of a majority of the outstanding voting securities of that fund.

Each Management Agreement provides that TAM may render services to others. Under each fund's Management Agreement, TAM assumes no responsibility other than to render the services called for by the Management Agreement in good faith, and TAM and its affiliates will not be liable for any error of judgment or mistake of law, or for any loss arising out of any investment or for any act or omission in the execution

------

of securities transactions for the fund or in the performance of its other services thereunder. TAM and its affiliates are not protected, however, against any liability to a fund to which TAM or an affiliate would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the Management Agreement.

Each Management Agreement provides that it may be terminated with respect to any fund at any time, without the payment of any penalty, upon 60 days' written notice to TAM, or by TAM upon 60 days' written notice to the fund. A fund may effect termination by action of the Board or by vote of a majority of the outstanding voting securities of the fund, accompanied by appropriate notice. The Management Agreement terminates automatically in the event of its "assignment" (as defined in the 1940 Act).

TAM has outsourced the provision of certain specific administrative services to State Street. State Street performs back office services to support TAM, including furnishing financial and performance information about the funds for inclusion in regulatory filings and Trustee and shareholder reports; preparing drafts of regulatory filings, Trustee materials, tax returns, and reports and budgets; tax testing; and maintaining books and records. TAM pays certain fees and expenses for sub-administration services to State Street. The funds pay certain fees and expenses to State Street for sub-administration services which are not covered by the Management Agreement with TAM or management fees payable thereunder. State Street's address is One Congress Street, Boston, MA 02114.

**Investment Manager Compensation** 

TAM receives compensation calculated daily and paid monthly from the funds, at the annual rates indicated below. TAM pays the sub-advisers their sub-advisory fees out of its management fees.

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| | |
|:---|:---|
| **Fund Name** | **Percentage of Average Daily Net Assets** |
| Transamerica Asset Allocation – Conservative Portfolio | &nbsp;&nbsp; 0.10% of the first $1 billion<br> 0.0975% over $1 billion up to $2.5 billion<br> 0.090% over $2.5 billion up to $4 billion<br> 0.080% over $4 billion up to $9 billion<br> 0.0725% in excess of $9 billion<br>|
| Transamerica Asset Allocation – Growth Portfolio | &nbsp;&nbsp; 0.10% of the first $1 billion<br> 0.0975% over $1 billion up to $2.5 billion<br> 0.090% over $2.5 billion up to $4 billion<br> 0.080% over $4 billion up to $9 billion<br> 0.0725% in excess of $9 billion<br>|
| Transamerica Asset Allocation – Moderate Growth Portfolio | &nbsp;&nbsp; 0.10% of the first $1 billion<br> 0.0975% over $1 billion up to $2.5 billion<br> 0.090% over $2.5 billion up to $4 billion<br> 0.080% over $4 billion up to $9 billion<br> 0.0725% in excess of $9 billion<br>|
| Transamerica Asset Allocation – Moderate Portfolio | &nbsp;&nbsp; 0.10% of the first $1 billion<br> 0.0975% over $1 billion up to $2.5 billion<br> 0.090% over $2.5 billion up to $4 billion<br> 0.080% over $4 billion up to $9 billion<br> 0.0725% in excess of $9 billion<br>|
| Transamerica Bond | &nbsp;&nbsp; 0.41% of the first $500 million<br> 0.39% over $500 million up to $1 billion<br> 0.38% over $1 billion up to $1.5 billion<br> 0.375% in excess of $1.5 billion<br>|
| Transamerica Capital Growth | &nbsp;&nbsp; 0.6825% of the first $1.5 billion<br> 0.6415% over $1.5 billion up to $3 billion<br> 0.59% over $3 billion up to $4 billion<br> 0.575% over $4 billion up to $5 billion<br> 0.55% in excess of $5 billion<br>|
| Transamerica Core Bond | &nbsp;&nbsp; 0.38% of the first $2 billion<br> 0.365% over $2 billion up to $3.5 billion<br> 0.36% over $3.5 billion up to $5 billion<br> 0.355% in excess of $5 billion<br>|
| Transamerica Emerging Markets Debt | &nbsp;&nbsp; 0.63% of the first $400 million<br> 0.61% in excess of $400 million<br>|
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; 0.79% of the first $250 million<br> 0.75% over $250 million up to $500 million<br> 0.70% in excess of $500 million<br>|
| Transamerica Energy Infrastructure | &nbsp;&nbsp; 1.054% of the first $250 million<br> 1.04% over $250 million up to $500 million<br> 0.96% over $500 million up to $1 billion<br> 0.85% over $1 billion up to $2 billion<br> 0.80% in excess of $2 billion <br>|

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| | |
|:---|:---|
| **Fund Name** | **Percentage of Average Daily Net Assets** |
| Transamerica Floating Rate | &nbsp;&nbsp; 0.49% of the first $100 million<br> 0.485% over $100 million up to $200 million<br> 0.48% over $200 million up to $1 billion <br> 0.47% over $1 billion up to $1.5 billion <br> 0.46% over $1.5 billion up to $2 billion <br> 0.45% in excess of $2 billion<br>|
| Transamerica Government Money Market | &nbsp;&nbsp; 0.24% of the first $1 billion<br> 0.22% over $1 billion up to $3 billion<br> 0.21% in excess of $3 billion<br>|
| Transamerica High Yield Bond | &nbsp;&nbsp; 0.554% of the first $1.25 billion<br> 0.544% over $1.25 billion up to $2 billion<br> 0.52% in excess of $2 billion<br>|
| Transamerica High Yield Muni | &nbsp;&nbsp; 0.54% of the first $500 million<br> 0.53% over $500 million up to $1 billion<br> 0.50% in excess of $1 billion<br>|
| Transamerica Inflation Opportunities | &nbsp;&nbsp; 0.38% of the first $500 million<br> 0.375% over $500 million up to $750 million<br> 0.37% in excess of $750 million<br>|
| Transamerica Intermediate Muni | &nbsp;&nbsp; 0.47% of the first $150 million<br> 0.45% over $150 million up to $350 million<br> 0.44% over $350 million up to $650 million<br> 0.42% over $650 million up to $1 billion<br> 0.39% over $1 billion up to $2 billion<br> 0.3875% over $2 billion up to $3 billion<br> 0.3825% in excess of $3 billion<br>|
| Transamerica International Equity | &nbsp;&nbsp; 0.77% of the first $250 million<br> 0.74% over $250 million up to $1 billion<br> 0.72% over $1 billion up to $2 billion<br> 0.69% over $2 billion up to $6 billion<br> 0.68% over $6 billion up to $8 billion<br> 0.66% in excess of $8 billion<br>|
| Transamerica International Focus | &nbsp;&nbsp; 0.75% of the first $500 million<br> 0.74% over $500 million up to $1 billion<br> 0.69% over $1 billion up to $2 billion<br> 0.675% over $2 billion up to $3 billion<br> 0.66% in excess of $3 billion<br>|
| Transamerica International Small Cap Value | &nbsp;&nbsp; 0.895% of the first $300 million<br> 0.87% over $300 million up to $750 million<br> 0.77% over $750 million up to $1 billion<br> 0.75% in excess of $1 billion<br>|
| Transamerica International Stock | &nbsp;&nbsp; 0.70% of the first $500 million<br> 0.68% over $500 million up to $1 billion<br> 0.67% over $1 billion up to $2 billion<br> 0.64% over $2 billion up to $3 billion<br> 0.63% in excess of $3 billion<br>|
| Transamerica Large Cap Value | &nbsp;&nbsp; 0.594% of the first $1 billion<br> 0.58% over $1 billion up to $2 billion<br> 0.56% over $2 billion up to $3 billion<br> 0.54% in excess of $3 billion<br>|
| Transamerica Large Core ESG | &nbsp;&nbsp; 0.45% of the first $250 million<br> 0.44% over $250 million up to $750 million<br> 0.43% in excess of $750 million<br>|
| Transamerica Large Growth | &nbsp;&nbsp; 0.65% of the first $1 billion<br> 0.635% over $1 billion up to $1.5 billion<br> 0.615% over $1.5 billion up to $2 billion<br> 0.605% over $2 billion up to $3 billion<br> 0.59% over $3 billion up to $4 billion<br> 0.575% over $4 billion up to $5 billion<br> 0.57% over $5 billion up to $7 billion<br> 0.55% in excess of $7 billion<br>|
| Transamerica Long Credit | &nbsp;&nbsp; 0.45% of the first $1 billion<br> 0.44% in excess of $1 billion<br>|
| Transamerica Mid Cap Growth | &nbsp;&nbsp; 0.705% of the first $200 million<br> 0.685% over $200 million up to $1 billion<br> 0.670% in excess of $1 billion <br>|

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| | |
|:---|:---|
| **Fund Name** | **Percentage of Average Daily Net Assets** |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; 0.695% of the first $750 million<br> 0.6925% over $750 million up to $1.5 billion<br> 0.65% over $1.5 billion up to $2 billion<br> 0.63% in excess of $2 billion<br>|
| Transamerica Multi-Asset Income | &nbsp;&nbsp; 0.57% of the first $500 million<br> 0.565% over $500 million up to $1 billion<br> 0.54% over $1 billion up to $1.5 billion<br> 0.53% over $1.5 billion up to $2 billion<br> 0.51% in excess of $2 billion<br>|
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; 0.61% of the first $500 million<br> 0.59% over $500 million up to $1 billion<br> 0.56% over $1 billion up to $1.5 billion<br> 0.55% over $1.5 billion up to $2 billion<br> 0.52% over $2 billion up to $5 billion<br> 0.50% in excess of $5 billion<br>|
| Transamerica Short-Term Bond | &nbsp;&nbsp; 0.42% of the first $250 million<br> 0.39% over $250 million up to $500 million<br> 0.37% over $500 million up to $1 billion<br> 0.36% in excess of $1 billion<br>|
| Transamerica Small Cap Growth | &nbsp;&nbsp; 0.87% of the first $300 million<br> 0.83% in excess of $300 million<br>|
| Transamerica Small Cap Value | &nbsp;&nbsp; 0.80% of the first $300 million<br> 0.75% over $300 million up to $800 million<br> 0.71% in excess of $800 million<br>|
| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; 0.775% of the first $100 million<br> 0.755% over $100 million up to $350 million<br> 0.735% over $350 million up to $500 million<br> 0.725% over $500 million up to $750 million<br> 0.715% over $750 million up to $1 billion<br> 0.69% over $1 billion up to $1.5 billion<br> 0.68% over $1.5 billion up to $2 billion<br> 0.67% in excess of $2 billion<br>|
| Transamerica Strategic Income | &nbsp;&nbsp; 0.544% of the first $500 million<br> 0.534% over $500 million up to $2 billion<br> 0.53% in excess of $2 billion<br>|
| Transamerica Sustainable Equity Income | &nbsp;&nbsp; 0.663% of the first $500 million<br> 0.58% over $500 million up to $1 billion<br> 0.55% over $1 billion up to $1.5 billion<br> 0.53% in excess of $1.5 billion<br>|
| Transamerica UltraShort Bond | &nbsp;&nbsp; 0.17% of the first $1 billion<br> 0.16% in excess of $1 billion<br>|
| Transamerica US Growth | &nbsp;&nbsp; 0.68% of the first $500 million<br> 0.67% over $500 million up to $800 million<br> 0.6575% over $800 million up to $1 billion<br> 0.613% over $1 billion up to $2 billion<br> 0.605% over $2 billion up to $3 billion<br> 0.59% over $3 billion up to $4 billion<br> 0.575% over $4 billion up to $5 billion<br> 0.57% over $5 billion up to $7 billion<br> 0.55% in excess of $7 billion<br>|

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The following tables set forth the total amounts the funds paid to TAM (after waivers/expense reimbursements and recapture), Fees Waived/Expenses Reimbursed by TAM to the funds, and Amounts Recaptured by TAM from the funds, if any, for the last three fiscal years.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Management Fees (after waivers/expense reimbursements and recapture)** | **Management Fees (after waivers/expense reimbursements and recapture)** | **Management Fees (after waivers/expense reimbursements and recapture)** | **Fees Waived/Expenses Reimbursed** | **Fees Waived/Expenses Reimbursed** | **Fees Waived/Expenses Reimbursed** |
|  | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Transamerica Asset Allocation – Conservative Portfolio | &nbsp;&nbsp; $22248 | &nbsp;&nbsp; $469919 | &nbsp;&nbsp; $507100 | &nbsp;&nbsp; $552057 | &nbsp;&nbsp; $1244 | &nbsp;&nbsp; $821 |
| Transamerica Asset Allocation – Growth Portfolio | &nbsp;&nbsp; $718027 | &nbsp;&nbsp; $991024 | &nbsp;&nbsp; $924461 | &nbsp;&nbsp; $426444 | &nbsp;&nbsp; $4772 | &nbsp;&nbsp; $2419 |
| Transamerica Asset Allocation – Moderate Growth Portfolio | &nbsp;&nbsp; $1161394 | &nbsp;&nbsp; $1473955 | &nbsp;&nbsp; $1450543 | &nbsp;&nbsp; $366799 | &nbsp;&nbsp; $2876 | &nbsp;&nbsp; $1115 |
| Transamerica Asset Allocation – Moderate Portfolio | &nbsp;&nbsp; $414152 | &nbsp;&nbsp; $909563 | &nbsp;&nbsp; $939566 | &nbsp;&nbsp; $639708 | &nbsp;&nbsp; $1817 | &nbsp;&nbsp; $504 |
| Transamerica Bond | &nbsp;&nbsp; $8573014 | &nbsp;&nbsp; $7889026 | &nbsp;&nbsp; $5536139 | &nbsp;&nbsp; $533202 | &nbsp;&nbsp; $479538 | &nbsp;&nbsp; $390479 |
| Transamerica Capital Growth | &nbsp;&nbsp; $10473900 | &nbsp;&nbsp; $8915338 | &nbsp;&nbsp; $9616665 | &nbsp;&nbsp; $61052 | &nbsp;&nbsp; $304810 | &nbsp;&nbsp; $544183 |
| Transamerica Core Bond | &nbsp;&nbsp; $6594814 | &nbsp;&nbsp; $8210118 | &nbsp;&nbsp; $9040886 | &nbsp;&nbsp; $35012 | &nbsp;&nbsp; $26866 | &nbsp;&nbsp; $29540 |
| Transamerica Emerging Markets Debt | &nbsp;&nbsp; $1574588 | &nbsp;&nbsp; $1873864 | &nbsp;&nbsp; $1683885 | &nbsp;&nbsp; $28595 | &nbsp;&nbsp; $8481 | &nbsp;&nbsp; $41956 |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; $1110500 | &nbsp;&nbsp; $2520355 | &nbsp;&nbsp; $6025482 | &nbsp;&nbsp; $198756 | &nbsp;&nbsp; $183302 | &nbsp;&nbsp; $4761 |
| Transamerica Energy Infrastructure | &nbsp;&nbsp; $1443441 | &nbsp;&nbsp; $1311331 | &nbsp;&nbsp; $1443677 | &nbsp;&nbsp; $557 | &nbsp;&nbsp; $612 | &nbsp;&nbsp; $36438 |
| Transamerica Floating Rate | &nbsp;&nbsp; $1282649 | &nbsp;&nbsp; $1232977 | &nbsp;&nbsp; $974064 | &nbsp;&nbsp; $10762 | &nbsp;&nbsp; $5015 | &nbsp;&nbsp; $79910 |
| Transamerica Government Money Market | &nbsp;&nbsp; $510647 | &nbsp;&nbsp; $1076699 | &nbsp;&nbsp; $1310667 | &nbsp;&nbsp; $146201 | &nbsp;&nbsp; $50346 | &nbsp;&nbsp; $38832 |
| Transamerica High Yield Bond | &nbsp;&nbsp; $6620552 | &nbsp;&nbsp; $7928860 | &nbsp;&nbsp; $7179047 | &nbsp;&nbsp; $13610 | &nbsp;&nbsp; $6427 | &nbsp;&nbsp; $7252 |
| Transamerica High Yield Muni | &nbsp;&nbsp; $605121 | &nbsp;&nbsp; $602287 | &nbsp;&nbsp; $504214 | &nbsp;&nbsp; $52586 | &nbsp;&nbsp; $41096 | &nbsp;&nbsp; $66580 |
| Transamerica Inflation Opportunities | &nbsp;&nbsp; $543202 | &nbsp;&nbsp; $678428 | &nbsp;&nbsp; $531376 | &nbsp;&nbsp; $21621 | &nbsp;&nbsp; $14777 | &nbsp;&nbsp; $118780 |
| Transamerica Intermediate Muni | &nbsp;&nbsp; $3509081 | &nbsp;&nbsp; $3998827 | &nbsp;&nbsp; $4699759 | &nbsp;&nbsp; $895087 | &nbsp;&nbsp; $885371 | &nbsp;&nbsp; $946136 |
| Transamerica International Equity | &nbsp;&nbsp; $30526558 | &nbsp;&nbsp; $31541001 | &nbsp;&nbsp; $32298590 | &nbsp;&nbsp; $213544 | &nbsp;&nbsp; $796798 | &nbsp;&nbsp; $782191 |
| Transamerica International Focus | &nbsp;&nbsp; $5369557 | &nbsp;&nbsp; $4275909 | &nbsp;&nbsp; $6868310 | &nbsp;&nbsp; $3101 | &nbsp;&nbsp; $2542 | &nbsp;&nbsp; $1908 |
| Transamerica International Small Cap Value | &nbsp;&nbsp; $7658170 | &nbsp;&nbsp; $6711968 | &nbsp;&nbsp; $6140203 | &nbsp;&nbsp; $672 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica International Stock | &nbsp;&nbsp; $3246661 | &nbsp;&nbsp; $2026917 | &nbsp;&nbsp; $1234957 | &nbsp;&nbsp; $38290 | &nbsp;&nbsp; $37366 | &nbsp;&nbsp; $451 |
| Transamerica Large Cap Value | &nbsp;&nbsp; $12199849 | &nbsp;&nbsp; $10352747 | &nbsp;&nbsp; $9567942 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Large Core ESG | &nbsp;&nbsp; $756241 | &nbsp;&nbsp; $881484 | &nbsp;&nbsp; $707766 | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $96 | &nbsp;&nbsp; $138370 |
| Transamerica Large Growth | &nbsp;&nbsp; $2481662 | &nbsp;&nbsp; $3010058 | &nbsp;&nbsp; $2791053 | &nbsp;&nbsp; $295 | &nbsp;&nbsp; $2635 | &nbsp;&nbsp; $7914 |
| Transamerica Long Credit | &nbsp;&nbsp; $2660100 | &nbsp;&nbsp; $2371851 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $190 | &nbsp;&nbsp; $4457 | &nbsp;&nbsp; $164184 |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; $1004490 | &nbsp;&nbsp; $1871149 | &nbsp;&nbsp; $2503681 | &nbsp;&nbsp; $59410 | &nbsp;&nbsp; $721 | &nbsp;&nbsp; $604 |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; $7206521 | &nbsp;&nbsp; $9115899 | &nbsp;&nbsp; $9487580 | &nbsp;&nbsp; $43459 | &nbsp;&nbsp; $56707 | &nbsp;&nbsp; $72574 |
| Transamerica Multi-Asset Income | &nbsp;&nbsp; $4305902 | &nbsp;&nbsp; $3853907 | &nbsp;&nbsp; $3796943 | &nbsp;&nbsp; $21813 | &nbsp;&nbsp; $36642 | &nbsp;&nbsp; $57562 |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; $8244307 | &nbsp;&nbsp; $7332588 | &nbsp;&nbsp; $6568758 | &nbsp;&nbsp; $2875 | &nbsp;&nbsp; $1567 | &nbsp;&nbsp; $0 |
| Transamerica Short-Term Bond | &nbsp;&nbsp; $12358371 | &nbsp;&nbsp; $11586531 | &nbsp;&nbsp; $12875625 | &nbsp;&nbsp; $4693 | &nbsp;&nbsp; $5121 | &nbsp;&nbsp; $4071 |
| Transamerica Small Cap Growth | &nbsp;&nbsp; $737050 | &nbsp;&nbsp; $1240689 | &nbsp;&nbsp; $1256820 | &nbsp;&nbsp; $112616 | &nbsp;&nbsp; $38117 | &nbsp;&nbsp; $44495 |
| Transamerica Small Cap Value | &nbsp;&nbsp; $548083 | &nbsp;&nbsp; $883075 | &nbsp;&nbsp; $2811743 | &nbsp;&nbsp; $183613 | &nbsp;&nbsp; $121539 | &nbsp;&nbsp; $32766 |
| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; $4878054 | &nbsp;&nbsp; $5336493 | &nbsp;&nbsp; $5688078 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Strategic Income | &nbsp;&nbsp; $951933 | &nbsp;&nbsp; $1549945 | &nbsp;&nbsp; $5526459 | &nbsp;&nbsp; $202886 | &nbsp;&nbsp; $131106 | &nbsp;&nbsp; $21323 |
| Transamerica Sustainable Equity Income | &nbsp;&nbsp; $1256457 | &nbsp;&nbsp; $1282314 | &nbsp;&nbsp; $1812901 | &nbsp;&nbsp; $21594 | &nbsp;&nbsp; $707 | &nbsp;&nbsp; $17591 |
| Transamerica UltraShort Bond | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $91755 | &nbsp;&nbsp; $102501 | &nbsp;&nbsp; $148895 |
| Transamerica US Growth | &nbsp;&nbsp; $16642063 | &nbsp;&nbsp; $14507269 | &nbsp;&nbsp; $11786326 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1891 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Amounts Recaptured** | **Amounts Recaptured** | **Amounts Recaptured** |
| **Fund Name** | **2025** | **2024** | **2023** |
| Transamerica Asset Allocation – Conservative Portfolio | &nbsp;&nbsp; $2306 | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $321 |
| Transamerica Asset Allocation – Growth Portfolio | &nbsp;&nbsp; $1400 | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $40 |
| Transamerica Asset Allocation – Moderate Growth Portfolio | &nbsp;&nbsp; $1530 | &nbsp;&nbsp; $24 | &nbsp;&nbsp; $13 |
| Transamerica Asset Allocation – Moderate Portfolio | &nbsp;&nbsp; $3063 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $18 |
| Transamerica Bond | &nbsp;&nbsp; $8463 | &nbsp;&nbsp; $7561 | &nbsp;&nbsp; $19612 |
| Transamerica Capital Growth | &nbsp;&nbsp; $161992 | &nbsp;&nbsp; $54167 | &nbsp;&nbsp; $58667 |
| Transamerica Core Bond | &nbsp;&nbsp; $1459 | &nbsp;&nbsp; $1126 | &nbsp;&nbsp; $1451 |
| Transamerica Emerging Markets Debt | &nbsp;&nbsp; $9158 | &nbsp;&nbsp; $10562 | &nbsp;&nbsp; $39786 |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; $171953 | &nbsp;&nbsp; $67876 | &nbsp;&nbsp; $2375 |
| Transamerica Energy Infrastructure | &nbsp;&nbsp; $1956 | &nbsp;&nbsp; $1383 | &nbsp;&nbsp; $41916 |
| Transamerica Floating Rate<sup>\*</sup> | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1873 | &nbsp;&nbsp; $15511 |
| Transamerica Government Money Market | &nbsp;&nbsp; $5090 | &nbsp;&nbsp; $93062 | &nbsp;&nbsp; $202105 |
| Transamerica High Yield Bond | &nbsp;&nbsp; $11446 | &nbsp;&nbsp; $4033 | &nbsp;&nbsp; $6520 |
| Transamerica High Yield Muni | &nbsp;&nbsp; $2096 | &nbsp;&nbsp; $15565 | &nbsp;&nbsp; $16493 |
| Transamerica Inflation Opportunities<sup>\*</sup> | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $13381 | &nbsp;&nbsp; $15606 |
| Transamerica Intermediate Muni | &nbsp;&nbsp; $5821 | &nbsp;&nbsp; $2136 | &nbsp;&nbsp; $22424 |
| Transamerica International Equity | &nbsp;&nbsp; $39690 | &nbsp;&nbsp; $133787 | &nbsp;&nbsp; $0 |
| Transamerica International Focus<sup>\*</sup> | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $113 | &nbsp;&nbsp; $34 |
| Transamerica International Small Cap Value | &nbsp;&nbsp; 672 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica International Stock<sup>\*</sup> | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $4271 | &nbsp;&nbsp; $1918 |
| Transamerica Large Cap Value | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Large Core ESG | &nbsp;&nbsp; $203 | &nbsp;&nbsp; $33625 | &nbsp;&nbsp; $91731 |
| Transamerica Large Growth | &nbsp;&nbsp; $49 | &nbsp;&nbsp; $114 | &nbsp;&nbsp; $1276 |
| Transamerica Long Credit | &nbsp;&nbsp; $5953 | &nbsp;&nbsp; $12037 | &nbsp;&nbsp; $789 |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; $21634 | &nbsp;&nbsp; $377 | &nbsp;&nbsp; $67 |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; $10376 | &nbsp;&nbsp; $7666 | &nbsp;&nbsp; $8774 |
| Transamerica Multi-Asset Income | &nbsp;&nbsp; $6562 | &nbsp;&nbsp; $10030 | &nbsp;&nbsp; $12088 |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; $24 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Short-Term Bond | &nbsp;&nbsp; $274 | &nbsp;&nbsp; $311 | &nbsp;&nbsp; $322 |
| Transamerica Small Cap Growth | &nbsp;&nbsp; $14689 | &nbsp;&nbsp; $3097 | &nbsp;&nbsp; $11860 |
| Transamerica Small Cap Value | &nbsp;&nbsp; $14716 | &nbsp;&nbsp; $20766 | &nbsp;&nbsp; $32413 |
| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Strategic Income | &nbsp;&nbsp; $10019 | &nbsp;&nbsp; $62282 | &nbsp;&nbsp; $0 |
| Transamerica Sustainable Equity Income | &nbsp;&nbsp; $21214 | &nbsp;&nbsp; $196 | &nbsp;&nbsp; $17040 |
| Transamerica UltraShort Bond | &nbsp;&nbsp; $150 | &nbsp;&nbsp; $7804 | &nbsp;&nbsp; $199 |
| Transamerica US Growth | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1891 |

---

\* Certain of these amounts have been reimbursed to the fund.

**Expense Limitation**

TAM has entered into an expense limitation agreement with the Trust on behalf of certain funds, pursuant to which TAM has agreed to implement an expense cap to limit the ordinary operating expenses of one or more share classes of those funds. The expense caps and waived fees and/or reimbursed expenses exclude, as applicable, unless otherwise noted in the prospectus, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, and other expenses not incurred in the ordinary course of the relevant fund's business. TAM is permitted to recapture amounts waived and/or reimbursed to a class of a fund during the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class, but only if, after such recapture, the class's expense ratio does not exceed the current expense cap or any other lower limit then in effect for the class. These recapture arrangements may be limited or terminated under certain circumstances. The expense limitation agreement continues automatically for one-year terms unless TAM provides written notice to the Trust prior to the end of the then-current term. In addition, the agreement will terminate automatically upon termination of the Management Agreement.

In addition, TAM or any of its affiliates, in addition to any contractual expense limitation arrangements in effect from time to time, may voluntarily waive fees and/or reimburse expenses of one or more classes of Transamerica Government Money Market to such level(s) as the Trust's officers may reasonably determine from time to time in an effort to prevent the fund's yield from falling below zero. Any such waiver or expense reimbursement may be discontinued by TAM or its affiliates at any time. TAM is entitled to reimbursement by the applicable class(es) of the fund of any amounts so waived and/or reimbursed by TAM or any of its affiliates during the previous 36 months so long as the reimbursement does not cause the class's effective daily yield to be negative. Any reimbursement of amounts voluntarily waived and/or reimbursed may result in the class's expenses exceeding the contractual expense cap for the class. TAM or its affiliates may request that financial intermediaries reduce or waive amounts payable to those intermediaries with respect to services rendered to Transamerica

------

Government Money Market or its shareholders, and those reductions or waivers may reduce the amounts waived and/or reimbursed by TAM under the contractual and/or voluntary waiver arrangements with respect to the fund. There is no guarantee that Transamerica Government Money Market will be able to prevent a negative yield.

The current expense caps for the applicable share classes of the relevant funds are listed in the table set forth below. Each expense limitation arrangement cannot be terminated prior to its stated expiration date without the Board of Trustees' consent.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Expense Cap** | **Expense Cap** | **Expense Cap** | **Expense Cap** | **Expense Cap** | **Expense Cap** | **Expense Cap** | &nbsp;&nbsp; **Expiration Date of** <br> **Expense Cap**<br>|
|  | **Class A** | **Class C** | **Class I** | **Class I2** | **Class R** | **Class R3** | **Class R6** |  |
| Transamerica Asset Allocation – Conservative Portfolio | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 0.30%<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Asset Allocation – Growth Portfolio | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 0.30%<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Asset Allocation – Moderate Growth Portfolio | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 0.29%<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Asset Allocation – Moderate Portfolio | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 0.29%<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Bond | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.48% | March 1, 2027 |
| Transamerica Capital Growth | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.74% | March 1, 2027 |
| Transamerica Core Bond | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 0.56%<sup>2</sup> | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.46% | March 1, 2027 |
| Transamerica Emerging Markets Debt | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.80% | March 1, 2027 |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 2.30% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 0.95% | March 1, 2027 |
| Transamerica Energy Infrastructure | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Floating Rate<sup>3</sup> | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 0.72%<sup>1</sup> | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Government Money Market<sup>4</sup> | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica High Yield Bond | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 0.75%<sup>5</sup> | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.65% | March 1, 2027 |
| Transamerica High Yield Muni | &nbsp;&nbsp; 1.01%<sup>6</sup> | &nbsp;&nbsp; 1.76%<sup>6</sup> | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Inflation Opportunities<sup>3</sup> | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.53% | March 1, 2027 |
| Transamerica Intermediate Muni | &nbsp;&nbsp; 0.81%<sup>6</sup> | &nbsp;&nbsp; 1.54%<sup>6</sup> | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica International Equity | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.80% | March 1, 2027 |
| Transamerica International Focus<sup>3</sup> | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.95% | &nbsp;&nbsp; 0.97%<sup>1</sup> | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.87% | March 1, 2027 |
| Transamerica International Small Cap Value | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 1.00% | March 1, 2027 |
| Transamerica International Stock<sup>3</sup> | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.81% | March 1, 2027 |
| Transamerica Large Cap Value | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 0.77%<sup>2</sup> | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.67% | March 1, 2027 |
| Transamerica Large Core ESG | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.57% | March 1, 2027 |
| Transamerica Large Growth | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.74% | March 1, 2027 |
| Transamerica Long Credit | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.56% | March 1, 2027 |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.82% | March 1, 2027 |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.79% | March 1, 2027 |
| Transamerica Multi-Asset Income | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.69% | March 1, 2027 |
| Transamerica Short-Term Bond | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.46% | March 1, 2027 |
| Transamerica Small Cap Growth | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 1.00% | March 1, 2027 |
| Transamerica Small Cap Value | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.89% | March 1, 2027 |
| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.85% | March 1, 2027 |
| Transamerica Strategic Income | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.73%<sup>7</sup> | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.63% | March 1, 2027 |
| Transamerica Sustainable Equity Income | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 0.88%<sup>2</sup> | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.78% | March 1, 2027 |
| Transamerica UltraShort Bond | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.30% | March 1, 2027 |
| Transamerica US Growth<sup>\*</sup> | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.72% | March 1, 2027 |

---

<sup>\*</sup> Class T: 0.77%.

<sup>\*\*</sup> Class R shares of the fund are offered in a separate SAI.

<sup>1</sup> TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement is not subject to recapture.

<sup>2</sup> TAM has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement is not subject to recapture.

<sup>3</sup> TAM has contractually agreed not to recapture from any class of the fund any amounts previously waived or reimbursed by TAM through March 1, 2027.

------

<sup>4</sup> TAM may voluntarily waive fees and/or reimburse expenses of a class in an effort to prevent the class's yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. TAM is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative.

<sup>5</sup> TAM has contractually agreed to reimburse 0.085% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement is not subject to recapture.

<sup>6</sup> TCL has agreed to waive 0.10% of the 0.25% 12b-1 fee for Class A shares and 0.25% of the 1.00% 12b-1 fee for Class C shares through March 1, 2027. This arrangement is not subject to recapture.

<sup>7</sup> TAM has contractually agreed to reimburse 0.10% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement is not subject to recapture.

------

**Conflicts of Interest** 

TAM, an indirect wholly owned subsidiary of Aegon Ltd. and part of Aegon Asset Management ("AAM"), and its affiliates, directors, officers, employees and personnel (collectively, for purposes of this section, "Transamerica"), including the entities and personnel who may be involved in the management, operations or distribution of the funds, are engaged in a variety of businesses and have interests other than those related to managing the funds. Transamerica is a diversified global financial services company with many lines of business providing a wide range of financial services to a sizeable and diversified client base. The broad range of activities and interests of Transamerica gives rise to actual and potential conflicts of interest that could affect the funds and their shareholders.

Certain actual and potential conflicts of interest are described below. This is not, and is not intended to be, a complete enumeration or description of all the actual and potential conflicts that Transamerica has now or may have in the future. Additional or unanticipated conflicts of interest may arise from time to time in the ordinary course of Transamerica's various businesses.

TAM and the funds have adopted practices, policies and procedures that are intended to identify, manage and, where possible, mitigate conflicts of interest. There is no assurance, however, that these practices, policies and procedures will be effective, and these practices, policies and procedures may limit or restrict the funds' investment activities and adversely affect their performance.

***Activities on Behalf of Other Funds and Accounts*** 

Transamerica manages or advises other funds and products in addition to the funds, including Transamerica's own accounts, accounts in which Transamerica or its personnel have an interest, and other investment vehicles (collectively, the "Other Accounts"). In some cases, Transamerica oversees sub-advisers who provide day-to-day investment advice and recommendations with respect to the Other Accounts, and in other cases Transamerica itself performs all aspects of the day-to-day management. Certain Other Accounts have investment objectives similar to, the same as or opposite to those of the funds and/or engage in transactions in the same types of securities or other instruments, sectors or strategies as the funds. This creates potential conflicts and could affect the prices and availability of the securities and instruments in which a fund seeks to invest, particularly in circumstances where the availability or liquidity of such investment opportunities is limited, and could have an adverse impact on the fund's performance. Other Accounts may buy or sell positions while the funds are undertaking the same or a differing, including potentially opposite, strategy, which could disadvantage the funds. A position taken by Transamerica, on behalf of one or more Other Accounts, may be contrary to a position taken on behalf of a fund or may be adverse to a company or issuer in which the fund has invested. A fund on the one hand, and Transamerica or Other Accounts, on the other hand, may vote differently on matters affecting, or take or refrain from taking different actions with respect to, the same security, which are disadvantageous to the fund. The results of the investment activities of a fund may differ significantly from the results achieved for other funds and Other Accounts. Transamerica may give advice, and take action, with respect to any current or future funds or Other Accounts that may compete or conflict with advice TAM may give to, or actions TAM may take for, a particular fund. Transamerica may receive more compensation with respect to certain other funds and Other Accounts than that received with respect to a fund. TAM does not receive performance-based compensation in respect of its investment management services rendered to the funds, but Transamerica may receive compensation based on the performance of certain Other Accounts. The simultaneous management of funds or Other Accounts that pay greater fees or other compensation than a fund creates a conflict of interest as Transamerica has an incentive to favor those funds or Other Accounts with the potential to receive greater fees when allocating resources, services, functions or investment opportunities among the funds and Other Accounts. Transamerica personnel may have greater economic and other interests in certain other funds or Other Accounts promoted or managed by such personnel as compared to a particular fund. TAM has developed allocation policies and procedures that provide that TAM's personnel making portfolio decisions for the funds and Other Accounts will make investment decisions for, and allocate investment opportunities among, such funds and Other Accounts consistent with TAM's fiduciary obligations.

***Selection of Service Providers*** 

TAM and certain of its affiliates provide services including investment management, administration, investment sub-advisory, shareholder servicing, distribution, and transfer agency services to the funds and Other Accounts and earn fees from these relationships. TAM and its affiliates face conflicts of interest when the funds and Other Accounts select affiliated service providers because TAM and/or its affiliates receive greater compensation when they are used. Although these fees are generally based on asset levels, the fees are not directly contingent on fund performance and TAM and its affiliates as service providers will still receive significant compensation from the funds and Other Accounts even if shareholders lose money. The service providers recommended by TAM may charge different rates to different recipients based on the specific services provided, the personnel providing the services, the complexity of the services provided or other factors. As a result, the rates paid with respect to these service providers by a fund, on the one hand, may be more or less favorable than the rates paid by Transamerica or Other Accounts, on the other hand.

As part of AAM, TAM is aligned under AAM. The affiliated sub-advisers to certain funds are also part of AAM and report to AAM. This reporting structure presents actual and potential conflicts of interest and may influence TAM's selection and retention of affiliated sub-advisers for the funds, and incentivize TAM personnel to recommend that an affiliated sub-adviser be selected or retained for a fund.

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The funds expect to engage unaffiliated service providers (including attorneys and consultants) that in certain cases also provide services to Transamerica or Other Accounts or that hire Transamerica to provide services to the service providers' clients. These service providers may have business, financial or other relationships with Transamerica (including its personnel), which may influence TAM's recommendation of these service providers for the funds.

***Sales Incentives and Relationships*** 

Transamerica and other financial service providers have conflicts associated with their promotion of the funds or other dealings with the funds that would create incentives for them to promote the funds. Transamerica will directly or indirectly receive a portion of the fees and/or commissions charged to the funds or their shareholders. Transamerica will also benefit from increased amounts of assets under management. These compensation matters create a financial incentive on the part of Transamerica to highlight, feature or recommend the funds over Other Accounts or other products or to effect transactions differently in the funds as compared to Other Accounts or other products. Transamerica has an interest in increasing fund assets, including in circumstances when that may not be in the funds' or their shareholders' interests.

Transamerica and its personnel have relationships (both involving and not involving the funds) with distributors, consultants and others who sell or recommend the funds or Other Accounts. Such distributors, consultants and other parties may receive compensation from Transamerica and/or the funds or Other Accounts in connection with such relationships. Those parties (or their affiliates) in certain cases act as sub-adviser or other service provider to the funds or Other Accounts. As a result of these relationships, distributors, consultants and other parties have conflicts that create incentives for them to promote the funds or Other Accounts, and TAM has a disincentive to recommend the termination of applicable sub-advisers and other service providers.

Transamerica and/or the funds' sub-advisers (or their affiliates), out of their past profits and other available sources, provide cash payments or non-cash compensation to brokers and other financial intermediaries to promote the distribution of the funds and Other Accounts or the variable insurance contracts that invest in certain Other Accounts. These arrangements are sometimes referred to as "revenue sharing" arrangements. The amount of revenue sharing payments is substantial and may be substantial to any given recipient. The presence of these payments and the basis on which an intermediary compensates its registered representatives or salespersons may create an incentive for a particular intermediary, registered representative or salesperson to highlight, feature or recommend the funds, the Other Accounts or variable insurance contracts that invest in the Other Accounts, at least in part, based on the level of compensation paid. Revenue sharing payments benefit Transamerica to the extent the payments result in more assets being invested in the funds, Other Accounts or the variable insurance contracts that invest in the Other Accounts on which fees are being charged. Certain fund sub-advisers (or their affiliates) make revenue sharing payments to Transamerica in connection with investments by holders of variable insurance contracts and other retirement products in funds advised by the sub-adviser (or its affiliates) that are offered in Transamerica insurance and retirement products. Certain sub-advisers (or their affiliates) have funds that are offered in these products which make Rule 12b-1 and/or other payments to Transamerica. Certain fund sub-advisers (or their affiliates) also make other revenue sharing payments to Transamerica, including for their participation in functions, events and meetings sponsored by Transamerica. These payments present certain conflicts of interest and provide a disincentive for TAM to recommend the termination of such sub-advisers.

***Transamerica Insurance Companies*** 

Certain Other Accounts are offered as investment options through variable insurance contracts offered and sold by Transamerica insurance companies, and some of these Other Accounts are structured as funds of funds which invest in certain of the funds. The performance of the applicable funds and Other Accounts impacts Transamerica's financial exposure under guarantees that the Transamerica insurance companies provide as issuers of the variable insurance contracts. TAM's investment decisions and the design of these funds and Other Accounts, including the strategies the funds and Other Accounts utilize, may be influenced by these factors. For example, a fund or Other Account being managed or designed in a more conservative fashion may help reduce potential losses and/or mitigate financial risks to the Transamerica insurance companies that provide the guarantees, and facilitate the provision of those guaranteed benefits, including by making more predictable the costs of the guarantees, by reducing the capital needed to provide them and/or by making it easier for the Transamerica insurance companies to hedge their obligations under the variable insurance contracts.

Certain non-public portfolio holdings and certain analytical information and algorithm and trade data concerning certain funds and Other Accounts is disclosed to the Transamerica insurance companies solely to allow them to hedge their obligations under the variable insurance contracts. This information may only be provided in accordance with procedures approved by the funds' Board of Trustees governing the sharing of such information with the Transamerica insurance companies.

***Transamerica Asset Allocation Funds*** 

TAM serves as investment manager to Transamerica funds of funds and is subject to conflicts of interest concerning these funds. TAM is responsible for all aspects of the day-to-day investment advice and management for certain funds and Other Accounts that operate as funds of funds. For certain other funds and Other Accounts that operate as funds of funds, TAM has hired a sub-adviser and benefits when the sub-adviser allocates the fund of funds' or Other Accounts' assets to an affiliated fund or Other Account. TAM has established an investment program for certain funds and Other Accounts that operate as funds of funds whereby all or a substantial portion of the fund of funds' assets are invested in affiliated funds and/or Other Accounts. This means that TAM does not consider unaffiliated funds as underlying investment

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options for these funds and Other Accounts, even if unaffiliated funds have better investment performance or lower total expenses. TAM will receive more revenue when it or a sub-adviser selects an affiliated fund rather than an unaffiliated fund for inclusion in a fund of funds. This conflict provides an incentive for TAM to include affiliated funds as investment options for funds of funds and, when making the underlying fund selections, to cause investments by funds of funds in affiliated funds that may perform less well or have higher total expenses than unaffiliated funds. The inclusion of affiliated funds will also permit TAM and/or the sub-adviser to make increased revenue sharing payments, including to Transamerica. TAM has an incentive for a fund or Other Account's assets to be allocated to those underlying funds or Other Accounts for which the net management fees payable to TAM are higher than the fees payable by other underlying funds or Other Accounts or to those underlying funds or Other Accounts for which an affiliate of TAM serves as the sub-adviser. TAM also has an incentive for a fund or Other Account's assets to be allocated to subscale underlying funds or Other Accounts to provide scale and reduce amounts waived and/or reimbursed by TAM to maintain applicable expense caps. Sub-advisers to certain funds of funds also have conflicts of interest in allocating the funds of funds' assets among underlying funds and/or Other Accounts, including where the sub-adviser (or its affiliate) acts as investment adviser or sub-adviser to available underlying funds and/or Other Accounts. TAM Compliance monitors allocation changes by the funds of funds.

***Investments in Transamerica Funds*** 

TAM manages or advises funds and Other Accounts which may, individually or in the aggregate, own a substantial amount of a fund. Further, TAM and/or its affiliates may invest in a fund at or near the establishment of the fund, which may facilitate the fund achieving a specified size or scale. Seed investors may contribute all or a majority of the assets in a fund. There is a risk that such seed investors may redeem their investments in a fund, and such redemptions could have a significant negative impact on the fund, including on its liquidity and expenses.

***Fund Structuring and Changes*** 

TAM may have a financial incentive to implement certain changes to the funds or Other Accounts. For example, TAM may, from time to time, recommend a change in sub-adviser or the combination of two or more funds. Transamerica will benefit to the extent that an affiliated sub-adviser replaces an unaffiliated sub-adviser or additional assets are combined into a fund or Other Account having a higher net management fee payable to TAM and/or that is sub-advised by an affiliate of TAM. TAM will also benefit to the extent that it replaces a sub-adviser with a new sub-adviser with a lower sub-advisory fee, or where the change reduces amounts waived and/or reimbursed by TAM to maintain applicable expense caps, or where the change facilitates hedging of Transamerica insurance companies' obligations under guarantees relating to variable insurance contracts. TAM personnel may also be incentivized to recommend changes to the funds that result in additional assets being sub-advised by an affiliated sub-adviser. Any recommendation to the funds' Board of Trustees concerning the appointment of or continued service of an affiliated sub-adviser for a fund, or a fund combination, is subject to TAM's fiduciary duty to act in the best interests of a fund and its shareholders. Moreover, TAM's "manager of managers" exemptive order from the SEC requires fund shareholder approval of any sub-advisory agreement appointing an affiliated sub-adviser as the sub-adviser to a fund (in the case of a new fund, the initial sole shareholder of the fund, typically an affiliate of Transamerica, may provide this approval).

***Sub-Advisory Fee Discount Arrangements*** 

The aggregation of assets of multiple funds and/or Other Accounts for purposes of calculating breakpoints or discounts in sub-advisory fees based on the level of assets allocated to a sub-adviser across funds and/or Other Accounts or otherwise, as applicable, give rise to actual and/or potential conflicts of interest that could disadvantage the funds and their shareholders. The aggregation of assets or other discounts creates an incentive for TAM to select and retain sub-advisers, or allocate additional assets to a sub-adviser, where the selection or allocation may serve to lower a sub-advisory fee and possibly increase the management fee retained by TAM on a fund. It also provides a disincentive for TAM to recommend the termination of a sub-adviser from a fund if the termination will cause the sub-advisory fee payable by TAM to increase on a fund and/or Other Account that aggregates its assets with the fund or if the assets of the fund are counted as part of a sub-advisory fee discount arrangement.

***Valuation of Investments*** 

TAM has been designated as the funds' valuation designee with responsibility for fair valuation subject to oversight by the funds' Board of Trustees. TAM's service as valuation designee is expressly permitted by applicable regulations. TAM performs such valuation services in accordance with joint valuation policies and procedures of the funds and TAM. TAM may value an identical asset differently than a Transamerica affiliate. This is particularly the case in respect of difficult-to-value assets. TAM faces a conflict with respect to valuations generally because of their effect on TAM's fees and other compensation. Valuation decisions by TAM may also result in improved performance of the funds or Other Accounts.

***Allocation of Fund Expenses*** 

From time to time, TAM will be required to decide whether certain fees, costs and expenses should be borne by a fund, on the one hand, or TAM on the other hand, and/or whether certain fees, costs and expenses should be allocated between or among funds and/or other parties.

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TAM is faced with a conflict when allocating fees, costs and expenses. Typically, certain expenses will be the obligation of one particular fund and will be borne by that fund; however, in some instances, expenses will be allocated among multiple funds and/or entities. TAM will make allocation determinations in a fair and reasonable manner using its good faith judgment, notwithstanding its interest (if any) in the allocation.

***Potential Limitations and Restrictions on Investment Transactions*** 

TAM may restrict or limit investment decisions and activities on behalf of the funds in various circumstances. These circumstances include instances where TAM is in receipt of confidential or material non-public information, or where a fund, individually or together with other Transamerica funds or accounts, exceeds certain ownership, voting or control thresholds. Restrictions or limitations on the ability to execute investment transactions could have an adverse impact on a fund.

***Other Relationships and Benefits*** 

Transamerica has existing and may have potential future other business dealings or relationships with current or proposed sub-advisers or other fund service providers (or their affiliates) recommended by TAM. Such other business dealings or relationships present conflicts of interest that could influence TAM's selection and retention or termination of sub-advisers or service providers. For example, TAM has an incentive to hire as a sub-adviser or other service provider an entity with which TAM or one or more of its affiliates have, or would like to have, significant or other business dealings or arrangements, and TAM has a disincentive to recommend the termination of such a sub-adviser or service provider when doing so could be adverse to Transamerica's relationships or other business dealings with such parties.

TAM and/or its affiliates also derive ancillary benefits from providing investment management, administration, investment sub-advisory, shareholder servicing, distribution, and transfer agency services to the funds and Other Accounts. Providing such services to the funds and Other Accounts may enhance TAM's and/or its affiliates' relationships with various parties, facilitate additional business development, and enable TAM and/or its affiliates to obtain additional business and generate additional revenue.

***Sub-Advisers*** 

The range of activities, services and interests of a sub-adviser gives rise to actual and/or potential conflicts of interest that could disadvantage a fund and its shareholders. Such conflicts of interest are in some cases similar to and in other cases different from or supplement those described above relating to Transamerica. Among other things, a sub-adviser's portfolio managers may manage multiple funds and accounts for multiple clients. In addition to one or more funds, these funds and accounts may include, for example, other mutual funds, separate accounts, collective trusts and offshore funds. Managing multiple funds and accounts gives rise to actual or potential conflicts of interest, including, for example, conflicts among investment strategies, conflicts in the allocation of limited investment opportunities, and conflicts in the aggregation and allocation of securities trades. A sub-adviser's portfolio managers may also manage funds or accounts with different fee rates and/or fee structures, including performance-based fee arrangements. Differences in fee arrangements create an incentive for a portfolio manager to favor higher-fee funds or accounts. A sub-adviser may limit or restrict its investment decisions and activities on behalf of a fund in various circumstances, including as a result of information held by the sub-adviser or applicable regulatory requirements. A sub-adviser and/or their respective affiliates also may derive ancillary benefits from providing investment sub-advisory services to a fund and providing such services to a fund may enhance the sub-adviser's and/or applicable affiliate(s)' relationships with various parties, facilitate additional business development, and enable the sub-adviser and/or affiliate to obtain additional business and generate additional revenue. Please see Appendix B for a further discussion of sub-adviser conflicts of interest.

**Sub-Advisers** 

Each sub-adviser listed below serves, pursuant to a sub-advisory agreement between TAM and such sub-adviser, as sub-adviser to the applicable fund. Pursuant to the sub-advisory agreements, each sub-adviser carries out and effectuates the investment strategy designed for the funds by TAM. Subject to review by TAM and the Board, the sub-advisers are responsible for providing day-to-day investment advice and recommendations for the fund(s) TAM assigns to them and for making decisions to buy, sell or hold a particular security. Each sub-adviser bears all of its expenses in connection with the performance of its services under its sub-advisory agreement such as compensating its officers and employees connected with investment and economic research, trading and investment management of the respective fund(s) and furnishing them office space.

Each sub-advisory agreement will terminate, unless sooner terminated as set forth therein, two years from its effective date, and will continue in effect from year to year thereafter, if continuance is specifically approved at least annually by (i) the vote of a majority of the Board Members who are not parties thereto or interested persons of any party thereto, cast in person at a meeting called for the purpose of voting on the approval of the terms of renewal, and by (ii) either the Board or the affirmative vote of a majority of the outstanding voting securities of the particular fund.

Each of the sub-advisers also serves as investment adviser or sub-adviser to other funds and/or private accounts that may have investment objectives identical or similar to those of the funds. Securities frequently meet the investment objectives of one or all of these funds, the other funds and the private accounts. In such cases, a sub-adviser's decision to recommend a purchase to one fund or account rather than another is based on a number of factors as set forth in the sub-advisers' allocation procedures. The determining factors in most cases are the amounts

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available for investment by each fund or account, the amount of securities of the issuer then outstanding, the value of those securities and the market for them. Another factor considered in the investment recommendations is other investments which each fund or account presently has in a particular industry.

It is possible that at times identical securities will be held by more than one fund or account. However, positions in the same issue may vary and the length of time that any fund or account may choose to hold its investment in the same issue may likewise vary. To the extent that more than one of the funds or private accounts served by a sub-adviser seeks to acquire or sell the same security at about the same time, either the price obtained by the funds or the amount of securities that may be purchased or sold by a fund at one time may be adversely affected. On the other hand, if the same securities are bought or sold at the same time by more than one fund or account, the resulting participation in volume transactions could produce better executions for the funds. In the event more than one fund or account purchases or sells the same security on a given date, the purchase and sale transactions are allocated among the fund(s), the other funds and the private accounts in a manner believed by the sub-advisers to be equitable to each.

Each sub-adviser is a registered investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act"). Certain sub-advisers have entered into participating affiliate agreements with certain of their affiliates pursuant to which those affiliates provide services, such as investment advisory and trading services, to the sub-advisers.

Aegon USA Investment Management, LLC, located at 6300 C Street SW, Cedar Rapids, IA 52499, is a registered investment adviser. Aegon USA Investment Management, LLC is a wholly owned, indirect subsidiary of Aegon Ltd, a Bermuda exempted company with liability limited by shares (formerly, Aegon N.V., a Netherlands corporation), and a publicly traded international insurance group, and is an affiliate of TAM.

Aegon Asset Management UK plc (formerly Kames Capital plc), located at 3 Lochside Crescent, Edinburgh EH12 9SA, is a registered investment adviser. Aegon Asset Management UK plc is a wholly-owned subsidiary of Aegon Ltd, a Bermuda exempted company with liability limited by shares (formerly, Aegon N.V., a Netherlands corporation), and a publicly traded international insurance group, that offers life insurance, corporate pensions, and individual savings and retirement products in Europe, the Americas and Asia, and is an affiliate of TAM.

**Sub-Advisory Fees** 

TAM, not the funds, is responsible for paying the sub-advisers for their services, and sub-advisory fees are TAM's expense. As a matter of administrative convenience, sub-advisory fees may be deducted directly from a fund's bank account, in which case payment to TAM of the management fee would be net of amounts paid to the applicable sub-adviser.

Each sub-adviser receives monthly compensation from TAM at the annual rate of a specified percentage, indicated below, of the applicable fund's average daily net assets:

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| | | |
|:---|:---|:---|
| **Fund** | **Sub-Adviser** | **Sub-Advisory Fees** |
| &nbsp;&nbsp; Transamerica Asset Allocation – Conservative <br> Portfolio<sup>(1)</sup> <br> Transamerica Asset Allocation – Growth Portfolio<sup>(1)</sup> <br>Transamerica Asset Allocation – Moderate <br> Portfolio<sup>(1)</sup> <br>Transamerica Asset Allocation – Moderate Growth <br> Portfolio<sup>(1)</sup> <br>| Goldman Sachs Asset Management, L.P. | &nbsp;&nbsp; 0.070% of the first $1 billion<br> 0.055% over $1 billion up to $3 billion<br> 0.050% over $3 billion up to $5 billion<br> 0.045% over $5 billion up to $7 billion<br> 0.0425% over $7 billion up to $9 billion<br> 0.0350% in excess of $9 billion<br>|
| Transamerica Bond<sup>(2)</sup> <br>| Aegon USA Investment Management, LLC | &nbsp;&nbsp; 0.12% of the first $250 million<br> 0.10% over $250 million up to $500 million<br> 0.08% over $500 million up to $1 billion<br> 0.075% in excess of $1 billion<br>|
| Transamerica Capital Growth<sup>(3)</sup> <br>| Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; 0.25% of the first $1.5 billion<br> 0.23% over $1.5 billion up to $3 billion <br> 0.20% in excess of $3 billion<br>|
| Transamerica Core Bond<sup>(4)</sup> <br>| Aegon USA Investment Management, LLC | &nbsp;&nbsp; 0.12% of the first $1 billion<br> 0.05% in excess of $1 billion<br>|
| Transamerica Emerging Markets Debt | MetLife Investment Management, LLC | &nbsp;&nbsp; 0.27% of the first $250 million<br> 0.24% over $250 million up to $400 million<br> 0.20% in excess of $400 million<br>|
| Transamerica Emerging Markets Equity<sup>(5)</sup> <br>| Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; 0.40% of the first $250 million<br> 0.33% in excess of $250 million<br>|
| Transamerica Energy Infrastructure | Kayne Anderson Capital Advisors, L.P. | &nbsp;&nbsp; 0.625% of the first $250 million<br> 0.62% over $250 million up to $500 million<br> 0.55% over $500 million up to $1 billion<br> 0.45% over $1 billion up to $2 billion<br> 0.40% in excess of $2 billion <br>|

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| | | |
|:---|:---|:---|
| **Fund** | **Sub-Adviser** | **Sub-Advisory Fees** |
| Transamerica Floating Rate | Aegon USA Investment Management, LLC | &nbsp;&nbsp; 0.18% of the first $1 billion<br> 0.17% over $1 billion up to $1.5 billion<br> 0.16% over $1.5 billion up to $2 billion<br> 0.15% in excess of $2 billion<br>|
| Transamerica Government Money Market | BlackRock Investment Management, LLC | 0.024% |
| Transamerica High Yield Bond<sup>(6)</sup> <br>| Aegon USA Investment Management, LLC | &nbsp;&nbsp; 0.35% of the first $20 million<br> 0.24% over $20 million up to $40 million<br> 0.19% over $40 million up to $125 million<br> 0.14% in excess of $125 million<br>|
| Transamerica High Yield Muni | Belle Haven Investments, L.P. | &nbsp;&nbsp; 0.25% of the first $500 million<br> 0.24% over $500 million up to $1 billion<br> 0.225% in excess of $1 billion<br>|
| Transamerica Inflation Opportunities<sup>(7)</sup> <br>| PineBridge Investments LLC | &nbsp;&nbsp; 0.15% of the first $100 million<br> 0.10% over $100 million up to $250 million<br> 0.05% in excess of $250 million<br>|
| Transamerica Intermediate Muni | Belle Haven Investments, L.P. | &nbsp;&nbsp; 0.18% of the first $150 million<br> 0.16% over $150 million up to $350 million<br> 0.15% over $350 million up to $650 million<br> 0.135% over $650 million up to $1 billion<br> 0.12% over $1 billion up to $1.5 billion<br> 0.115% over $1.5 billion up to $2 billion<br> 0.11% over $2 billion up to $3 billion<br> 0.105% in excess of $3 billion<br>|
| Transamerica International Equity<sup>(8)</sup> <br>| Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; 0.30% of the first $1 billion<br> 0.28% over $1 billion up to $2 billion<br> 0.265% in excess of $2 billion<br>|
| Transamerica International Focus<sup>(9)</sup> <br>| Sands Capital Management, LLC | &nbsp;&nbsp; 0.25% of the first $1 billion<br> 0.23% over $1 billion up to $2 billion<br> 0.22% in excess of $2 billion<br>|
| Transamerica International Small Cap Value<sup>(5)</sup> <br>| Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; 0.475% of the first $300 million<br> 0.45% over $300 million up to $750 million<br> 0.40% in excess of $750 million<br>|
| Transamerica International Stock<sup>(10)</sup> <br>| ClariVest Asset Management LLC | &nbsp;&nbsp; 0.25% of the first $500 million<br> 0.23% over $500 million up to $1 billion<br> 0.22% over $1 billion up to $2 billion<br> 0.21% over $2 billion up to $3 billion<br> 0.20% in excess of $3 billion<br>|
| Transamerica Large Cap Value<sup>(11)</sup> <br>| Great Lakes Advisors, LLC | &nbsp;&nbsp; 0.144% of the first $1 billion<br> 0.13% over $1 billion up to $3 billion<br> 0.12% in excess of $3 billion<br>|
| Transamerica Large Core ESG<sup>(12)</sup> <br>| PineBridge Investments LLC | &nbsp;&nbsp; 0.10% of the first $250 million<br> 0.09% over $250 million up to $500 million<br> 0.08% in excess of $500 million<br>|
| Transamerica Large Growth | Morgan Stanley Investment Management Inc.<sup>(3)</sup> <br>| &nbsp;&nbsp; 0.25% of the first $1.5 billion<br> 0.23% over $1.5 billion up to $3 billion<br> 0.20% in excess of $3 billion<br>|
| Transamerica Large Growth | Wellington Management Company LLP<sup>(13)</sup> <br>| &nbsp;&nbsp; 0.18% of the first $500 million<br> 0.17% over $500 million up to $1 billion<br> 0.16% over $1 billion up to $2 billion<br> 0.15% in excess of $2 billion<br>|
| Transamerica Long Credit | Aegon USA Investment Management, LLC | &nbsp;&nbsp; 0.15% of the first $1 billion<br> 0.14% in excess of $1 billion<br>|
| Transamerica Mid Cap Growth<sup>(14)</sup> <br>| Wellington Management Company LLP | &nbsp;&nbsp; 0.33% of the first $200 million<br> 0.31% in excess of $200 million<br>|
| Transamerica Mid Cap Value Opportunities | Thompson, Siegel & Walmsley LLC<sup>(15)</sup> <br>| &nbsp;&nbsp; 0.275% of the first $750 million<br> 0.27% over $750 million up to $1.5 billion<br> 0.265% over $1.5 billion up to $2 billion<br> 0.26% in excess of $2 billion<br>|
| Transamerica Multi-Asset Income<sup>(5)</sup> <br>| Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; 0.21% of the first $1 billion<br> 0.185% over $1 billion up to $2 billion<br> 0.17% in excess of $2 billion<br>|
| Transamerica Multi-Managed Balanced | Aegon USA Investment Management, LLC<sup>(4)</sup> <br>| &nbsp;&nbsp; 0.12% of the first $1 billion<br> 0.05% in excess of $1 billion<br>|
| Transamerica Multi-Managed Balanced | J.P. Morgan Investment Management Inc.<sup>(16)</sup> <br>| &nbsp;&nbsp; 0.15% of the first $2 billion<br> 0.13% over $2 billion up to $3 billion<br> 0.12% over $3 billion up to $4 billion<br> 0.11% in excess of $4 billion <br>|

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| | | |
|:---|:---|:---|
| **Fund** | **Sub-Adviser** | **Sub-Advisory Fees** |
| Transamerica Short-Term Bond<sup>(17)</sup> <br>| Aegon USA Investment Management, LLC | &nbsp;&nbsp; 0.19% of the first $250 million<br> 0.16% over $250 million up to $500 million<br> 0.14% over $500 million up to $1 billion<br> 0.13% in excess of $1 billion<br>|
| Transamerica Small Cap Growth<sup>(18)</sup> <br>| Ranger Investment Management, L.P. | &nbsp;&nbsp; 0.415% of the first $300 million<br> 0.375% in excess of $300 million<br>|
| Transamerica Small Cap Value<sup>(19)</sup> <br>| Systematic Financial Management, L.P. | &nbsp;&nbsp; 0.45% of the first $100 million<br> 0.40% over $100 million up to $350 million<br> 0.35% over $350 million up to $1 billion<br> 0.30% in excess of $1 billion<br>|
| Transamerica Small/Mid Cap Value | Systematic Financial Management, L.P.<sup>(19)</sup> <br>| &nbsp;&nbsp; 0.45% of the first $100 million<br> 0.40% over $100 million up to $350 million<br> 0.35% over $350 million up to $1 billion<br> 0.30% in excess of $1 billion<br>|
| Transamerica Small/Mid Cap Value | Thompson, Siegel & Walmsley LLC<sup>(15)</sup> <br>| &nbsp;&nbsp; 0.275% of the first $750 million<br> 0.27% over $750 million up to $1.5 billion<br> 0.265% over $1.5 billion up to $2 billion<br> 0.26% in excess of $2 billion<br>|
| Transamerica Strategic Income | PineBridge Investments LLC | &nbsp;&nbsp; 0.18% of the first $500 million<br> 0.17% in excess of $500 million<br>|
| Transamerica Sustainable Equity Income<sup>(20)</sup> <br>| Aegon Asset Management UK plc | &nbsp;&nbsp; 0.20% of the first $200 million<br> 0.15% over $200 million up to $500 million<br> 0.13% in excess of $500 million<br>|
| Transamerica UltraShort Bond | Aegon USA Investment Management, LLC | &nbsp;&nbsp; 0.06% of the first $1 billion<br> 0.05% in excess of $1 billion<br>|
| Transamerica US Growth<sup>(13)</sup> <br>| Wellington Management Company LLP | &nbsp;&nbsp; 0.18% of the first $500 million<br> 0.17% over $500 million up to $1 billion<br> 0.16% over $1 billion up to $2 billion<br> 0.15% in excess of $2 billion<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio, Transamerica Asset Allocation – Moderate Portfolio, Transamerica Goldman Sachs 70/30 Allocation VP, Transamerica Goldman Sachs Managed Risk – Balanced ETF VP, Transamerica Goldman Sachs Managed Risk – Conservative ETF VP and Transamerica Goldman Sachs Managed Risk – Growth ETF VP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Bond and Transamerica Aegon Bond VP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Capital Growth; the portion of the assets of Transamerica Large Growth that are sub-advised by Morgan Stanley Investment Management Inc. ("Morgan Stanley"); Transamerica Morgan Stanley Capital Growth VP, a series of Transamerica Series Trust; Morgan Stanley Growth Retirement Option, a separately managed account of Transamerica Life Insurance Company that is advised by Morgan Stanley; and Transamerica Large Cap Growth CIT, a series of Great Grey Trust (formerly, Wilmington Trust) Collective Investment Trust that is sub-advised by Morgan Stanley.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Core Bond and Transamerica Aegon Core Bond VP, and the portion of assets of Transamerica Balanced II, Transamerica Multi-Managed Balanced and Transamerica Multi-Managed Balanced VP that are sub-advised by Aegon USA Investment Management, LLC ("AUIM"). Also included are the portion of assets of Balanced Ret Opt and Bond Ret Opt, each a separately managed account of Transamerica Life Insurance Company that are advised by AUIM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)</sup>

Effective August 30, 2024, the sub-adviser agreed to voluntarily waive a portion of its sub-advisory fee (as a percentage of net assets) when the assets of Transamerica Emerging Markets Equity, Transamerica International Small Cap Value and Transamerica Multi-Asset Income, in the aggregate, exceed a specified level. This waiver is voluntary and may be discontinued by the sub-adviser upon obtaining consent from TAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(6)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica High Yield Bond and Transamerica Aegon High Yield Bond VP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(7)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Inflation Opportunities and Transamerica PineBridge Inflation Opportunities VP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(8)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica International Equity and Transamerica TSW International Equity VP.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(9)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica International Focus, Transamerica International Focus VP and Transamerica International Focus CIT, a series of Great Grey Trust (formerly, Wilmington Trust) Collective Investment Trust that is sub-advised by Sands Capital Management, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(10)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica International Stock and Transamerica International Stock CIT, a series of Great Grey Trust (formerly, Wilmington Trust) Collective Investment Trust that is sub-advised by ClariVest Asset Management LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(11)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Large Cap Value, Transamerica Great Lakes Advisors Large Cap Value VP and Transamerica Large Cap Value CIT, a series of Great Grey Trust (formerly, Wilmington Trust) Collective Investment Trust that is sub-advised by Great Lakes Advisors, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(12)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Large Core ESG and Transamerica Large Value Opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(13)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica US Growth and the portion of the assets of Transamerica Large Growth that are sub-advised by Wellington Management Company LLP ("Wellington"), each a series of Transamerica Funds, Transamerica WMC US Growth VP, a series of Transamerica Series Trust, WMC Core Equity and Disciplined US Growth Equity, each separately managed accounts of Transamerica Life Insurance Company that are advised by Wellington and Transamerica Large Cap Growth CIT, a series of Great Grey Trust (formerly, Wilmington Trust) Collective Investment Trust that is sub-advised by Wellington. Effective August 2, 2019, the sub-adviser agreed to voluntarily waive a portion of its sub-advisory fee (as a percentage of net assets) when the assets of these mandates, in the aggregate, exceed a specified level. This waiver is voluntary and may be discontinued by the sub-adviser upon obtaining consent from TAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(14)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Mid Cap Growth and Transamerica Mid Cap Growth CIT, a series of Great Grey Trust (formerly, Wilmington Trust) Collective Investment Trust that is sub-advised by Wellington.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(15)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Mid Cap Value Opportunities and the portion of the assets of Transamerica Small/Mid Cap Value that are sub-advised by Thompson, Siegel & Walmsley LLC ("TSW"), each a series of Transamerica Funds; and Transamerica TSW Mid Cap Value Opportunities VP and the portion of the assets of Transamerica Small/Mid Cap Value VP that are sub-advised by TSW, each a series of Transamerica Series Trust. Effective May 1, 2024, TSW agreed to voluntarily waive a portion of its sub-advisory fee (as a percentage of net assets) when the assets of these mandates, in the aggregate, exceed a specified level. This waiver is voluntary and may be discontinued by the sub-adviser upon obtaining consent from TAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(16)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica JPMorgan Enhanced Index VP and AEGON Balanced Retirement Opportunities plus the assets of Transamerica Balanced II, Transamerica Multi-Managed Balanced and Transamerica Multi-Managed Balanced VP allocated to J.P. Morgan Investment Management Inc. by TAM from time to time. Effective May 1, 2020, the sub-adviser agreed to voluntarily waive a portion of its sub-advisory fee (as a percentage of net assets) when the assets of these mandates, in the aggregate, exceed a specified level. This waiver is voluntary and may be discontinued by the sub-adviser upon obtaining consent from TAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(17)</sup>

The sub-adviser voluntarily agreed to waive a portion of its sub-advisory fees when the assets of the mandate exceed a specified level. This waiver is voluntary and may be discontinued by the sub-adviser upon obtaining consent from TAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(18)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Small Cap Growth and Transamerica Small Cap Growth CIT, a series of Great Grey Trust (formerly, Wilmington Trust) Collective Investment Trust that is sub-advised by Ranger Investment Management, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(19)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Small Cap Value, the portions of the assets sub-advised by Systematic Financial Management, L.P. ("Systematic") for Transamerica Small/Mid Cap Value and Transamerica Small/Mid Cap Value VP, and Transamerica Small Cap Value CIT, a series of Great Grey Trust (formerly, Wilmington Trust) Collective Investment Trust that is sub-advised by Systematic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(20)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Sustainable Equity Income and Transamerica Aegon Sustainable Equity Income VP.

The following table sets forth the total amounts of sub-advisory fee paid by TAM, on behalf of a fund, to each sub-adviser for the last three fiscal years.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Sub-Advisory Fees Paid**<br> **(Net of Fees Reimbursed)** | **Sub-Advisory Fees Paid**<br> **(Net of Fees Reimbursed)** | **Sub-Advisory Fees Paid**<br> **(Net of Fees Reimbursed)** |
| **Fund Name** | **2025** | **2024** | **2023** |
| Transamerica Asset Allocation – Conservative Portfolio | &nbsp;&nbsp; $273619 | &nbsp;&nbsp; $221463 | &nbsp;&nbsp; $237304  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Sub-Advisory Fees Paid**<br> **(Net of Fees Reimbursed)** | **Sub-Advisory Fees Paid**<br> **(Net of Fees Reimbursed)** | **Sub-Advisory Fees Paid**<br> **(Net of Fees Reimbursed)** |
| **Fund Name** | **2025** | **2024** | **2023** |
| Transamerica Asset Allocation – Growth Portfolio | &nbsp;&nbsp; $548180 | &nbsp;&nbsp; $468045 | &nbsp;&nbsp; $433388 |
| Transamerica Asset Allocation – Moderate Growth Portfolio | &nbsp;&nbsp; $740532 | &nbsp;&nbsp; $707834 | &nbsp;&nbsp; $691575 |
| Transamerica Asset Allocation – Moderate Portfolio | &nbsp;&nbsp; $502694 | &nbsp;&nbsp; $428387 | &nbsp;&nbsp; $439510 |
| Transamerica Bond | &nbsp;&nbsp; $1875910 | &nbsp;&nbsp; $1713420 | &nbsp;&nbsp; $1217103 |
| Transamerica Capital Growth | &nbsp;&nbsp; $3718216 | &nbsp;&nbsp; $3301675 | &nbsp;&nbsp; $3665428 |
| Transamerica Core Bond | &nbsp;&nbsp; $1234277 | &nbsp;&nbsp; $1491069 | &nbsp;&nbsp; $1619271 |
| Transamerica Emerging Markets Debt | &nbsp;&nbsp; $679401 | &nbsp;&nbsp; $788387 | &nbsp;&nbsp; $715274 |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; $506550 | &nbsp;&nbsp; $1097089 | &nbsp;&nbsp; $2689497 |
| Transamerica Energy Infrastructure | &nbsp;&nbsp; $854718 | &nbsp;&nbsp; $777477 | &nbsp;&nbsp; $852822 |
| Transamerica Floating Rate | &nbsp;&nbsp; $479196 | &nbsp;&nbsp; $458108 | &nbsp;&nbsp; $392535 |
| Transamerica Government Money Market | &nbsp;&nbsp; $65134 | &nbsp;&nbsp; $103448 | &nbsp;&nbsp; $114739 |
| Transamerica High Yield Bond | &nbsp;&nbsp; $1758463 | &nbsp;&nbsp; $2095761 | &nbsp;&nbsp; $1904907 |
| Transamerica High Yield Muni | &nbsp;&nbsp; $303388 | &nbsp;&nbsp; $290772 | &nbsp;&nbsp; $256621 |
| Transamerica Inflation Opportunities | &nbsp;&nbsp; $177544 | &nbsp;&nbsp; $196134 | &nbsp;&nbsp; $302515 |
| Transamerica Intermediate Muni | &nbsp;&nbsp; $1511316 | &nbsp;&nbsp; $1663114 | &nbsp;&nbsp; $1890491 |
| Transamerica International Equity | &nbsp;&nbsp; $11927397 | &nbsp;&nbsp; $12517530 | &nbsp;&nbsp; $12850611 |
| Transamerica International Focus | &nbsp;&nbsp; $1784944 | &nbsp;&nbsp; $1434225 | &nbsp;&nbsp; $2383917 |
| Transamerica International Small Cap Value | &nbsp;&nbsp; $3519315 | &nbsp;&nbsp; $3252054 | &nbsp;&nbsp; $3009776 |
| Transamerica International Stock | &nbsp;&nbsp; $1165420 | &nbsp;&nbsp; $735913 | &nbsp;&nbsp; $440532 |
| Transamerica Large Cap Value | &nbsp;&nbsp; $2837023 | &nbsp;&nbsp; $2419898 | &nbsp;&nbsp; $2244200 |
| Transamerica Large Core ESG | &nbsp;&nbsp; $160835 | &nbsp;&nbsp; $178204 | &nbsp;&nbsp; $159388 |
| Transamerica Large Growth | &nbsp;&nbsp; $747438 | &nbsp;&nbsp; $906582 | &nbsp;&nbsp; $863643 |
| Transamerica Long Credit | &nbsp;&nbsp; $884366 | &nbsp;&nbsp; $788252 | &nbsp;&nbsp; $8499 |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; $486712 | &nbsp;&nbsp; $863257 | &nbsp;&nbsp; $1149985 |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; $2558814 | &nbsp;&nbsp; $3396905 | &nbsp;&nbsp; $3696756 |
| Transamerica Multi-Asset Income | &nbsp;&nbsp; $1404568 | &nbsp;&nbsp; $1393887 | &nbsp;&nbsp; $1408259 |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; $1235556 | &nbsp;&nbsp; $1087759 | &nbsp;&nbsp; $984371 |
| Transamerica Short-Term Bond | &nbsp;&nbsp; $2959848 | &nbsp;&nbsp; $2790977 | &nbsp;&nbsp; $3101375 |
| Transamerica Small Cap Growth | &nbsp;&nbsp; $398062 | &nbsp;&nbsp; $608815 | &nbsp;&nbsp; $615085 |
| Transamerica Small Cap Value | &nbsp;&nbsp; $347717 | &nbsp;&nbsp; $447947 | &nbsp;&nbsp; $1243319 |
| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; $1983064 | &nbsp;&nbsp; $2205717 | &nbsp;&nbsp; $2371638 |
| Transamerica Strategic Income | &nbsp;&nbsp; $397123 | &nbsp;&nbsp; $623055 | &nbsp;&nbsp; $2127432 |
| Transamerica Sustainable Equity Income | &nbsp;&nbsp; $302634 | &nbsp;&nbsp; $308618 | &nbsp;&nbsp; $424958 |
| Transamerica UltraShort Bond | &nbsp;&nbsp; $19347 | &nbsp;&nbsp; $20126 | &nbsp;&nbsp; $8937 |
| Transamerica US Growth | &nbsp;&nbsp; $3808286 | &nbsp;&nbsp; $3309060 | &nbsp;&nbsp; $2662333 |

---

**Transamerica Emerging Markets Equity** 

On August 30, 2024, TAM hired Thompson, Siegel &Walmsley LLC as sub-adviser to the fund to furnish day-to-day investment advice and recommendations. Prior to August 30, 2024,Wellington Management Company LLP ("Wellington") served as sub-adviser to the fund. Wellington was paid $1,018,376 for the fiscal year ended October 31, 2024.

**Transamerica International Focus** 

On October 25, 2024, TAM hired Sands Capital Management, LLC as sub-adviser to the fund to furnish day-to-day investment advice and recommendations. Prior to October 25, 2024, Epoch Investment Partners, Inc. ("Epoch") served as sub-adviser to the fund. Epoch was paid $1,412,066\* for the fiscal year ended October 31, 2024.

\* Epoch was terminated as sub-adviser to the fund as of the close of business on October 25, 2024. TAM held $66,503 in escrow for fees otherwise payable to Epoch for the period October 10, 2024 through October 25, 2024.

**Transamerica Small Cap Value** 

On August 30, 2024, TAM hired Systematic Financial Management, L.P. as sub-adviser to the fund to furnish day-to-day investment advice and recommendations. Prior to August 30, 2024, Peregrine Capital Management, LLC ("Peregrine") served as sub-adviser to the fund. Peregrine was paid $373,178 for the fiscal year ended October 31, 2024.

------

**Portfolio Manager Information** 

Information regarding other accounts for which any portfolio manager is primarily responsible for the day-to-day investment advice and management or recommendations, a description of any material conflict of interest that may arise in connection with the portfolio manager's management of the fund's investments, the structure of, and method used to determine, the compensation of each portfolio manager and the dollar range of equity securities in the fund beneficially owned by each portfolio manager are provided in Appendix B of this SAI.

**Transfer Agent**

TFS serves as the transfer agent, withholding agent and dividend disbursing agent for each fund. As transfer agent, TFS maintains an account for each shareholder of a fund and performs other transfer agency functions. TFS has outsourced the provision of certain transfer agency services to SS&C Global Investor & Distribution Solutions, Inc., located at 2000 Crown Colony Drive, Quincy, MA 02169.

Class R3 shares pay sub-transfer agency fees to financial intermediaries (including affiliates of TAM) that provide sub-transfer agency, recordkeeping and/or shareholder services with respect to certain shareholder accounts in lieu of TFS providing such services. The other share classes do not pay sub-transfer agency fees directly, but TFS may use its available resources to pay for sub-transfer agency services for any share class, including those that pay sub-transfer agency fees directly.

Each share class pays the following transfer agency fees and, as applicable, sub-transfer agency fees as listed below. See also the Expense Limitation section of this SAI for the funds that TAM has contractually agreed to reimburse the transfer agency fees on certain share classes through a specified period. These arrangements are not subject to recapture.

---

| | |
|:---|:---|
| Class A, C, R, T\* |  |
| Open Account\*\* | $27.00 per account |
| Class I\* |  |
| Asset Fee to TFS | 10.25 bps |
| Class I2, R6\* |  |
| Asset Fee to TFS | 0.75 bps |
| Class R3\* |  |
| Asset Fee to TFS | 0.75 bps |
| Sub-Transfer Agent and Omnibus Intermediary Fees | 15 bps |

---

\*

Applicable out-of pocket expenses, including, but not limited to, quarterly shareholder statements and postage, will be charged directly to the funds.

\*\*

Open Accounts include direct accounts and underlying beneficial owner accounts maintained by third parties.

Transaction requests should be mailed to Transamerica Funds, P.O. Box 219945, Kansas City, MO 64121-9945 or Transamerica Funds, 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 (for overnight mail).

**Custodian** 

State Street, located at One Congress Street, Boston, MA 02114, serves as the Trust's custodian.

State Street, among other things, maintains a custody account or accounts in the name of each fund, receives and delivers all assets for the funds upon purchase and upon sale or maturity, collects and receives all income and other payments and distributions on account of the assets of the funds and makes disbursements on behalf of the funds. State Street neither determines the funds' investment policies nor decides which securities the funds will buy or sell. For its services, State Street receives a monthly fee based upon the daily average market value of securities held in custody and also receives securities transaction charges, including out-of-pocket expenses. The funds may also periodically enter into arrangements with other qualified custodians with respect to certain types of securities or other transactions such as repurchase agreements or derivatives transactions. State Street also acts as the funds' securities lending agent and receives a share of the income generated by such activities.

**Securities Lending Activities** 

The dollar amounts of income and fees and compensation paid to all service providers (including fees paid to State Street as securities lending agent and for cash collateral management) related to those funds that engaged in securities lending activities during the most recent fiscal year are provided in Appendix C of this SAI. The securities lending agent's fees will be calculated on, and deducted from, the securities lending revenues of the applicable funds.

To the extent a fund engaged in securities lending activities, the services provided by State Street as securities lending agent would include: selection of securities to be loaned; locating borrowers and establishing a schedule of borrowers with whom the funds may engage in securities lending transactions; negotiation of loan terms; monitoring daily the value of the loaned securities and collateral; requiring additional collateral as necessary; investing cash collateral in accordance with the funds' instructions; marking to market non-cash collateral; maintaining custody of non-cash collateral; recordkeeping and account servicing; monitoring dividend activity and material proxy votes relating to loaned securities; transferring loaned securities; recalling loaned securities in accordance with the funds' instructions; and arranging for return of loaned securities to the fund at loan termination.

------

**Independent Registered Public Accounting Firm** 

Ernst & Young LLP, located at 200 Clarendon Street, Boston, MA 02116, serves as the Trust's independent registered public accounting firm, and provides audit services and tax return review services.

**Distributor and Distribution Plan** 

**Distributor** 

Under the Underwriting Agreement, TCL (the "Distributor"), located at 1801 California Street, Suite 5200, Denver, CO 80202, is appointed as principal underwriter and distributor in connection with the offering and sale of shares of each fund. TCL is an affiliate of TAM. TCL offers the shares on an agency or "best efforts" basis under which a fund issues only the number of shares actually sold. Shares of each fund are continuously offered by TCL.

The Underwriting Agreement is renewable from year to year with respect to a fund if approved (a) by the Board or by a vote of a majority of the fund's outstanding voting securities, and (b) by the affirmative vote of a majority of Trustees who are not parties to such agreement or interested persons of any party by votes cast in person at a meeting called for such purpose.

The Underwriting Agreement is terminable with respect to any fund without penalty by the Board or by vote of a majority of the outstanding voting securities of the fund, or by TCL, on not less than 60 days' written notice to the other party (unless the notice period is waived by mutual consent). The Underwriting Agreement will automatically and immediately terminate in the event of its assignment.

"N/A" in the tables below indicates that the fund was not in operation during the relevant fiscal year or had share classes with no underwriting commissions, accordingly, no information is shown.

**Underwriting Commission** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Commissions Received**<br> **for the Period Ended**<br> **October 31** | **Commissions Received**<br> **for the Period Ended**<br> **October 31** | **Commissions Received**<br> **for the Period Ended**<br> **October 31** | **Commissions Retained**<br> **for the Period Ended**<br> **October 31** | **Commissions Retained**<br> **for the Period Ended**<br> **October 31** | **Commissions Retained**<br> **for the Period Ended**<br> **October 31** |
| **Fund Name** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Transamerica Asset Allocation – Conservative Portfolio | &nbsp;&nbsp; $63278 | &nbsp;&nbsp; $74612 | &nbsp;&nbsp; $102182 | &nbsp;&nbsp; $11746 | &nbsp;&nbsp; $14163 | &nbsp;&nbsp; $19308 |
| Transamerica Asset Allocation – Growth Portfolio | &nbsp;&nbsp; $348246 | &nbsp;&nbsp; $399823 | &nbsp;&nbsp; $408152 | &nbsp;&nbsp; $67595 | &nbsp;&nbsp; $74346 | &nbsp;&nbsp; $74102 |
| Transamerica Asset Allocation – Moderate Growth Portfolio | &nbsp;&nbsp; $336000 | &nbsp;&nbsp; $381509 | &nbsp;&nbsp; $431811 | &nbsp;&nbsp; $62348 | &nbsp;&nbsp; $67319 | &nbsp;&nbsp; $78745 |
| Transamerica Asset Allocation – Moderate Portfolio | &nbsp;&nbsp; $170473 | &nbsp;&nbsp; $189665 | &nbsp;&nbsp; $224352 | &nbsp;&nbsp; $31716 | &nbsp;&nbsp; $38966 | &nbsp;&nbsp; $39637 |
| Transamerica Bond | &nbsp;&nbsp; $71408 | &nbsp;&nbsp; $94961 | &nbsp;&nbsp; $69542 | &nbsp;&nbsp; $32483 | &nbsp;&nbsp; $22269 | &nbsp;&nbsp; $15807 |
| Transamerica Capital Growth | &nbsp;&nbsp; $619504 | &nbsp;&nbsp; $375626 | &nbsp;&nbsp; $709482 | &nbsp;&nbsp; $108922 | &nbsp;&nbsp; $68711 | &nbsp;&nbsp; $144821 |
| Transamerica Core Bond | &nbsp;&nbsp; $8848 | &nbsp;&nbsp; $12134 | &nbsp;&nbsp; $3846 | &nbsp;&nbsp; $2261 | &nbsp;&nbsp; $2245 | &nbsp;&nbsp; $790 |
| Transamerica Emerging Markets Debt | &nbsp;&nbsp; $3653 | &nbsp;&nbsp; $3367 | &nbsp;&nbsp; $7356 | &nbsp;&nbsp; $671 | &nbsp;&nbsp; $655 | &nbsp;&nbsp; $1717 |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Transamerica Energy Infrastructure | &nbsp;&nbsp; $22793 | &nbsp;&nbsp; $15434 | &nbsp;&nbsp; $15947 | &nbsp;&nbsp; $4083 | &nbsp;&nbsp; $3665 | &nbsp;&nbsp; $3314 |
| Transamerica Floating Rate | &nbsp;&nbsp; $10688 | &nbsp;&nbsp; $25318 | &nbsp;&nbsp; $26132 | &nbsp;&nbsp; $4097 | &nbsp;&nbsp; $7075 | &nbsp;&nbsp; $7048 |
| Transamerica Government Money Market | &nbsp;&nbsp; $598 | &nbsp;&nbsp; $665 | &nbsp;&nbsp; $800 | &nbsp;&nbsp; $598 | &nbsp;&nbsp; $665 | &nbsp;&nbsp; $800 |
| Transamerica High Yield Bond | &nbsp;&nbsp; $39831 | &nbsp;&nbsp; $32453 | &nbsp;&nbsp; $61325 | &nbsp;&nbsp; $8527 | &nbsp;&nbsp; $6462 | &nbsp;&nbsp; $14524 |
| Transamerica High Yield Muni | &nbsp;&nbsp; $8744 | &nbsp;&nbsp; $7368 | &nbsp;&nbsp; $6150 | &nbsp;&nbsp; $4754 | &nbsp;&nbsp; $3178 | &nbsp;&nbsp; $3052 |
| Transamerica Inflation Opportunities | &nbsp;&nbsp; $230 | &nbsp;&nbsp; $46 | &nbsp;&nbsp; $263 | &nbsp;&nbsp; $73 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $156 |
| Transamerica Intermediate Muni | &nbsp;&nbsp; $37708 | &nbsp;&nbsp; $48159 | &nbsp;&nbsp; $108188 | &nbsp;&nbsp; $12212 | &nbsp;&nbsp; $19019 | &nbsp;&nbsp; $59429 |
| Transamerica International Equity | &nbsp;&nbsp; $58994 | &nbsp;&nbsp; $27360 | &nbsp;&nbsp; $74293 | &nbsp;&nbsp; $10422 | &nbsp;&nbsp; $5194 | &nbsp;&nbsp; $12973 |
| Transamerica International Focus | &nbsp;&nbsp; $3258 | &nbsp;&nbsp; $1373 | &nbsp;&nbsp; $1477 | &nbsp;&nbsp; $467 | &nbsp;&nbsp; $189 | &nbsp;&nbsp; $209 |
| Transamerica International Small Cap Value | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Transamerica International Stock | &nbsp;&nbsp; $84348 | &nbsp;&nbsp; $24801 | &nbsp;&nbsp; $1820 | &nbsp;&nbsp; $12828 | &nbsp;&nbsp; $3873 | &nbsp;&nbsp; $325 |
| Transamerica Large Cap Value | &nbsp;&nbsp; $173004 | &nbsp;&nbsp; $114712 | &nbsp;&nbsp; $100419 | &nbsp;&nbsp; $42642 | &nbsp;&nbsp; $20584 | &nbsp;&nbsp; $18257 |
| Transamerica Large Core ESG | &nbsp;&nbsp; $1166 | &nbsp;&nbsp; $214 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $180 | &nbsp;&nbsp; $31 | &nbsp;&nbsp; N/A |
| Transamerica Large Growth | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Transamerica Long Credit | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; $17352 | &nbsp;&nbsp; $20433 | &nbsp;&nbsp; $20441 | &nbsp;&nbsp; $2973 | &nbsp;&nbsp; $3110 | &nbsp;&nbsp; $3386 |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; $25061 | &nbsp;&nbsp; $38024 | &nbsp;&nbsp; $79234 | &nbsp;&nbsp; $4440 | &nbsp;&nbsp; $7933 | &nbsp;&nbsp; $14662 |
| Transamerica Multi-Asset Income | &nbsp;&nbsp; $322758 | &nbsp;&nbsp; $406517 | &nbsp;&nbsp; $474941 | &nbsp;&nbsp; $59111 | &nbsp;&nbsp; $76903 | &nbsp;&nbsp; $94226 |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; $484623 | &nbsp;&nbsp; $463982 | &nbsp;&nbsp; $304527 | &nbsp;&nbsp; $103590 | &nbsp;&nbsp; $86725 | &nbsp;&nbsp; $61590 |
| Transamerica Short-Term Bond | &nbsp;&nbsp; $119299 | &nbsp;&nbsp; $105521 | &nbsp;&nbsp; $140656 | &nbsp;&nbsp; $63462 | &nbsp;&nbsp; $30596 | &nbsp;&nbsp; $55611 |
| Transamerica Small Cap Growth | &nbsp;&nbsp; $7229 | &nbsp;&nbsp; $21595 | &nbsp;&nbsp; $14343 | &nbsp;&nbsp; $1197 | &nbsp;&nbsp; $4016 | &nbsp;&nbsp; $2483 |
| Transamerica Small Cap Value | &nbsp;&nbsp; $2252 | &nbsp;&nbsp; $2075 | &nbsp;&nbsp; $4583 | &nbsp;&nbsp; $426 | &nbsp;&nbsp; $337 | &nbsp;&nbsp; $762 |
| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; $89782 | &nbsp;&nbsp; $75284 | &nbsp;&nbsp; $95611 | &nbsp;&nbsp; $16320 | &nbsp;&nbsp; $13148 | &nbsp;&nbsp; $19775 |
| Transamerica Strategic Income | &nbsp;&nbsp; $43920 | &nbsp;&nbsp; $10484 | &nbsp;&nbsp; $4477 | &nbsp;&nbsp; $23105 | &nbsp;&nbsp; $1814 | &nbsp;&nbsp; $835  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Commissions Received**<br> **for the Period Ended**<br> **October 31** | **Commissions Received**<br> **for the Period Ended**<br> **October 31** | **Commissions Received**<br> **for the Period Ended**<br> **October 31** | **Commissions Retained**<br> **for the Period Ended**<br> **October 31** | **Commissions Retained**<br> **for the Period Ended**<br> **October 31** | **Commissions Retained**<br> **for the Period Ended**<br> **October 31** |
| **Fund Name** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Transamerica Sustainable Equity Income | &nbsp;&nbsp; $4139 | &nbsp;&nbsp; $3314 | &nbsp;&nbsp; $5326 | &nbsp;&nbsp; $734 | &nbsp;&nbsp; $682 | &nbsp;&nbsp; $1279 |
| Transamerica UltraShort Bond | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Transamerica US Growth | &nbsp;&nbsp; $298537 | &nbsp;&nbsp; $316771 | &nbsp;&nbsp; $221136 | &nbsp;&nbsp; $49811 | &nbsp;&nbsp; $53866 | &nbsp;&nbsp; $37381 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **For the Period Ended October 31, 2025** | **For the Period Ended October 31, 2025** | **For the Period Ended October 31, 2025** | **For the Period Ended October 31, 2025** |
| **Fund Name** | **Net**<br> **Underwriting**<br> **Discounts and**<br> **Commissions**<br>| **Compensation**<br> **on Redemptions**<br> **& Repurchases**<br>| **Brokerage**<br> **Commissions**<br>| **Other**<br> **Compensation**<br>|
| Transamerica Asset Allocation – Conservative Portfolio | &nbsp;&nbsp; $10274 | &nbsp;&nbsp; $1472 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Asset Allocation – Growth Portfolio | &nbsp;&nbsp; $54998 | &nbsp;&nbsp; $12597 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Asset Allocation – Moderate Growth Portfolio | &nbsp;&nbsp; $54017 | &nbsp;&nbsp; $8331 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Asset Allocation – Moderate Portfolio | &nbsp;&nbsp; $27554 | &nbsp;&nbsp; $4161 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Bond | &nbsp;&nbsp; $8636 | &nbsp;&nbsp; $23847 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Capital Growth | &nbsp;&nbsp; $100455 | &nbsp;&nbsp; $8468 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Core Bond | &nbsp;&nbsp; $1946 | &nbsp;&nbsp; $315 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Emerging Markets Debt | &nbsp;&nbsp; $670 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Energy Infrastructure | &nbsp;&nbsp; $3541 | &nbsp;&nbsp; $542 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Floating Rate | &nbsp;&nbsp; $1617 | &nbsp;&nbsp; $2480 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Government Money Market | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $598 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica High Yield Bond | &nbsp;&nbsp; $7629 | &nbsp;&nbsp; $897 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica High Yield Muni | &nbsp;&nbsp; $1923 | &nbsp;&nbsp; $2831 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Inflation Opportunities | &nbsp;&nbsp; $32 | &nbsp;&nbsp; $41 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Intermediate Muni | &nbsp;&nbsp; $7551 | &nbsp;&nbsp; $4661 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica International Equity | &nbsp;&nbsp; $9688 | &nbsp;&nbsp; $734 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica International Focus | &nbsp;&nbsp; $467 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica International Small Cap Value | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica International Stock | &nbsp;&nbsp; $12828 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Large Cap Value | &nbsp;&nbsp; $25252 | &nbsp;&nbsp; $17390 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Large Core ESG | &nbsp;&nbsp; $180 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Large Growth | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Long Credit | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; $2901 | &nbsp;&nbsp; $72 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; $4081 | &nbsp;&nbsp; $360 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Multi-Asset Income | &nbsp;&nbsp; $55472 | &nbsp;&nbsp; $3638 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; $82424 | &nbsp;&nbsp; $21166 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Short-Term Bond | &nbsp;&nbsp; $12930 | &nbsp;&nbsp; $50532 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Small Cap Growth | &nbsp;&nbsp; $1168 | &nbsp;&nbsp; $29 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Small Cap Value | &nbsp;&nbsp; $313 | &nbsp;&nbsp; $113 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; $15905 | &nbsp;&nbsp; $415 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Strategic Income | &nbsp;&nbsp; $3851 | &nbsp;&nbsp; $19255 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Sustainable Equity Income | &nbsp;&nbsp; $720 | &nbsp;&nbsp; $14 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica UltraShort Bond | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica US Growth | &nbsp;&nbsp; $47567 | &nbsp;&nbsp; $2245 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |

---

**Distribution Plan** 

The Trust has adopted a distribution plan ("12b-1 Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act applicable to Class A, Class C, Class R and Class R3 shares of the funds, as applicable. Class I, Class I2, Class R6, and Class T shares are not subject to distribution and/or service fees.

The 12b-1 Distribution Plan permits each applicable class of a fund to pay fees to TCL and others as compensation for their services, not as reimbursement for specific expenses incurred. The fees paid under the 12b-1 Distribution Plan are not tied directly to expenses incurred by TCL (or others) so the amount of the fees paid by a class during any year may be more or less than actual expenses incurred by TCL (or others). This type of distribution fee arrangement is characterized by the staff of the SEC as a "compensation" plan (in contrast to "reimbursement" arrangements by which a distributor's payments are directly linked to its expenses). Thus, even if the expenses incurred by TCL (or others) exceed the fees provided for by the 12b-1 Distribution Plan, the class would not be obligated to pay more than those fees and,

------

if the expenses incurred by TCL (or others) are less than the fees paid to them, they will retain those fees and realize a profit. Under the 12b-1 Distribution Plan, a class may pay the fees to the Distributor and others until the 12b-1 Distribution Plan with respect to that class is terminated or not renewed.

The 12b-1 Distribution Plan will remain in effect for successive one year periods, so long as such continuance is approved annually by vote of the Board, including a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of the 12b-1 Distribution Plan or in any agreements related to the 12b-1 Distribution Plan, cast in person at a meeting called for the purpose of voting on such continuance.

The 12b-1 Distribution Plan may be amended by vote of the Trustees, including a majority of the Independent Trustees of the fund that have no direct or indirect financial interest in the operation of the 12b-1 Distribution Plan or any agreement relating thereto, cast in person at a meeting called for that purpose. Any amendment of the 12b-1 Distribution Plan that would materially increase the costs to a class requires approval by a majority of the outstanding voting securities of that class.

A 12b-1 Distribution Plan may be terminated as to a class of a fund at any time by vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of the 12b-1 Distribution Plan or in any agreements related to the 12b-1 Distribution Plan, or by vote of a majority of the outstanding voting securities of the applicable class.

Under the 12b-1 Distribution Plan for Class A and Class R3 shares, a fund may pay TCL and/or financial intermediaries annual distribution and service fees of up to 0.25% of the average daily net assets of the fund's Class A and Class R3 shares. For Class C shares, a fund may pay TCL and/or financial intermediaries annual distribution and service fees of up to 1.00% of the average daily net assets of the fund's Class C shares. For Class R, a fund may pay TCL and/or financial intermediaries annual distribution and service fees of up to 0.50% of the average daily net assets of the fund's Class R shares.

Because applicable classes pay these fees out of their assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Financial intermediaries that receive distribution and/or service fees may in turn pay and/or reimburse all or a portion of these fees to their customers. Each prospectus contains a description of distribution and service fees payable under the 12b-1 Distribution Plan with respect to the shares offered in that prospectus.

TCL may use the fees payable under the 12b-1 Distribution Plan as it deems appropriate to pay for activities or expenses primarily intended to result in the sale of Class A, Class C, Class R or Class R3 shares, or in personal service to and/or maintenance of these shareholder accounts.

More specifically, these fees may be used by TCL or a financial intermediary for expenses related to a fund, including: costs of printing and distributing the fund prospectuses, statements of additional information and reports to prospective investors in the fund; advertising expenses and costs involved in preparing, printing and distributing sales literature pertaining to the fund and reports for persons other than existing shareholders; an allocation of overhead and other branch office distribution-related expenses of TCL or a financial intermediary; payments made to, and expenses of, TCL or a financial intermediary and other persons who provide support or personal services to shareholders in connection with the distribution of the fund's shares; and interest-related expenses, or the cost of capital associated with, the financing of any of the foregoing. In the case of funds or classes of shares that are closed to new investors or investments, TCL also may use the fees payable under the 12b-1 Distribution Plan to make payments to financial intermediaries for services to and for maintenance of existing shareholder accounts and/or as compensation for past sales and distribution efforts. Fees paid pursuant to the 12b-1 Distribution Plan are intended to benefit each applicable fund by contributing to the growth of the fund's assets, which may reduce the fund's expense ratio by spreading fixed costs over a larger asset base and allow the fund to achieve lower portfolio transaction costs and better prices by purchasing larger blocks of securities.

**Distribution Fees Paid Under the 12b-1 Distribution Plan** 

The table below shows the total dollar amounts paid by the Class A, Class C, Class R and Class R3 shares included in this SAI for each fund, as applicable, to the Distributor for the last fiscal year. The funds may offer other share classes in a separate SAI.

---

| | |
|:---|:---|
| **Fund** | **2025** |
| Transamerica Asset Allocation – Conservative Portfolio | &nbsp;&nbsp; $841217 |
| Transamerica Asset Allocation – Growth Portfolio | &nbsp;&nbsp; $2619807 |
| Transamerica Asset Allocation – Moderate Growth Portfolio | &nbsp;&nbsp; $3661810 |
| Transamerica Asset Allocation – Moderate Portfolio | &nbsp;&nbsp; $1919037 |
| Transamerica Bond | &nbsp;&nbsp; $611772 |
| Transamerica Capital Growth | &nbsp;&nbsp; $2646199 |
| Transamerica Core Bond | &nbsp;&nbsp; $5991 |
| Transamerica Emerging Markets Debt | &nbsp;&nbsp; $32712 |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; $0 |
| Transamerica Energy Infrastructure | &nbsp;&nbsp; $126778 |
| Transamerica Floating Rate | &nbsp;&nbsp; $202283  |

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| | |
|:---|:---|
| **Fund** | **2025** |
| Transamerica Government Money Market | &nbsp;&nbsp; $272074 |
| Transamerica High Yield Bond | &nbsp;&nbsp; $238117 |
| Transamerica High Yield Muni | &nbsp;&nbsp; $62032 |
| Transamerica Inflation Opportunities | &nbsp;&nbsp; $5365 |
| Transamerica Intermediate Muni | &nbsp;&nbsp; $433373 |
| Transamerica International Equity | &nbsp;&nbsp; $526528 |
| Transamerica International Focus | &nbsp;&nbsp; $3665 |
| Transamerica International Small Cap Value | &nbsp;&nbsp; $0 |
| Transamerica International Stock | &nbsp;&nbsp; $34105 |
| Transamerica Large Cap Value | &nbsp;&nbsp; $463217 |
| Transamerica Large Core ESG | &nbsp;&nbsp; $1062 |
| Transamerica Large Growth | &nbsp;&nbsp; $0 |
| Transamerica Long Credit | &nbsp;&nbsp; $1318 |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; $73480 |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; $164028 |
| Transamerica Multi-Asset Income | &nbsp;&nbsp; $1260446 |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; $3458407 |
| Transamerica Short-Term Bond | &nbsp;&nbsp; $1693497 |
| Transamerica Small Cap Growth | &nbsp;&nbsp; $56704 |
| Transamerica Small Cap Value | &nbsp;&nbsp; $26871 |
| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; $974086 |
| Transamerica Strategic Income | &nbsp;&nbsp; $12019 |
| Transamerica Sustainable Equity Income | &nbsp;&nbsp; $183936 |
| Transamerica UltraShort Bond | &nbsp;&nbsp; $1440 |
| Transamerica US Growth | &nbsp;&nbsp; $2723794 |

---

**Dealer Reallowances** 

**Class A, Class C, Class R3 and Class T Shares Only (not applicable to Class I, Class I2, Class R or Class R6 Shares)** 

Transamerica Funds sells shares of its funds both directly and through authorized dealers. When you buy shares, your fund receives the entire NAV of the shares you purchase. TCL keeps the sales charge, then "reallows" a portion to the dealers through which shares were purchased. From time to time, and particularly in connection with sales that are not subject to a sales charge, TCL may pay a different dealer reallowance than the amounts indicated in the following tables.

Promotions may also involve non-cash incentives such as prizes or merchandise. Non-cash compensation may also be in the form of attendance at seminars conducted by TCL, including lodging and travel expenses, in accordance with the rules of the FINRA.

Reallowances may also be given to financial institutions to compensate them for their services in connection with Class A share sales and servicing of shareholder accounts.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A Share Dealer Reallowances**<br> **(all funds except Transamerica Bond, Transamerica Core Bond, Transamerica Emerging Markets Debt, Transamerica Floating Rate,** <br> **Transamerica High Yield Bond, Transamerica High Yield Muni, Transamerica Inflation Opportunities, Transamerica Intermediate Muni,** <br> **Transamerica Government Money Market, Transamerica Long Credit, Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond** <br> **and Transamerica UltraShort Bond)** | &nbsp;&nbsp; **Class A Share Dealer Reallowances**<br> **(all funds except Transamerica Bond, Transamerica Core Bond, Transamerica Emerging Markets Debt, Transamerica Floating Rate,** <br> **Transamerica High Yield Bond, Transamerica High Yield Muni, Transamerica Inflation Opportunities, Transamerica Intermediate Muni,** <br> **Transamerica Government Money Market, Transamerica Long Credit, Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond** <br> **and Transamerica UltraShort Bond)** |
| **Amount of Purchase** | **Reallowance to**<br> **Dealers as a**<br> **Percent of**<br> **Offering Price**<br>|
| Under $50 Thousand | &nbsp;&nbsp; 4.75% |
| $50 Thousand to under $100 Thousand | &nbsp;&nbsp; 4.00% |
| $100 Thousand to under $250 Thousand | &nbsp;&nbsp; 2.75% |
| $250 Thousand to under $500 Thousand | &nbsp;&nbsp; 2.25% |
| $500 Thousand to under $1 Million | &nbsp;&nbsp; 1.75% |
| For purchases of $1 Million and above: |  |
| $1 Million to under $5 Million | &nbsp;&nbsp; 1.00%<sup>(a)</sup> <br>|
| $5 Million to under $50 Million | &nbsp;&nbsp; Plus 0.50%<sup>(a)</sup> <br>|
| $50 Million and above | &nbsp;&nbsp; Plus 0.25%<sup>(a)</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A Share Dealer Reallowances**<br> **(Transamerica Multi-Managed Balanced)** | &nbsp;&nbsp; **Class A Share Dealer Reallowances**<br> **(Transamerica Multi-Managed Balanced)** |
| **Amount of Purchase** | **Reallowance to**<br> **Dealers as a**<br> **Percent of**<br> **Offering Price**<br>|
| Under $50 Thousand | &nbsp;&nbsp; 4.75% |
| $50 Thousand to under $100 Thousand | &nbsp;&nbsp; 4.00% |
| $100 Thousand to under $250 Thousand | &nbsp;&nbsp; 2.75% |
| For purchases of $250 Thousand and above: |  |
| $250 Thousand to under $5 Million | &nbsp;&nbsp; 1.00%<sup>(a)</sup> <br>|
| $5 Million to under $10 Million | &nbsp;&nbsp; Plus 0.50%<sup>(a)</sup> <br>|
| $10 Million and above | &nbsp;&nbsp; Plus 0.25%<sup>(a)</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A Share Dealer Reallowances**<br> **(Transamerica Bond, Transamerica Core Bond, Transamerica Emerging Markets Debt, Transamerica Floating Rate, Transamerica High Yield** <br> **Bond, Transamerica Inflation Opportunities and Transamerica Long Credit)** | &nbsp;&nbsp; **Class A Share Dealer Reallowances**<br> **(Transamerica Bond, Transamerica Core Bond, Transamerica Emerging Markets Debt, Transamerica Floating Rate, Transamerica High Yield** <br> **Bond, Transamerica Inflation Opportunities and Transamerica Long Credit)** |
| **Amount of Purchase** | **Reallowance to**<br> **Dealers as a**<br> **Percent of**<br> **Offering Price**<br>|
| Under $50 Thousand | &nbsp;&nbsp; 4.00% |
| $50 Thousand to under $100 Thousand | &nbsp;&nbsp; 3.25% |
| $100 Thousand to under $250 Thousand | &nbsp;&nbsp; 2.75% |
| $250 Thousand to under $500 Thousand | &nbsp;&nbsp; 1.75% |
| $500 Thousand to under $1 Million | &nbsp;&nbsp; 1.00% |
| For purchases of $1 Million and above: |  |
| $1 Million to under $5 Million | &nbsp;&nbsp; 0.50%<sup>(a)</sup> <br>|
| $5 Million and above | &nbsp;&nbsp; Plus 0.25%<sup>(a)</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A Share Dealer Reallowances**<br> **(Transamerica High Yield Muni and Transamerica Intermediate Muni)** | &nbsp;&nbsp; **Class A Share Dealer Reallowances**<br> **(Transamerica High Yield Muni and Transamerica Intermediate Muni)** |
| **Amount of Purchase** | **Reallowance to**<br> **Dealers as a**<br> **Percent of**<br> **Offering Price**<br>|
| Under $50 Thousand | &nbsp;&nbsp; 2.75% |
| $50 Thousand to under $100 Thousand | &nbsp;&nbsp; 2.00% |
| $100 Thousand to under $250 Thousand | &nbsp;&nbsp; 1.50% |
| $250 Thousand to under $500 Thousand | &nbsp;&nbsp; 1.00% |
| $500 Thousand to under $1 Million | &nbsp;&nbsp; 0.50% |
| For purchases of $1 Million and above: |  |
| $1 Million to under $5 Million | &nbsp;&nbsp; 0.50%<sup>(a)</sup> <br>|
| $5 Million and above | &nbsp;&nbsp; Plus 0.25%<sup>(a)</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A Share Dealer Reallowances**<br> **(Transamerica Short-Term Bond)** | &nbsp;&nbsp; **Class A Share Dealer Reallowances**<br> **(Transamerica Short-Term Bond)** |
| **Amount of Purchase** | **Reallowance to**<br> **Dealers as a**<br> **Percent of**<br> **Offering Price**<br>|
| Under $250 Thousand | &nbsp;&nbsp; 2.00% |
| $250 Thousand to under $5 Million | &nbsp;&nbsp; 0.50% |
| $5 Million and Above | &nbsp;&nbsp; Plus 0.25%<sup>(a)</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Class C Share Dealer Reallowances (all funds except Transamerica High Yield Muni and Transamerica Intermediate Muni)** |
| **Amount of Purchase** |
| All purchases<br> &nbsp;&nbsp; 1.00%<sup>(b)\*</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| &nbsp;&nbsp; **Class C Share Dealer Reallowances**<br> **(Transamerica High Yield Muni and Transamerica Intermediate Muni)** |
| **Amount of Purchase** |
| All purchases<br> &nbsp;&nbsp; 0.75%<sup>(b)\*</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class T Share Dealer Reallowances**<br> **(Transamerica US Growth)** | &nbsp;&nbsp; **Class T Share Dealer Reallowances**<br> **(Transamerica US Growth)** |
| **Amount of Purchase** | **Reallowance to** <br> **Dealers as a Percent** <br> **of Offering Price**<br>|
| Under $10,000 | &nbsp;&nbsp; 7.00% |
| $10,000 to under $25,000 | &nbsp;&nbsp; 6.25% |
| $25,000 to under $50,000 | &nbsp;&nbsp; 5.50% |
| $50,000 to under $75,000 | &nbsp;&nbsp; 5.00% |
| $75,000 to under $100,000 | &nbsp;&nbsp; 4.25% |
| $100,000 to under $250,000 | &nbsp;&nbsp; 3.75% |
| $250,000 to under $500,000 | &nbsp;&nbsp; 2.50% |
| $500,000 to under $1,000,000 | &nbsp;&nbsp; 1.00% |
| $1,000,000 and over | &nbsp;&nbsp; 1.00% |

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<sup>(a)</sup>

No Dealer Reallowance is paid on purchases made on behalf of wrap accounts for the benefit of certain broker-dealers, financial institutions, or financial planners, who have entered into arrangements with Transamerica Funds or TCL, and for purchases made by a retirement plan described in Section 401(a), 401(k), 401(m), or 457 of the Code.

<sup>(b)</sup>

From time to time, TCL may enter into agreements with brokers and dealers whereby the dealer allowance may be less than the amount indicated. Such agreements would also provide that the applicable shares could be subject to a contingent deferred sales charge for a period less than the otherwise applicable period.

<sup>\*</sup>

All shares designated as Class C2 shares on March 1, 2004 were converted to Class C shares on June 15, 2004. On September 24, 2004, Class M shares were converted into Class C shares.

Note: There is no sales charge or dealer reallowances on Class A shares of Transamerica Government Money Market or Transamerica UltraShort Bond.

**Purchase, Redemption and Pricing of Shares**

**Shareholder Accounts** 

Detailed information about general procedures for Shareholder Accounts and specific types of accounts is set forth in each fund's prospectus.

**Purchase of Shares** 

**Class A, Class C, Class I, Class I2, Class R, Class R2, Class R3, Class R6 and Class T Shares** 

As stated in the prospectuses, Transamerica Funds currently offers investors a choice of eleven classes of shares: Class A, Class C, Class I, Class I2, Class I3, Class R, Class R2, Class R3, Class R4, Class R6 and Class T shares. Not all Transamerica Funds offer all classes of shares.

Class A and Class C shares of a fund can be purchased through TCL or through broker-dealers or other financial institutions that have sales agreements with TCL. Shares of each fund are sold at the NAV as determined at the close of the regular session of business on the NYSE next occurring after a purchase order is received and accepted by the fund. (The applicable sales charge is added in the case of Class A and Class T shares.) The prospectus contains detailed information about the purchase of fund shares.

Subject to the conditions and circumstances set out below, effective March 16, 2021, Class C shares automatically convert to Class A shares after eight years from the date of purchase, provided that the relevant Transamerica Funds or the financial intermediary through which you have purchased or hold Class C shares, has records verifying that the Class C shares have been held for at least eight years. Please check with your financial intermediary for details. Please note that the financial intermediary involved with your share purchase is solely responsible for converting any eligible Class C shares in an omnibus arrangement. Certain financial intermediaries may choose to convert your Class C shares in an omnibus arrangement earlier than eight years. The automatic conversion of Class C shares to Class A shares will not apply to Class C shares held through group retirement plan recordkeeping platforms of certain financial intermediaries who hold such shares in an omnibus account. Account numbers will need to be provided by the financial intermediary holding the group retirement plan(s) to have those accounts excluded from the automatic conversion. In such circumstances, please speak to your financial advisor (or the plan provider's financial intermediary) for further information.

Class I shares are currently primarily offered for investment to institutional investors including, but not limited to, fee-based programs, qualified retirement plans, certain endowment plans and foundations and Directors, Trustees and employees of the funds' affiliates. The minimum investment for Class I shares is $1,000,000 per fund account, but will be waived for certain investors, including fee-based programs, qualified retirement plans, financial intermediaries that submit trades on behalf of underlying investors Directors, Trustees and officers of any Transamerica-sponsored funds, and employees of Transamerica and its affiliates.

Class I2 shares are currently primarily offered for investment in certain funds of funds (also referred to as "strategic asset allocation funds"). Class I2 shares of the funds are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, unaffiliated funds, high net worth individuals, and eligible retirement plans whose recordkeepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Investors who received Class I2 shares in connection with the reorganization of a Transamerica Premier Fund into a Transamerica Fund may continue to invest in Class I2 shares of that Transamerica Fund, but may not open new accounts.

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This SAI only references the Class R shares that are currently offered for investment in the following funds: Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio and Transamerica Asset Allocation – Moderate Portfolio, each a series of Transamerica Funds. Class R shares of certain other series of Transamerica Funds are discussed in a separate SAI.

Class R shares of Transamerica Government Money Market were renamed Class R2 shares on October 13, 2017. Class R2 shares of Transamerica Government Money Market are discussed in a separate SAI. Effective March 31, 2021, Transamerica Government Money Market is closed to most new investors. The following investors may continue to purchase shares of the fund: existing fund investors, investors exchanging shares of another Transamerica fund for shares in the same class of the fund, asset allocation funds and other investment products in which the fund is currently an underlying investment option, retirement plans in which the fund is a plan option, any plan that is or becomes a part of a multiple plan exchange recordkeeping platform that includes the fund as a plan option, and current and former trustees of the fund. Transamerica Government Money Market will remain closed until further notice. The fund reserves the right to modify the foregoing terms of the closure at any time and to accept or reject any investment for any reason.

Class R, R2 and R4 shares of the applicable funds are only offered through 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined benefit plans and non-qualified deferred compensation plans (eligible retirement plans), and are generally intended for purchase by smaller retirement plan clients of Transamerica Retirement Solutions, LLC. Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts. Class R, R2, R4 and I3 shares of the relevant funds are discussed in a separate SAI.

Class R and Class R2 are available only to eligible retirement plans where Class R or Class R2 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

Class R and R6 shares of the applicable funds are intended for purchase by participants in certain eligible accounts described below and under the following conditions. Class R6 shares of the funds are also intended for purchase by certain Transamerica-sponsored asset allocation funds.

• 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans, IRAs and, with regard to R6 shares only, certain Transamerica-sponsored asset allocation funds, as well as participants in certain health savings plans and health savings accounts under Section 223 of the Internal Revenue Code (eligible plans).

• Class R and R6 shares are available only to eligible plans where Class R and R6 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

Class R3 shares are intended for purchase by investors with IRAs sponsored by an affiliate of Transamerica Asset Management, Inc.

The plan's record-keeper or financial service firm serving as an intermediary must have an agreement with Transamerica Funds or its agents to utilize Class R3 and Class R6 shares in certain investment products or programs

Transamerica US Growth includes Class T shares, which are not available for new investors.

Shareholders whose investments are transferred from one class of shares of a Transamerica fund to another class of shares of the same Transamerica fund for administrative or eligibility reasons also may qualify for a waiver or reduction of sales charges and/or redemption charges in connection with the exchange.

Each fund reserves the right to make additional exceptions or otherwise to modify the foregoing policies at any time.

Information regarding sales charges can be found (free of charge) on the Transamerica Funds website at https:www.transamerica.com/resource-center?rc_primary_topics=investing. Select "Guide to Choosing a Share Class."

Not all financial intermediaries make all shares available to their clients. Your financial intermediary may receive different compensation for selling one class of shares than for selling another class, which may depend on, among other things, the type of investor account and the policies, procedures and practices adopted by your financial intermediary. Certain financial intermediaries through which you may invest in fund shares may impose their own investment fees, policies and procedures for purchasing and selling fund shares, which are not described in the prospectus or this SAI, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of fund shares and the financial intermediary's policies, procedures and other information.

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**Retirement Plans** 

**Class A, Class C, Class I and Class T Only (Not Applicable to Class I2, Class I3, Class R, Class R2, Class R3, Class R4 and Class R6 Shares)** 

Transamerica Funds offers several types of retirement plans that an investor may establish to invest in shares of a fund with tax deductible dollars. Prototype retirement plan documents for Individual Retirement Accounts, Code Section 403(b)(7) plans and SEP-IRA and SIMPLE IRA plans are available by calling or writing TFS Customer Service. These plans require the completion of separate applications, which are also available from TFS Customer Service. UMB Bank, N.A. acts as the custodian or trustee under these plans. TFS charges an annual fee of $17.50 on each such fund account. To receive additional information or forms on these plans, please call your financial adviser or Transamerica Funds Customer Service at 1-888-233-4339 or write to Transamerica Fund Services, Inc. at P.O. Box 219945, Kansas City, MO 64121-9945. No contribution to a retirement plan can be made until the appropriate forms to establish the plan have been completed. It is advisable for an investor considering the funding of any retirement plan to consult with an attorney, retirement plan consultant or financial or tax adviser with respect to the requirements of such plans and the tax aspects thereof. Please note: each plan type may not be available in each share class.

**Redemption of Shares** 

Shareholders may redeem their shares at any time at a price equal to the net asset value per share next determined following receipt of a valid redemption order by the transfer agent, in proper form. Payment will normally be sent within two business days of the receipt of a redemption request in good order, but in any event within seven days, regardless of the method a fund uses to make such payment (e.g., check, wire or electronic funds transfer (ACH)). However, redemption payments may be delayed up to ten calendar days if the shares being redeemed were recently purchased by check or electronic funds transfer. The value of shares on redemption may be more or less than the shareholder's cost, depending upon the market value of the fund's net assets at the time of redemption. Class C shares and certain Class A and Class T share purchases are also subject to a contingent deferred sales charge upon certain redemptions. Class I, Class I2, Class R3 and Class R6 shares are not subject to the contingent deferred sales charge.

Shares will normally be redeemed for cash, although each fund retains the right to wholly or partly redeem its shares in kind, under unusual circumstances (such as adverse or unstable market, economic, or political conditions), in an effort to protect the interests of the remaining shareholders by the delivery of securities selected from its assets at its discretion. Transamerica Funds has, however, elected to be governed by Rule 18f-1 under the 1940 Act pursuant to which a fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of the net asset value of a fund during any 90-day period for any one shareholder. Should redemptions by any shareholder exceed such limitation, the fund will have the option of redeeming the excess in cash or in kind. On the same redemption date, some shareholders may be paid in whole or in part in securities (which may differ among those shareholders), while other shareholders may be paid entirely in cash. The disposal of the securities received in-kind by redeeming shareholders may be subject to brokerage costs and, until sold, such securities remain subject to market risk and liquidity risk, including the risk that such securities are or become difficult to sell. If the fund pays your redemption with illiquid or less liquid securities, you will bear the risk of not being able to sell such securities. The method of valuing securities used to make redemptions in kind will be the same as the method of valuing portfolio securities described under "Net Asset Value Determination," and such valuation will be made as of the same time the redemption price is determined. The funds may pay redemption proceeds with cash obtained through short-term borrowing arrangements, if available.

Redemption of shares may be suspended, or the date of payment may be postponed, whenever: (1) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (except for holidays and weekends); (2) the SEC permits such suspension and so orders; or (3) an emergency exists as determined by the SEC so that disposal of securities and determination of net asset value is not reasonably practicable.

The Contingent Deferred Sales Charge ("CDSC") is waived on redemptions of Class C (and Class A and Class T, when applicable) in the circumstances described below.

**(a) Redemption upon Total Disability or Death** 

A fund will waive the CDSC on redemptions following the death or total disability (as evidenced by a determination of the federal Social Security Administration) of a shareholder, but in the case of total disability only as to shares owned at the time of the initial determination of disability. The transfer agent or distributor will require satisfactory proof of death or disability before it determines to waive the CDSC.

**(b) Redemption Pursuant to a Fund's Systematic Withdrawal Plan** 

A shareholder may elect to participate in a systematic withdrawal plan ("SWP") with respect to the shareholder's investment in a fund. Under the SWP, a dollar amount of a participating shareholder's investment in the fund will be redeemed systematically by the fund on a periodic basis, and the proceeds paid in accordance with the shareholder's instructions. The amount to be redeemed and frequency of the systematic withdrawals will be specified by the shareholder upon his or her election to participate in the SWP. The CDSC will be waived on redemptions made under the SWP subject to the limitations described below.

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On redemptions made under Transamerica Funds' systematic withdrawal plan (may not exceed 12% of the annualized account value per fund on the day the systematic withdrawal plan was established).

**(c) Certain Retirement Plan Withdrawals** 

CDSC is also waived for accounts opened prior to April 1, 2000, on withdrawals from IRS qualified and nonqualified retirement plans, individual retirement accounts, tax-sheltered accounts, and deferred compensation plans, where such withdrawals are permitted under the terms of the plan or account. (This waiver does not apply to transfer of asset redemptions, broker directed accounts or omnibus accounts.)

**Share Conversion** 

If you hold Class A, Class C, Class I2, Class R6 and Class T shares and are eligible for purchase of Class I shares (as described in the prospectus), you may be eligible to convert your shares to Class I shares of the same fund, subject to certain conditions. If you hold Class I shares and are eligible to purchase Class R6 shares (as described in the prospectus), you may be eligible to convert Class I shares to Class I2 or Class R6 shares of the same fund, subject certain conditions. If you hold Class A shares and are eligible to purchase Class I2 shares, you may be eligible to convert your Class A shares to Class I2 shares of the same fund, subject to certain conditions. Class I investors that are no longer eligible for wrap or fee based programs may convert from Class I shares to Class A shares at the request of the financial intermediary. Please contact your financial adviser or Customer Service for conversion requirements and instructions.

A conversion between share classes of the same fund is a nontaxable event.

If you convert from one class of shares to another, the transaction will be based on the respective NAVs of the two classes on the trade date for the conversion. Consequently, a conversion may provide you with fewer shares or more shares than you originally owned, depending on that day's NAV. At the time of conversion, the total dollar value of your "old" shares will equal the total dollar value of your "new" shares. However, subsequent share price fluctuations may decrease or increase the total dollar value of your "new" shares compared with that of your "old" shares.

**Net Asset Valuation ("NAV") Determination**

**How Share Price Is Determined** 

The price at which shares are purchased or redeemed is the NAV, plus any applicable sales charge, that is next calculated following receipt and acceptance of a purchase order in good order or receipt of a redemption order in good order by the fund, an authorized intermediary, or the mail processing center located in Kansas City, Missouri.

**When Share Price Is Determined** 

The NAV of each fund (or class thereof) is determined on each day the NYSE is open for business as of the scheduled close of regular trading (normally 4:00 p.m. Eastern time). If the NYSE closes at another time, each fund will calculate a NAV for each class of shares as of the scheduled closing time. The NAV is not determined on days when the NYSE is closed (generally New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving and Christmas). Foreign securities may trade in their primary markets on weekends or other days when a fund does not price its shares (therefore, the value of a fund's foreign securities may change on days when shareholders will not be able to buy or sell shares of the funds). These securities will be valued pursuant to the funds' Pricing and Valuation procedures for such securities.

Purchase orders received in good order and accepted, and redemption orders received in good order, as of the scheduled close of regular trading of the NYSE, usually 4:00 p.m. Eastern Time, receive the NAV determined as of the close of the NYSE that day. Purchase and redemption requests received after the NYSE is closed receive the NAV determined as of the close of the NYSE the next day the NYSE is open.

For investments in separate accounts of insurance companies that invest in Class I2 shares of the funds, orders for Class I2 shares will be placed after the receipt and acceptance of the investment in the insurance company separate account.

**How NAV Is Calculated** 

The NAV of each fund (or class thereof) is calculated by taking the value of its net assets (which may include realized and unrealized capital gain and income) and dividing by the number of shares of the fund (or class) that are then outstanding.

The value of a fund's securities and other assets for purposes of determining the fund's NAV is determined pursuant to valuation procedures of the funds and TAM. TAM has been designated as the funds' valuation designee with responsibility for fair valuation subject to oversight by the funds' Board. TAM has formed a valuation committee to assist with its designated responsibilities as valuation designee (the "Valuation Committee").

*For funds other than Transamerica Government Money Market:* In general, securities and other investments are valued based on prices at the close of regular trading on the NYSE.

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Equity securities, swaps, and options listed or traded on securities exchanges (except for the securities traded on NASDAQ/NMS), including ETFs, dollar-denominated foreign securities and ADRs, are normally valued at the closing price on the exchange or system where the security is principally traded. With respect to securities traded on the NASDAQ/NMS, such closing price will generally be the NASDAQ Official Closing Price ("NOCP").

The market price for debt obligations (except short-term obligations that will mature in 60 days or less) and for swaps that are not traded on a securities exchange is generally the price supplied by an independent third-party pricing service, which may use market prices or quotations or a variety of fair value techniques and methodologies to identify the market value of the security or instrument.

Short-term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment's fair value.

Foreign securities are generally priced as described above for the particular type of security (*i.e.*, equity securities or debt securities). The prices for foreign securities are converted from the local currency into U.S. dollars using current exchange rates.

Market quotations for securities prices may be obtained from automated pricing services.

Shares of open-end funds (other than ETF shares) are generally valued at the NAV reported by that investment company.

ETF shares are normally valued at the most recent sale price or official closing price on the exchange on which they are traded.

When an authorized pricing service does not provide a price or the price provided is believed by the Valuation Committee to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. When such a price or quotation for a security is not readily available, or is believed by the Valuation Committee to be unreliable, then the Valuation Committee will fair value such fund investment, in good faith, in accordance with fair valuation procedures.

The types of securities for which such fair value pricing may be required include, but are not limited to: foreign securities, where a significant event occurs after the close of the foreign market on which such security principally trades that is likely to have changed the value of such security, or the closing value is otherwise deemed unreliable; securities of an issuer that has entered into a restructuring; securities whose trading has been halted or suspended; fixed-income securities that have gone into default and for which there is no current market value quotation; and securities that are restricted as to transfer or resale. The funds use a fair value model developed by an independent third party pricing service to price foreign equity securities on days when there is a certain percentage change in the value of a domestic equity security index, as such percentage may be determined by TAM from time to time.

Valuing securities in accordance with fair valuation procedures involves greater reliance on judgment than valuing securities based on readily available market quotations. The Valuation Committee makes fair value determinations in good faith in accordance with the valuation procedures. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service. There can be no assurance that a fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the fund determines its NAV.

The prices that a fund uses may differ from the amounts that would be realized if the investments were sold and the differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility.

*For Transamerica Government Money Market:* The fund generally values its securities using the amortized cost method. This valuation method assumes a steady rate of amortization of any premium or discount from the date of purchase until the maturity of each security. This valuation method is designed to permit a money market fund to maintain a constant net asset value of $1.00 per share, but there is no guarantee that it will do so.

**Brokerage** 

Subject to policies established by the Board and TAM, the sub-advisers are responsible for placement of the funds' securities transactions. In placing orders, it is the policy of a fund to seek to obtain the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions as described below. In seeking the most favorable price and execution, TAM or the sub-adviser, as applicable, having in mind the fund's best interests, considers all factors it deems relevant, including: the size of the transaction; the nature of the market for the security; the amount of the commission; the timing of the transaction taking into account market prices and trends; the reputation, experience and financial stability of the broker-dealer involved and the quality of service rendered by the broker-dealer in that or other transactions; trade confidentiality including anonymity; and research products and services provided, which include: (i) furnishing advice, either directly or through publications or writings, as to the value of securities, the advisability of purchasing or selling specific securities and the availability of securities or purchasers or sellers of securities and (ii) furnishing analyses and reports

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concerning issuers, industries, securities, economic factors and trends and portfolio strategy and products and other services (such as third party publications, reports and analyses, and computer and electronic access, equipment, software, information and accessories) that assist each sub-adviser in carrying out its responsibilities.

Decisions as to the selection of broker-dealers and the assignment of fund brokerage business for a fund and negotiation of its commission rates are made by TAM or the sub-adviser, as applicable, whose policy is to seek to obtain "best execution" (prompt and reliable execution at the most favorable security price) of all fund transactions. In doing so, a fund may pay higher commission rates than the lowest available when its sub-adviser believes it is reasonable to do so in light of the value of the brokerage and research services provided by the broker effecting the transaction, as discussed below.

There is generally no stated commission in the case of fixed-income securities and other securities traded on a principal basis in the over-the-counter markets, but the price paid by a fund usually includes an undisclosed dealer commission or mark-up. In underwritten offerings, the price paid by a fund includes a disclosed, fixed commission or discount retained by the underwriter or dealer. Transactions on U.S. stock exchanges and other agency transactions involve the payment by a fund of negotiated brokerage commissions. Such commissions vary among different brokers. Also, a particular broker may charge different commissions according to such factors as the difficulty and size of the transaction. Transactions in foreign securities generally involve the payment of fixed brokerage commissions, which are generally higher than those in the U.S.

It has for many years been a common practice in the investment advisory business for advisers of investment companies and other institutional investors to receive research and brokerage products and services (together, "services") from broker-dealers that execute portfolio transactions for the clients of such advisers. Consistent with this practice, the sub-advisers may receive services from many broker-dealers with which the sub-advisers place the fund's portfolio transactions. These services, which in some cases may also be purchased for cash, may include, among other things, such items as general economic and security market reviews, industry and company reviews, evaluations of securities, recommendations as to the purchase and sale of securities, and services related to the execution of securities transactions. The services obtained through brokers or dealers will be in addition to, and not in lieu of, the services required to be performed by a sub-adviser. The expenses of a sub-adviser will not necessarily be reduced as a result of the receipt of such supplemental information. A sub-adviser may use such services in servicing other accounts in addition to the respective fund. Conversely, services provided to a sub-adviser by broker-dealers in connection with trades executed on behalf of other clients of the sub-adviser may be useful to the sub-adviser in managing the fund, although not all of these services may be necessarily useful and of value to the sub-adviser in managing such other clients. The receipt of such services enables a sub-adviser to avoid the additional expenses that might otherwise be incurred if it were to attempt to develop comparable information through its own staff.

In reliance on the "safe harbor" provided by Section 28(e) of the Exchange Act and the SEC's interpretive guidance thereunder, a sub-adviser may cause a fund to pay a broker-dealer that provides "brokerage and research services" (as defined for purposes of Section 28(e)) to the sub-adviser an amount of commission for effecting a securities transaction for the fund in excess of the commission that another broker-dealer would have charged for effecting that transaction if the sub-adviser determines in good faith that the commission is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer. If a sub-adviser determines that any research product or service has a mixed use, such that it also serves functions that do not assist in the investment decision-making process, the sub-adviser will allocate the costs of such service or product accordingly. The portion of the product or service that a sub-adviser determines will assist it in the investment decision-making process may be paid for in brokerage commission dollars. Such allocation may create a conflict of interest for the sub-adviser. Conversely, such supplemental information obtained by the placement of business for a sub-adviser will be considered by and may be useful to the sub-adviser in carrying out its obligations to a fund.

Under the Markets in Financial Instruments Directive II ("EU MiFID II"), investment firms in the European Union ("EU") and under EU MiFID II as it forms part of the domestic law of the United Kingdom ("UK") ("UK MiFID II"), investment firms in the UK or subject to such law, including certain sub-advisers to the funds, may only pay for research from brokers and dealers directly out of their own resources or by establishing "research payment accounts" for each client, rather than through client commissions. Such payments for research must be unbundled from payments for execution. EU MiFID II and UK MiFID II limit the use of soft dollars by sub-advisers located in the EU and UK, respectively, and in certain circumstances may result in sub-advisers reducing the use of soft dollars as to certain groups of clients or as to all clients.

A sub-adviser may place transactions for the purchase or sale of portfolio securities with affiliates of TAM or the sub-adviser. A sub-adviser may place transactions with a broker-dealer that is an affiliate of TAM or the sub-adviser where, in the judgment of the sub-adviser, such firm will be able to obtain a price and execution at least as favorable as other qualified broker-dealers. Pursuant to rules of the SEC, a broker-dealer that is an affiliate of TAM or the sub-adviser may receive and retain compensation for effecting portfolio transactions for the fund on a securities exchange if the commissions paid to such an affiliated broker-dealer by the fund do not exceed "usual and customary brokerage commissions." The rules define "usual and customary" commissions to include amounts that are "reasonable and fair compared to the commission, fee or other remuneration received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time."

A sub-adviser to a fund, to the extent consistent with the best execution and with TAM's usual commission rate policies and practices, may place security transactions with broker/dealers with which the Trust has established a Commission Recapture Program. A Commission

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Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the funds. In no event will commissions paid by a fund be used to pay expenses that would otherwise be borne by any other fund in the Trust, or by any other party. These commissions are not used for promoting or selling fund shares or otherwise related to the distribution of fund shares.

Securities held by a fund may also be held by other separate accounts, mutual funds or other accounts for which TAM or a sub-adviser serves as an adviser, or held by TAM or a sub-adviser for their own accounts. Because of different investment objectives or other factors, a particular security may be bought by TAM or a sub-adviser for one or more clients when one or more clients are selling the same security. If purchases or sales of securities for a fund or other entities for which they act as investment adviser or for their advisory clients arise for consideration at or about the same time, transactions in such securities will be made, insofar as feasible, for the respective entities and clients in a manner deemed equitable to all. To the extent that transactions on behalf of more than one client of TAM or a sub-adviser during the same period may increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse effect on price.

On occasions when TAM or a sub-adviser deems the purchase or sale of a security to be in the best interests of a fund as well as other accounts or companies, it may to the extent permitted by applicable laws and regulations, but will not be obligated to, aggregate the securities to be sold or purchased for the fund with those to be sold or purchased for such other accounts or companies in order to obtain favorable execution. In that event, allocation of the securities purchased or sold, as well as the expenses incurred in the transaction, will be made by TAM or the sub-adviser in the manner it considers to be most equitable and consistent with its fiduciary obligations to the fund and to such other accounts or companies. In some cases this procedure may adversely affect the size of the position obtainable for a fund and/or could have a detrimental effect on the price or volume of a security so far as a fund is concerned.

The Board of the Trust reviews on a quarterly basis the brokerage placement practices of each sub-adviser on behalf of the funds, and reviews the prices and commissions, if any, paid by the funds to determine if they were reasonable.

**Brokerage Commissions Paid** 

The following funds paid the aggregate brokerage commissions indicated for the last three fiscal years.

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| **Fund Name** | **Brokerage Commissions Paid (including affiliated commissions)** | **Brokerage Commissions Paid (including affiliated commissions)** | **Brokerage Commissions Paid (including affiliated commissions)** | **Brokerage Commissions Paid (including affiliated commissions)** | **Brokerage Commissions Paid (including affiliated commissions)** | **Brokerage Commissions Paid (including affiliated commissions)** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** |
| **Fund Name** | **2025($)** | **2025(%)^** | **2024($)** | **2024(%)^** | **2023($)** | **2023(%)^** | **2025($)** | **2025(%)^** | **2024($)** | **2024(%)^** | **2023($)** | **2023(%)^** |
| Transamerica Asset Allocation – Conservative Portfolio | $5227 | 0.11% | $2208 | 0.04% | $2550 | 0.04% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Asset Allocation – Growth Portfolio | $2799 | 0.06% | $1394 | 0.02% | $512 | 0.01% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Asset Allocation – Moderate Growth Portfolio | $9291 | 0.19% | $6893 | 0.11% | $7639 | 0.12% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Asset Allocation – Moderate Portfolio | $6481 | 0.13% | $4254 | 0.07% | $4784 | 0.07% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Bond | $0.00 | 0.00% | $387063 | 6.35% | $6 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Capital Growth | $619422 | 12.89% | $797 | 0.01% | $446946 | 6.97% | $0.00 | 0.00% | $0.00 | 0.00% | $2998 | 0.67% |
| Transamerica Core Bond | $0.00 | 0.00% | $0.00 | 0.00% | $868 | 0.01% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Emerging Markets Debt | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Emerging Markets Equity | $128894 | 2.68% | $583539 | 9.58% | $1032258 | 16.10% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Energy Infrastructure | $35819 | 0.75% | $51497 | 0.85% | $39051 | 0.61% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Floating Rate | $0.00 | 0.00% | $863 | 0.01% | $2160 | 0.03% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Government Money Market | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica High Yield Bond | $90 | 0.00% | $0.00 | 0.00% | $2000 | 0.03% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica High Yield Muni | $20 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Inflation Opportunities | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Intermediate Muni | $20 | 0.00% | $10 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica International Equity | $1278816 | 26.61% | $1205432 | 19.79% | $1321531 | 20.61% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica International Focus | $461328 | 9.60% | $1146001 | 18.81% | $752588 | 11.74% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica International Small Cap Value | $120790 | 2.51% | $174709 | 2.87% | $184216 | 2.87% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica International Stock | $176264 | 3.67% | $162220 | 2.66% | $65587 | 1.02% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Large Cap Value | $156544 | 3.26% | $165158 | 2.71% | $247922 | 3.87% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Large Core ESG | $58161 | 1.21% | $70325 | 1.15% | $57784 | 0.90% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Large Growth | $114069 | 2.37% | $86213 | 1.42% | $95759 | 1.49% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Long Credit | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Mid Cap Growth | $52435 | 1.09% | $113611 | 1.87% | $86841 | 1.35% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Mid Cap Value Opportunities | $608666 | 12.67% | $657823 | 10.80% | $581557 | 9.07% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Multi-Asset Income | $53326 | 1.11% | $38841 | 0.64% | $48165 | 0.75% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Multi-Managed Balanced | $66648 | 1.39% | $70490 | 1.16% | $81445 | 1.27% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Short-Term Bond | $12115 | 0.25% | $12867 | 0.21% | $12398 | 0.19% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Small Cap Growth | $75297 | 1.57% | $127541 | 2.09% | $125427 | 1.96% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Small Cap Value | $45220 | 0.94% | $300456 | 4.93% | $485558 | 7.57% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Small/Mid Cap Value - Systematic Sleeve | $38986 | 0.81% | $60432 | 0.99% | $68875 | 1.07% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Small/Mid Cap Value - TSW Sleeve | $263832 | 5.49% | $250083 | 4.11% | $204872 | 3.20% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Strategic Income | $3693 | 0.08% | $3684 | 0.06% | $10194 | 0.16% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Sustainable Equity Income | $8391 | 0.17% | $35361 | 0.58% | $18039 | 0.28% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica UltraShort Bond | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica US Growth | $256939 | 5.35% | $218038 | 3.58% | $226063 | 3.53% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |

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^ Brokerage Commissions Paid by the fund as a percentage of overall Brokerage Commissions Paid by all Transamerica Funds.

\* Affiliated Brokerage Commissions Paid by the fund as a percentage of total Brokerage Commissions Paid by the fund.

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**Brokerage Commissions Paid for Research** 

The following table provides an estimate of brokerage commissions that were directed to brokers for brokerage and research services provided during the fiscal year ended October 31, 2025.

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| | |
|:---|:---|
| **Fund Name** | **Paid as of October** <br> **31, 2025**<br>|
| Transamerica Asset Allocation – Conservative Portfolio | &nbsp;&nbsp; $- |
| Transamerica Asset Allocation – Growth Portfolio | &nbsp;&nbsp; $- |
| Transamerica Asset Allocation – Moderate Growth Portfolio | &nbsp;&nbsp; $- |
| Transamerica Asset Allocation – Moderate Portfolio | &nbsp;&nbsp; $- |
| Transamerica Bond | &nbsp;&nbsp; $- |
| Transamerica Capital Growth | &nbsp;&nbsp; $427926 |
| Transamerica Core Bond | &nbsp;&nbsp; $- |
| Transamerica Emerging Markets Debt | &nbsp;&nbsp; $- |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; $71224 |
| Transamerica Energy Infrastructure | &nbsp;&nbsp; $23144 |
| Transamerica Floating Rate | &nbsp;&nbsp; $- |
| Transamerica Government Money Market | &nbsp;&nbsp; $- |
| Transamerica High Yield Bond | &nbsp;&nbsp; $- |
| Transamerica High Yield Muni | &nbsp;&nbsp; $- |
| Transamerica Inflation Opportunities | &nbsp;&nbsp; $- |
| Transamerica Intermediate Muni | &nbsp;&nbsp; $- |
| Transamerica International Equity | &nbsp;&nbsp; $563237 |
| Transamerica International Focus | &nbsp;&nbsp; $353411 |
| Transamerica International Small Cap Value | &nbsp;&nbsp; $41068 |
| Transamerica International Stock | &nbsp;&nbsp; $29499 |
| Transamerica Large Cap Value | &nbsp;&nbsp; $96708 |
| Transamerica Large Core ESG | &nbsp;&nbsp; $23060 |
| Transamerica Large Growth | &nbsp;&nbsp; $75167 |
| Transamerica Long Credit | &nbsp;&nbsp; $- |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; $32257 |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; $195243 |
| Transamerica Multi-Asset Income | &nbsp;&nbsp; $3833 |
| Transamerica Multi-Managed Balanced - JPMorgan Sleeve | &nbsp;&nbsp; $7078 |
| Transamerica Short-Term Bond | &nbsp;&nbsp; $- |
| Transamerica Small Cap Growth | &nbsp;&nbsp; $63504 |
| Transamerica Small Cap Value | &nbsp;&nbsp; $2524 |
| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; $86623 |
| Transamerica Strategic Income | &nbsp;&nbsp; $- |
| Transamerica Sustainable Equity Income | &nbsp;&nbsp; $5257 |
| Transamerica UltraShort Bond | &nbsp;&nbsp; $- |
| Transamerica US Growth | &nbsp;&nbsp; $156146 |

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The estimates above are based upon custody data provided to CAPIS and were calculated using the following methodology: Total Commissions minus transactions executed at discounted rates and/or directed to the funds' commission recapture program equals total research commissions. USD transactions executed at commission rates below $.02 per share, non-USD developed market transactions executed at 8 basis points and below, and non-USD emerging market transactions executed at 12 basis points and below are considered to be executed at discounted rates. For example, Commission paid on USD transactions at rates at or above $.02 per share and not directed for commission recapture are assumed to be paid to brokers that provide research and brokerage services within the scope of Section 28(e) of the Exchange Act. Commissions paid on fixed price offerings and transactions in futures and options are not included in this analysis.

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**Securities of Regular Broker Dealers** 

During the fiscal year ended October 31, 2025, the funds purchased securities issued by the following regular broker-dealers of the funds, which had the following values as of October 31, 2025.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Bank of**<br> **America**<br> **Corp.**<br>| **Bank of**<br> **New York**<br> **Mellon**<br>| **Barclays**<br> **Capital, Inc.**<br>| **Citigroup,**<br> **Inc.**<br>| **Goldman**<br> **Sachs** <br> **Group,**<br> **Inc.**<br>| **J.P.**<br> **Morgan**<br> **Securities**<br> **LLC**<br>| **Morgan**<br> **Stanley &**<br> **Co., Inc.**<br>| **Nomura**<br> **Holdings, Inc.**<br>| **Royal** <br> **Bank of Canada**<br>| **Societe**<br> **Generale**<br>| **Toronto-Dominion**<br> **Bank**<br>| **UBS**<br> **Securities**<br> **LLC**<br>| **Wells**<br> **Fargo**<br> **& Co.**<br>|
| Transamerica Bond | $28594797 | $1518340 | $15900195 | $2124964 | $9126620 | $21287962 | $19933941 | $- | $- | $- | $- | $14191964 | $9497649 |
| Transamerica Core Bond | $14551872 | $1133792 | $5509420 | $2072408 | $6526013 | $21203687 | $13274934 | $- | $- | $- | $16906995 | $5476166 | $6389389 |
| Transamerica High Yield <br> Bond<br>| $- | $- | $2660743 | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Transamerica Inflation <br> Opportunities<br>| $2574125 | $- | $325371 | $490485 | $445563 | $- | $1645702 | $- | $- | $- | $- | $219157 | $320115 |
| Transamerica International <br> Equity<br>| $- | $- | $- | $- | $- | $- | $- | $17989108 | $- | $88490194 | $- | $- | $- |
| Transamerica International <br> Stock<br>| $- | $- | $9905601 | $- | $- | $- | $- | $4279716 | $- | $7753231 | $- | $9145187 | $- |
| Transamerica Large Cap <br> Value<br>| $55377300 | $- | $- | $- | $52535731 | $95198987 | $- | $- | $- | $- | $- | $- | $86712308 |
| Transamerica Large Core <br> ESG<br>| $2032490 | $553465 | $- | $1273473 | $977240 | $4239632 | $271420 | $- | $- | $- | $- | $- | $- |
| Transamerica Large Growth | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $1093213 |
| Transamerica Long Credit | $9820682 | $450382 | $2456971 | $4043579 | $6551842 | $10847878 | $7536434 | $- | $- | $- | $- | $1312809 | $4798083 |
| Transamerica Multi-Asset <br> Income<br>| $- | $- | $211521 | $15806868 | $23505788 | $15558461 | $13794008 | $- | $- | $- | $- | $- | $10001550 |
| Transamerica <br> Multi-Managed Balanced<br>| $16271980 | $315581 | $1637170 | $2494672 | $2012740 | $5909776 | $3953311 | $- | $- | $- | $5469910 | $2167723 | $12078510 |
| Transamerica Short-Term <br> Bond<br>| $42622050 | $9730264 | $52708238 | $47141664 | $35309812 | $49946209 | $19885429 | $- | $22045461 | $- | $- | $16174961 | $39663297 |
| Transamerica Strategic <br> Income<br>| $1714834 | $109905 | $423608 | $765606 | $686333 | $962169 | $528915 | $207077 | $281376 | $- | $53112 | $716748 | $208434 |
| Transamerica Sustainable <br> Equity Income<br>| $6794778 | $- | $- | $- | $- | $- | $7352940 | $- | $- | $- | $- | $- | $- |
| Transamerica UltraShort <br> Bond<br>| $439239 | $267116 | $200000 | $639089 | $356657 | $993418 | $286419 | $- | $222382 | $- | $- | $- | $360746 |
| Transamerica US Growth | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $16577439 |

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**Principal Shareholders and Control Persons** 

**Principal Shareholders**

To the knowledge of the Trust, as of February 2, 2026, the following persons owned beneficially or of record 5% or more of the outstanding shares of a class of the funds indicated.

Unless otherwise noted, the address of each investor is c/o TAM, 1801 California Street, Suite 5200, Denver, CO 80202.

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| | | |
|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Percent** |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Asset Allocation - Conservative Portfolio<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 20.54% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Asset Allocation - Conservative Portfolio<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 9.87% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Asset Allocation - Conservative Portfolio<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 6.86% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Asset Allocation - Conservative Portfolio<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 5.20% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Asset Allocation - Conservative Portfolio<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 5.05% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Asset Allocation - Conservative Portfolio<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 33.65% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Asset Allocation - Conservative Portfolio<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 9.71% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Asset Allocation - Conservative Portfolio<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 9.58% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Asset Allocation - Conservative Portfolio<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 6.30% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Asset Allocation - Conservative Portfolio<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 34.58% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Asset Allocation - Conservative Portfolio<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 13.06% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Asset Allocation - Conservative Portfolio<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 10.16% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Asset Allocation - Conservative Portfolio<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 9.73% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Asset Allocation - Conservative Portfolio<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 6.84%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Asset Allocation - Conservative Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.05% |
| &nbsp;&nbsp; Alexander Kirschenbaum FBO<br> Alexander Kirschenbaum M D P C 401(<br> 229 East 79th Street Ste A<br> New York NY 10075-0866<br>| Transamerica Asset Allocation - Conservative Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 88.00% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Asset Allocation - Conservative Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 8.07% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Asset Allocation - Conservative Portfolio | &nbsp;&nbsp; R3 | &nbsp;&nbsp; 99.99% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 12.95% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.35% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.88% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.18% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.12% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; C | &nbsp;&nbsp; 11.47% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; C | &nbsp;&nbsp; 8.73% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.30% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.04% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.04% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 20.88%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 17.50% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 12.20% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.49% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.21% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.13% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.61% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.30% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Id Automation Inc<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 28.56% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 25.47% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Glavin Industries Inc<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 15.16% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 7.79% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; UBS WM USA<br> Spec Cdy A/C Eboc Ubsfsi<br> 1000 Harbor Blvd<br> Weehawken NJ 07086-6761<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 5.57% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Asset Allocation - Growth Portfolio | &nbsp;&nbsp; R3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 14.77% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 11.41%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.74% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.78% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.28% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; C | &nbsp;&nbsp; 13.30% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.07% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.43% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 20.27% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 15.91% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.69% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.63% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.95% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.57% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.43% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 35.11% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 20.24% |
| &nbsp;&nbsp; Ascensus Trust Company FBO<br> Lg Holding LLC 401(k) P/S Plan<br> P.O. Box 10758<br> Fargo ND 58106-0758<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 18.80%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Glavin Industries Inc<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 7.35% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Asset Allocation - Moderate Growth Portfolio | &nbsp;&nbsp; R3 | &nbsp;&nbsp; 99.99% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 16.89% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 12.20% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.17% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.57% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.32% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.19% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.18% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.16% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; C | &nbsp;&nbsp; 15.72% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; C | &nbsp;&nbsp; 10.26% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; C | &nbsp;&nbsp; 8.54% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.60% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.41% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 17.34% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 15.67%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 11.87% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 11.04% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.08% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.79% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.54% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.27% |
| &nbsp;&nbsp; Matrix Trust Company Cust. FBO<br> Dave's Metro Glass<br> 717 17th Street<br> Suite 1300<br> Denver CO 80202-3304<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 29.14% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Smede-Son Steel & Supply Company, I<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 15.06% |
| &nbsp;&nbsp; Matrix Trust Company Cust. FBO<br> Carlton Pools, Inc.<br> 717 17th Street<br> Suite 1300<br> Denver CO 80202-3304<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 9.83% |
| &nbsp;&nbsp; Matrix Trust Company Cust. FBO<br> Vernadero Group, Inc<br> 717 17th Street<br> Suite 1300<br> Denver CO 80202-3304<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 9.25% |
| &nbsp;&nbsp; State Street Bank And Trust<br> Custodian FBO Adp Access Product<br> 1 Lincoln St<br> Boston MA 02111-2901<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 8.44% |
| &nbsp;&nbsp; Matrix Trust Company Cust. FBO<br> Vard Marine Us, Inc.<br> 717 17th Street<br> Suite 1300<br> Denver CO 80202-3304<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 8.29% |
| &nbsp;&nbsp; Matrix Trust Company Cust. FBO<br> Curtis Johnson Realty 401(k)<br> 717 17th Street<br> Suite 1300<br> Denver CO 80202-3304<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 5.15% |
| &nbsp;&nbsp; Matrix Trust Company Cust. FBO<br> Xpert Md, Pllc<br> 717 17th Street<br> Suite 1300<br> Denver CO 80202-3304<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; R | &nbsp;&nbsp; 5.14% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; R3 | &nbsp;&nbsp; 100.00%  |

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| | | |
|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Percent** |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Bond<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 22.51% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Bond<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 11.68% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Bond<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 11.13% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Bond<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 6.83% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Bond<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 6.31% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Bond<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 5.86% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Bond<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 5.02% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 26.28% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 13.02% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 10.60% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 8.82% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 8.24% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 7.84% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 6.38% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 13.05% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 11.76% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 10.95%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 10.32% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.56% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.56% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.01% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.17% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.28% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 29.39% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 20.38% |
| &nbsp;&nbsp; Blackrock Tactical Allocation VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 19.20% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 15.90% |
| &nbsp;&nbsp; Universal Life Insurance Company<br> Moderate Portfolio<br> PO Box 2145<br> San Juan PR 00922-2145<br>| Transamerica Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 10.35% |
| &nbsp;&nbsp; Voya Institutional Trust Company<br> 1 Orange Way<br> Windsor CT 06095-4773<br>| Transamerica Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 97.54% |
| &nbsp;&nbsp; Transamerica Retirement Services – Im<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 56.88% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 20.68% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 9.78% |
| &nbsp;&nbsp; Transamerica Life Insurance Co.<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 8.50% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Capital Growth | &nbsp;&nbsp; A | &nbsp;&nbsp; 11.71%  |

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| | | |
|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Percent** |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 8.97% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 8.52% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 6.59% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 6.38% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 6.11% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 29.56% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 12.31% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 10.29% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 9.39% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 8.76% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 8.41% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 7.05% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 19.75% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 13.07% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 12.14% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 10.54% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Capital Growth<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 7.21%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Capital Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.59% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Capital Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.13% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Capital Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 30.61% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Capital Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 24.91% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Capital Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 16.30% |
| &nbsp;&nbsp; Universal Life Insurance Company<br> Moderate Portfolio<br> PO Box 2145<br> San Juan PR 00922-2145<br>| Transamerica Capital Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 11.22% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Capital Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 5.75% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Capital Growth | &nbsp;&nbsp; R | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Life Insurance Co.<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Capital Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 32.74% |
| &nbsp;&nbsp; Transamerica Retirement Services – Im<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Capital Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 20.29% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Capital Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 19.45% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Capital Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 15.57% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Core Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 26.12% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Core Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 22.64% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Core Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 14.79% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> John B Hansard III<br> 1504 Tammy Ct<br> Port Orange FL 32128-7343<br>| Transamerica Core Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.39%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Mary J Greaser TOD<br> 108 Hitching Post Dr<br> Daytona Beach FL 32119-2354<br>| Transamerica Core Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.37% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> Leanne M Hansard<br> 324 W International Speedway Blvd<br> Daytona Beach FL 32114-4229<br>| Transamerica Core Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.24% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Core Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 48.28% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Core Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 44.02% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Core Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.57% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Core Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 81.34% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Core Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 10.14% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Core Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.89% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Core Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 30.19% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Core Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 20.25% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Core Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 18.39% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Core Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 13.95% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Conservative VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Core Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 8.97% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Core Bond | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 98.71%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Core Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 69.30% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Core Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 25.09% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Core Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 5.61% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Core Bond | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Pl Ste 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Core Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 49.45% |
| &nbsp;&nbsp; Transamerica Life Insurance Co.<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Core Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 40.28% |
| &nbsp;&nbsp; Transamerica Retirement Services – Im<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Core Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 5.27% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; A | &nbsp;&nbsp; 42.95% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; A | &nbsp;&nbsp; 12.65% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.05% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.90% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.76% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; C | &nbsp;&nbsp; 36.51% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; C | &nbsp;&nbsp; 23.39% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; C | &nbsp;&nbsp; 8.67% |
| &nbsp;&nbsp; RBC Capital Markets LLC<br> Mutual Fund Omnibus Processing<br> Attn Mutual Fund Ops Manager<br> 250 Nicollet Mall Suite 1400<br> Minneapolis MN 55401-7582<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.79% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.27%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> House Acct Firm 925000015<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.85% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.42% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.04% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; I | &nbsp;&nbsp; 17.79% |
| &nbsp;&nbsp; RBC Capital Markets LLC<br> Mutual Fund Omnibus Processing<br> Attn Mutual Fund Ops Manager<br> 250 Nicollet Mall Suite 1400<br> Minneapolis MN 55401-7582<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; I | &nbsp;&nbsp; 16.23% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; I | &nbsp;&nbsp; 14.31% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Attn Mutual Funds<br> 101 Montgomery St<br> San Francisco CA 94104-4141<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; I | &nbsp;&nbsp; 12.56% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; I | &nbsp;&nbsp; 12.12% |
| &nbsp;&nbsp; UBS WM USA<br> Spec Cdy A/C Eboc Ubsfsi<br> 1000 Harbor Blvd<br> Weehawken NJ 07086-6761<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.90% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 44.26% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 32.39% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 14.83% |
| &nbsp;&nbsp; Universal Life Insurance Company<br> Moderate Portfolio<br> PO Box 2145<br> San Juan PR 00922-2145<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 5.93% |
| &nbsp;&nbsp; Mitra & CO FBO 98 Db<br> Co Reliance Trust Company Wi<br> Mailcode: Bd1N Attn Mf<br> 4900 W Brown Deer Road<br> Milwaukee WI 53223-2422<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 41.08% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 24.48%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 16.70% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Debt | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 9.20% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; I | &nbsp;&nbsp; 81.05% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; I | &nbsp;&nbsp; 18.95% |
| &nbsp;&nbsp; Transamerica Asset<br> Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 27.89% |
| &nbsp;&nbsp; Transamerica Asset<br> Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 27.59% |
| &nbsp;&nbsp; Transamerica Asset<br> Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 13.70% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 11.86% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 5.21% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 49.96% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 31.64% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 12.72% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 5.39%  |

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| | | |
|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Percent** |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 29.21% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 14.76% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 7.77% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 7.46% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 7.18% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 5.80% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 30.82% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 19.22% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 15.33% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 7.13% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 6.12% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 20.62% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 19.20% |
| &nbsp;&nbsp; RBC Capital Markets LLC<br> Mutual Fund Omnibus Processing<br> Attn Mutual Fund Ops Manager<br> 250 Nicollet Mall Suite 1400<br> Minneapolis MN 55401-7582<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 14.04% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 12.99% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Energy Infrastructure<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 10.96%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Energy Infrastructure | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.49% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Energy Infrastructure | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.52% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Energy Infrastructure | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 33.80% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Energy Infrastructure | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 33.26% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Energy Infrastructure | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 19.47% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Energy Infrastructure | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 9.14% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Floating Rate | &nbsp;&nbsp; A | &nbsp;&nbsp; 28.69% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Floating Rate | &nbsp;&nbsp; A | &nbsp;&nbsp; 14.31% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Floating Rate | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.94% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Floating Rate | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.90% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Floating Rate | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.81% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Floating Rate | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.22% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Floating Rate | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.05% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Floating Rate | &nbsp;&nbsp; C | &nbsp;&nbsp; 39.86% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Floating Rate | &nbsp;&nbsp; C | &nbsp;&nbsp; 38.61%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Floating Rate | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.98% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Floating Rate | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.37% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Floating Rate | &nbsp;&nbsp; I | &nbsp;&nbsp; 24.21% |
| &nbsp;&nbsp; RBC Capital Markets LLC<br> Mutual Fund Omnibus Processing<br> Attn Mutual Fund Ops Manager<br> 250 Nicollet Mall Suite 1400<br> Minneapolis MN 55401-7582<br>| Transamerica Floating Rate | &nbsp;&nbsp; I | &nbsp;&nbsp; 14.49% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Floating Rate | &nbsp;&nbsp; I | &nbsp;&nbsp; 12.34% |
| &nbsp;&nbsp; UBS WM USA<br> Spec Cdy A/C Eboc Ubsfsi<br> 1000 Harbor Blvd<br> Weehawken NJ 07086-6761<br>| Transamerica Floating Rate | &nbsp;&nbsp; I | &nbsp;&nbsp; 12.33% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Floating Rate | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.54% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Floating Rate | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.50% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Floating Rate | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.82% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Floating Rate | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 31.73% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Floating Rate | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 21.58% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Floating Rate | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 19.14% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Floating Rate | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 9.58% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Floating Rate | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 7.18% |
| &nbsp;&nbsp; Edward D Jones & Co<br> For The Benefit Of Customers<br> 12555 Manchester Rd<br> Saint Louis MO 63131-3710<br>| Transamerica Government Money Market | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.98%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Government Money Market | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.05% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Chula Vista Professional 401(k) Pro<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Government Money Market | &nbsp;&nbsp; C | &nbsp;&nbsp; 11.84% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Card Clothing & Services Midwe 401(<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Government Money Market | &nbsp;&nbsp; C | &nbsp;&nbsp; 9.64% |
| &nbsp;&nbsp; William Hadaya TOD<br> C/O Wmh Corporation<br> 55 S Market St Ste 1200<br> San Jose CA 95113-2365<br>| Transamerica Government Money Market | &nbsp;&nbsp; C | &nbsp;&nbsp; 8.19% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Government Money Market | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.92% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Artelier Apparel Inc. 401(k) Profit<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Government Money Market | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.64% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Universal Container & Packagin 401(<br> 1251 Waterfront Pl Ste 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Government Money Market | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.57% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Froedge Machine & Supply CO IN 401(<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Government Money Market | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.80% |
| &nbsp;&nbsp; Reid A Evers<br> 1333 Valley View Rd Apt 28<br> Glendale CA 91202-1734<br>| Transamerica Government Money Market | &nbsp;&nbsp; I | &nbsp;&nbsp; 14.35% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Government Money Market | &nbsp;&nbsp; I | &nbsp;&nbsp; 11.56% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Michael P Milligan 401(k) Profit Sh<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Government Money Market | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.41% |
| &nbsp;&nbsp; Universal Life Insurance Company<br> PO Box 2145<br> San Juan PR 00922-2145<br>| Transamerica Government Money Market | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Government Money Market | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R2 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Government Money Market | &nbsp;&nbsp; R2 | &nbsp;&nbsp; 95.78% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Government Money Market | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 97.81% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica High Yield Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 23.67%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica High Yield Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 9.34% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica High Yield Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.83% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica High Yield Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.80% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica High Yield Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.35% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica High Yield Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 30.55% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica High Yield Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 19.06% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica High Yield Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 10.42% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica High Yield Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 9.55% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica High Yield Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.47% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 40.39% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 14.40% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.87% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.25% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.20% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 51.19% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 34.81%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation-Conservative VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 8.04% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 99.96% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 58.17% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 29.02% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 12.81% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Vanguard Fiduciary Trust Company<br> FBO 401k Clients<br> Attn: Investment Services<br> PO Box 2600 Vm L20<br> Valley Forge PA 19482-2600<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 36.71% |
| &nbsp;&nbsp; Transamerica Life Insurance Co.<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 29.68% |
| &nbsp;&nbsp; Transamerica Retirement Services – Im<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 10.59% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 8.99% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Pl Ste 525<br> Pittsburgh PA 15222-4228<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 5.67% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica High Yield Muni | &nbsp;&nbsp; A | &nbsp;&nbsp; 36.79% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica High Yield Muni | &nbsp;&nbsp; A | &nbsp;&nbsp; 14.51% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica High Yield Muni | &nbsp;&nbsp; A | &nbsp;&nbsp; 9.58% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica High Yield Muni | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.04%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica High Yield Muni | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.52% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica High Yield Muni | &nbsp;&nbsp; C | &nbsp;&nbsp; 40.79% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica High Yield Muni | &nbsp;&nbsp; C | &nbsp;&nbsp; 25.79% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica High Yield Muni | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.12% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica High Yield Muni | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.81% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica High Yield Muni | &nbsp;&nbsp; I | &nbsp;&nbsp; 24.17% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica High Yield Muni | &nbsp;&nbsp; I | &nbsp;&nbsp; 21.84% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica High Yield Muni | &nbsp;&nbsp; I | &nbsp;&nbsp; 21.69% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica High Yield Muni | &nbsp;&nbsp; I | &nbsp;&nbsp; 14.99% |
| &nbsp;&nbsp; UBS WM USA<br> Spec Cdy A/C Eboc Ubsfsi<br> 1000 Harbor Blvd<br> Weehawken NJ 07086-6761<br>| Transamerica High Yield Muni | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.76% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica High Yield Muni | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; A | &nbsp;&nbsp; 38.46% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; A | &nbsp;&nbsp; 22.67% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Rollover IRA FBO<br> Christine M Koy<br> 3 Halifax Ct<br> Rockville MD 20850-3009<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.87%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.14% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; C | &nbsp;&nbsp; 94.68% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; I | &nbsp;&nbsp; 83.65% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.56% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 45.72% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 31.08% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 18.30% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; R | &nbsp;&nbsp; 99.86% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 99.99% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 43.28% |
| &nbsp;&nbsp; Matrix Trust Company As Agent For<br> Advisor Trust, Inc.<br> Swanson-Fahrney Ford Sales, Inc.<br> 401(k) Plan<br> 717 17th Street, Suite 1300<br> Denver CO 80202-3304<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 33.51% |
| &nbsp;&nbsp; Matrix Trust Company As Agent For<br> Advisor Trust, Inc.<br> Western Collegiate 401(k) Plan<br> 717 17th Street, Suite 1300<br> Denver CO 80202-3304<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 11.78% |
| &nbsp;&nbsp; Matrix Trust Company As Agent For<br> Advisor Trust, Inc.<br> Bradley Builders, Inc. 401k Plan<br> 717 17th Street, Suite 1300<br> Denver CO 80202-3304<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 8.14%  |

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| | | |
|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Percent** |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 24.50% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 12.27% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 10.42% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 8.97% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 8.50% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 6.16% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 6.03% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 5.46% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 33.76% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 15.65% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 13.73% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 7.65% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 7.47% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 7.33% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 14.02% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 12.30% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Intermediate Muni<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 11.87%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Intermediate Muni | &nbsp;&nbsp; I | &nbsp;&nbsp; 10.63% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Intermediate Muni | &nbsp;&nbsp; I | &nbsp;&nbsp; 10.61% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Intermediate Muni | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.77% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Intermediate Muni | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; UBS WM USA<br> Spec Cdy A/C Eboc Ubsfsi<br> 1000 Harbor Blvd<br> Weehawken NJ 07086-6761<br>| Transamerica Intermediate Muni | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.42% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Intermediate Muni | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.74% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Intermediate Muni | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica International Equity | &nbsp;&nbsp; A | &nbsp;&nbsp; 18.84% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica International Equity | &nbsp;&nbsp; A | &nbsp;&nbsp; 11.81% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Equity | &nbsp;&nbsp; A | &nbsp;&nbsp; 9.62% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica International Equity | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.80% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica International Equity | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.09% |
| &nbsp;&nbsp; Sammons Retirement Solution<br> 8300 Mills Civic Pkwy<br> Wdm IA 50266-3833<br>| Transamerica International Equity | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.66% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica International Equity | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.54% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica International Equity | &nbsp;&nbsp; C | &nbsp;&nbsp; 23.31% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica International Equity | &nbsp;&nbsp; C | &nbsp;&nbsp; 16.39% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica International Equity | &nbsp;&nbsp; C | &nbsp;&nbsp; 13.96%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica International Equity | &nbsp;&nbsp; C | &nbsp;&nbsp; 11.95% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Equity | &nbsp;&nbsp; C | &nbsp;&nbsp; 10.65% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Equity | &nbsp;&nbsp; I | &nbsp;&nbsp; 39.18% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica International Equity | &nbsp;&nbsp; I | &nbsp;&nbsp; 14.34% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 101 Montgomery St<br> San Francisco CA 94104-4141<br>| Transamerica International Equity | &nbsp;&nbsp; I | &nbsp;&nbsp; 11.78% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dt E FL 2<br> Jacksonville FL 32246<br>| Transamerica International Equity | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.62% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0001<br>| Transamerica International Equity | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.72% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 16.30% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 16.10% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 14.64% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 13.53% |
| &nbsp;&nbsp; Jp Morgan Securities LLC Omnibus Ac<br> FBO Exclusive Benefit Of Customers<br> 4 Chase Metrotech Ctr FL 3rd<br> Brooklyn NY 11245-0003<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 7.92% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 6.87% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 6.87% |
| &nbsp;&nbsp; Transamerica International Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 6.64%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 5.17% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica International Equity | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica International Equity | &nbsp;&nbsp; R | &nbsp;&nbsp; 64.63% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica International Equity | &nbsp;&nbsp; R | &nbsp;&nbsp; 24.71% |
| &nbsp;&nbsp; Voya Institutional Trust Company<br> 1 Orange Way<br> Windsor CT 06095-4773<br>| Transamerica International Equity | &nbsp;&nbsp; R | &nbsp;&nbsp; 6.98% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica International Equity | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Equity | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 35.60% |
| &nbsp;&nbsp; Transamerica Life Insurance Co.<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica International Equity | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 10.17% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica International Equity | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 6.35% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica International Focus | &nbsp;&nbsp; A | &nbsp;&nbsp; 82.71% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Focus | &nbsp;&nbsp; I | &nbsp;&nbsp; 44.79% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica International Focus | &nbsp;&nbsp; I | &nbsp;&nbsp; 41.26% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Roth IRA FBO<br> Sandra M Coyle<br> 2565 Compass Pointe South Wynd Ne<br> Leland NC 28451-1900<br>| Transamerica International Focus | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.75% |
| &nbsp;&nbsp; Umb Bank Na Cust Dcd Roth IRA For<br> Helena Kobinski (Dcd)<br> FBO Sabina M Kobinski<br> 464 Bedell St<br> Oceanside NY 11572-1732<br>| Transamerica International Focus | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.20% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Focus | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 24.50%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Focus | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 24.20% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Focus | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 10.72% |
| &nbsp;&nbsp; Transamerica International Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Focus | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 10.63% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Focus | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 9.07% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Focus | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 8.68% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Focus | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 38.15% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Focus | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 32.42% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Focus | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 16.10% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Focus | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 9.12% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Small Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 57.53% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica International Small Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 15.05% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica International Small Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.66% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica International Small Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.31% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 30.80%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 27.89% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 13.56% |
| &nbsp;&nbsp; Transamerica International Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 12.25% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 5.56% |
| &nbsp;&nbsp; Hoco FBO Non Fid Erisa<br> 922 Walnut St<br> Mailstop Tbts 2<br> Kansas City MO 64106-1802<br>| Transamerica International Small Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 61.99% |
| &nbsp;&nbsp; Mitra & CO FBO 98 Db<br> Co Reliance Trust Company Wi<br> Mailcode: Bd1N Attn Mf<br> 4900 W Brown Deer Road<br> Milwaukee WI 53223-2422<br>| Transamerica International Small Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 37.91% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica International Stock | &nbsp;&nbsp; A | &nbsp;&nbsp; 65.70% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Specual Custody Acct FBO Customer<br> Attn Mutual Funds<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica International Stock | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.91% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Stock | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.45% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica International Stock | &nbsp;&nbsp; I | &nbsp;&nbsp; 48.60% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Stock | &nbsp;&nbsp; I | &nbsp;&nbsp; 20.38% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica International Stock | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.63% |
| &nbsp;&nbsp; RBC Capital Markets LLC<br> Mutual Fund Omnibus Processing<br> Attn Mutual Fund Ops Manager<br> 250 Nicollet Mall Suite 1400<br> Minneapolis MN 55401-7582<br>| Transamerica International Stock | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.06% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica International Stock | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.64% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica International Stock | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.51%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Stock | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 18.73% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Stock | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 18.45% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Stock | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 15.85% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Stock | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 15.62% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Stock | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 8.92% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Stock | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 6.90% |
| &nbsp;&nbsp; Transamerica International Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Stock | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 6.60% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Pl Ste 525<br> Pittsburgh PA 15222-4228<br>| Transamerica International Stock | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 67.44% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Stock | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 8.12% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Large Cap Value | &nbsp;&nbsp; A | &nbsp;&nbsp; 51.27% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Large Cap Value | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.29% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Large Cap Value | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.91% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Large Cap Value | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.28% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Large Cap Value | &nbsp;&nbsp; C | &nbsp;&nbsp; 47.90%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Large Cap Value | &nbsp;&nbsp; C | &nbsp;&nbsp; 11.43% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Large Cap Value | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.48% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Large Cap Value | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.26% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Large Cap Value | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.22% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Large Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 27.60% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Large Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 15.76% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Large Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 14.67% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Large Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 11.29% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Large Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.93% |
| &nbsp;&nbsp; RBC Capital Markets LLC<br> Mutual Fund Omnibus Processing<br> Attn Mutual Fund Ops Manager<br> 250 Nicollet Mall Suite 1400<br> Minneapolis MN 55401-7582<br>| Transamerica Large Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.49% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Large Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 20.04% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Large Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 19.43% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Large Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 16.46% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Large Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 15.53% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Large Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 9.28%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Large Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 8.04% |
| &nbsp;&nbsp; Transamerica Retirement Services – Im<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 55.72% |
| &nbsp;&nbsp; Transamerica Life Insurance Co.<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 27.44% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Large Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 10.13% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> Sharon Kay Vetter<br> 105 Kings Way<br> Norfolk NE 68701-3301<br>| Transamerica Large Core ESG | &nbsp;&nbsp; A | &nbsp;&nbsp; 41.43% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Large Core ESG | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.10% |
| &nbsp;&nbsp; Caroline A Searles &<br> Robert Searles JTWROS<br> 345 E Franklin St<br> Horseheads NY 14845-2570<br>| Transamerica Large Core ESG | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.55% |
| &nbsp;&nbsp; Umb Bank Na<br> Utica Community Schools<br> 403B-7 A/C Nicholas Kawala<br> 54417 Berryfield Dr<br> Macomb MI 48042-2243<br>| Transamerica Large Core ESG | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.15% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Core ESG | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Core ESG | &nbsp;&nbsp; R | &nbsp;&nbsp; 85.38% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Large Core ESG | &nbsp;&nbsp; R | &nbsp;&nbsp; 14.49% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Core ESG | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 64.07% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Large Core ESG | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 35.93% |
| &nbsp;&nbsp; John Hancock Trust Company LLC<br> 200 Berkeley St<br> Boston MA 02116-5022<br>| Transamerica Large Core ESG | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 85.73% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Large Core ESG | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 10.78% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Growth | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Growth | &nbsp;&nbsp; R | &nbsp;&nbsp; 82.96% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Large Growth | &nbsp;&nbsp; R | &nbsp;&nbsp; 17.04% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Growth | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Large Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 93.11% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Value Opportunities | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Value Opportunities | &nbsp;&nbsp; R | &nbsp;&nbsp; 89.96% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Large Value Opportunities | &nbsp;&nbsp; R | &nbsp;&nbsp; 8.87% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Value Opportunities | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Long Credit | &nbsp;&nbsp; A | &nbsp;&nbsp; 36.67% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> Michael S Rempel<br> 14785 Radcliffe Rd<br> Chardon OH 44024-9270<br>| Transamerica Long Credit | &nbsp;&nbsp; A | &nbsp;&nbsp; 34.41% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> Gale Rempel<br> 14785 Radcliffe Rd<br> Chardon OH 44024-9270<br>| Transamerica Long Credit | &nbsp;&nbsp; A | &nbsp;&nbsp; 27.06% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Long Credit | &nbsp;&nbsp; I | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Asset<br> Allocation-Moderate VP<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Long Credit | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 32.38% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Long Credit | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 22.72%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Long Credit | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 15.39% |
| &nbsp;&nbsp; Transamerica Asset<br> Allocation-Moderate Growth VP<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Long Credit | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 11.53% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Long Credit | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 9.23% |
| &nbsp;&nbsp; Transamerica Asset<br> Allocation-Conservative VP<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Long Credit | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 7.47% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; A | &nbsp;&nbsp; 77.13% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust IRA FBO<br> Paul Griffith<br> 3491 Cascina Pl Unit B<br> Hghlnds Ranch CO 80126-7709<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 12.06% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 11.85% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> Madison Rae Santo<br> 1231 Theresa Ave<br> Campbell CA 95008-6830<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 9.46% |
| &nbsp;&nbsp; Jason L Shaffer<br> Tina J Shaffer JTWROS TOD<br> 4395 Shurley Rd<br> New Paris OH 45347-7004<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.54% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> Scott R Kintop<br> 4640 Turney Rd<br> Madison OH 44057-9712<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.18% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.49% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 56.12% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 23.71% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 16.54%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 27.51% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 24.00% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 20.25% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 12.52% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 9.73% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; R | &nbsp;&nbsp; 51.77% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; R | &nbsp;&nbsp; 48.12% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 47.86% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 37.75% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 7.05% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; A | &nbsp;&nbsp; 27.05% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; A | &nbsp;&nbsp; 10.16%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; A | &nbsp;&nbsp; 9.40% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; A | &nbsp;&nbsp; 9.08% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.02% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; C | &nbsp;&nbsp; 17.87% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; C | &nbsp;&nbsp; 16.97% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; C | &nbsp;&nbsp; 16.94% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; C | &nbsp;&nbsp; 12.62% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.81% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.80% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.71% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I | &nbsp;&nbsp; 20.05% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I | &nbsp;&nbsp; 16.96% |
| &nbsp;&nbsp; UBS WM USA<br> Spec Cdy A/C Eboc Ubsfsi<br> 1000 Harbor Blvd<br> Weehawken NJ 07086-6761<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I | &nbsp;&nbsp; 15.86% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I | &nbsp;&nbsp; 15.16% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.22% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.55% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 24.43%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 18.28% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 17.60% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 13.24% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 11.13% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 8.85% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; R | &nbsp;&nbsp; 76.25% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; R | &nbsp;&nbsp; 23.27% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 92.64% |
| &nbsp;&nbsp; Dcgt As Ttee And/Or Cust<br> FBO Plic Various Retirement Plans O<br> Attn Npio Trade Desk<br> 711 High Street<br> Des Moines IA 50392-0001<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 6.97% |
| &nbsp;&nbsp; Tiaa Trust, N.A. As Cust/Ttee<br> Of Retirement Plans<br> Recordkept By Tiaa<br> Attn: Fund Operations<br> 8500 Andrew Carnegie Blvd<br> Charlotte NC 28262-8500<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 68.74% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 17.58% |
| &nbsp;&nbsp; Dcgt As Ttee And/Or Cust<br> FBO Plic Various Retirement Plans<br> Omnibus<br> Attn Npio Trade Desk<br> 711 High St<br> Des Moines IA 50392-0001<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 6.64%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Mgmt Inc<br> Collective Investment Trust<br> MFTC Ttee<br> Transamerica Life Ins Co<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities - Collective Trust <br> Fund<br>| &nbsp;&nbsp; CTF | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 12.77% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 11.66% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 9.77% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 9.57% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 9.47% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 9.41% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.64% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; C | &nbsp;&nbsp; 30.84% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; C | &nbsp;&nbsp; 20.89% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; C | &nbsp;&nbsp; 13.70% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; C | &nbsp;&nbsp; 12.79% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.42% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 20.07% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 16.72%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 15.64% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 15.47% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.13% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.61% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Multi-Asset Income | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; A | &nbsp;&nbsp; 33.72% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; A | &nbsp;&nbsp; 9.14% |
| &nbsp;&nbsp; Sammons Retirement Solution<br> 8300 Mills Civic Pkwy<br> Wdm IA 50266-3833<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.48% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.10% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; C | &nbsp;&nbsp; 42.93% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; C | &nbsp;&nbsp; 10.46% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; C | &nbsp;&nbsp; 8.32% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.98% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.89% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.86% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.52%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; I | &nbsp;&nbsp; 14.43% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; I | &nbsp;&nbsp; 12.56% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; I | &nbsp;&nbsp; 12.29% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.87% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.77% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.39% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.82% |
| &nbsp;&nbsp; Voya Institutional Trust Company<br> 1 Orange Way<br> Windsor CT 06095-4773<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; R | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Retirement Services – Im<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 35.26% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 34.92% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 12.10% |
| &nbsp;&nbsp; John Hancock Trust Company LLC<br> 200 Berkeley St Ste 7<br> Boston MA 02116-5038<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 6.47% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 5.78% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 18.19% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 14.16% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 11.54% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.04% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.47%  |

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| | | |
|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Percent** |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 7.38% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 5.87% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 5.47% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 30.27% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 14.68% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 13.78% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 9.37% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 9.25% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 5.12% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 13.76% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 12.14% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 11.48% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 10.02% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 9.77% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 8.67% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 7.26% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Short-Term Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 6.98%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.88% |
| &nbsp;&nbsp; UBS WM USA<br> Spec Cdy A/C Eboc Ubsfsi<br> 1000 Harbor Blvd<br> Weehawken NJ 07086-6761<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.31% |
| &nbsp;&nbsp; Blackrock Tactical Allocation VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 60.47% |
| &nbsp;&nbsp; Transamerica<br> 60/40 Allocation VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 25.37% |
| &nbsp;&nbsp; Universal Life Insurance Company<br> Moderate Portfolio<br> PO Box 2145<br> San Juan PR 00922-2145<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 9.43% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 90.53% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; A | &nbsp;&nbsp; 71.27% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 25.59% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 17.15% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 15.95% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> Anthony G Pino<br> 501 Accipitrine CT Se<br> Albuquerque NM 87123-3260<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 8.84%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 25.04% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 15.26% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 13.74% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 11.79% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 11.76% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.71% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 28.10% |
| &nbsp;&nbsp; Blackrock Tactical Allocation VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 26.59% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 16.42% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 9.20% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 5.06% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; R | &nbsp;&nbsp; 60.57% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; R | &nbsp;&nbsp; 39.43%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 34.94% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 32.89% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 23.58% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 7.63% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Small Cap Value | &nbsp;&nbsp; A | &nbsp;&nbsp; 65.60% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Small Cap Value | &nbsp;&nbsp; A | &nbsp;&nbsp; 11.17% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Small Cap Value | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.48% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Small Cap Value | &nbsp;&nbsp; C | &nbsp;&nbsp; 68.84% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Small Cap Value | &nbsp;&nbsp; C | &nbsp;&nbsp; 12.51% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Small Cap Value | &nbsp;&nbsp; C | &nbsp;&nbsp; 9.50% |
| &nbsp;&nbsp; Sei Private Trust Company<br> C/O M & T Bank<br> One Freedom Valley Drive<br> Oaks PA 19456-9989<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 67.79% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 28.97% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 20.98%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Blackrock Tactical Allocation VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 20.15% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 17.08% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 12.23% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 10.57% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 7.60% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R | &nbsp;&nbsp; 56.15% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R | &nbsp;&nbsp; 43.85% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 34.50% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 26.51% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 22.62% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 6.86% |
| &nbsp;&nbsp; State Street Bank Cust<br> 401(k) Ttee<br> Fboadp Access Large Market<br> 1 Lincoln St<br> Boston MA 02111-2901<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 5.77%  |

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| | | |
|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Percent** |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 11.81% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 9.50% |
| &nbsp;&nbsp; Sammons Retirement Solution<br> 8300 Mills Civic Pkwy<br> Wdm IA 50266-3833<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 9.36% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 7.74% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 7.03% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 6.88% |
| &nbsp;&nbsp; TCM Division<br> Transamerica Life Insurance Company<br> Separate Account D<br> 4333 Edgewood Rd NE MS 4410<br> Cedar Rapids IA 52499-0001<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 6.20% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 5.72% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> For the Sole Benefit of Its Customers<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 5.01% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 17.96% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 14.21% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 12.07% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 10.65% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 9.52% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 7.32% |
| &nbsp;&nbsp; RBC Capital Markets LLC<br> Mutual Fund Omnibus Processing<br> Attn Mutual Fund Ops Manager<br> 250 Nicollet Mall Suite 1400<br> Minneapolis MN 55401-7582<br>| Transamerica Small/Mid Cap Value<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 6.09%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.33% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 13.72% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 12.84% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 11.22% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 10.03% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.84% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.65% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.56% |
| &nbsp;&nbsp; RBC Capital Markets LLC<br> Mutual Fund Omnibus Processing<br> Attn Mutual Fund Ops Manager<br> 250 Nicollet Mall Suite 1400<br> Minneapolis MN 55401-7582<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.07% |
| &nbsp;&nbsp; UBS WM USA<br> Spec Cdy A/C Eboc Ubsfsi<br> 1000 Harbor Blvd<br> Weehawken NJ 07086-6761<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.47% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.23% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Retirement Services – Im<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 39.42% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 27.76% |
| &nbsp;&nbsp; Transamerica Life Insurance Co.<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 8.18% |
| &nbsp;&nbsp; Vanguard Fiduciary Trust Company<br> FBO 401k Clients<br> Attn: Investment Services<br> PO Box 2600 Vm L20<br> Valley Forge PA 19482-2600<br>| Transamerica Small/Mid Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 7.27%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Strategic Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 37.27% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Strategic Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 11.82% |
| &nbsp;&nbsp; Janney Montgomery Scott LLC<br> A/C 3909-9870<br> Robert A Poole (Ira)<br> 1717 Arch Street<br> Philadelphia PA 19103-2713<br>| Transamerica Strategic Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 9.14% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Strategic Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.57% |
| &nbsp;&nbsp; U.S. Bancorp Investments Inc.<br> FBO 278271201<br> 60 Livingston Ave<br> Saint Paul MN 55107-2292<br>| Transamerica Strategic Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.89% |
| &nbsp;&nbsp; U.S. Bancorp Investments Inc.<br> FBO 258752461<br> 60 Livingston Ave<br> Saint Paul MN 55107-2292<br>| Transamerica Strategic Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.37% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Strategic Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 23.64% |
| &nbsp;&nbsp; RBC Capital Markets LLC<br> Mutual Fund Omnibus Processing<br> Attn Mutual Fund Ops Manager<br> 250 Nicollet Mall Suite 1400<br> Minneapolis MN 55401-7582<br>| Transamerica Strategic Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 19.92% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Strategic Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 17.42% |
| &nbsp;&nbsp; UBS WM USA<br> Spec Cdy A/C Eboc Ubsfsi<br> 1000 Harbor Blvd<br> Weehawken NJ 07086-6761<br>| Transamerica Strategic Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 15.20% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Strategic Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 10.07% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Strategic Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.52% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Strategic Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.45% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Strategic Income | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 52.37% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Strategic Income | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 35.45%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation-Conservative VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Strategic Income | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 8.53% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Strategic Income | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; TCM Division<br> Transamerica Life Insurance Company<br> Separate Account D<br> 4333 Edgewood Rd NE MS 4410<br> Cedar Rapids IA 52499-0001<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 47.65% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; A | &nbsp;&nbsp; 41.66% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; C | &nbsp;&nbsp; 34.01% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; C | &nbsp;&nbsp; 19.34% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; C | &nbsp;&nbsp; 14.03% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.26% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 49.88% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 13.66% |
| &nbsp;&nbsp; Robert J Dunham<br> Donna L Dunham JT WROS<br> 14812 Canna Valley St<br> Canyon Cntry CA 91387-1902<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.91% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.99% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.67% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust IRA FBO<br> Richard F Hamilton<br> 226 Orr Rd<br> Chesterfield NJ 08515-1115<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.65% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 33.12%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 31.54% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 13.58% |
| &nbsp;&nbsp; Universal Life Insurance Company<br> Moderate Portfolio<br> PO Box 2145<br> San Juan PR 00922-2145<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 8.38% |
| &nbsp;&nbsp; Transamerica Life Insurance Co.<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 54.90% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 36.59% |
| &nbsp;&nbsp; Transamerica Retirement Services – Im<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Sustainable Equity Income | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 8.51% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica UltraShort Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 56.72% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> James A O'Shea<br> 247 Millbury St<br> Auburn MA 01501-3230<br>| Transamerica UltraShort Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 24.16% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica UltraShort Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 81.25% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica UltraShort Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 16.70% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica US Growth | &nbsp;&nbsp; A | &nbsp;&nbsp; 12.55% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica US Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 20.14% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica US Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 13.45% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica US Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 11.22% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica US Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.45% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica US Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.43% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica US Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.70%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica US Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 22.73% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica US Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 19.56% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica US Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.10% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica US Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 36.74% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica US Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 35.25% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica US Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 16.86% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica US Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 7.61% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica US Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 46.25% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica US Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 14.57% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica US Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 11.02% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica US Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 10.29% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica US Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 9.79% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica US Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 5.36% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica US Growth | &nbsp;&nbsp; T | &nbsp;&nbsp; 7.06% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica US Growth | &nbsp;&nbsp; T | &nbsp;&nbsp; 5.44% |

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**Control Persons** 

Any shareholder who holds beneficially 25% or more of a fund may be deemed to control the fund until such time as it holds beneficially less than 25% of the outstanding common shares of the fund. Any shareholder controlling a fund may be able to determine the outcome of issues that are submitted to shareholders for vote, and may be able to take action regarding the fund without the consent or approval of the other shareholders.

To the knowledge of the Trust, as of February 2, 2026, the following persons held beneficially 25% or more of the outstanding shares of the fund indicated.

Unless otherwise noted, the address of each investor is c/o TAM, 1801 California Street, Suite 5200, Denver, CO 80202.

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| | | |
|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Percentage of Fund** <br> **Owned**<br>|
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Asset Allocation - Conservative Portfolio | &nbsp;&nbsp; 59.51% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Asset Allocation - Moderate Portfolio | &nbsp;&nbsp; 38.37% |
| &nbsp;&nbsp; Transamerica Asset<br> Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; 27.54% |
| &nbsp;&nbsp; Transamerica Asset<br> Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; 27.25% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Government Money Market | &nbsp;&nbsp; 29.14% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica High Yield Bond | &nbsp;&nbsp; 28.98% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; 37.48% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; 25.48% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Small Cap Value | &nbsp;&nbsp; 35.13% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Core ESG | &nbsp;&nbsp; 72.98% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Growth | &nbsp;&nbsp; 70.89%  |

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| | | |
|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Percentage of Fund** <br> **Owned**<br>|
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Value Opportunities | &nbsp;&nbsp; 78.12% |
| &nbsp;&nbsp; Transamerica Asset<br> Allocation-Moderate VP<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Long Credit | &nbsp;&nbsp; 30.06% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica UltraShort Bond | &nbsp;&nbsp; 79.20% |

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**Management Ownership** 

To the knowledge of the Trust, as of February 2, 2026, the Trustees and officers as a group owned less than 1% of any class of each fund's outstanding shares.

**Further Information About the Trust and the Funds**

The Trust is organized as a Delaware statutory trust. Delaware law provides a statutory framework for the powers, duties, rights and obligations of the Trustees and shareholders of the Trust, while the more specific powers, duties, rights and obligations of the Trustees and the shareholders are determined by the Trustees as set forth in the Trust's Amended and Restated Declaration of Trust ("Declaration") dated as of December 10, 2015, and the Trust's Bylaws, as may be amended from time to time. Every shareholder, by virtue of purchasing shares and becoming a shareholder, agrees to be bound by the terms of the Declaration. Some of the more significant provisions of the Declaration are described below.

*Shareholder Voting*. The Declaration provides for shareholder voting as required by the 1940 Act or other applicable laws but otherwise permits, consistent with Delaware law, actions by the Trustees without seeking the consent of shareholders. A fund is not required to hold an annual meeting of shareholders, but a fund will call special meetings of shareholders whenever required by the 1940 Act or by the terms of the Declaration. The Declaration provides for "dollar-weighted voting" which means that a shareholder's voting power is determined, not by the number of shares he or she owns, but by the net asset value, in U.S. dollars, of those shares determined at the close of business on the record date. All shareholders of record of all series and classes of the Trust vote together, except where required by the 1940 Act to vote separately by series or by class, or when the Trustees have determined that a matter affects only the interests of one or more series or classes of shares. There is no cumulative voting on any matter submitted to a vote of the shareholders.

*Election and Removal of Trustees*. The Declaration provides that the Trustees may establish the number of Trustees and that vacancies on the Board may be filled by a vote or consent of the remaining Trustees, except when election of Trustees by the shareholders is required under the 1940 Act. Trustees are then elected by a plurality of votes cast by shareholders at a meeting at which a quorum is present. The Declaration also provides that a mandatory retirement age may be set by action of two-thirds of the Trustees and that any Trustee may be removed by a vote of shareholders holding two-thirds of the voting power of the Trust, or by a vote of two-thirds of the remaining Trustees. The provisions of the Declaration relating to the election and removal of Trustees may not be amended without the approval of two-thirds of the Trustees.

*Amendments to the Declaration*. The Trustees are authorized to amend the Declaration without the vote of shareholders, but no amendment may be made that impairs the exemption from personal liability granted in the Declaration to persons who are or have been shareholders, Trustees, officers or employees of the Trust, that limits the rights to indemnification, advancement of expenses or insurance provided in the Declaration with respect to actions or omissions of persons entitled to indemnification, advancement of expenses or insurance under the Declaration prior to the amendment.

*Issuance and Redemption of Shares*. A fund may issue an unlimited number of shares for such consideration and on such terms as the Trustees may determine. All shares offered pursuant to the prospectus of a fund, when issued, will be fully paid and non- assessable. Shareholders are not entitled to any appraisal, preemptive, conversion, exchange or similar rights, except as the Trustees may determine. A fund may involuntarily redeem a shareholder's shares upon certain conditions as may be determined by the Trustees, including, for example, if the shareholder fails to provide a fund with identification required by law, or if the fund is unable to verify the information received from the shareholder or the shareholder fails to provide the required information. In addition, as discussed below, shares may be redeemed in connection with the closing of small accounts.

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*Disclosure of Shareholder Holdings*. The Declaration specifically requires shareholders, upon demand, to disclose in writing to a fund information with respect to the direct and indirect ownership of shares in order to comply with various laws or regulations, and a fund may disclose such ownership if required by law or regulation, or as the Trustees otherwise decide.

*Small Accounts*. The Declaration provides that a fund may close out a shareholder's account by redeeming all of the shares in the account if the account falls below a minimum account size (which may vary by class) that may be set by the Trustees from time to time. Alternately, the Declaration permits a fund to assess a fee for small accounts (which may vary by class) and redeem shares in the account to cover such fees, or convert the shares into another share class that is geared to smaller accounts.

*Shareholder, Trustee and Officer Liability*. The Declaration provides that shareholders are not personally liable for the obligations of a fund and requires the fund to indemnify a shareholder against any loss or expense arising from any such liability. A fund will assume the defense of any claim against a shareholder for personal liability at the request of the shareholder.

The Declaration provides that a Trustee acting in his or her capacity as a Trustee is not personally liable to any person, other than the Trust or any series, in connection with the affairs of the Trust. The Declaration also provides that no Trustee, officer or employee of the Trust owes any duty to any person (including without limitation any shareholder), other than the Trust or any series. Each Trustee is required to perform his or her duties in good faith and in a manner he or she believes to be in the best interests of the Trust. All actions and omissions of Trustees are presumed to be in accordance with the foregoing standard of performance, and any person alleging the contrary has the burden of proving that allegation.

The Declaration requires the Trust to indemnify any persons who are or who have been Trustees, officers or employees of the Trust to the fullest extent permitted by law against liability and expenses in connection with any claim or proceeding in which he or she is involved by virtue of having been a Trustee, officer or employee. In making any determination as to whether any person is entitled to the advancement of expenses in connection with a claim for which indemnification is sought, such person is entitled to a rebuttable presumption that he or she did not engage in conduct for which indemnification is not available.

The Declaration provides that any Trustee who serves as chair of the Board, a member or chair of a committee of the Board, lead independent Trustee, audit committee financial expert, or in any other similar capacity will not be subject to any greater standard of care or liability because of such position.

*Derivative and Direct Actions*. The Declaration provides a detailed process for the bringing of derivative or direct actions by shareholders in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to a fund or its shareholders as a result of spurious shareholder claims, demands and derivative actions.

Prior to bringing a derivative action, the Declaration requires that a demand by no fewer than three unrelated shareholders must be made on the Trustees. The Declaration details information, certifications, undertakings and acknowledgements that must be included in the demand. The Trustees are not required to consider a demand that is not submitted in accordance with the requirements contained in the Declaration. The Declaration also requires that, in order to bring a derivative action, the complaining shareholders must be joined in the action by shareholders owning, at the time of the alleged wrongdoing, at the time of demand, and at the time the action is commenced, shares representing at least 5% of the voting power of the affected funds. The Trustees have a period of 90 days, which may be extended by up to an additional 60 days, to consider the demand. If a majority of the Trustees who are considered independent for the purposes of considering the demand (or a committee comprised of some or all of such Trustees), with the assistance of counsel who may be retained by such Trustees on behalf and at the expense of the Trust, determine that a suit should be maintained, then the Trust will commence the suit and the suit generally will proceed directly and not derivatively. If a majority of the independent Trustees determines that maintaining the suit would not be in the best interests of the funds, the Trustees are required to reject the demand and the complaining shareholders may not proceed with the derivative action unless the shareholders are able to sustain the burden of proof to a court that the decision of the Trustees not to pursue the requested action was not consistent with the standard of performance required of the Trustees in performing their duties. If a demand is rejected, each complaining shareholder will be responsible, jointly and severally with any and all other complaining shareholders, for the costs and expenses (including attorneys' fees) incurred by the Trust in connection with the consideration of the demand, if, in the judgment of the independent Trustees, the demand was made without reasonable cause or for an improper purpose.

The Declaration provides that no Shareholder may bring a direct action claiming injury as a shareholder of the Trust, or any series or class thereof, where the matters alleged (if true) would give rise to a claim by the Trust or by the Trust on behalf of a series or class, unless the shareholder has suffered an injury distinct from that suffered by the shareholders of the Trust, or the series or class, generally. Under the Declaration, a shareholder bringing a direct claim must be a shareholder of the series or class with respect to which the direct action is brought at the time of the injury complained of, or have acquired the shares afterwards by operation of law from a person who was a shareholder at that time.

If a derivative or direct action is brought in violation of the Declaration, each shareholder who commences or maintains such action will be required. jointly and severally, to reimburse the Trust for the costs and expenses (including attorneys' fees) incurred by the Trust in connection with the action if the action is dismissed on the basis of the failure to comply with the Declaration. In addition, if a court

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determines that any derivative action has been brought without reasonable cause or for an improper purpose, the costs and expenses (including attorneys' fees) incurred by the Trust in connection with the action will be borne, jointly and severally, by each shareholder who commenced the action.

The Declaration further provides that a fund shall be responsible for payment of attorneys' fees and legal expenses incurred by a complaining shareholder bring a derivative or direct claim only if required by law, and any attorneys' fees that the fund is obligated to pay shall be calculated using reasonable hourly rates. The Declaration also requires that actions by shareholders against the Trust or a fund be brought only in the U.S. District Court for the Southern District of New York, or if not permitted to be brought in federal court, then in the New York Supreme Court sitting in New York County with assignment to the Commercial Division to the extent such assignment is permitted under the applicable court rules, and that the right to jury trial be waived to the fullest extent permitted by law.

*Series and Classes*. The Declaration provides that the Trustees may establish series and classes in addition to those currently established and that the Trustees may determine the rights and preferences, limitations and restrictions, including qualifications for ownership, conversion and exchange features, minimum purchase and account size, expenses and charges, and other features of the series and classes. The Trustees may change any of those features, terminate any series or class, combine series with other series in the Trust, combine one or more classes of a series with another class in that series or convert the shares of one class into shares of another class. Each share of a fund, as a series of the Trust, represents an interest in the fund only and not in the assets of any other series of the Trust.

The shares of beneficial interest of the Trust are divided into eleven classes: Class A, Class C, Class I, Class I2, Class I3, Class R, Class R2, Class R3, Class R4, Class R6 and Class T. Not all funds offer all classes of shares. See a fund's prospectus for a discussion of which classes of shares of that fund are available for purchase and who is eligible to purchase shares of each class. Class I3, Class R, Class R2 and Class R4 are discussed in separate SAIs. Each class represents interests in the same assets of the fund and differ as follows: each class of shares has exclusive voting rights on matters pertaining to its plan of distribution or any other matter appropriately limited to that class; the classes are subject to differing sales charges as described in the prospectus; Class A, Class C, Class R, Class R2, Class R3 and Class R4 shares are subject to ongoing distribution and service fees. Class I, Class I2, Class I3, Class R6 and Class T shares have no annual distribution and service fees. Each class may bear differing amounts of certain class-specific expenses, and each class has a separate exchange privilege. Class T shares are not available to new investors; only existing Class T shareholders may purchase additional Class T shares. On November 30, 2009, all shares previously designated as Class I shares were re-designated as Class I2 shares. On February 10, 2012, all shares previously designated as Class P shares were converted into Class I shares. On October 13, 2017, Class R shares of Transamerica Government Money Market were renamed Class R2 shares. As described above in the section entitled "Purchase, Redemption and Pricing of Shares - Purchase of Shares," on March 31, 2021, Transamerica Government Money Market was closed to most new investors until further notice.

The Trust does not anticipate that there will be any conflicts between the interests of holders of the different classes of shares of the same fund by virtue of these classes. On an ongoing basis, the Board will consider whether any such conflict exists and, if so, take appropriate action.

**Dividends and Other Distributions** 

An investor may choose among several options with respect to dividends and capital gains distributions payable to the investor. Dividends or other distributions will be paid in full and fractional shares at the net asset value determined as of the ex-dividend date unless the shareholder has elected another distribution option as described in the prospectus. The quarterly ex-dividend date for Transamerica Asset Allocation – Conservative Portfolio will be subsequent to the ex-dividend date of the underlying Transamerica funds in which it invests. The December annual ex-dividend date for all other Asset Allocation funds will be subsequent to the ex-dividend date of the underlying Transamerica funds in which they invest. Transaction confirmations and checks for payments designated to be made in cash generally will be mailed on the payable date. The per share income dividends on Class C, Class R and Class R3 shares of a fund are anticipated to be lower than the per share income dividends on Class A, Class I, Class I2, Class I3, Class R2, Class R4, Class R6 and Class T shares of that fund as a result of higher distribution and service fees applicable to Class C, Class R and Class R3 shares.

**Taxes** 

Each fund has qualified (or expects to qualify in its first year), and expects to continue to qualify, for treatment as a regulated investment company (a "RIC") under the Code. In order to qualify for that treatment, a fund must distribute to its shareholders for each taxable year at least the sum of 90% of its investment company taxable income, computed without regard to the dividends-paid deduction, and 90% of its net exempt-interest income, if any (the "Distribution Requirement"). Each fund must also meet several other requirements. These requirements include the following: (1) a fund must derive at least 90% of its gross income each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including gains from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net income derived from interests in qualified publicly traded partnerships; (2) at the close of each quarter of a fund's taxable year, at least 50% of the value of its total assets must be represented by cash and cash items, U.S. government securities, securities of other

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RICs and other securities (limited in respect of any one issuer of such other securities to an amount not greater than 5% of the value of the fund's total assets and to not more than 10% of the outstanding voting securities of the issuer); and (3) at the close of each quarter of a fund's taxable year, not more than 25% of the value of its total assets may be invested in securities (other than U.S. government securities or the securities of other RICs) of any one issuer, in securities (other than securities of other RICs) of two or more issuers that the fund controls and that are engaged in the same, similar or related trades or businesses, or in securities of one or more qualified publicly traded partnerships.

If a fund qualifies as a RIC and timely distributes to its shareholders substantially all of its net income and net capital gains, then the fund should have little or no income taxable to it under the Code. If a fund meets the Distribution Requirement but retains some portion of its taxable income or gains, it generally will be subject to U.S. federal income tax at the applicable corporate rate on the amounts retained. A fund may designate certain amounts retained as undistributed net capital gain in a notice to its shareholders, who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated, (ii) will be entitled to credit their proportionate shares of the income tax paid by the fund on that undistributed amount against their federal income tax liabilities and to claim refunds to the extent such credits exceed those liabilities and (iii) will be entitled to increase their tax basis, for federal income tax purposes, in their shares by an amount equal to the excess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits.

For U.S. federal income tax purposes, a fund is permitted to carry forward indefinitely a net capital loss from any taxable year to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the fund and may not be distributed as such to shareholders. Generally, the funds may not carry forward any losses other than net capital losses. Under certain circumstances, a fund may elect to treat certain losses as though they were incurred on the first day of the taxable year immediately following the taxable year in which they were actually incurred.

Assuming a fund has sufficient earnings and profits, its shareholders generally are required to include distributions from the fund (whether paid in cash or reinvested in additional shares) as (1) ordinary income, to the extent the distributions are attributable to the fund's investment income (except for qualified dividend income as discussed below), net short-term capital gain and certain net realized foreign exchange gains, (2) "exempt-interest dividends", as discussed below, or (3) capital gains, to the extent of the fund's net capital gain (i.e., the fund's net long-term capital gains over net short-term capital losses). Transamerica Intermediate Muni and Transamerica High Yield Muni expect to distribute exempt-interest dividends, which are generally exempt from regular federal income tax but may be subject to state and local taxes and may be a tax preference item for purposes of the AMT applicable to individuals. The other funds generally do not expect to be able to distribute exempt-interest dividends; however, Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio, or Transamerica Asset Allocation – Moderate Portfolio may distribute exempt-interest dividends if it invests in one or more underlying funds that pay exempt-interest dividends.

If a fund fails to qualify for treatment as a RIC, the fund will be subject to U.S. federal, and possibly state, corporate taxes on its taxable income and gains, and distributions to its shareholders (including distributions that would otherwise qualify as capital gain dividends or as exempt-interest dividends) will constitute ordinary dividend income to the extent of the fund's available earnings and profits. Under certain circumstances, a fund may be able to cure a failure to qualify as a regulated investment company, but in order to do so, the fund may incur significant fund-level taxes and may be forced to dispose of certain assets.

Distributions by a fund in excess of its current and accumulated earnings and profits will be treated as a return of capital to the extent of (and in reduction of) each shareholder's tax basis in its shares, and any distributions in excess of that basis will be treated as gain from the sale of shares, as discussed below.

A fund will be subject to a nondeductible 4% excise tax to the extent it fails to distribute by the end of any calendar year substantially all of its ordinary income (for that calendar year) and capital gain net income (for the one-year period generally ending on October 31 of that year), increased or decreased by certain other amounts. Each fund intends to distribute annually a sufficient amount of any taxable income and capital gains so as to avoid liability for this excise tax.

Although dividends generally will be treated as distributed when paid, any dividend declared by a fund in October, November or December, payable to shareholders of record during such a month, and paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared. In addition, certain distributions made after the close of a taxable year of a fund may be "spilled back" and treated for certain purposes as paid by the relevant fund during such taxable year. In such case, shareholders generally will be treated as having received such dividends in the taxable year in which the distributions were actually made. For purposes of calculating the amount of a RIC's undistributed income and gain subject to the 4% excise tax described above, such "spilled back" dividends are treated as paid by the RIC when they are actually paid.

Distributions from a fund's net capital gain, if any, that are properly reported as capital gain dividends by the fund are taxable to shareholders as long-term capital gain for U.S. federal income tax purposes without regard to the length of time the shareholders have held shares of the fund.

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U.S. federal income tax law generally taxes noncorporate taxpayers on long-term capital gains and on "qualified dividend income" at reduced rates. Certain capital gain dividends attributable to dividends received from U.S. REITs may be taxable to noncorporate shareholders at the rate other than the reduced rates generally applicable to long-term capital gains.

Except for "exempt-interest dividends," as described below, other distributions, including distributions of earnings from, in general, dividends paid to a fund that are not themselves qualified dividend income to the fund, interest income, other types of ordinary income and short-term capital gains, will generally be taxed at the ordinary income tax rate applicable to the taxpayer.

Qualified dividend income generally means dividend income received from a fund's investments in common and preferred stock of U.S. companies and stock of certain "qualified foreign corporations," provided that certain holding period and other requirements are met by both the fund and the shareholder receiving a distribution of the dividend income. Qualified dividend income generally also includes any dividend income (i) that is received by a fund from an underlying fund that is itself treated as a RIC and that received such income as dividends on common and preferred stock of U.S. companies or on stock of certain qualified foreign corporations, and (ii) that is reported as qualified dividend income by the underlying RICs, provided that certain holding period and other requirements are met by the underlying fund, the fund and the shareholders. If 95% or more of a fund's gross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, that fund may report all distributions of such income as qualified dividend income.

A foreign corporation is treated as a qualified foreign corporation for this purpose if it is incorporated in a possession of the U.S. or it is eligible for the benefits of certain income tax treaties with the U.S. and meets certain additional requirements. Certain foreign corporations that are not otherwise qualified foreign corporations will be treated as qualified foreign corporations with respect to dividends paid by them if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the U.S. Passive foreign investment companies are not qualified foreign corporations for this purpose.

A dividend that is attributable to qualified dividend income of a fund and that is paid by the fund to a shareholder will not be taxable as qualified dividend income to such shareholder (1) if the dividend is received with respect to any share of the fund held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share became "ex-dividend" with respect to such dividend, (2) to the extent that the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, or (3) if the shareholder elects to have the dividend treated as investment income for purposes of the limitation on deductibility of investment interest. The "ex-dividend" date is the date on which the owner of the share at the commencement of such date is entitled to receive the next issued dividend payment for such share even if the share is sold by the owner on that date or thereafter. Dividends received by a fund from REITs generally do not qualify for treatment as qualified dividend income.

Certain dividends received by a fund, or attributable to dividends received by an underlying fund, from U.S. corporations (generally, dividends received by the fund or underlying fund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) and distributed and appropriately reported by the fund may be eligible for the 50% dividends-received deduction generally available to corporations under the Code. Certain preferred stock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend in order to be eligible. Capital gain dividends distributed to a fund from other RICs are not eligible for the dividends-received deduction. In order to qualify for the deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their fund shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their fund shares, and, if they borrow to acquire or otherwise incur debt attributable to fund shares, they may be denied a portion of the dividends-received deduction with respect to those shares. The applicable holding period requirements must also be satisfied by the fund and any underlying fund. Any corporate shareholder should consult its tax advisor regarding the possibility that its tax basis in its shares may be reduced, for U.S. federal income tax purposes, by reason of "extraordinary dividends" received with respect to the shares and, to the extent such basis would be reduced below zero, current recognition of income may be required.

Any fund distribution (other than a dividend that is declared on a daily basis) will have the effect of reducing the per share net asset value of shares in the fund by the amount of the distribution. Shareholders purchasing shares shortly before the record date of any dividend distribution that is not declared daily may thus pay the full price for the shares then effectively receive a portion of the purchase price back as a taxable distribution unless the distribution is an exempt-interest dividend.

Redemptions of fund shares may indirectly result in taxable distributions to non-redeeming shareholders. Redemptions may directly or indirectly result from actions taken (or not taken) by the Trust, a fund, TAM or its affiliates, or a sub-adviser. Those actions may include changes to investment strategies, sub-adviser changes, liquidations or combination of funds, terminations or additions of share classes, changes to share class eligibility requirements, launches of new funds, and reallocations by asset allocation funds. To generate cash to pay redeeming shareholders, a fund may dispose of its underlying investments, which may result in the recognition of taxable income or gain, which generally needs to be distributed to avoid fund-level taxation.

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A fund may use so-called "equalization accounting" in determining whether it satisfies its distribution requirements. A fund that uses equalization accounting in a year will allocate a portion of its income and gain to redemptions of its shares, and that portion will be deemed distributed by the fund for purposes of the distribution requirements under the Code. Use of equalization accounting may reduce the amount of income or gain that the fund is otherwise required to distribute to non-redeeming shareholders. Equalization accounting does not affect the treatment of redeeming shareholders. The IRS has not published guidance on the method by which a fund should allocate income and gain to redemptions for purposes of equalization accounting. If the IRS were to determine that a fund is using an improper method of allocation when using equalization accounting, the fund could be liable for additional federal income or excise tax and could potentially lose its eligibility for treatment as a RIC. The use of equalization accounting is generally not required, and a fund might determine not to use equalization accounting.

The U.S. federal income tax status of all distributions will be reported to shareholders annually.

Under Section 163(j) of the Code, a taxpayer's business interest expense is generally deductible to the extent of its business interest income plus certain other amounts. If a fund earns business interest income, it may report a portion of its dividends as "Section 163(j) interest dividends," which its shareholders may be able to treat as business interest income for purposes of Section 163(j) of the Code. The fund's "Section 163(j) interest dividend" for a tax year will be limited to the excess of its business interest income over the sum of its business interest expense and other deductions properly allocable to its business interest income. In general, the fund's shareholders may treat a distribution reported as a Section 163(j) interest dividend as interest income only to the extent the distribution exceeds the sum of the portions of the distribution reported as other types of tax-favored income (which would generally include exempt-interest income). To be eligible to treat a Section 163(j) interest dividend as interest income, a shareholder may need to meet certain holding period requirements in respect of the shares and must not have hedged its position in the shares in certain ways.

A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount ($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates or trusts. For these purposes, interest, dividends and certain capital gains are generally taken into account in computing a shareholder's net investment income, but exempt-interest dividends are not taken into account for this purpose.

Certain tax-exempt educational institutions will be subject to an excise tax on net investment income. For these purposes, certain dividends (other than exempt-interest dividends) and capital gain distributions, and certain gains from the disposition of fund shares (among other categories of income), are generally taken into account in computing a shareholder's net investment income.

If a fund is the holder of record of any stock on the record date for any dividends payable with respect to such stock, such dividends will be included in the fund's gross income not as of the date received, but as of the later of (a) the date such stock became ex-dividend with respect to such dividends or (b) the date the fund acquired such stock. Accordingly, in order to satisfy its income distribution requirements, a fund may be required to pay dividends based on anticipated earnings, and shareholders may receive dividends in an earlier year than would otherwise be the case.

The Code permits tax-exempt interest received by a fund to flow through as tax-exempt "exempt-interest dividends" to the fund's shareholders if the fund qualifies as a regulated investment company and at least 50% of the value of its total assets at the close of each quarter of its taxable year consists of tax-exempt obligations, i.e., obligations that pay interest excluded from gross income under Section 103(a) of the Code. That part of Transamerica Intermediate Muni's and Transamerica High Yield Muni's net investment income which is attributable to interest from tax-exempt obligations and which is distributed to shareholders is expected to be reported by Transamerica Intermediate Muni and Transamerica High Yield Muni as an exempt-interest dividend under the Code. The Code also permits tax-exempt interest (including exempt-interest dividends) received by a fund that is a "qualified fund of funds" to flow through as tax-exempt "exempt-interest dividends" to the fund's shareholders. Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio, and Transamerica Asset Allocation – Moderate Portfolio are expected to be treated as qualified fund of funds. Exempt-interest dividends are excluded from a shareholder's gross income under the Code but are nevertheless required to be reported on the shareholder's U.S. federal income tax return. The percentage of income reported as exempt-interest dividends for a month may differ from the percentage of distributions consisting of tax-exempt interest during that month.

Exempt-interest dividends derived from interest on certain "private activity bonds" will be items of tax preference, which increase alternative minimum taxable income for non-corporate taxpayers subject to the AMT.

Interest on indebtedness incurred or continued by a shareholder to purchase or carry shares of a fund distributing exempt-interest dividends will not be deductible for U.S. federal income tax purposes to the extent the indebtedness is deemed under the Code and applicable regulations to relate to exempt-interest dividends received from the fund. A fund distributing exempt-interest dividends may not be an

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appropriate investment for persons who are "substantial users" of facilities financed by industrial revenue or private activity bonds or persons related to substantial users. Shareholders receiving social security or certain railroad retirement benefits may be subject to U.S. federal income tax on a portion of such benefits as a result of receiving exempt-interest dividends paid by a fund.

Transamerica Intermediate Muni and Transamerica High Yield Muni may each from time to time invest a portion of its portfolio in taxable obligations and may engage in transactions generating gain or income that is not tax-exempt, e.g., it may purchase, hold and sell non-municipal securities, sell or lend portfolio securities, enter into repurchase agreements, dispose of rights to when-issued securities prior to issuance, acquire debt obligations at a market discount, acquire certain stripped tax-exempt obligations or their coupons or enter into options and future transactions. Transamerica Intermediate Muni's and Transamerica High Yield Muni's distributions of such gain or income will not constitute exempt-interest dividends and accordingly will be taxable under the generally applicable rules described above.

Redemptions, sales and exchanges generally are taxable events for shareholders that are subject to tax. Redemptions, sales or exchanges of shares of Transamerica Government Money Market will not result in taxable gain or loss if that fund maintains a constant net asset value per share. In general, if shares of a fund other than Transamerica Government Money Market are redeemed, sold or exchanged, the shareholder will recognize a capital gain or loss equal to the difference between the proceeds of the redemption or sale or the value of the shares exchanged and the shareholder's adjusted basis in the shares redeemed, sold or exchanged. This capital gain or loss may be long-term or short-term, generally depending upon the shareholder's holding period for the shares. For tax purposes, a loss will be disallowed on the redemption, sale or exchange of shares if the disposed of shares are replaced (including replacement by shares acquired pursuant to a dividend reinvestment plan) within a 61-day period beginning 30 days before and ending 30 days after the date of the redemption, sale or exchange of such shares. Should the replacement of such shares fall within this 61-day period, the basis of the acquired shares will be adjusted to reflect the disallowed loss. Any loss realized by the shareholder on its disposition of fund shares held by the shareholder for six months or less may be disallowed to the extent of any exempt-interest dividends paid with respect to such shares, and any portion of such loss that exceeds the amount disallowed will be treated as a long-term capital loss to the extent of any amounts treated as distributions to the shareholder of long-term capital gain with respect to such shares (including any amounts credited to the shareholder as undistributed capital gains).

Under Treasury regulations, if a shareholder recognizes a loss with respect to fund shares of $2 million or more for an individual shareholder, or $10 million or more for a corporate shareholder, in any single taxable year (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Shareholders who own portfolio securities directly are in many cases excepted from this reporting requirement but, under current guidance, shareholders of RICs are not excepted. A shareholder who fails to make the required disclosure to the IRS may be subject to substantial penalties. The fact that a loss is reportable under these regulations does not affect the legal determination of whether or not the taxpayer's treatment of the loss is proper. Shareholders should consult with their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

None of the Asset Allocation funds (each, a "Fund of Funds") will be able to offset gains distributed by any underlying fund in which it invests against losses incurred by another underlying fund in which it invests because the underlying funds cannot distribute losses. A Fund of Funds' redemptions and sales of shares in an underlying fund, including those resulting from changes in the allocation among underlying funds, could cause the Fund of Funds to recognize taxable gain or loss. A portion of any such gains may be short-term capital gains that would be distributable as ordinary income to shareholders of the Fund of Funds. Further, a portion of losses on redemptions of shares in the underlying funds may be deferred. Short-term capital gains earned by an underlying fund will be treated as ordinary dividends when distributed to a Fund of Funds and therefore may not be offset by any short-term capital losses incurred by that Fund of Funds. Thus, a Fund of Funds' short-term capital losses may offset its long-term capital gains, which might otherwise be eligible for reduced U.S. federal income tax rates for noncorporate shareholders, as discussed above. As a result of these factors, the use of the fund-of-funds structure by the Funds of Funds could adversely affect the amount, timing and character of distributions to their shareholders.

The funds and the underlying funds may be subject to withholding and other taxes imposed by foreign countries, including taxes on interest, dividends and capital gains with respect to their investments in those countries. Any such taxes would, if imposed, reduce the yield on or return from those investments. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes in some cases. If more than 50% of a fund's total assets at the close of any taxable year consist of stock or securities of foreign corporations, the fund may elect to pass through to its shareholders their pro rata shares of qualified foreign taxes paid by the fund for that taxable year. If at least 50% of a fund's total assets at the close of each quarter of a taxable year consist of interests in other RICs, the fund may make the same election and pass through to its shareholders their pro rata shares of qualified foreign taxes paid by those other RICs and passed through to the fund for that taxable year. If the fund so elects, its shareholders would be required to include the passed-through taxes in their gross incomes (in addition to the dividends and distributions they actually receive), would treat such taxes as foreign taxes paid by them, and as described below may be entitled to a tax deduction for such taxes or a tax credit, subject to a holding period requirement and other limitations under the Code.

Qualified foreign taxes generally include taxes that would be treated as income taxes under U.S. tax regulations but do not include most other taxes, such as stamp taxes, securities transaction taxes, and similar taxes. If a fund qualifies to make, and makes, the election described above, shareholders may deduct their pro rata portion of qualified foreign taxes paid by the fund or those other RICs for that taxable year in computing their income subject to U.S. federal income taxation or, alternatively, claim them as credits, subject to applicable limitations under the Code, against their U.S. federal income taxes. Shareholders who do not itemize deductions for U.S. federal income tax purposes will not,

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however, be able to deduct their pro rata portion of qualified foreign taxes paid by the fund or those other RICs, although such shareholders will be required to include their shares of such taxes in gross income if the fund makes the election described above. No deduction for such taxes will be permitted to individuals in computing their AMT liability.

If a fund makes this election and a shareholder chooses to take a credit for the foreign taxes deemed paid by such shareholder, the amount of the credit that may be claimed in any year may not exceed the same proportion of the U.S. tax against which such credit is taken that the shareholder's taxable income from foreign sources (but not in excess of the shareholder's entire taxable income) bears to his entire taxable income. For this purpose, long-term and short-term capital gains the fund realizes and distributes to shareholders will generally not be treated as income from foreign sources in their hands, nor will distributions of certain foreign currency gains subject to Section 988 of the Code or of any other income realized by the fund that is deemed, under the Code, to be U.S.-source income in the hands of the fund. This foreign tax credit limitation may also be applied separately to certain specific categories of foreign-source income and the related foreign taxes. As a result of these rules, which may have different effects depending upon each shareholder's particular tax situation, certain shareholders may not be able to claim a credit for the full amount of their proportionate share of the foreign taxes paid by a fund or other RICs in which the fund invests. Shareholders who are not liable for U.S. federal income taxes, including tax-exempt shareholders, will ordinarily not benefit from this election. If a fund does make the election, it will provide required tax information to shareholders. RICs generally may deduct any foreign taxes that are not passed through to their shareholders in computing their income available for distribution to shareholders to satisfy applicable tax distribution requirements. Under certain circumstances, if a fund or an underlying fund receives a refund of foreign taxes paid in respect of a prior year, the value of the fund's shares or the value of the underlying fund's shares, as applicable, could be affected, or any foreign tax credits or deductions passed through to shareholders in respect of the foreign taxes for the current year could be reduced.

The following paragraphs are intended to disclose risks of investments that certain funds may make directly and that the Funds of Funds may make indirectly, through underlying funds. Thus, references in the following paragraphs to one or more "funds" should be read to include, as applicable, references to one or more "underlying funds."

**Master Limited Partnerships:** A fund may invest no more than 25% of its total assets in the securities of MLPs and other entities treated as qualified publicly traded partnerships for federal income tax purposes. An MLP is an entity treated as a partnership under the Code, the partnership interests of which are traded on securities exchanges like shares of corporate stock. An entity that is treated as a partnership for federal income tax purposes generally is not itself subject to federal income tax. Instead, each partner in the partnership is generally required to take into account its distributive share of items of the partnership's income, gain, loss, deduction, and credit for each taxable year substantially as though such items had been realized directly by the partner and without regard to whether the partnership distributes any amount to its partners. To qualify for that treatment, an MLP must receive at least 90% of its income from qualifying sources such as interest, dividends, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. For this purpose, mineral or natural resources activities include exploration, development, production, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. If it does not so qualify, it will generally be subject to tax as a corporation, and there could be a material decrease in the value of its securities.

Depreciation or other cost recovery deductions passed through to a fund from any investments in MLPs in a given year will generally reduce that fund's taxable income, but those deductions may be recaptured in that fund's income in one or more subsequent years. When recognized and distributed, recapture income will generally be taxable to fund shareholders at the time of the distribution at ordinary income tax rates, even though those shareholders might not have held shares in the fund recognizing recapture income at the time the deductions were taken by that fund, and even though those shareholders may not have corresponding economic gain on their shares at the time of the recapture. In order to distribute recapture income or to fund redemption requests, a fund may need to liquidate investments, which may lead to additional recapture income.

Noncorporate taxpayers are generally eligible for a deduction of up to 20% of "qualified publicly traded partnership income." A fund will not be able to claim such a deduction in respect of income allocated to it by any MLPs or other publicly traded partnerships in which it invests, and shareholders will not be able to claim such a deduction in respect of fund dividends attributable to any such income.

**Passive Foreign Investment Companies:** Certain funds may invest in the stock of "passive foreign investment companies" ("PFICs"). A PFIC is a foreign corporation that, in general, meets either of the following tests: (1) at least 75% of its gross income is derived from passive investments; or (2) at least 50% of its assets (generally computed based on average fair market value) held during the taxable year produce, or are held for the production of, passive income. Under certain circumstances, a fund will be subject to federal income tax on gain from the disposition of PFIC shares and on certain distributions from a PFIC (collectively, "excess distributions"), plus interest thereon, even if the fund distributes the excess distributions as a taxable dividend to its shareholders. If a fund invests in a PFIC and elects in the first year in which it holds such investment (or if it elects subsequently and makes certain other elections) to treat the PFIC as a "qualified electing fund," then in lieu of the foregoing tax and interest obligation, the fund will be required to include in income each year its pro rata share of the qualified electing fund's annual ordinary earnings and net capital gain (the excess of net long-term capital gains over net short-term capital losses). This income inclusion is required even if the PFIC does not distribute such income and gains to the fund, and the amounts so included would be subject to the Distribution Requirement described above. In many instances it will be very difficult, if not impossible, to

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make this election because of certain requirements thereof. In order to distribute any such income and gains and satisfy the distribution requirements applicable to RICs, a fund may be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss to the fund.

A fund may, in the alternative, elect to mark to market its PFIC stock at the end of each taxable year, with the result that unrealized gains are treated as though they were realized as of such date. Any such gains will be ordinary income rather than capital gain. In order for a fund making this election to distribute any such income and gains and satisfy the distribution requirements applicable to RICs, the fund may be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss to the fund. If the mark-to-market election were made, tax at the fund level under the excess distribution rules would be eliminated, but a fund could still incur nondeductible interest charges if it makes the mark-to-market election in a year after the first taxable year in which it acquired the PFIC stock.

**Controlled Foreign Corporations**: If a sufficient percentage of the interests in a foreign issuer are held or deemed held by a fund, independently or together with certain other U.S. persons, that issuer may be treated as a "controlled foreign corporation" (a "CFC") with respect to the fund, in which case the fund will be required to take into account each year, as ordinary income, its share of certain portions of that issuer's income, whether or not such amounts are distributed. A fund may have to dispose of its portfolio securities (potentially resulting in the recognition of taxable gain or loss, and potentially under disadvantageous circumstances) to generate cash, or may have to borrow the cash, to meet its distribution requirements and avoid fund-level taxes. In addition, some fund gains on the disposition of interests in such an issuer may be treated as ordinary income. A fund may limit and/or manage its holdings in issuers that could be treated as CFCs in order to limit its tax liability or maximize its after-tax return from these investments.

**Options, Futures and Forward Contracts and Swap Agreements:** Certain options, futures contracts, and forward contracts in which a fund may invest may be "Section 1256 contracts." Gains or losses on Section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses; however, foreign currency gains or losses arising from certain Section 1256 contracts may be treated as ordinary income or loss. Also, Section 1256 contracts held by a fund at the end of each taxable year are "marked to market" with the result that unrealized gains or losses are treated as though they were realized. In order to distribute any such gains, satisfy the distribution requirements applicable to RICs and avoid taxation, a fund may be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss to the fund.

Generally, the hedging transactions undertaken by a fund may result in "straddles" for U.S. federal income tax purposes. The straddle rules may affect the character of gains (or losses) realized by a fund. In addition, losses realized by a fund on positions that are part of a straddle may be deferred under the straddle rules, rather than being taken into account in calculating the taxable income for the taxable year in which such losses are realized. Because only a few regulations implementing the straddle rules have been promulgated, the tax consequences of transactions in options, futures, forward contracts, swap agreements and other financial contracts to a fund are not entirely clear. The transactions may increase the amount of short-term capital gain realized by a fund, which is taxed as ordinary income when distributed to shareholders.

A fund may make one or more of the elections available under the Code which are applicable to straddles. If a fund makes any of the elections, the amount, character and timing of the recognition of gains or losses from the affected straddle positions will be determined under rules that vary according to the election(s) made. The rules applicable under certain of the elections may operate to accelerate the recognition of gains or losses from the affected straddle positions.

Because application of the straddle rules may affect the character of gains or losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, the amount which must be distributed to shareholders, and which will be taxed to shareholders as ordinary income or long-term capital gain, may be increased or decreased as compared to a fund that did not engage in such hedging transactions.

Because only a few regulations regarding the treatment of swap agreements, and related caps, floors and collars, have been promulgated, the tax consequences of such transactions are not entirely clear. The funds intend to account for such transactions in a manner deemed by them to be appropriate, but the IRS might not accept such treatment. If it did not, the status of a fund as a RIC might be affected.

The requirements applicable to a fund's qualification as a RIC may limit the extent to which a fund will be able to engage in transactions in options, futures contracts, forward contracts, swap agreements and other financial contracts.

Certain hedging activities may cause a dividend that would otherwise be subject to the lower tax rate applicable to qualified dividend income to instead be taxed at the rate of tax applicable to ordinary income.

**Original Issue Discount:** If a fund invests in certain pay-in-kind securities, zero coupon securities, deferred interest securities or, in general, any other securities with original issue discount (or with market discount if the fund elects to include market discount in income currently), the fund generally must accrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, each fund must distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid) and net tax-exempt income, including

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any such accrued income, to qualify for treatment as a RIC under the Code and avoid U.S. federal income and excise taxes. Therefore, a fund may have to dispose of its portfolio securities to generate cash, or may have to borrow the cash, to satisfy distribution requirements. Such a disposition of securities may potentially result in additional taxable gain or loss to a fund.

**Constructive Sales:** The constructive sale rules may affect timing and character of gain if a fund engages in transactions that reduce or eliminate its risk of loss with respect to appreciated financial positions. If a fund enters into certain transactions in property while holding substantially identical property, the fund will be treated as if it had sold and immediately repurchased the property and will be taxed on any gain (but not loss) from the constructive sale. The character of any gain from a constructive sale will depend upon the fund's holding period in the property. Any loss from a constructive sale will be recognized when the property is subsequently disposed of, and the character of such loss will depend on the fund's holding period and the application of various loss deferral provisions of the Code.

**Real Estate Investment Trusts (REITs):** A noncorporate taxpayer is generally eligible for a deduction of up to 20% of the taxpayer's "qualified REIT dividends." If a fund receives dividends (other than capital gain dividends) in respect of U.S. REIT shares, the fund may report its own dividends as eligible for the 20% deduction, to the extent the fund's income is derived from such qualified REIT dividends, as reduced by allocable Fund expenses. In order for the fund's dividends to be eligible for this deduction when received by a noncorporate shareholder, the fund must meet certain holding period requirements with respect to the U.S. REIT shares on which the fund received the eligible dividends, and the noncorporate shareholder must meet certain holding period requirements with respect to the fund shares.

**Foreign Currency Transactions:** Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time a fund accrues income or expenses denominated in a foreign currency (or determined by reference to the value of one or more foreign currencies) and the time that a fund actually receives or makes payment of such income or expenses, generally are treated as ordinary income or ordinary loss. Similarly, on disposition of debt securities denominated in a foreign currency and on disposition of certain futures contracts, forward contracts and options, gains or losses attributable to fluctuations in the value of foreign currency between the date of acquisition of the security or contract and the date of disposition generally are also treated as ordinary gain or loss. Some of the funds have elected, or may elect, to treat this foreign currency income as capital gain or capital loss.

**Backup Withholding:** Each fund is required to withhold (as "backup withholding") a portion of reportable payments, including dividends, capital gain distributions, exempt-interest dividends and the proceeds of redemptions and exchanges or repurchases of fund shares (except for proceeds of redemptions of shares in Transamerica Government Money Market), paid to shareholders who have not complied with certain IRS regulations. The backup withholding rate is currently 24%. In order to avoid this withholding requirement, shareholders, other than certain exempt entities, must certify that the Social Security Number or other Taxpayer Identification Number they provide is correct and that they are not currently subject to backup withholding, or that they are exempt from backup withholding. A fund may nevertheless be required to backup withhold if it receives notice from the IRS or a broker that the number provided is incorrect or backup withholding is applicable as a result of previous underreporting of interest or dividend income.

**Cost Basis:** Each fund (other than Transamerica Government Money Market) will report to the IRS the amount of sale proceeds that a shareholder receives from a sale or exchange of fund shares. For sales or exchanges of shares acquired on or after January 1, 2012, each fund (other than Transamerica Government Money Market) will also report basis and acquisition date information in those shares and the character of any gain or loss that the shareholder realizes on the sale or exchange (i.e., short-term or long-term). If a shareholder has a different basis for different shares of a fund in the same account (e.g., if a shareholder purchased fund shares in the same account when the shares were at different prices), the fund or the shareholder's Service Agent (banks, broker-dealers, insurance companies, investment advisers, financial consultants or advisers, mutual fund supermarkets and other financial intermediaries that have entered into an agreement with the funds' distributor to sell shares of the applicable fund), as applicable, will calculate the basis of the shares sold using its default method unless the shareholder has properly elected to use a different method. The funds' default method for calculating basis will be the average cost method. A shareholder may elect, on an account-by-account basis, to use a method other than average cost by following procedures established by the fund or the shareholder's Service Agent, as applicable. For purposes of calculating and reporting basis, shares acquired prior to January 1, 2012 and shares acquired on or after January 1, 2012 will generally be treated as held in separate accounts. If a shareholder elects to use a different method of basis calculation, the application of that method will depend on whether shares in an account have already been sold or exchanged. For information regarding available methods for calculating cost basis and procedures for electing a method other than the average cost method, shareholders who hold their shares directly with a fund may call the fund at 1-888-233-4339 Monday through Friday during the hours of operation as posted on the funds' website at www.transamerica.com/contact-us. Shareholders who hold shares through a Service Agent should contact the Service Agent for information concerning the Service Agent's default method for calculating basis and procedures for electing to use an alternative method. Shareholders should consult their tax advisers concerning the tax consequences of applying the average cost method or electing another method of basis calculation.

**Taxation of Non-U.S. Shareholders:** Dividends from net investment income (other than, in general, exempt-interest dividends) that are paid to a shareholder who, as to the U.S., is a nonresident alien individual, a foreign corporation or a foreign estate or foreign trust (each, a "foreign shareholder") may be subject to a withholding tax at a rate of 30% or any lower applicable tax rate established in a treaty between the U.S. and the shareholder's country of residence. Dividends that are derived from "qualified net interest income" and dividends that are derived from "qualified short-term gain" may be exempt from the 30% withholding tax, provided that the distributing fund chooses to follow certain procedures. A fund may choose to not follow such procedures and there can be no assurance as to the amount, if any, of dividends that would not be subject to withholding. Qualified net interest income is a fund's net income derived from U.S.-source interest and original issue

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discount, subject to certain exceptions and limitations. Qualified short-term gain generally means the excess of the net short-term capital gain of a fund for the taxable year over its net long-term capital loss, if any. The withholding rules described in this paragraph do not apply to a dividend paid to a foreign shareholder if the dividend income is "effectively connected with the shareholder's conduct of a trade or business within the U.S." and the shareholder provides appropriate tax forms and documentation. Backup withholding (described above) will not be imposed on foreign shareholders who are subject to the 30% withholding tax described in this paragraph.

Unless certain non-U.S. entities that hold fund shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to fund distributions payable to such entities. Exempt-interest dividends may be exempt from this withholding tax. A non-U.S. shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement.

Foreign shareholders are subject to U.S. tax on disposition of a "United States real property interest" (a "USRPI"). Gain on such a disposition is sometimes referred to as "FIRPTA gain." The Code provides a look-through rule for distributions of "FIRPTA gain" if certain requirements are met. If the look-through rule applies, certain distributions attributable to income received by a fund, e.g., from REITs, may be treated as gain from the disposition of a USRPI, causing distributions to be subject to U.S. withholding tax, and requiring non-U.S. shareholders to file nonresident U.S. income tax returns.

The treatment of dividends and other distributions by a fund to shareholders under the various state income tax laws may not parallel that under U.S. federal income tax law. Qualification as a RIC does not involve supervision of a fund's management or of its investment policies and practices by any governmental authority.

Shareholders are urged to consult their own tax advisors with specific reference to their own tax situations, including any federal, state, local or foreign tax liabilities.

**Financial Statements**

The [audited financial statements and financial highlights for the funds](https://www.sec.gov/ix?doc=/Archives/edgar/data/787623/000119312526004625/d19932dncsr.htm) as of October 31, 2025 have been filed with the SEC as part of the funds' Form N-CSR filing on January 6, 2026 (SEC Accession #0001193125-26-004625, #0001193125-26-004633, #0001193125-26-004640), and are hereby incorporated by reference into this SAI.

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**Appendix A – Proxy Voting Policies** 

**Aegon Asset Management UK plc** 

**ACTIVE OWNERSHIP Policy** 

**MAY 2025** 

**Introduction** 

Responsible Investment ("RI") is an integral part of Aegon Asset Management UK's ("AEGON AM UK") investment approach. We believe good stewardship is an essential part of our responsibility as a provider of capital to investee companies on behalf our clients.

This Active Ownership Policy is aimed at all times to enhance long-term value creation by our investee companies and consequently improving the long-term risk-adjusted returns of our clients' portfolios. We actively seek to work with relevant stakeholders and the companies in which we invest to address complex Environmental, Social and Governance ("ESG") challenges that are in line with the interests of our clients.

This Policy describes how we implement engagement on behalf of our clients generally but may be varied by asset class or by instruction from the asset owners. It is part of a framework of relevant policies including our Conflicts Of Interest Policy which together guide and explain the implementation of our engagement with investee companies.

Our active ownership consists of four key pillars: screening and monitoring, engagement, voting, and shareholder litigation.

**Scope and purpose** 

This policy is written, and intended to be applied in compliance with the requirements of the EU and UK Shareholder Rights Directives stipulating the adoption of an active ownership policy, as well as the US Investment Advisers Act of 1940 and the US Employee Retirement Income Security Act of 1974, each as may be applicable.

The scope of our stewardship activities extends to investments in all corporate entities, including equities and fixed income instruments, both listed and non-listed. Stewardship actions and outcomes under this Policy are in line with our commitments under the UK Stewardship Code.

For UK Investors, references to Portfolio and Mandate include Funds and Segregated Mandates.

**Definitions** 

• 'Screening' means the evaluation of holdings against certain ESG parameters and the flagging of securities performing poorly against these parameters.

• 'Engagement' means entering into a dialogue with an entity in which Aegon AM UK holds a stake, whether equity or debt, with the aim of improving outcomes based on pre-set targets.

• 'Voting' means the exercise of shareholders' voting rights on proposals in general meetings of companies whose shares are held in portfolios managed by Aegon AM UK

**Screening and monitoring** 

As a prudent asset manager, AEGON AM UK monitors investments in the portfolios it manages. AEGON AM UK's overall objective is to ensure that the companies in which the portfolios invest in operate in accordance with its investment objectives.

Our investment, research and RI teams continually monitor and engage with the companies in which the portfolios we manage invest. Working together, these teams enhance our understanding of the companies in which the portfolios are invested and help to protect the interests of our clients, enabling material non-financial information to be incorporated into our investment analysis and decision making. Our approach to integrating ESG is outlined in our Responsible Investment Framework.

AEGON AM UK interacts with portfolio companies and external asset managers, where so appointed, in order to monitor portfolio companies on material issues, including strategy, business model, capital structure, risk, corporate governance and actions as well as on its social and environmental impacts. Material issues are those matters that are likely to significantly affect the company's ability to create long-term value.

We recognize that companies operate under significantly different conditions, so we endeavour to be reasonable and pragmatic in our approach to monitoring and engagement, giving due consideration to each company's specific circumstances and the market in which it operates. Our governance and disclosure guidelines are outlined in further detail in the Appendix.

**Key requirement 1: Screening and monitoring** 

The RI, investment and research teams monitor corporate issuers in which the portfolios we manage invest, and where appropriate, interact with issuers with the aim of improving understanding of material non-financial information within the investment process.

**Engagement** 

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When consistent with client mandates, we believe that actively engaging with companies to improve ESG performance and corporate behavior is generally more effective than excluding companies from our investment universe when this is consistent with a client mandate. In terms of the standards that we follow when engaging with portfolio companies, we consider the UK Stewardship Code and the Principles for Responsible Investment.

If we have concerns about a specific issue, we may enter an active dialogue with the company, either directly or collectively with other shareholders. Wider engagement with other stakeholders, such as employee unions and non-governmental organizations, may also form part of our engagement activities.

Participating in collaborative engagement with other like-minded investors can sometimes be the best course of action. We seek to strengthen our investor voice in engagement by actively participating in collaborative engagement platforms such as the Principles for Responsible Investment, UK Investor Forum and Institutional Investors Group on Climate Change. Some of these collaborative engagements may only be entered into on behalf of one or more parts of the Aegon AM group in reflection of underlying client preferences and/or local regulatory requirements.

Our belief is that engagement with portfolio companies is better to be private and confidential. This enables an open discussion that hopefully leads to resolution of our concerns. Engagement dialogues are conducted by investment managers, research analysts and/or the RI team.

Progress on engagements is regularly monitored through our milestone methodology and discussed internally. If following engagement we still have concerns, we may escalate our activities to include additional meetings with executive management, meeting with non-executive board members, expressing concerns through the portfolio company's advisors and voting against the portfolio company's recommendations at its annual general meeting or extraordinary general meeting. We may adapt our approach by seeking collaboration with other like-minded investors. In some instances, we may even reduce or sell our holding, subject to client investment guidelines or appropriate client approvals in non-discretionary client mandates.

Engagements are typically initiated following one of three potential triggers. First, we engage when we identify long-term financial risks arising from ESG issues as part of our research process or through separate monitoring of our priority topics of climate change, human rights and biodiversity.

Second, we engage with companies that do not comply to our clients' standards as outlined in specific mandates. We use our influence as an investor to encourage these companies to meet the ESG norms outlined in our clients' policies. Finally, engagement is also conducted in relation to specific RI strategies that actively seek to encourage certain corporate ESG behaviour.

After engagement, we endeavour to closely follow the progress made by the company. We report on our engagement activities on a regular basis to our clients, to regulators and on our website. Systematic screening, up-to-date recording of our activity, and reviews of our objectives allow us to measure progress. We formally review our engagement activities each year as part of our obligations under the Principles for Responsible Investment, UK and EU Shareholder Rights Directives and UK Stewardship Code, and updates on our engagement activity are regularly provided on our website. Engagement progress is systematically shared among the RI team, research analysts and investment managers to ensure investment decisions are taken based on the most comprehensive information possible.

**Key requirement 2: Engagement** 

The Responsible Investment team leads engagements with issuers with the aim of improving ESG outcomes and disclosure where aligned with client mandates. Engagement is typically triggered by one of three factors:

• Identification of ESG issues that create financial risk;

• Violation of our clients' ESG standards and policies as specified in mandates;

• RI investment strategies seeking to encourage certain ESG behaviours.

Engagement can be direct or, if possible and appropriate, collaborative (i.e. with other investors). Engagements are preferably confidential.

The engagement process is documented and monitored by the Responsible Investment Team.

**Key requirement 3: Engagement reporting** 

The Responsible Investment team reports to clients on engagement activities and the progress achieved on at least a yearly basis. These activities are also reviewed annually in line with regulation and other obligations.

Engagement activities and progress are also systematically reported internally to investment teams when relevant in a timely manner.

**Voting** 

**In mandates for which we have the discretion to take voting decisions on behalf of our clients** 

AEGON AM UK is generally supportive of portfolio companies' management. AEGON AM UK uses its voting rights in the interests of its clients. In most cases, this also means that companies must comply with the standards approved by the relevant stock exchange in which their shares are listed. In pooled vehicles, we will also consider underlying investors "expressions of wish" when making voting decisions and will communicate an explanation to the client if there is a reason, we may not be able to vote in line.

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We aim to ensure that voting rights are exercised consistent with a given client mandate, in an informed manner, to enhance long-term value creation and promote best practice ESG policies, disclosure and performance by portfolio companies.

We consider and vote all shareholder meetings of UK and Dutch companies in which we invest. In most cases, this means the company must follow the UK or Dutch Corporate Governance Code respectively, which set out best practices on corporate governance. However, we recognize that not all companies are the same and we strongly support the 'comply or explain' model of corporate governance. For this approach to work, companies must be willing to provide good quality and detailed explanations of the reasons for deviation from established best practice.

When companies seek to adopt a different approach from the respective Corporate Governance Code, we recommend consideration of the Investment Association guidelines which can be found at: https://www.ivis.co.uk/guidelines/.

We also vote the shares of companies outside the UK and the Netherlands where our shareholding is greater than or equal to 0.1% of the issued share capital or where clients have specifically instructed us to do so. In these instances, we follow the appropriate regional best practice where this is defined. Where this is not defined, we look to international best practice codes such as the Organization for Economic Co-Operation and Development Principles of Corporate Governance.

The exception to this are the strategies that are identified by name as sustainable and ethical where we shall undertake all reasonable efforts to vote all eligible meetings.

Where we have a voting-related concern, within practical limits we contact the company ahead of the meeting to discuss. Additionally, when we vote against or abstain on an issue, we also write to the company explaining why we have done so.

We use the voting advisory services of proxy advisors but only as an input to the decision-making process. We review all governance issues on a case-by-case basis and in a pragmatic manner, with input from both the RI team and our investment managers.

We record all votes cast and other relevant responsible investment activity. These records allow us to monitor each company's progress towards compliance with the appropriate governance codes and to demonstrate to our clients the approach we have taken. We report our voting behaviour with an explanation of the most significant votes. Our voting activities, as well as other stewardship activities are monitored by Internal Audit and Compliance on a periodic basis.

Where appropriate, we may attend the general meetings of the companies in which we invest. Where we exercise our right to submit a request for convening an extraordinary general meeting or for tabling a shareholder resolution at a general meeting of a portfolio company, we consult the company's board prior to exercising this right. We are present or represented at such meetings in order to explain the respective resolution.

Our normal practice is to agree engagement and significant voting decisions between our RI team and the relevant investment manager. Where controversial issues are identified or there is disagreement, we escalate the issue to the Chief Investment Officer of Fixed Income, Multi-Asset & Equities and their decision is final.

We do not lend equities in the Sustainable and Ethical mandates directly and, where an AEGON AM entity is a sub-adviser, we work with the relevant manager to help ensure that they do not lend equities in a manner that would potentially limit our ability to participate in voting activities.

**Key requirement 4: Voting (discretionary)** 

Where AEGON AM has the discretion to vote on behalf of clients, the Responsible Investment team exercises voting rights on all shares that AEGON AM holds in British and Dutch companies, as well as other companies where our shareholding is at least 0.1% of issued share capital, or where clients have specifically instructed us to do so with the exception of strategies that are identified as sustainable or ethical by name where AEGON AM shall undertake reasonable efforts to vote all holdings.

Votes follow local corporate governance best practice where possible and appropriate, based on the advice from proxy advisors. When voting against or abstaining on an issue, we explain our vote to the company in writing.

All votes are recorded along with an explanation for our decision in significant cases. All our votes are reported through appropriate channels. Additionally, voting activity in the actively managed fund is periodically monitored by Internal Audit and Compliance departments.

**Key requirement 5: Other shareholder rights** 

The exercise of other shareholder rights, such as convening an extraordinary general meeting or tabling a shareholder resolution, is agreed upon between the RI Team and the relevant investment managers ahead of this exercise. The company's management is also consulted.

**<u>In mandates for which we do not have the discretion to take voting decisions on behalf of our clients</u>** 

Certain clients may choose to retain the discretion to exercise their voting rights according to their own policies. Where these clients have voting policies that are different from our standard approach, we have set up procedures to allow us to implement votes in line with the client's requirements and policies.

**Key requirement 6: Voting (non-discretionary)** 

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Where AEGON AM does not have discretion to cast votes on behalf of clients, the Responsible Investment team implements votes in line with the client's requirements and policies.

**Conflicts of Interest** 

Investment management is AEGON AM UK's predominant business, helping to ensure we have limited competing priorities or distractions. Our client-centred culture ensures that everyone in the business is committed to acting in the best interests of our investors.

We recognize that situations may arise that could lead to conflicts of interest. Such considerations are covered in our Conflicts of Interest Policy.

Our overriding principle when considering any such conflicts is fair treatment of customers aligned with consumer duty. The obligations under consumer duty ensure that we identify our fiduciary responsibilities and act accordingly in the best interests of our clients.

Examples of conflicts of interest that may arise during our stewardship activities include: when an portfolio company is also a client or business partner; where we own both debt and equity in a given company; or where directors of an portfolio company also sit on the board of AEGON AM UK, AEGON AM or our parent company Aegon Ltd.

In such instances, we always prioritize the interests of clients. Should conflicts arise, we escalate the final decision-making on stewardship issues to the Chief Investment Officer of Fixed Income, Multi-Asset & Equities. Rationale for the final decision will be recorded, documented and stored centrally in our research database. Such matters will be reported on a quarterly basis to the Non- Financial Risk Committee (NFRC). Such actions shall be formally ratified by the Committee and recorded in the meeting minutes. Our legal and compliance teams may also be consulted as appropriate.

**Key requirement 7: Conflicts of interest** 

When casting a vote on shares of a company that may create conflicts of interest, the Responsible Investment team follows the Conflicts of Interest Policy, and prioritizes the interests of clients. If necessary, the RI team refers the issue to the Chief Investment Officer of Fixed Income, Multi-Asset & Equities, in consultation with Legal and Compliance teams.

Aegon AM does not vote shares that it may hold in its parent company, Aegon Ltd.

**Roles and responsibilities** 

The RI team is primarily responsible for the implementation of this policy. However, investment teams also engage with issuers as part of their investment research and decision-making processes. Where necessary the RI team may draw support from investment teams or client-facing staff.

This policy is owned by the Chief Investment Officer of Fixed Income, Multi-Asset & Equities.

**Process and controls** 

**<u>Reporting</u>** 

Internally, documents related to engagement are communicated in a timely fashion to investment managers and analysts.

Externally, progress on engagement is regularly reported to clients. All votes cast by AEGON AM UK are also reported externally regularly through the appropriate channels, along with a rationale for significant votes.

**<u>Compliance/ownership</u>** 

This policy is reviewed every two years.

This policy is owned by the Chief Investment Officer of Fixed Income, Multi-Asset & Equities

**<u>Exceptions</u>** 

Exceptions to this policy may be granted upon application by the Responsible Investment Team and are approved by the Governance, Risk and Compliance Committee (GRCC) if there are cogent reasons for this exception, such as an explicit request by an existing client.

**<u>Training and awareness</u>** 

The requirements of this policy are implemented primarily by specialists within the Responsible Investment team who are usually recruited as experts in engagement and voting and do not require further training. Upon request by investment managers or analysts, the Responsible Investment team can provide training to other interested parties if necessary.

**<u>Policy updates</u>** 

This Policy will be updated in case of new relevant regulation or internal policies coming into force, new best practices and evolving client demands. Policy updates are adopted upon endorsement of Chief Investment Officer of Fixed Income, Multi-Asset & Equities.

**<u>Record Retention</u>** 

AEGON AM UK maintains the following records of its proxy voting and engagement activities, in accordance with applicable laws and regulations and internal policy requirements:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Its Active Ownership Policy and Corporate Governance Guidelines;

• Proxy statements received, whether voted or not;

• Records of votes cast and correspondence with companies;

• Records of client requests on how proxies were voted; and

• Any documents prepared by AEGON AM UK that were material to making a decision on how to vote or that memorized the basis for the decision.

These records allow us to monitor each company's progress towards compliance with the appropriate governance codes and to demonstrate to our clients the approach we have taken. Details of our voting activity are available upon client request and at no further cost and information on how we have voted proxies on behalf of clients. All documents will be kept for no less than five years.

**<u>Related key documents</u>** 

Aegon Conflicts of Interest Policy

**Appendix: Corporate governance guidelines** 

These guidelines are applicable to mandates for which we have the discretion to make voting decisions on behalf of our clients. Certain clients may choose to retain the discretion to exercise their voting rights and engage with companies according to their own policies. In those cases, we have set up procedures to allow us to implement engagement and voting in line with client requirements and policies.

These guidelines are not designed to be exhaustive or to address non-routine matters that may be raised.

**1. Board** 

Companies should be headed by an effective board that is of sufficient size without becoming unwieldy. The directors (both executive and nonexecutive) are responsible for the long-term success of the company by exercising effective oversight. They are primarily accountable to the shareholders for ensuring that appropriate processes in place to:

• Set and monitor the strategy;

• Oversee management and implementation; and

• Set and review an appropriate risk appetite for the business.

Boards therefore need an appropriate balance of executive and non-executive directors, so that no individual or group can inappropriately dominate the discussions and decision-making of the board. Furthermore, there is a compelling business case for strong and diverse leadership teams in terms of skills, knowledge, experience and gender that will support the operations of the business and its strategy. We expect companies to have a range of diverse members on the board and to comply with local guidelines regarding board diversity. We expect disclosure of the diversity of the board and senior management where local laws permit.

We expect succession planning, sufficient induction and on-going training, updates and board evaluations (both internal and external) to be considered carefully. All directors should have the ability to commit sufficient time to the company to ensure they can fulfil their responsibilities. As such we consider the external responsibilities of directors when reviewing the composition of boards.

We expect a skills matrix to be provided so that we can understand how the skills of the directors have been monitored and an understanding of the gaps that may be present. We would expect to see members of the board with the requisite skill set to ensure material organizational risks are monitored and managed effectively.

Board committees should be comprised of non-executive directors only and the majority of them should be independent. In the case of the audit committee, we expect all directors to be independent with an adequate knowledge of accounting and finance.

Independent directors should not be connected with the executive management and should not have any relationships that could appear to affect their judgment. We use the definition of independence set out by the UK Corporate Governance Code. This suggests that a non-executive director is not independent if he or she:

• Was an employee within the last five years;

• Had a material business relationship with the company (directly or indirectly) within the last three years;

• Has remuneration other than the director's fee (no involvement in share option or performance linked schemes, not a member of the pension scheme);

• Has close family ties with directors, senior employees or company advisers;

• Has cross directorships or significant links with other directors;

• Is a representative of a significant shareholder; or

• Has served on the board for more than nine years.

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We support annual re-election of directors on individual resolutions. Where this is not best practice we expect election to be at least every three years.

A senior independent director should be appointed and identified in the annual report. This director should be available to meet shareholders to discuss issues that have not been settled through the normal channels of the chair and the chief executive.

Companies should adequately report on the membership and attendance of board and committee meetings.

All directors should be re-elected individually on an annual basis.

**Voting Actions** 

Where we have concerns with the structure or effectiveness of the board or a particular committee, we will not support the election or re-election of relevant directors.

By supporting appropriate appointments we accept our role as institutional investors in monitoring the progress that companies are making to increase boardroom and management diversity.

**2. Role of Chair of the Board** 

The Chair has an important role in providing leadership of the board. It is the responsibility of the Chair to manage the composition of the board and the committees. The Chair also is responsible for the board agenda and must ensure that information is provided in a timely manner to board members to ensure that board discussions are open and effective, with constructive challenge where necessary.

As such, we believe the roles of Chair and Chief Executive are distinct and separate. While we acknowledge that there may be exceptional circumstances as to why the roles may be combined for a limited period, we believe that the company is better served when the decision-making powers are not concentrated in a single individual.

We expect the Chair to be independent on appointment. Where companies deviate from this, we would expect a full explanation as to why the appointment is in the best interests of shareholders and wider stakeholders.

In markets where the combination of roles is not uncommon, we expect there to be a lead independent director to assume some of the responsibilities we would normally expect to be carried out by the chair. We also look for there to be sufficient independent representation on the board.

We expect the chair, or the senior independent director, to ensure the board is aware of concerns raised by investors, especially if there has been a sizeable dissent at a general meeting.

**Voting Actions** 

We generally vote against proposals to combine the roles of chair and chief executive. If the roles are already combined, then companies must prove that the board is sufficiently balanced.

We also generally vote against any proposal for a chief executive to move directly to being chair of the same company, unless there are exceptional circumstances.

Where we believe the board is not properly constituted or there are material governance failings, we will hold the Chair accountable and will use our voting power accordingly.

**3. Remuneration** 

Executive compensation remains a controversial subject. Concerns about the gap between executives and the general workforce; the complexity of remuneration packages; and links between pay and performance are common.

It is therefore crucial that remuneration committees should take a prudent approach when deciding on executive compensation. The remuneration committee should consist of a majority of independent directors and should review remuneration at least annually. Where the remuneration committee takes advice from independent remuneration advisors, this should be explained in the remuneration report and the associated costs should be disclosed.

We encourage companies to limit the use of benchmarking data, which has contributed to the upward ratcheting of pay over the past few decades. This kind of data should only be used as a starting point and care should be taken in choosing comparators to ensure they truly reflect the company's circumstances.

We examine the remuneration policies of the companies in which we invest on behalf of clients. We therefore expect companies to make appropriate disclosures on executive pay and awards that allow us to assess the company's remuneration strategy. The best remuneration strategies are clear and understandable.

We expect pay and awards to be set in a manner that aligns the interests of executives with the interests of the company's shareholders and at levels that attract, retain and motivate, without being excessive. Alignment is often best achieved by executives building up significant equity stakes in the companies that they manage.

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Executive compensation should be a balance between fixed pay and variable pay. The variable pay should be in the form of an annual bonus and one long-term incentive plan.

There should be a shareholder vote on executive compensation.

**Annual bonus** 

The annual bonus should have targets set according to company strategy and these should be fully disclosed, not least, on a retrospective basis. Companies should not make bonus payments and option grants to reward one-off events. This is because it is often difficult to assess how successful events such as mergers or acquisitions will be until a considerable time after the event.

Where they are quantifiable, we recommend relevant environmental and social performance conditions being incorporated into the annual bonus.

**Longer-term incentive plans (LTIPs)** 

Longer-term incentive plans (LTIPs) should have a clear link to the long-term experience of shareholders in a company. LTIP performance conditions should be clearly disclosed and should be challenging so that full vesting only occurs for genuinely superior performance. Performance should be measured over a minimum of three years and preferably five years.

Companies should not change the performance conditions of share-based incentive schemes without prior shareholder approval. Neither should they reset the price of share options after the options have been issued or compensate for awards that failed to vest.

We do not generally support Value Creation Plans, where the vesting of the rewards is solely dependent on increasing the value of the company, as we believe these arrangements can reflect general market conditions rather than the skill of the management. Neither do we typically support long-term incentive plans that depend on pre-grant criteria or short-term performance measures. Nor do we believe retention plans are appropriate.

Where they are quantifiable, aligned with corporate strategy and genuinely long term in nature, we recommend relevant environmental and social performance conditions being incorporated into the longer term incentive plans.

Clawback and Malus provisions should be appropriate so that individual or group failings can be addressed.

We also expect the remuneration committee to have necessary flexibility to exercise discretion where appropriate, however, we expect this to be fully explained in the subsequent annual report.

**Directors' shareholdings** 

We expect executive directors to build up a meaningful holding in the company to ensure a greater degree of alignment with shareholders. This may be achieved through deferred bonus or incentive plan payments and should be maintained at the agreed level throughout their tenure.

**Service contracts** 

Service contracts should not exceed one year. With the exception of new directors who may need longer contracts, we will generally vote against the election of directors whose notice period is more than one year. For new executive directors, after the initial period, we encourage the contract to be reduced to one year or less without any compensation payments being paid.

Furthermore, we do not support directors' service contracts which provide for unmitigated or liquidated damages in the event of early termination or a change in control of the company and the amounts involved exceed one year's salary. Neither are we supportive of payments for termination where individuals continue to be employed.

**Recruitment arrangements** 

Recruitment arrangements may include buy-out of existing awards at a previous employer. However, these should be valued on a like-for-like basis and should be subject to performance criteria. Careful consideration should be given to the likelihood of pay-out. Cash awards should only be used in exceptional circumstances.

**Pension contributions and shareholding guidelines** 

Pension contributions should be on the same terms as the rest of the company's employees and shareholding guidelines should be meaningful versus annual compensation i.e. typically in line with the maximum annual grant from the long-term incentive plan.

**Voting Actions** 

We consider executive compensation at each company on an individual basis. However, where we feel the policy or the outcome has not been balanced and proportionate or lacks linkage to shareholder experience or strategy we will oppose the resolutions on remuneration and the re-election of the remuneration committee members.

**4. Shareholder rights** 

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We believe in the principle of one share, one vote. This ensures that a shareholder's economic interests are consistent with their ability to influence company management.

We will not support proposed changes to a company's memorandum and articles of association that erode shareholders' rights or are otherwise inconsistent with the interests of existing shareholders.

Share blocking is an issue in some markets, whereby holders are restricted from selling their shares between the time when the vote is cast and the close of the company meeting. As investors we are mindful of the risks that share blocking presents and will typically not vote in markets where it is a significant issue.

Anti-takeover mechanisms serve to entrench boards at the expense of minority shareholder rights. Generally, we will oppose the introduction of such a mechanism. If one is in place, we would expect it to be subject to a sunset clause.

As institutional investors we appreciate the access we have to corporate boards to address concerns, however as market participants we realise that smaller retail investors only have the opportunity to address boards during General Meetings. We therefore believe that it is advantageous that General Meetings have an in person option – or that if the meeting is entirely virtual, there is opportunity for shareholders to engage with the board during the meeting.

**Voting Actions** 

We will oppose resolutions that erode shareholder rights and may be unwilling to support reelection of directors if appropriate.

**5. Capital management** 

Good capital management is essential for the long term success of a business. Shareholders benefit from understanding the approach to capital management in terms of the company strategy for M&A, buybacks and dividends.

We strongly support the principle of pre-emption rights for existing shareholders. We expect companies to comply with the standard institutional pre-emption guidelines as defined in their own markets.

We appreciate full disclosure of the company policy on use of the authorities sought at general meetings. If there is an exceptional circumstance that seeks a greater authority than is standard, we would expect full justification and engagement with shareholders.

We expect companies to disclose the impact of the capital management on the remuneration arrangements, so that we can understand the driving factors in the decision making process.

**Voting Actions** 

We typically vote against proposals that exceed the limits set by regional best practice guidelines unless there are exceptional circumstances.

**6. Major transactions** 

Major transactions in the form of mergers, acquisition, joint ventures and disposals are a necessary part of corporate life. We believe all such transactions should apply a disciplined approach and progress should be monitored closely to ensure the original objectives are being met.

Non-executive directors should ensure they have enough information to fully understand the implications of transactions. Where necessary they should seek independent external advice to aid them in ensuring the protection of shareholder and other stakeholders' best interests. We consider all such transactions on a case-by-case basis.

**Voting Actions** 

We make any decisions on major transactions in conjunction with the relevant fund managers.

**7. Related-party transactions** 

Boards should have an appropriately independent process for reviewing, approving and monitoring related-party transactions. As with major transactions, non-executive directors should be able to seek independent external advice to ensure any such transaction is in the best interests of the company and shareholders.

Related-party transactions should be reported to the board and approved and where relevant these should be disclosed in the annual report and accounts i.e. when they are material to the business, where there is a perceived conflict of interest or where key individuals are involved.

**Voting Actions** 

We expect all related-party transactions to be undertaken on fully commercial terms and to be fully justified and beneficial to the company.

We consider all such transactions on a case-by-case basis and do not support if we believe there are material issues. We may also not support the reelection of directors related to the transaction.

**8. Auditors** 

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The audit committee, as a fully independent committee, is best placed to appoint and oversee the external auditors. We believe the statutory audit is an important shareholder protection and therefore shareholders must be comfortable that the appointed auditor is acting in a suitably independent manner. The purpose of the audit is to identify errors or wrongdoing and to alert shareholders to these issues so that they can be addressed.

The audit committee should ensure that non-audit fees are kept to a minimum and that the company has a clear policy on re- tendering and rotation that is adhered to. We expect the re- tendering and rotation of auditors to be in line with best practice guidelines and to be adequately disclosed.

We also expect companies to have an effective Internal Audit function that identifies new and emerging risks to the business. We expect the strategic report to identify and mitigate key risks.

The company should have a clear whistle-blowing policy that is integrated into the code of conduct for all employees. Reporting channels should be identified and procedures should be clear. Additionally, the company should report on how bribery and other illegal activities are identified and resolved.

The viability statement should be the board's opinion on the long-term viability of the company. We would expect this to align with the strategic plans for the company and should cover a period longer than one year.

**Voting Actions** 

We will vote against the appointment of auditors when we have concerns about the proposed auditor's independence; the level of non-audit fees; audit quality; or where a company changes its auditor without providing an adequate explanation. We may also not support the re-election of audit committee members.

**9. ESG integration** 

Integration of environmental, social and governance issues into our overall analysis is an important principal. As such, we consider the level of disclosures made by companies in their annual reports and other relevant materials and presentations.

We consider each company individually according to the key ESG risks they face. Where we identify areas for improvement or unsustainable practices we endeavor to engage with the company. We may take voting action where the outcome is not satisfactory.

We consider shareholder resolutions on ESG matters on a case-by-case basis. We will generally support proposals that could increase or protect shareholder value.

**Voting Actions** 

Where we have concerns over the level or quality of disclosures on ESG issues, we may not be able to support the approval of the report and accounts. Where significant concerns arise on ESG matters, we may not be able to support the reelection of relevant directors.

**10. ESG Resolutions** 

Resolutions related to Environmental, Social and Governance issues tend not to be standardized and therefore it is difficult to set guidelines on how such differing resolutions may be voted on. Below is the baseline of how we analyse these resolutions and the minimum requirements however, each resolution related to these issues will be looked at on a case by case basis and the list below is not exhaustive.

**Climate and Transition** 

We recognise that climate change presents a significant risk to the economy. We expect investee companies to assess the impact of climate change on their business and set a strategy accordingly. Company disclosures should be aligned with Task Force on Climate Related Financial Disclosures to ensure comparability within our portfolios.

When examining Transition plans or other climate related resolutions we look for the following points

• **Ambition & Targets**– Are there short-, medium- and long-term emission reductions targets across Scope 1,2 & 3 aligned to the stated ambition and a specific pathway such as 1.5 degree? Targets should be set around robust science-based methodologies such as Science Based Targets Initiative (SBTi).

• **Strategy** – Is there a clearly stated and realistic strategy to meet the ambition and targets? We expect to be able to ascertain what tools will be used to achieve this strategy i.e. in terms of whether there will be reductions, mitigation or offsets and how these have been deemed appropriate. We emphasise absolute reductions above all else as offsets can be subject to scrutiny. We are interested in what capital expenditure is being assigned to these tools.

• **Climate Risk** – How is climate risk monitored? Which scenario analysis is used? If climate risks are material to the business financially and/or strategically?

• **Lobbying** – Are the company lobbying activities aligned with the stated climate ambition? We seek clarity on trade association membership and contributions.

• **Governance** – How are these ambitions and strategies managed? Is there sufficient expertise at board and senior management level to oversee them effectively? Are they reflected in remuneration?

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**Voting Actions** 

Where we have concerns over the level of disclosures or the transition strategy we may not be able to support the relevant resolutions. This will include holding directors accountable if progress is not made in an appropriate timescale.

**Biodiversity and Nature** 

Nature related concerns have been increasing over the past few years, these have largely not progressed to resolutions on general meetings but we do expect to see that developing in the near future.

We recognise that biodiversity is very closely related to climate change and the amount of information disclosed by companies is growing. We therefore expect investee companies to assess the impact and dependencies of nature on their business and set a strategy accordingly. Where disclosures are made, we expect them to align to Task Force on Nature Related Financial Disclosures where possible.

**Voting Actions** 

Where we have concerns over the disclosure or management of risks around Biodiversity, we may not be able to support management recommendations on the relevant resolutions. This may include holding directors accountable if progress is not made in an appropriate timescale.

**Human Rights** 

Another topic that has increased in the number of resolutions in the recent past is Human Rights.

These vary enormously in subject matter from Racial Equality audits to impact on indigenous peoples. It is impossible to make firm guidance on how these are analysed but we look to adhere to good practice and will examine the companies records on other areas of human rights before making any decisions.

**Voting Actions** 

Where we have concerns over the treatment of human capital in the company or the supply chain we may not be able to support management recommendations on the relevant resolutions. This may include holding directors accountable if progress is not made in an appropriate timescale.

**Other Shareholder resolutions** 

There is an increase in shareholder resolutions across the Environmental and Social spectrum, too many to mention in this policy.

Additionally, there has been a marked increase in the number of Anti-ESG resolutions being tabled at general meetings in the US market.

We therefore spend the time to understand each of these resolutions, some of the considerations in making these decisions are:

• What impact will approving such a resolution have on the business? We need to understand how financially material these may be and whether the request is contradictory to any approved strategy that is in place. We consider what the company is already doing to approach the issue raised within the resolution.

• Are there likely to be unintended consequences of these resolutions?

• How prescriptive is the resolution? We do not seek to micro manage the companies that we are invested in.

**Voting Actions** 

We will take an informed decision based on all the available information and will disclose our voting decision and rationale in the reports published on our website.

**Glossary**

**Active ownership:** Using your shareholder rights to influence investee companies' activities or behaviour, mainly through voting at shareholder meetings or engaging with companies.

**Capital:** Money used or available for growing wealth.

**Consumer duty:** The obligation of financial firms to help ensure that their products and services are designed to meet the needs of consumers and are delivered in a way that is fair and transparent.

**Corporate Governance:** Rules, practices and processes for managing and supervising a company.

**Engagement:** Long-term dialogue between investors and companies on environmental, social and governance (ESG) factors.

**Shareholder engagement:** Interactions between investors and companies on ESG issues to improve practices and disclosure, involving structured dialogue and continuous monitoring.

**Collaborative engagements:** Groups of investors working together, sometimes with formal networks or organizations.

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**ESG:** Environmental, Social and Governance factors used to measure the sustainability and societal impact of investment decisions where applicable.

**ESG Integration:** Incorporating environmental, social and governance (ESG) factors into the investment decision making process.

**Ethical investing:** Avoiding controversial areas like gambling, tobacco and alcohol, based on personal beliefs, though some investors may choose to influence these industries.

**Fiduciary responsibilities:** The legal and ethical obligation of a fiduciary to act in the best interest of their clients, prioritising their clients' needs above their own.

**Issuer:** A legal entity that sells securities (such as bonds) to finance its operations.

**Pooled vehicles:** Investment funds that pool together capital from multiple investors to invest in a diversified portfolio of assets, such as mutual funds.

**Proxy advisors:** Firms that provide services to shareholders, including research and recommendations on how to vote on corporate governance issues at shareholder meetings.

**Responsible Investment (RI):** An investment approach that considers environmental, social, and governance (ESG) factors in an effort to generate sustainable, long-term financial returns and positive societal impact.

**Screening:** The process of including or excluding investments based on specific criteria, such as ethical, environmental, or social factors.

**Stewardship:** Responsibly managing assets and reporting on sustainability principles.

**Sustainable investing:** Investing in funds aligned with sustainable economic activities or the Sustainable Development Goals.

**Task Force on Climate Related Disclosure:** provides information on how companies mitigate climate change risks.

**Voting:** Exercising voting rights on management and shareholder resolutions, either in person at meetings or by proxy.

Aegon Asset Management UK plc registered in Scotland under SC113505, registered office 3 Lochside Crescent, Edinburgh, Scotland, EH12 9SA. Aegon Asset Management UK plc is authorised and regulated by the Financial Conduct Authority.

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**Aegon USA Investment Management, LLC** 

**Proxy Voting Policy** 

**November 2025** 

**Version 8.5** 

**1. Introduction** 

Aegon USA Investment Management, LLC ("AUIM") hereby adopts this Proxy Voting Policy ("Policy") pursuant to Rules 206(4)-6 and 206(4)-7 of the Investment Advisers Act of 1940 to reasonably ensure that it votes proxies in its Clients' best interests. AUIM also has a fiduciary duty to address other investor consent rights pursuant to Client agreements including items like consents, amendments, resolutions, and corporate actions (Securities Actions). This policy addresses proxy voting only, other Securities Actions are addressed outside of this policy.

Specifically, Rule 206(4)-6 requires each registered investment adviser that exercises securities voting ("proxy voting") authority with respect to Client securities to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Adopt and implement written policies and procedures reasonably designed to ensure that the adviser votes Client securities in the Clients' best interests. Such policies and procedures must address the manner in which the adviser will resolve material conflicts of interest that can arise during the proxy voting process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Disclose to Clients how they may obtain information from the adviser about how the adviser voted with respect to their securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Describe to Clients the adviser's Proxy Voting Policy and Guidelines and, upon request, furnish a copy of the policies and procedures.

**2. Scope and purpose** 

AUIM is a fiduciary that owes each of its clients a duty of care and loyalty with respect to all services undertaken on the client's behalf, including proxy voting. The duty of care generally requires AUIM to monitor corporate events and to vote proxies unless a Client has agreed otherwise. AUIM Employees who exercise proxy voting authority must do so in accordance with this Policy.

This Policy is also designed to comply with the books and records requirements prescribed in Rule 204-2(c)(2) and for clients that are governed by ERISA, regulation 404a-1(e)(2)(E).

**3: Definitions** 

Except as otherwise defined herein, for the purpose of this Policy, the following terms shall have the meaning ascribed below:

**Act:** The Investment Advisers Act of 1940, as amended, and all regulations promulgated thereunder.

**Affiliate:** An entity that is controlled by, controls, or is under common control with AUIM.

**Client:** (a) Any investment company registered under the Investment Company Act of 1940, as amended, ("IC Act") for whom AUIM acts as investment adviser or sub-adviser, (b) any Separate Account, Private Fund, or collective investment trust fund where AUIM acts as investment adviser, or (c) investment arrangement where AUIM acts as investment adviser with discretion on the account or is engaged to provide non-discretionary advice.

**Conflict of Interest:** A condition or situation, or the appearance thereof, in which competing professional, personal, financial, or other interests of AUIM or its Employees are contrary to the interests of AUIM and/or its Clients.

**Employees:** AUIM managers, officers, Employees, access persons, and other individuals identified by Compliance.

**Equity Proxy Voting Policy Guidelines:** AUIM roadmap for arriving at voting decisions on common or routine proxy matters. (See Appendix A)

**Private Fund**: As defined in the Investment Advisers Act of 1940, a Private Fund is an issuer that would be an investment company as defined in section 3 of the IC Act but for sections 3(c)(1) or 3(c)(7) of the IC Act.

**Portfolio Manager(s)**: AUIM Employees responsible for providing investment decisions and proxy votes for client portfolio they manage.

**Procedures:** Procedures, protocols, and practices of AUIM or part thereof as AUIM's President, or their designees, may approve or sanction from time to time.

**Security:** The SEC defines the term "Security" broadly to include stocks, bonds, certificates of deposit, options, interests in private placements, futures contracts on other Securities, participations in profit-sharing agreements, and interests in oil, gas, or other mineral royalties or leases, among other things. "Security" is also defined to include any instrument commonly known as a Security. On the other hand, in most – but not necessarily all – instances, a promissory note is not considered to be a "Security." Any questions about whether an instrument is a Security for purposes of the federal Securities laws should be directed to the CCO.

**Separate Account:** A type of Client that is a separately managed investment account (i.e., a Client account that is not a pooled investment vehicle). Separate Accounts can include accounts of both third-party Clients and Clients that are Affiliates of AUIM.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Policy REQUIREMENTS** 

**4.1 Proxy Voting General Principles** 

AUIM votes on behalf of all Client accounts for which it has the requisite discretionary authority except for situations in which (i) any Client notifies AUIM in writing that it has retained, and intends to exercise, the authority to vote its own Securities, or (ii) for ERISA clients, AUIM has determined, in accordance with its fiduciary duty and this Policy, that refraining from voting a proxy is prudent or required under ERISA. Clients may also ask AUIM to vote in accordance with specific guidelines furnished by the Client, in which case AUIM will vote within the Client's guidelines unless contrary to applicable law.

AUIM primarily manages Client portfolios of debt Securities. For most fixed income Clients, the issues for which AUIM encounters fixed income Securities generally involve amendments to loan documentation, borrower compliance with financial covenants, registration rights, prepayments, insolvency, and other distressed creditor situations. Because these and related fixed income issues are generally unique to each particular borrower and relevant fact situation, they do not lend themselves to broad characterization that can be addressed by standard proxy voting guidelines.

Routine proxy matters associated with equity Securities (including but not limited to electing board of directors, selecting auditors, shareholder rights, proxy contests, corporate governance matters, and executive and director compensation) are typically voted in accordance with its Equity Proxy Voting Guidelines ("Guidelines") (see Appendix A) as long as they are consistent with AUIM's fiduciary obligations (under the Advisers Act and ERISA, if applicable, given the specific facts and circumstances of each proxy. These Guidelines are not designed to be exhaustive or to address non-routine matters that may be raised in proxy ballots or other voting opportunities. To the extent relevant and appropriate, AUIM may consider these Guidelines when voting Client debt Securities.

In general, votes will be determined on a case-by-case basis, after taking into consideration all factors relevant to the issues presented. AUIM seeks to vote proxies in a manner consistent with its fiduciary obligations and other contractual responsibilities.

Subject to some limited exceptions for ERISA Clients, AUIM recognizes and adheres to the principle that an important Client interest associated with owning a Security is exercising the right to vote in the election of the company's directors and on matters affecting the company's structure and operations. AUIM endeavors to vote Client Securities in the best interest of its Clients.

**Key Requirement 1** 

AUIM may determine that it is in the Client's best interest to abstain from voting proxies. Accordingly, where AUIM believes the cost of voting proxies outweighs the benefits of doing so, it will generally abstain.

**4.2 Conflicts of interest** 

In fulfilling its proxy voting responsibilities, AUIM may face conflicts of interest. Conflicts include any position or interest, financial or otherwise, which causes a division in or impairs AUIM's independence or judgment concerning how to vote proxies in the clients' best interests. A material conflict of interest may arise between the self-interest of the firm, an Employee, the Subcommittee, and AUIM's clients.

The Portfolio Manager, with assistance from the CCO and others as mandated, will consider whether AUIM is subject to any conflicts of interest in connection with a proxy vote. Employees must notify the CCO and the Subcommittee if they are aware of any conflict of interest associated with a proxy vote. It is not possible to anticipate all conflicts of interest that could arise in connection with proxy voting. The following examples are meant to help Employees identify potential conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. AUIM or an affiliate has a financial interest in the outcome of a proxy vote, such as when AUIM is asked to vote on a change in Rule 12b-1 fees paid by a mutual fund to it or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. An issuer or some other third-party offers AUIM or an Employee compensation in exchange for voting a proxy in a particular way; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An Employee, or a member of an Employee's household, has a personal or business relationship with an issuer and AUIM receives a proxy solicitation from that issuer.

**Key Requirement 2** 

The Portfolio Manager, with assistance from the CCO and others as mandated, will consider whether AUIM is subject to any conflicts of interest in connection with a proxy vote.

AUIM recognizes the potential for conflicts that may arise between its own interests and those of its clients. To address these concerns, AUIM, as advised by the Subcommittee, will generally take one of the following steps to avoid any impropriety or the appearance of impropriety in any situation involving a conflict of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Obtain a review from AUIM's General Counsel regarding determination of a conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Obtain guidance from the client(s) whose account(s) is/are involved in the conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Vote proxies in accordance with the recommendation of an Independent Third Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Vote in strict accordance with its Guidelines.

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**Key Requirement 3** 

AUIM, as advised by the Subcommittee, will generally take one of the following steps to avoid any impropriety or the appearance of impropriety in any situation involving a conflict of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Obtain a review from AUIM's General Counsel regarding determination of a conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Obtain guidance from the client(s) whose account(s) is/are involved in the conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Vote proxies in accordance with the recommendation of an Independent Third Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Vote in strict accordance with its Guidelines.

**4.3 Books and Records** 

In accordance with Rule 204-2(c)(2), AUIM must retain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Its Proxy Voting Policy and Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Proxy statements received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Records of proxy votes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Records of Client requests on how Client proxies were voted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. All documents prepared by AUIM that were material to making a decision on how to vote (including decisions not to vote or to "abstain" from voting), or that memorialize the basis for proxy voting decisions (e.g., Subcommittee meeting minutes).

All documents must be kept for no less than six years from the date of creation.

It is required by Rule 204-2 of the Investment Advisers Act that a copy of each proxy cast by AUIM on behalf of a Client be maintained along with all proxy statements received, whether voted or not.

**Key Requirement 4** 

It is required by Rule 204-2 of the Investment Advisers Act that a copy of each proxy cast by AUIM on behalf of a Client and all documents prepared by AUIM that were material to making a decision on how to vote be maintained along with all proxy statements received, whether voted or not.

Satisfying the recordkeeping requirements set forth above will satisfy the recordkeeping requirements associated with an ERSIA Client pursuant to ERISA regulation 404a-1(e)(2)(E) which requires AUIM to maintain records on proxy voting activities and other exercises of shareholder rights.

**4.4 Proxy Voting Reports** 

AUIM shall provide, upon Client request and at no cost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A description of its Proxy Voting Policy and Guidelines (either as part of Part 2B of AUIM's Form ADV or as a standalone document);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A copy of this Policy; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Information regarding how AUIM voted proxies on behalf of the Client.

AUIM shall not provide, to any Client, information about AUIM's proxy voting activities for any other Client.

**Key Requirement 5** 

AUIM shall not provide, to any Client, information about AUIM's proxy voting activities for any other Client.

**4.5 Proxy Voting Disclosures** 

The SEC adopted a new rule under the Exchange Act, 14Ad-1, in November 2022 regarding proxy voting disclosures. Within the rule changes, it states that any institution required to file a report under Rule 13(f) must also report their say-on-pay votes under the Form N-PX. The amendment to the Rule does not affect the 13(f) report itself.

Beginning August 1, 2024, and annually thereafter, AUIM will collect information on say-on-pay votes between July 1 – June 30 and report those votes to the SEC via Form N-PX.

**5. Monitoring** 

Compliance may conduct periodic testing and/or surveillance of AUIM's proxy voting activities. Issues relating to such activities, at the Compliance team's discretion, may be escalated to the Head of US Liquid Assets and Head of US Leveraged Finance, CCO, or the appropriate governance Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. roles and responsibilites** 

**6.1 Roles and Responsibilities** 

AUIM's Head of US Liquid Assets and Head of US Leveraged Finance or their designee is primarily responsible for administering and enforcing this Policy. The Head of US Liquid Assets and Head of US Leveraged Finance may delegate performance of policy responsibilities to other Employees, including Portfolio Managers, acting individually or collectively, for whom they shall retain supervision and oversight. The Chief Compliance Officer ("CCO") and/or their designees (collectively referred to as "Compliance" or the "Compliance team") shall provide policy administration, support, and monitoring.

Employees who exercise proxy voting authority must vote Client Securities in accordance with this Policy and in the Clients' best interests.

**Key Requirement 6** 

Employees who exercise proxy voting authority must vote Client Securities in accordance with this Policy and in the Clients' best interests.

**6.2 Governance** 

Any relevant issues that raise concerns against the scope of this or relevant local policies and any one of the monitoring criteria required by this policy will be reported to the relevant Compliance Officer and/or CRO and will require escalation to the appropriate risk committee(s). Any material concerns or high-risk items should be escalated to the Proxy Voting Subcommittee. If further escalation is required, the matter will be raised to the AUIM Control Committee.

**6.3 Escalation** 

Every Employee has an obligation to report any violations of AUIM's Compliance Policies, as outlined in the Escalation Policy. Employees should be aware of their responsibility to quickly identify and mitigate and/or escalate any potential Conflicts of Interest.

In addition, all Employees are subject to the AAM Operational Risk Policy, which sets out principles for recording, approving, reporting, and escalating errors and other risk events. Employees shall report any violation of this Policy to their Department Head and the CCO in addition to any additional reporting requirements outlined in other applicable policies.

**7. Process and controls** 

**7.1 Proxy Voting Exception** 

AUIM will use its best efforts to vote all Client proxies. In certain instances, circumstances may exist at the time the vote is due (e.g., when Client Securities have been loaned) that impact or prevent AUIM from voting Client proxies.

Notwithstanding the foregoing, in some situations, AUIM may determine that it is in the Client's best interest to abstain from voting proxies. Accordingly, AUIM will generally abstain where (i) it believes the cost of voting proxies outweighs the benefits of doing so, and (ii) for ERISA Clients, it believes voting a proxy would not be (a) in accordance with the economic interest of the Client, after consideration of all material facts and associated costs, or (b) required under ERISA pursuant to Section 7.3 herein. For example, AUIM will generally abstain from voting proxies on international Securities where personal appearance is required, or where it does not have sufficient information to vote the proxy, and the cost or administrative burden of obtaining such information is not commensurate with the reasonably foreseeable impact of the matter being voted upon in the proxy.

**7.2 Use of an Independent Third Party** 

Because of the expertise of its staff with the issues upon which it votes Client debt Securities, AUIM will not generally seek the services of a qualified independent third party ("Independent Third Party") to provide guidance on such matters.

AUIM will generally research and cast proxy votes based on its own Policy and Guidelines. In instances deemed appropriate by the Head of US Liquid Assets and Head of US Leveraged Finance, particularly when AUIM has a material Conflict of Interest, or when AUIM lacks sufficient knowledge or resources, it may engage an Independent Third Party to, among other things, provide proxy research and/or to make recommendations. When AUIM considers the research or recommendations provided by an Independent Third Party, it retains all proxy voting responsibilities. For ERISA Clients, any Independent Third Party will only be engaged for assistance with proxy voting responsibilities to the extent AUIM has determined that such firm's proxy voting guidelines are consistent with AUIM's fiduciary duty obligations under ERISA.

**7.3 ERISA Accounts** 

Where Client accounts are governed by ERISA, AUIM shall decide whether and how to exercise voting rights pursuant to its fiduciary duties under ERISA (which includes, for example, an assessment as to whether the ERISA Plan documents (e.g., Plan, Trust, etc.) explicitly provide that AUIM is or is not authorized to vote proxies.

When deciding whether and how to exercise proxy voting authority, and when exercising proxy voting authority, AUIM must:

• Act solely in accordance with the economic interest of Client;

• Consider any costs involved;

• Not subordinate the interests of the Client to any non-pecuniary objective, or promote non-pecuniary benefits or goals unrelated to those financial interests of the Client;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Evaluate material facts that form the basis for any particular proxy voting authority or other exercise of shareholder rights;

• Maintain records on proxy voting activities and other exercises of shareholder rights; and

• Exercise prudence and diligence in the selection and monitoring of persons, if any, selected to advise or otherwise assist with exercises of shareholder rights, such as providing research and analysis, recommendations regarding proxy votes, administrative services with voting proxies, and recordkeeping and reporting services.

**Key Requirement 7** 

When deciding whether and how to exercise proxy voting authority, AUIM must act solely in accordance with the economic interest of the Client, consider material facts and costs involved, and not subordinate the client's financial interest to any non-pecuniary objective, or promote non-pecuniary benefits or goals unrelated to a Client's financial interest.

**7.4 Proxy Voting Subcommittee** 

The Proxy Voting Subcommittee ("Subcommittee") consists of representatives from Investment Management, Compliance and Legal. The Subcommittee meets at least annually, and has the following responsibilities:

• Review potential material conflicts and decide whether a material conflict is present and needs to be addressed according to these policies and procedures.

• Review the Guidelines and make revisions as appropriate.

• Review these Policies and Procedures annually for accuracy and effectiveness and recommend and adopt any necessary changes.

• Review all Guideline overrides.

• Review voting metrics.

**7.5 Operational Consideration** 

AUIM shall take reasonable efforts to ensure that all accounts, where it has proxy voting responsibility are properly established and maintained in order for it to carry out these responsibilities. Furthermore, AUIM shall maintain Procedures reasonably designed to ensure that all applicable proxies are received, considered, and votes cast in accordance with this Policy and/or related Guidelines.

**Key Requirement 8** 

AUIM shall take reasonable efforts to ensure that all accounts where it has proxy voting responsibility are properly established and maintained in order for it to carry out these responsibilities.

**Key Requirement 9** 

AUIM shall maintain Procedures reasonably designed to ensure that all applicable proxies are received, considered, and votes cast in accordance with this Policy and/or related Guidelines.

**Appendix** 

**<u>A: Equity Proxy Voting Policy Guidelines</u>** 

The following is a concise summary of AUIM's Proxy Voting Policy Guidelines.

**1. Auditors** 

**Vote FOR proposals to ratify auditors, unless any of the following apply:** 

• An auditor has a financial interest in or association with the company, and is therefore not independent,

• Fees for non-audit services are non-standard, or

• There is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position.

**2. Board of Directors** 

**Voting on Director Nominees in Uncontested Elections** 

• Votes on director nominees should be made on a CASE-BY-CASE basis, examining the following factors: independence of the board and key board committees, attendance at board meetings, corporate governance provisions and takeover activity, long-term company performance, responsiveness to shareholder proposals, any egregious board actions, and any non-standard non-audit fees or other potential auditor conflicts.

**Classification/Declassification of the Board** 

• Vote AGAINST proposals to classify the board.

• Vote FOR proposals to repeal classified boards and to elect all directors annually.

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**Independent Chairman (Separate Chairman/CEO)** 

• Vote on a CASE-BY-CASE basis shareholder proposals requiring that the positions of chairman and CEO be held separately. Because some companies have governance structures in place that counterbalance a combined position, certain factors should be taken into account in determining whether the proposal warrants support. These factors include the presence of a lead director, board and committee independence, governance guidelines, company performance, and annual review by outside directors of CEO pay.

**Majority of Independent Directors/Establishment of Committees** 

• Vote FOR shareholder proposals asking that a majority or more of directors be independent unless the board composition already meets the proposed threshold by AUIM's definition of independence.

• Vote FOR shareholder proposals asking that board audit, compensation, and/or nominating committees be composed exclusively of independent directors if they currently do not meet that standard.

**3. Shareholder Rights** 

**Shareholder Ability to Act by Written Consent** 

• Vote AGAINST proposals to restrict or prohibit shareholder ability to take action by written consent.

• Vote FOR proposals to allow or make easier shareholder action by written consent.

**Shareholder Ability to Call Special Meetings** 

• Vote AGAINST proposals to restrict or prohibit shareholder ability to call special meetings.

• Vote FOR proposals that remove restrictions on the right of shareholders to act independently of management.

**Supermajority Vote Requirements** 

• Vote AGAINST proposals to require a supermajority shareholder vote.

• Vote FOR proposals to lower supermajority vote requirements.

**Cumulative Voting** 

• Vote AGAINST proposals to eliminate cumulative voting.

• Vote proposals to restore or permit cumulative voting on a CASE-BY-CASE basis relative to the company's other governance provisions.

**Confidential Voting** 

• Vote FOR shareholder proposals requesting that corporations adopt confidential voting, use independent vote tabulators and use independent inspectors of election, as long as the proposal includes a provision for proxy contests as follows: In the case of a contested election, management should be permitted to request that the dissident group honor its confidential Voting Policy. If the dissidents agree, the Policy remains in place. If the dissidents will not agree, the confidential Voting Policy is waived.

• Vote FOR management proposals to adopt confidential voting.

**4. Proxy Contests** 

• Voting for Director Nominees in Contested Elections

• Votes in a contested election of directors must be evaluated on a CASE-BY-CASE basis, considering the factors that include the long-term financial performance, management's track record, qualifications of director nominees (both slates), and an evaluation of what each side is offering shareholders.

**5. Poison Pills** 

• Vote FOR shareholder proposals that ask a company to submit its poison pill for shareholder ratification. Review on a CASE-BY-CASE basis shareholder proposals to redeem a company's poison pill and management proposals to ratify a poison pill.

**6. Mergers and Corporate Restructurings**

• Vote CASE-BY-CASE on mergers and corporate restructurings based on such features as the fairness opinion, pricing, strategic rationale, and the negotiating process.

**7. Reincorporation Proposals** 

• Proposals to change a company's state of incorporation should be evaluated on a CASE-BY-CASE basis, giving consideration to both financial and corporate governance concerns, including the reasons for reincorporating, a comparison of the governance provisions, and a comparison of the jurisdictional laws. Vote FOR reincorporation when the economic factors outweigh any neutral or negative governance changes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Capital Structure** 

**Common Stock Authorization** 

• Votes on proposals to increase the number of shares of common stock authorized for issuance are determined on a CASE-BY-CASE basis.

• Vote on proposals at companies with dual-class capital structures to increase the number of authorized shares of the class of stock that has superior voting rights on a CASE-BY-CASE basis.

• Vote on proposals to approve increases beyond the allowable increase when a company's shares are in danger of being delisted or if a company's ability to continue to operate as a going concern is uncertain on a CASE-BY-CASE basis.

**Dual-class Stock** 

• Vote on proposals to create a new class of common stock with superior voting rights on a CASE-BY-CASE basis.

• Vote on proposals to create a new class of nonvoting or sub-voting common stock on a CASE-BY-CASE basis, reviewing in particular if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is intended for financing purposes with minimal or no dilution to current shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is not designed to preserve the voting power of an insider or significant shareholder

**9. Executive and Director Compensation** 

• Votes with respect to compensation plans should be determined on a CASE-BY-CASE basis. AUIM reviews Executive and Director compensation plans (including broad-based option plans) in the context of the transfer of shareholder wealth. This review encompasses not only a comparison of a plan relative to peer companies, but also on an absolute basis, considering the cost of the plan vs. the operating income and overall profitability of the firm in question.

• Vote AGAINST equity plans that explicitly permit repricing or where the company has a history of repricing without shareholder approval.

**Management Proposals Seeking Approval to Reprice Options** 

• Vote AGAINST proposals by management seeking approval to reprice options.

**Employee Stock Purchase Plans** 

• Votes on employee stock purchase plans should be determined on a CASE-BY-CASE basis.

• Vote FOR employee stock purchase plans where all of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase price is at least 85 percent of fair market value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering period is 27 months or less, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potential voting power dilution (VPD) is ten percent or less.

• Vote AGAINST employee stock purchase plans where any of the opposite conditions apply.

**Shareholder Proposals on Compensation** 

• Vote on a CASE-BY-CASE basis for all other shareholder proposals regarding executive and director pay, taking into account company performance, pay level versus peers, pay level versus industry, and long-term corporate outlook.

**10. Social and Environmental Issues** 

• These issues cover a wide range of topics, including consumer and public safety, environment and energy, general corporate issues, labor standards and human rights, military business, and workplace diversity.

• In general, vote CASE-BY-CASE. While a wide variety of factors goes into each analysis, the overall principal guiding all vote recommendations focuses on how the proposal will enhance the economic value of the company.

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**Belle Haven Investments, L.P.** 

**Proxy Discretion and Voting Procedures** 

**March 2023** 

**i. BACKGROUND** 

Belle Haven Investments, L.P. ("Belle Haven" or the "Firm") has implemented Proxy Discretion and Voting Policies and Procedures in accordance with SEC Rule 206(4)-6, that are designed to ensure that when the Firm is obligated to exercise such discretionary voting authority over securities in a client's account, it is doing so in the best interests of the clients. Upon notice, the Firm will take the necessary actions to receive such voting ballots, by electronic or hard copy format. Belle Haven will not be responsible to vote any proxies where the client or the client's primary advisor has not arranged for the forwarding of such proxies to Belle Haven.

The Firm will abstain from voting proxies if in the reasonable opinion of the Firm, the outcome of the vote most likely will not be determined by how the Firm may vote and thus the cost of voting appears to exceed the potential benefit to clients; or the subject of the vote does not appear likely to have a material impact on the value of the investment held by clients; or the Firm has determined that there is a potential or actual material conflict of interest between itself and client with respect to the voting of such proxies.

In accordance with the Investment Adviser's Act of 1940, Rule 206(4)-6, the Firm has, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adopted Proxy Discretion and Voting Policies and Procedures reasonably designed to ensure that the Firm votes proxies in the best interests of its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Addressed how the Firm mitigates potential or actual material conflicts of interest that can arise between the Firm and its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Disclosed to clients the Firm's Proxy Discretion and Voting Policies and Procedures, and provide copies upon written request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclosed to clients how they are able to obtain information on how the Firm has voted their proxies.

In addition, in accordance with amendments to Rule 204-2 ("Books and Record Keeping Requirements"), the Firm maintains specific records, outlined below, as it relates to proxies voted by on behalf of clients by the Firm.

**ii. firm overview** 

Belle Haven is a dually registered broker-dealer and investment advisor specializing in fixed income investment strategies. The Firm maintains discretionary authority over its investment advisory accounts, and utilizes the broker-dealer arm of Belle Haven to execute trades on behalf of its investment advisory clients. The Firm is registered with the Securities and Exchange Commission ("SEC"), the Financial Industry Regulatory Authority ("FINRA"), and the Municipal Securities Rulemaking Board ("MSRB").

The Firm acts as subadvisor to an investment company registered under the Investment Company Act of 1940, and acts as a portfolio manager for one or more wrap fee programs.

The Firm provides discretionary investment management services, with respect to fixed income securities, and offers several fixed income strategies to its investment advisory accounts. In most instances, the Firm acts as a subadvisor to other registered investment advisors, where such investment advisor selects one of Belle Haven's fixed income strategies for their client's account based on their client's investment objectives and suitability. Belle Haven relies on such strategy selection by the client's primary investment advisor as the client's suitability determination. Should an account impose restrictions and/or be funded with securities, some of which may not be consistent with Belle Haven's strategy's objectives, such securities will be sold in an orderly fashion to make the portfolio consistent with the strategy's objectives.

Additionally, the Firm provides discretionary investment management services to Belle Haven Aggressive Muni, L.P. ("BHAM"), a private offering of limited partnership interests.

**iii. proxy voting policy** 

Unless otherwise expressly delegated by the client or the client's primary investment advisor in writing, the Firm is not responsible for voting proxies held in the client's investment advisory account. In instances where it is obligated to vote, it is the Firm's policy to vote with management. The Firm will abstain from voting proxies, if in the reasonable opinion of the Firm, the outcome of the vote most likely will not be determined by how the Firm may vote and thus the cost of voting appears to exceed the potential benefit to clients.

Should a vote be deemed to present a potential or actual material conflict of interest, such as a conflict between the interests of an investment advisory account, BHAM, or the Mutual Funds the Firm advises, on the one hand, and those of the Firm on the other hand, then the matter is subject to resolution by consulting an independent third-party. In addition, the Chief Compliance Officer ("CCO") or designated person by the CCO ("DP"), will forward all proxy voting records to the third-party designated by the Mutual Fund Adviser ("Glass Lewis").

• <u>Investment Advisory Accounts</u>: In instances where the Firm is obligated to vote proxies, the client or the client's primary investment advisor is responsible for notifying their custodian to direct proxy voting authority to Belle Haven. Upon notice, the Firm will take the necessary actions to receive such voting ballots, by electronic or hard copy format. Belle Haven will not be responsible to vote any proxies where the client or the client's primary investment advisor has not arranged for the forwarding of such proxies to the Firm.

• <u>Belle Haven Aggressive Muni, L.P. ("BHAM")</u>: From time to time, BHAM may own equity securities which may require the Firm to vote proxies.

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• <u>The Mutual Funds</u>: As provided under Rule 20a-1 of the Investment Company Act, if the Firm purchases securities on behalf of the Mutual Fund which require proxy voting, the Firm is responsible for voting those proxies. The Firm will forward all records of proxy voting to Glass Lewis, the third-party designated by the Mutual Fund Adviser to facilitate compliance with Rule 30b-1 of the Investment Company Act.

Belle Haven utilizes Broadridge Investor Communication Solutions, Inc. ("Broadridge") for proxy voting services through access to e-ballot and meeting information via proxyedge.com. The Firm does not utilize Broadridge as a proxy advisor, nor does it subscribe to such services that include voting advice or recommendations. If in the future the Firm engages the services of a proxy advisory firm to provide voting recommendations or execution services, it will implement additional policies and procedures to ensure such recommendations are consistent with the Firm's voting practice, and are in the best interest of its investment advisory clients.

**CONFLICTS OF INTEREST** 

In the event Belle Haven encounters a potential or actual material conflict of interest, as it relates to voting proxies, the Firm will abstain from voting such proxies until such conflict has been resolved. For purposes of this policy, a material conflict of interest is defined as a conflict, that in the opinion of Belle Haven, is likely to have a material impact on the decision regarding how such proxy should be voted. Examples of a material conflict of interest includes, but is not limited to:

• An employee of the Firm having a personal or business relationship with a board member of a publicly trades company, whose management is soliciting proxies; or

• A company that the Firm provides investment management services to, whose management is soliciting proxies.

Unless otherwise requested by the client, in the event of an identified potential or actual material conflict of interest, the Firm will continue to ensure all proxy voting decisions are based in the clients' best interest by:

• Vote in proportion to other shareholders;

• Engaging an independent third-party to determine how to vote the proxy;

• Refer the proxy to the client, or the client's advisor for voting purposes;

• Disclose the conflict to the affected clients and seek their consent to vote the proxy prior to casting the vote.

**Exceptions** 

In certain circumstances, the Firm may not vote the proxies it has received if the Firm has reasonably determined that it is in the client's best interest to abstain from voting. This situation will generally arise if the Firm determines that the cost of voting the proxy exceeds the expected benefit. For example, in the case of international equity securities, some countries impose a practice called "share blocking." Share blocking does not permit a shareholder to sell a security during the time period between voting a proxy and the shareholder meeting. The Firm may not vote any securities subject to share blocking if the Firm believes the benefit of being able to sell a security at any time outweighs the benefit of voting a proxy. In such cases, the Firm will conduct reasonable diligence to ensure that by abstaining the vote, the Firm is still fulfilling their duty of care to such clients.

**IV. proxy voting procedures** 

In instances where the Firm is obligated to vote proxies, the client or the client's primary advisor is instructed by the Firm to notify their custodian to direct proxy voting authority to Belle Haven. Upon notice, the Firm will take the necessary actions to receive such voting ballots, by electronic or hard copy format. The Firm will not be responsible to vote any proxies where the client or the client's primary advisor has not arranged for the forwarding of such proxies to the Firm.

The CCO or DP shall have oversight responsibility for the Proxy Discretion and Voting Policies and Procedures, for incoming proxies in both hard copy and electronic format, as follows:

• The DP shall review all incoming proxies, both in electronic and hard copy, as applicable, and forward such proxies to a member of the Portfolio Management Team for voting decision.

• The DP shall review voting decision and documentation provided by the member of the Portfolio Management Team. In the event of an identified potential or actual material conflict of interest, the DP will document all votes cast in cases where a material conflict of interest exists and the ensure appropriate resolution thereof, before casting such vote.

• The DP will ensure that all voting decisions provided by the member of the Portfolio Management Team have been processed accordingly.

• The DP will ensure that all proxy voting records related to the Mutual Fund are forwarded to the third-party designated by the Mutual Fund Adviser, Glass Lewis, as applicable.

On an annual basis, the CCO and DP will review and revise the Firm's Proxy Voting Discretion Policies and Procedures, as applicable, and in accordance with any regulatory amendments or updates to Rule 206(4)-6, to ensure the adequacy of their procedures have been reasonably

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designed. The CCO and DP will review Form ADV Part 2, and other Firm disclosures as they relate to proxy voting, in order to ensure that the Firm is accurately reflecting its Proxy Discretion and Voting Policies and Procedures. All annual reviews and updates to Firm policy will be documented and saved accordingly.

**V. information and disclosure requirements** 

The Firm is required to provide, upon written request, a copy of its Proxy Discretion and Voting Policies and Procedures, as well as a record of how the Firm has voted the client's proxies.

The Firm discloses a summary of its Proxy Discretion and Voting Policies and Procedures within Part 2 of the Firm's ADV. The disclosure summary also includes a statement that clients may contact the Firm's CCO at (914) 816-4633 for a copy of the Proxy Discretion and Voting Policies and Procedures, and information with respect to how the Firm voted a proxy.

The CCO or DP is responsible for ensuring that all client requests including, but not limited to, copies of the Firm's Proxy Discretion and Voting Policies and Procedures, and/or record of how the Firm has voted the client's proxies, is made available to the client in a timely manner and that delivery of such requested information is documented.

**VI. recordkeeping** 

The CCO and/or DP will ensure that the following books and records are maintained, as appropriate, in hard copy or electronic form from the Firm's proxy voting service:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Firm's Proxy Discretion and Voting Policies and Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclosure summaries of the Firm's Proxy Discretion Policies and Procedures made to clients on the Firm's ADV Part 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Proxy statements received for client securities and records of votes cast of behalf of each client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Records of written client requests for proxy voting information, including a record of information provided by the Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All documents prepared that were material to making a proxy voting decision, including decisions where there was a potential or actual material conflict of interest and/or voting exceptions.

The above records shall be retained in an easily accessible place for a period of at least six (6) years from the end of the fiscal year during which the last entry was made on such record, the first two (2) years being the home office of the Firm.

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**BlackRock Fund Advisors, BlackRock Financial Management, Inc., BlackRock Investment Management, LLC, BlackRock International Limited and BlackRock (Singapore) Limited** 

**BlackRock Active Investment Stewardship** 

**Global Engagement and Voting Guidelines** 

**Effective as of January 2026** 

**Overview** 

This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with issuers.<sup>1</sup> BAIS works in partnership with BlackRock's investment teams, excluding index equity<sup>2</sup>, providing expertise on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate. The team is responsible for establishing voting guidelines for the active equity platform, providing vote recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS makes to BlackRock's active portfolio managers. It applies to active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these guidelines within their investment processes in light of their clients' or funds' investment objectives. There are separate, independently developed principles and voting policies that are applied to BlackRock's index equity investments by a distinct and independent function, BlackRock Investment Stewardship.

<sup>1</sup> This document includes BAIS' benchmark policy, which covers nearly all active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. This document also includes BAIS' decarbonization policy, which covers holdings in BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.

<sup>2</sup> BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part of a strategic initiative to unlock the full breadth of the firm's active and private markets capabilities for clients. As a result, there are two stewardship teams, which operate independently of one another and have separate voting policies.

**Introduction to BlackRock** 

BlackRock's mission is to help more people invest better. The money BlackRock manages is not its own — it belongs to BlackRock's clients, many of whom make their own asset allocation and portfolio construction decisions. As a fiduciary, BlackRock invests on clients' behalf to help them meet their investment objectives. The firm does this by understanding clients' long-term investment objectives and offering choice on how and where they wish to invest their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning this work with research, data and analytics.

At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As stewards of our clients' assets, we engage with companies to discuss the corporate governance and business practices that, in our experience, support companies in delivering durable, risk-adjusted financial returns over time. We are committed to building strong relationships through constructive, ongoing dialogue with the boards and executive management of the companies in which our clients are invested.

**About BlackRock Active Investment Stewardship** 

BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages BlackRock's stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by these Global Engagement and Voting Guidelines (the "Guidelines") and insights from active investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at shareholder meetings.

Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.<sup>3</sup> Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and stewardship specialists may engage jointly or independently on material corporate governance matters. Our discussions focus on topics relevant to a company's success over time, including governance and leadership, corporate strategy, capital structure and financial performance, operations and material sustainability-related risks, as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track record of financial value creation. We aim to build and maintain strong relationships with company leadership based on open dialogue and mutual respect.

Different active equity strategies may implement these voting guidelines differently, as a result of the latitude each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each portfolio's investment objectives and strategy.

These guidelines discuss BAIS' views on corporate governance topics on which we may engage with management teams and board directors<sup>4</sup> and on matters that routinely come to a shareholder vote. We recognize that accepted corporate governance norms can differ across markets,

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and believe these guidelines represent globally applicable elements of governance that support a company's ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance norms within their local markets or, particularly in markets without well-established norms, aspire to widely recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company's strategy or its implementation. We look to companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial interests of their investors.

<sup>3</sup> On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act. We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect, of changing or influencing control of the company.

<sup>4</sup> References to the board, board directors or non-executive directors should be understood to include supervisory boards and their members, where relevant. Our approach to stewardship within active equities.

**Our approach to stewardship within active equities** 

Voting at a company's shareholder meeting is a right of share ownership and a core principle of corporate governance. The voting rights attached to clients' holdings are an important mechanism for investors to express support for, or concern about, a company's performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with BlackRock's contractual arrangements with clients and funds.

In general, we tend to support the recommendations of the board of directors and management. As indicated below, we may vote against management recommendations when we have concerns about how companies are serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to voting but considers the different corporate governance regulations and norms across markets. Votes are determined on a case-by-case basis, in the context of a company's situation and the investment mandate we have from clients. Please see page 19 for more information about how we fulfill and oversee our investment stewardship responsibilities for BlackRock's non-index equity strategies.<sup>5</sup>

<sup>5</sup> Non-index equity strategies include active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies, as well as holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.

**Our approach to stewardship within fixed income** 

Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed income investment teams may help inform an issuer's approach to structuring specialist issuances and the standard terms and information in bond documentation.

**Boards of Directors** 

**Roles and responsibilities** 

There is widespread consensus that the foundation of good corporate governance is an effective board of directors that is able to advise and supervise management in an independent and objective manner.<sup>6</sup>

We look to the board of directors (hereafter the "board") to have an oversight role in the establishment and realization of a company's strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a company to be resilient in the face of a changing business environment, help reduce the risks of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.

In overseeing the management of the company, the board ensures the necessary resources, policies and procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.

One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief executive officer ("CEO"). In addition, the board plays a meaningful role in monitoring the performance of the CEO and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and engaging with shareholders, and other stakeholders, as necessary.

<sup>6</sup> See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance principles of the US Business Roundtable as examples.

**Composition and effectiveness** 

**Appointment process** 

A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub-committee determines the general criteria given the company's circumstances (e.g., sector, maturity, geographic footprint) and any additional criteria for a specific role being filled (e.g., financial expertise, industry track record). To inform the process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures that explain how the board considered different skills and experience to ensure that the directors collectively can be effective in fulfilling their responsibilities. We assess a company's board composition against that of its peer group and local market requirements.

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Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board composition in our engagements or voting but seek to understand how well placed a board is to act in investors' interests. We may vote against the election of the most senior independent director, or the chair of the relevant committee, where a company has not demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of skills and experience amongst the directors to support strong financial performance over time. We may vote against newly nominated directors who do not seem to have the appropriate skills or experience to contribute to the board's effectiveness.

**Independence** 

Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is of paramount importance to the protection of the interests of minority shareholders such as BlackRock's clients. We consider it good practice for at least half the directors to be independent and free from conflicts of interest or undue influence.<sup>7</sup> This also helps to ensure that board committees are composed of a sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board independence should meet those local requirements.

We may vote against the election of non-independent directors if the board does not have a sufficient balance of independence. We may also vote against the election of the chair of the committee responsible for board composition if this is a perennial issue.

<sup>7</sup> Common impediments to independence may include but are not limited to: current or recent employment at the company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company; interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially interfere with a director's ability to act in the best interests of the company and shareholders.

**Independent board leadership** 

Practices across markets differ, as do board structures, but we observe two main approaches to independent board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for coordinating with the other non-executive directors and working closely with the executive chair on the board agenda and other board procedures. In this case, the executive chair and the lead independent director work together to ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO succession, executive pay, and board performance. We look to boards to explain their board leadership model and how it serves the interests of shareholders.

We may vote against the election of the chair of the committee responsible for board composition if there is not an identified independent leader of the board with clear responsibilities for board performance. We may vote against the most senior independent director if the board has a policy of not engaging with shareholders.

**Tenure and succession** 

In our view, it is good practice for boards to establish the length of time a director would normally be expected to serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to director tenure particularly around the contributions of directors who have served for longer periods than typically provided for under local practice. In our experience, long-serving directors could become less independent given their long-term relationship with management and involvement in past board decisions.

Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with long-term knowledge of the board and company.

In markets where there is not specific director tenure guidance from regulation or corporate governance best practices, we may vote against the election of the chair of the committee responsible for board composition if a company does not clearly disclose its approach to director tenure and board renewal. We may vote against the election of directors who have served for more years than is typical in markets with specific guidance, where the case for their continued service is not evident.

**Capacity** 

To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an effective board will assess the ability of its members to maintain an appropriate focus on board matters and the company taking into consideration competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time commitment but note that they are generally more intensive than a standard directorship. We will take local norms and practices into consideration when making our voting determinations across markets.

We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil their duties to the board and company.

**Director elections** 

Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board structure<sup>8</sup> may be justified by a company when it needs consistency and stability during a time of transition, or on the basis of its business model (e.g., a non-operating company such as closed-end funds).

Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look to companies to

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provide sufficient information on each director standing for election so that shareholders can assess their capabilities and suitability. We will generally not support the election of directors whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.

Each director's appointment should be dependent on receiving a simple majority of the votes cast at the shareholder meeting. Where a company's practices differ, we look to the board to provide a detailed explanation as to how its approach best serves investors' interests.

We may vote for shareholder or management proposals seeking to establish annual election of directors and/or a simple majority vote standard for director elections. We may vote against all the directors standing for election as part of a single slate if we have concerns about the profile or performance of an individual director.

<sup>8</sup> A classified board divides the directors into classes with different overlapping terms. As a result, only one class of directors stands for election in any one year.

**Committees** 

Many boards establish committees to focus on specific responsibilities of the board such as audit and risk, governance and human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees they should establish, but we seek to understand the board's rationale for the committee structure it determines is appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee should be clear, and the board should ensure that all critical matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when the board discloses the structure, membership, proportion of independent directors, and responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees include:

• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal audit function and whistleblowing mechanisms.

• Nominating, governance and human capital – oversight responsibilities for corporate governance principles and practices of the company, including the periodic review of board performance; responsibility for succession planning for CEO and key board roles, as well as the director appointment process; may also have oversight responsibilities for human capital management strategies, including corporate culture and purpose.

• Executive compensation – determines the compensation policies and programs for the CEO and other executive officers, approves annual awards and payments under the policies; may also have oversight responsibilities for firm-wide compensation policies.

We may vote against the election of the chair of the committee or other directors serving as committee members to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of the most senior non-executive director if there is not a clearly disclosed approach to board committees.

**Board and director evaluation** 

We consider it best practice for companies to conduct an annual review of the performance of the board, the committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third party able to bring objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to and the objectives of evaluations, including any changes made to the board's approach as a result.

**Access to independent advice** 

To support the directors in effectively fulfilling their duties to the company and shareholders, they should have access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third parties to advise on critical matters. These might include new industry developments such as emergent and disruptive technology, operating events with material consequences for the company's reputation and/or performance, or significant transactions. Board committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and succession planning.

**Executive compensation** 

Boards play an important role in establishing compensation arrangements that enable the company to recruit, retain and reward the caliber of executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus on alignment between variable pay and a company's financial performance.

Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards performance against short-term metrics, incentives - most often share-based- that reward performance against long-term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.

Recognizing the unique circumstances of each company, we determine whether to support a company's approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative information in their disclosures to enable shareholders to understand the compensation arrangements and assess the alignment with investors' interests. Features we look for in compensation arrangements include:

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• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the company's size, sector and market.

• Variable pay subject to performance metrics that are closely linked to the company's short- and long-term strategic objectives.

• Long-term incentives that motivate sustained performance across a multi-year period.

• A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.

• Pay outcomes that are consistent with the returns to investors over the relevant time period.

• Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and transparently.

• A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the company within a defined time period, as determined by the board or relevant board committee.

• Change of control provisions that appropriately balance the interests of executives and shareholders.

• Clawback or malus provisions that allow the company to recoup or hold back variable compensation from individuals whose awards were based on fraudulent activities, misstated financial reports, or executive misconduct.

• Severance arrangements that protect the company's interests but do not cost more than is contractual.

We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or approve the compensation report where we do not see alignment between executive compensation arrangements and our clients' financial interests. When there is not an alternative, or where there have been multi-year issues with compensation misaligned with performance, we may vote against the election of the chair of the responsible committee, or the most senior independent director.

**Non-executive director compensation** 

Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We do not support non-executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and undermine their independence from management, whom they oversee.

**Capital structure** 

Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate capital allocation in support of long-term financial resilience.

Where company practices diverge from those set out below, we look for companies to disclose why they view these practices to be aligned with shareholders' interests. We may vote against management proposals seeking capital-related authorities, or the election of the most senior independent director, if we have concerns about a company's approach. We may also support a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.

**Share issuance** 

We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Share buybacks** 

We assess share buyback proposals in the context of the company's disclosed capital management strategy and management's determination of the appropriate balance between investment that supports the long-term growth of the company and returning cash to investors. We also take into consideration the effect of a buyback program on the company's balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market price. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Dividends** 

We generally defer to management and the board on dividend policy but may engage to seek further clarification where a proposed dividend appears out of line with the company's financial position.

**Differentiated voting rights** 

We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic exposure. Certain companies, particularly those new to public markets, could make the case to adopt a differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate and seek approval for their capital structure on a periodic basis.

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**Transactions and special situations** 

We monitor developments in transactions and special situations closely and undertake our own detailed analyses of proposals.

**Mergers and acquisitions** 

We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders. Management should provide an assessment of the proposed transaction's strategic and financial rationale, along with its execution and operational risks. We review each transaction independently based on these factors and the degree to which the transaction enhances shareholder value. The board might consider establishing an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to shareholders.

We will vote against transactions that, in our assessment, do not advance our clients' financial interests.

**Anti-takeover defenses** 

In principle, we do not support companies using anti-takeover defenses, also known as poison pills or shareholder rights plans, as they can entrench management and boards which have not delivered long-term shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also be closely monitored by the independent members of the board. We consider it good practice for companies to put to a shareholder vote any mechanisms expected to be in place for more than 12 months.

**Shareholder activism** 

When companies are the focus of an activism campaign, we may communicate with the activist to understand their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company management and possibly board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the quality of both the activist's and management's plans; and the qualifications of each party's candidates. We evaluate each contested situation by assessing the potential financial outcome for our clients as minority shareholders.

We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or the relevant portfolio manager has determined that there is a case for change to enhance shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of protecting shareholders' interests.

**Significant shareholders and related party transactions** 

Boards of companies with affiliated shareholders or directors should give equitable consideration to the interests of all shareholders when evaluating related party transactions.

We consider it good practice for transactions with related parties, such as significant shareholders or companies affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively have been agreed with a non-related party. In our view, such transactions should be reviewed and approved by the independent members of the board, and if voted on, only disinterested shareholders should vote.

**Corporate reporting, risk management and audit** 

Investors depend on corporate reporting, both regulatory and voluntary, to understand a company's strategy, its implementation and financial performance, as well as to assess the quality of management and operations and potential for the company to create shareholder value over time. We consider it good practice for the board to oversee corporate reporting and the policies and procedures underpinning the internal audit function and external audit.

A company's financial reporting should provide decision-useful information for investors, and other stakeholders, on its financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in accordance with globally developed reporting standards and any divergence from generally accepted accounting principles should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.

In this context, audit committees play a vital role in a company's financial reporting system by providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens the quality and reliability of a company's financial statements and provides an important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the independence of the auditor and the quality of the external audit process annually.

Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide robust, standardized disclosures on their material sustainability-related risks and opportunities. The International Sustainability Standards Board (ISSB) is one entity working to meet these

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objectives through its reporting standards, which may be helpful to companies in preparing such reports.<sup>9</sup> However, we do not mandate any specific disclosure framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under standards specified by policy makers.<sup>10</sup>

Companies should establish robust risk management and internal control processes appropriate to the company's business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board are aware of potential misconduct or breaches in risk management and internal control processes.

A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor remained independent.

We may vote against the election of the responsible directors if corporate reporting is insufficient or there are material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial statements or the discharge of the board when we are concerned about the quality of corporate reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we are concerned about the auditor's independence, the quality of the audit, or there are material misstatements in financial reports and the board has not established reasonable remediation plans.

<sup>9</sup> The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1 "General Requirements for Disclosure of Sustainability-related Financial Information" and S2 "Climate-related Disclosures."

<sup>10</sup> See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional-profiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en.

**Shareholder rights and protections** 

**General shareholder meetings** 

Companies normally have an annual general meeting of shareholders at which routine and non-routine items of business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.

We may vote against directors when materials related to the business of the shareholder meeting are not provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder participation.

**Bylaw amendments** 

We review bylaw amendments proposed by management on a case-by-case basis and will generally support those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be explained in detail and put to a shareholder vote.

We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.

If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required to exercise this right should balance its utility with the cost to the company of holding special meetings.

If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding, the right to nominate directors to the company's board. The threshold for this right should be set so that shareholders can exercise it without being unduly disruptive to the board's own nomination process.

Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms. We may vote for a shareholder proposal seeking the addition of either of these provisions to a company's bylaws.

**Change of domicile** 

We generally defer to management on proposals to change a company's domicile as long as the rationale for doing so is consistent with the company's long-term strategy and business model and the related costs are immaterial.

We may vote against directors or a proposal to change a company's domicile where it does not seem aligned with our clients' financial interests.

**Changes to a company's purpose or the nature of its business** 

Plans to materially change the nature of a company's business or its purpose should be disclosed and explained in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor's views on the suitability of a company for their investment

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strategy or portfolio.

Where relevant, we may vote against proposals to change a company's purpose or the nature of its business if the board has not provided a credible argument for change.

**Shareholder proposals** 

Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general shareholder meeting asking a company to take a particular course of action subject to the proposal being supported by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be relevant to a company's business.

We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a company's business and its current approach, whether the actions sought are consistent with shareholders' interests, and what impact the proposal being acted upon might have on financial performance.

Our general approach where we have concerns about a company's governance, disclosures or performance is to engage to understand the apparent difference in perspective. If we are concerned a company is not acting in shareholders' financial interests, we may vote against the election of directors. We may support a relevant shareholder proposal if doing so is aligned with our clients' financial interests. We generally do not support shareholder proposals that are legally binding on the company, seek to alter a company's strategy or direct its operations, or are unrelated to how a company manages risk or generates financial returns.

BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.

**Corporate political activities** 

A corporation's ability to engage in the policy process is subject to rules and regulations set by the jurisdictions in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes, BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how companies engage in corporate political activities and ensure that their participation is consistent with their public statements on policy matters material to the company's long-term strategy. The board should be aware of the approach taken by management on corporate political activities as there can be reputational risks arising from inconsistencies between a company's policy engagement and stated policy positions. Companies should, as a minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we would like to better understand its approach to policy engagement, where relevant.

To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy priorities and the policy positions of the trade associations of which they are active members and any engagements undertaken by trade associations on behalf of members.

We may support a relevant shareholder proposal, or vote against directors, where a company's disclosures are insufficient to address the material risk it has identified.

**Material sustainability-related risks and opportunities** 

We seek to understand how companies manage the material risks and opportunities inherent in their business operations. In our experience, sustainability-related factors<sup>11</sup> that are relevant to a company's business or material to its financial performance, are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer demand or adapting supply chains in response to changing regulatory requirements.

We recognize that the specific sustainability-related factors that may be financially material or business relevant will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures and our engagement, we aim to understand how management is identifying, assessing and integrating material sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake a more holistic assessment of a company's potential financial performance and the likely risk-adjusted returns of an investment.

We may vote against directors or support a relevant shareholder proposal if we have concerns about how a company is managing or disclosing its approach to material sustainability-related risks that may impact financial returns.

<sup>11</sup> By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company's business model that have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in which a company operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is the core means by which boards can oversee the creation of durable financial value over time. Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a sound governance framework.

**Key stakeholders** 

In our view, companies should understand and take into consideration the interests of the various parties on whom they depend for their success over time. It is for each company to determine their key stakeholders based on what is material to their business and long-term financial performance. For many companies, key stakeholders include employees, business partners (such as suppliers and distributors),

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clients and consumers, regulators, and the communities in which they operate. Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to be financially resilient over time.

**Climate and decarbonization investment objectives** 

Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in those funds differs in some respects from BAIS' benchmark guidelines, which are described above. Specifically, for those funds' holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model would be viable in a low-carbon economy, i.e., one in which global temperature rise is limited to 1.5⁰C above pre-industrial levels. In addition, clients in separately managed accounts may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.

These decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization. It is helpful to investors' understanding when these disclosures include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions.

Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a relevant shareholder proposal if a company does not appear to be adequately acting to address or disclosing material climate-related risks, consistent with the parameters set out in these climate- and decarbonization-specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a company's stated low-carbon transition strategy or targets that the company does not currently provide and that would be helpful to investment decision-making. We would not recommend support for shareholder proposals that seek to constrain board or management decision-making or direct specific business or strategic decisions. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to climate risk and the energy transition is undertaken in line with BAIS' benchmark guidelines.

**Appendix 1: How we fulfil and oversee our investment stewardship responsibilities for non-index equity investment strategies** 

**Oversight** 

The Global Head of BAIS has primary oversight of and responsibility for the team's activities, including voting in accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the "Guidelines"), which require the application of professional judgment and consideration of each company's unique circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities, reporting lines, and oversight.

The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in BlackRock's legal, public policy, sustainability and communications teams, helps shape the firm's approach to investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments to BAIS' policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the relevant active equity investors.

BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third parties for certain of the foregoing activities and performs oversight of those third parties (see "Use and oversight of third-party vote services providers" below).

**Voting guidelines and vote execution** 

BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent business judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident shareholder) to the Fund, the Fund's affiliates (if any), BlackRock or BlackRock's affiliates, or BlackRock employees (see "Conflicts management policies and procedures," below).

When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although portfolio managers have the right to vote differently on their holdings if they determine doing so is more aligned with the investment objective and financial interests of clients invested in the funds they manage.

The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide insight into how we typically approach issues

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that are commonly put to a shareholder vote. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that explain our approach to governance practices most aligned with clients' long-term financial interests.

In certain markets, proxy voting involves logistical issues which can affect BAIS' ability to vote such proxies, as well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of shareholder meetings; ii) restrictions on a foreigner's ability to exercise votes; iii) requirements to vote proxies in person; iv) "share-blocking" (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting has occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.

BlackRock votes proxies in these situations on a "best-efforts" basis. In addition, BAIS may determine that it is generally in the interests of BlackRock's clients not to vote proxies (or not to vote our full allocation) if the costs (including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the benefit the client would derive by voting on the proposal.

**Voting Choice** 

BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy voting process where legally and operationally viable.

Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies.<sup>12</sup>

As a result, the shares attributed to BlackRock in company share registers may be voted differently depending on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control over proxy voting because of Voting Choice.<sup>13</sup>

<sup>12</sup> With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast votes based on the client's selected voting policy.

<sup>13</sup> BlackRock does not disclose client information, including a client's selection of proxy policy, without client consent.

**Use and oversight of third-party vote services providers** 

Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use Glass Lewis' research and analysis as an input into our voting process. It is important to note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting recommendations. A company's disclosures, our engagements and voting, investment colleagues' insights and our Guidelines are important inputs into our voting decisions on behalf of clients.

Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting process by making voting recommendations based on BAIS' Guidelines when the items on a shareholder meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research reports, company announcements, and direct communications from companies to ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.

BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our service level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock's firmwide policies.

**Conflicts management policies and procedures** 

BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS' proxy voting activity. Such influence might stem from any relationship between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock's affiliates, a Fund or a Fund's affiliates, or BlackRock employees. The following are examples of sources of perceived or potential conflicts of interest:

• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions

• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions

• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock

• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock

• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock

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• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds managed by BlackRock

BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:

• Adopted the Guidelines which are designed to advance our clients' long-term financial interests in the companies in which BlackRock invests on their behalf

• Established a reporting structure that separates BAIS from employees with sales, vendor management, or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock's relationship with such parties. Clients or business partners are not given preferential treatment or differentiated access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional information to make a more informed voting decision or to better understand a company's perspectives on financially material risks and opportunities. Within the normal course of business, BAIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met

• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting recommendations as a further safeguard to avoid perceived or potential conflicts of interest, to satisfy regulatory requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third-party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also use an independent third-party voting service provider to make proxy voting recommendations for certain perceived or potential conflicts of interest, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public companies that include BlackRock employees on their boards of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of the board of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public companies that are the subject of certain transactions involving BlackRock Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public companies that are joint venture partners with BlackRock, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public companies when legal or regulatory requirements compel BlackRock to use an independent third-party voting service provider

In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider.

**Securities Lending** 

If authorized, BlackRock acts as a securities lending agent on behalf of its clients. Securities lending is a well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns which in turn may allow fund providers to offset fund expenses.

With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may determine to recall them to allow for voting. This decision is guided by our fiduciary duty as an asset manager to our clients in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall securities on loan as part of BlackRock's securities lending program in order to vote is based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to clients of voting those securities (based on the information available at the time of recall consideration). BAIS works with active portfolio managers, as well as colleagues in the Securities Lending team, to evaluate the costs and benefits to clients of recalling shares on loan.

In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would not warrant recalling securities on loan. However, in certain instances, BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.

Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as necessary.

**Reporting and vote transparency** 

BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our engagement and voting policies and activities through direct communication and disclosure on our website.

**Want to know more?** 

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blackrock.com/stewardship \| ContactActiveStewardship@blackrock.com

The document is provided for information purposes only and is subject to change. Reliance upon this information is at the sole discretion of the reader.

Prepared by BlackRock, Inc.©2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

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**ClariVest Asset Management LLC** 

**Proxy Voting Policy** 

March, 2025

Raymond James Investment Management

Chartwell Investment Partners

ClariVest Asset Management

Eagle Asset Management

Scout Investments

**Part I: POLICY AND PROCEDURES**

**Raymond James Investment Management** 

**POLICY AND PROCEDURES ON PROXY VOTING FOR INVESTMENT ADVISORY CLIENTS** 

**Guiding Principles** 

Proxy voting and the analysis of corporate governance issues in general are important elements of the portfolio management services we provide to our advisory clients who have authorized us to address these matters on their behalf. Our guiding principles in performing proxy voting are to make decisions that favor proposals, which in Raymond James Investment Management's view, maximize a company's shareholder value and are not influenced by conflicts of interest. These principles reflect Raymond James Investment Management's belief that sound corporate governance will create a framework within which a company can be managed in the interests of its shareholders.

Raymond James Investment Management has adopted the policy and procedures set out below regarding the voting of proxies (the "Policy"). This Policy is periodically reviewed by the Raymond James Investment Management Stewardship Committee to ensure it continues to be consistent with our guiding principles.

**Proxy Voting Process** 

**Investments** 

To implement these guiding principles for investments in publicly traded equities for which we have voting power on any record date, we follow customized proxy voting guidelines that have been developed by Raymond James Investment Management Stewardship Committee (the "Raymond James Investment Management Proxy Voting Guidelines"). The Raymond James Investment Management Proxy Voting Guidelines embody the positions and factors Raymond James Investment Management considers important in casting proxy votes. They address a wide variety of individual topics, including, among other matters, shareholder voting rights, anti-takeover defenses, board structures, the election of directors, executive and director compensation, reorganizations, mergers, issues of corporate social responsibility and various shareholder proposals. Recognizing the complexity and fact-specific nature of many corporate governance issues, the Raymond James Investment Management Proxy Voting Guidelines identify factors we consider in determining how the vote should be cast. A summary of the Raymond James Investment Management Proxy Voting Guidelines is enclosed as Part II.

The principles and positions reflected in this Policy are designed to guide us in voting proxies, and not necessarily in making investment decisions. Raymond James Investment Management portfolio management teams (each a "Portfolio Management Team") base their determinations of whether to invest in a particular company on a variety of factors, and while corporate governance may be one such factor, it may not be the primary consideration.

**Implementation** 

Raymond James Investment Management has retained a third-party proxy voting service (the "Proxy Service") to assist in the implementation of certain proxy voting-related functions, including, without limitation, operational, recordkeeping and reporting services. The Proxy Service transmits votes for each proxy based upon the application of the Raymond James Investment Management Proxy Voting Guidelines to the particular proxy issues. Raymond James Investment Management retains the responsibility for proxy voting decisions. All proxy votes are done so on a best efforts basis.

Clients of Raymond James Investment Management may retain their voting rights, delegate the responsibility to Raymond James Investment Management or to a third party of their choosing. In certain instances, Raymond James Investment Management may still be required to transmit vote proxies for those custodians who do not have a relationship with the Proxy Service.

Raymond James Investment Management's Portfolio Management Teams generally cast proxy votes consistently with the Raymond James Investment Management Guidelines. On certain proxy votes, each Portfolio Management Team may diverge from the Raymond James Investment Management Guidelines based on new information, but bearing in mind that the override decisions are not influenced by any conflict of interest. Because of the override process, different Portfolio Management Teams may vote differently for particular votes for the same company.

From time to time, Raymond James Investment Management's ability to vote proxies may be affected by regulatory requirements and

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compliance, legal or logistical considerations. As a result, Raymond James Investment Management, from time to time, may determine that it is not practicable or desirable to vote proxies.

**Conflicts of Interest** 

In instances when a Portfolio Management Team is interested in voting in a manner that diverges from the initial recommendation based on the Raymond James Investment Management Proxy Voting Guidelines, Raymond James Investment Management has implemented processes designed to prevent conflicts of interest from influencing its proxy voting decisions. These processes include information barriers, the use of the Raymond James Investment Management Proxy Voting Guidelines and the override review described above.

**Part II: Raymond James Investment Management Proxy Voting Guidelines Summary**

The following is a summary of the material Raymond James Investment Management Proxy Voting Guidelines (the "Guidelines"), which form the substantive basis of Raymond James Investment Management's Policy and Procedures on Proxy Voting for Investment Advisory Clients (the "Policy"). As described in the main body of the Policy, one or more Raymond James Investment Management Portfolio Management Teams may diverge from the Guidelines and a related Recommendation on any particular proxy vote or in connection with any individual investment decision in accordance with the Policy.

**U.S. Proxy Items** 

The Raymond James Investment Management proxy voting guidelines will be based on the ISS Benchmark Policy (US), with the following customization:

• All shareholder proposals will be voted Case-By-Case ("REFER").

• Advisory Vote on Executive Compensation ("Say on Pay") will go to Case-By-Case ("REFER") in the event ISS has an "AGAINST" recommendation.

• Restructuring proposals, including M&A activity, bankruptcy, etc. will be voted Case-By-Case ("REFER").

• Special Meetings will be voted Case-By-Case ("REFER").

• Vote(s) for director(s) will go to Case-By-Case ("REFER") in the event ISS recommends WITHHOLD votes.

All Case-BY-Case ("REFER") votes will go to the chair of the Raymond James Investment Management Stewardship Committee, or designee, who will send the ballot item(s), along with available ISS research and vote deadlines, to the relevant Portfolio Management Team(s) representative(s) on the Stewardship Committee as well as to the appropriate Compliance officers for review. Decisions for Case-By-Case votes will be determined by the individual Portfolio Management Team(s). The vote decision(s) and rationale(s) will be sent to the chair of the Stewardship Committee, or designee, for vote execution.

**Shareholder Resolutions** 

Because of the potential depth and breadth of environmental, social and governance issues, such shareholder resolutions will be evaluated on a case-by-case basis as noted above. In keeping with our investment principles and voting in the best interests of our clients, we will generally support shareholder resolutions that are likely to enhance or protect shareholder value and also seek to improve transparency and promote responsible business practices

Unified Raymond James Investment Management guidelines as well as any updates to the ISS Benchmark Policy (US) will be reviewed by the Stewardship Committee at least annually.

**Non-U.S. Proxy Items** 

For international holdings, ISS country-specific benchmark guidelines will be used.

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**Goldman Sachs Asset Management, L.P. ("GSAM")** 

**Policy, Procedures and Guidelines for GSAM's Global Proxy Voting** 

**2025 Edition** 

**March 2025** 

**For further information, please contact GSAM-Stewardship@gs.com.**

**GOLDMAN SACHS ASSET MANAGEMENT**<sup>1</sup> **POLICY AND PROCEDURES ON PROXY VOTING FOR INVESTMENT ADVISORY CLIENTS** 

**A. OUR APPROACH TO PROXY VOTING** 

Goldman Sachs Asset Management has adopted the policies and procedures set out below regarding the voting of proxies (the "Policy"). A summary of the processes and procedures is attached as Part I.

Proxy voting and the analysis of corporate governance issues in general are important elements of the portfolio management services we provide to our advisory clients who have authorized us to address these matters on their behalf. Our guiding principles in performing proxy voting are to make decisions that favor proposals that in our view maximize a company's shareholder value and are not influenced by conflicts of interest. These principles reflect our belief that sound corporate governance will create a framework within which a company can be managed in the interests of its shareholders. When evaluating voting proposals, we balance the purpose of a proposal with the overall benefit to shareholders.

To implement these guiding principles for investments in publicly traded equities for which we have voting power on any record date, we follow customized proxy voting guidelines that have been developed by our portfolio management and our Global Stewardship Team (the "Guidelines"). The Guidelines embody the positions and factors we generally consider important in casting proxy votes. They address a wide variety of individual topics, including, among other matters, shareholder voting rights, anti-takeover defenses, board structures, the election of directors, executive and director compensation, reorganizations, mergers, issues of corporate social responsibility and various shareholder proposals. Recognizing the complexity and fact-specific nature of many corporate governance issues, the Guidelines identify factors we consider in determining how the vote should be cast. A summary of the Guidelines is attached as Part II.

The principles and positions reflected in the Guidelines are designed to guide us in voting proxies, and not necessarily in making investment decisions. Our portfolio management teams (each, a "Portfolio Management Team") base their determinations of whether to invest in a particular company on a variety of factors, and while corporate governance may be one such factor, it may not be the primary consideration.

The Global Stewardship Team periodically reviews this Policy to ensure it continues to be consistent with our guiding principles.

<sup>1</sup> For purposes of this Policy, "Global Sachs Asset Management" or "we" includes , collectively, to the public investing businesses of the following legal entities to the extent applicable:

Goldman Sachs Asset Management, L.P.; Goldman Sachs Asset Management International; Goldman Sachs Asset Management (Singapore) Pte. Ltd; Goldman Sachs Asset Management (Hong Kong) Limited.; Goldman Sachs Asset Management Co. Ltd.; Goldman Sachs Asset Management (India) Private Limited; GS Investment Strategies Canada Inc.; Goldman Sachs Asset Management Australia Pty Ltd; Goldman Sachs Services Private Limited.; Goldman Sachs Bank Europe SE; Goldman Sachs Asset Management Fund Services Limited; Goldman Sachs Asset Management B.V.; and Goldman Sachs Towarzystwo Funduszy Inwestycyjnych S.A.

**PART I: GOLDMAN SACHS ASSET MANAGEMENT'S PROXY VOTING PROCESSES AND PROCEDURES** 

**A. the Proxy Voting Process** 

**Public Equity Investments** 

<u>Fundamental Equity Team</u> 

The Fundamental Equity Portfolio Management Team views the analysis of corporate governance practices as an integral part of the investment research and stock valuation process. In forming their views on particular matters, the Fundamental Equity Portfolio Management Team may consider applicable regional rules and practices, including codes of conduct and other guides, regarding proxy voting, in addition to the Guidelines and Recommendations (as defined below). For the managed portfolios that participate in a securities lending program, the Fundamental Equity Portfolio Management Team will seek to recall shares that are out on loan for the purpose of voting at shareholder meetings, recognizing that the handling of such recall requests is beyond the Portfolio Management Team's control and may not be satisfied in time for it to vote the shares in question.

<u>Quantitative Investment Strategies ("QIS") and Quantitative Equity Strategies ("QES") Portfolio Management Teams</u> 

The QIS and QES Portfolio Management Teams have decided to generally follow the Guidelines and Recommendations based on such Portfolio Management Teams' investment philosophy and approach to portfolio construction, as well as their participation in the creation of the Guidelines. The QIS and QES Portfolio Management Teams may from time to time, however, review and individually assess any specific shareholder vote. For managed portfolios that participate in a securities lending program, the QIS and QES Portfolio Management Teams generally will not recall shares that are out on loan for the purpose of voting at shareholder meetings.

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**Fixed Income and Private Investments** 

Voting decisions with respect to client investments in fixed income securities and the securities of privately held issuers generally will be made by the relevant Portfolio Management Teams based on their assessment of the particular transactions or other matters at issue. Those Portfolio Management Teams may also adopt policies related to the fixed income or private investments they make that supplement this Policy.

**External Investing Group ("XIG") and Externally Managed Strategies** 

Where we place client assets with managers outside of Asset Management, for example within our XIG business unit, such external managers generally will be responsible for voting proxies in accordance with the managers' own policies. XIG may, however, retain proxy voting responsibilities where it deems appropriate or necessary under prevailing circumstances. To the extent XIG portfolio managers assume proxy voting responsibility with respect to publicly traded equity securities they will follow the Guidelines and Recommendations as discussed below unless an override is requested.

**B. Implementation** 

We have retained a third-party proxy voting service (the "Proxy Service") to assist in the implementation of certain proxy voting-related functions, including, without limitation, operational, recordkeeping and reporting services. Among its responsibilities, the Proxy Service prepares a written analysis and recommendation (a "Recommendation") of each proxy vote that reflects the Proxy Service's application of the Guidelines to the particular proxy issues. In addition, in order to facilitate the casting of votes in an efficient manner, the Proxy Service generally prepopulates and automatically submits votes for all proxy matters in accordance with such Recommendations, subject to our ability to recall such automatically submitted votes. If the Proxy Service or Goldman Sachs Asset Management becomes aware that an issuer has filed, or will file, additional proxy solicitation materials sufficiently in advance of the voting deadline, we will generally endeavor to consider such information where such information is viewed as material in our discretion when casting its vote, which may, but need not, result in a change to the Recommendation, which may take the form of an override (as described below) or a revised Recommendation issued by the Proxy Service. We retain the responsibility for proxy voting decisions. We conduct an annual due diligence meeting with the Proxy Service to review the processes and procedures the Proxy Service follows when making proxy voting recommendations based on the Guidelines and to discuss any material changes in the services, operations, staffing or processes.

Our Portfolio Management Teams generally cast proxy votes consistently with the Guidelines and the Recommendations. Each Portfolio Management Team, however, may on certain proxy votes seek approval to diverge from the Guidelines or a Recommendation by following a process that seeks to ensure that override decisions are not influenced by any conflict of interest. As a result of the override process, different Portfolio Management Teams may vote differently for particular votes for the same company. In addition, the Global Stewardship Team may on certain proxy votes also seek approval to diverge from the Guidelines or a Recommendation and follow the override process described above that seeks to ensure these decisions are not influenced by any conflict of interest. In these instances, all shares voted are generally voted in the same manner.

Our clients who have delegated voting responsibility to us with respect to their account may from time to time contact their client representative if they would like to direct us to vote in a particular manner for a particular solicitation. We will use commercially reasonable efforts to vote according to the client's request in these circumstances, however, our ability to implement such voting instruction will be dependent on operational matters such as the timing of the request.

While we seek to vote at all eligible shareholder meetings, from time to time, our ability to vote proxies may be affected by regulatory requirements and compliance, legal or logistical considerations. As a result, from time to time, we may determine that it is not practicable or desirable to vote at certain shareholder meetings.

We disclose our voting publicly each year in a filing with the US Securities and Exchange Commission and on our website for all Goldman Sachs Asset Management US registered mutual funds. We also generally disclose our voting publicly on a quarterly basis on our website for company proxies voted according to the Guidelines and Recommendations.

**C. Conflicts of Interest** 

Goldman Sachs Asset Management has implemented processes designed to prevent conflicts of interest from influencing its proxy voting decisions. These processes include information barriers as well as the use of the Guidelines and Recommendations and the override process described above in instances when a Portfolio Management Team is interested in voting in a manner that diverges from the initial Recommendation based on the Guidelines. To mitigate perceived or potential conflicts of interest when a proxy is for shares of The Goldman Sachs Group Inc. or a Goldman Sachs Asset Management managed fund, we will generally instruct that such shares be voted in the same proportion as other shares are voted with respect to a proposal, subject to applicable legal, regulatory and operational requirements.

**PART II** 

**GOLDMAN SACHS ASSET MANAGEMENT'S PROXY VOTING GUIDELINES SUMMARY** 

The following is a summary of the material Guidelines, which form the substantive basis of our voting decisions. As described in Part I of the Policy, one or more Portfolio Management Teams and/or the Global Stewardship Team may diverge from the Guidelines and a related Recommendation on any particular proxy vote or in connection with any individual investment decision in accordance with the Policy.

**Region: Americas** 

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*The following section is a summary of the Guidelines, which form the substantive basis of the Policy with respect to North, Central and South American public equity investments of operating and/or holding companies. Applying these guidelines is subject to certain regional and country-specific exceptions and modifications and is not inclusive of all considerations in each market.* 

**1. Business Items** 

**Auditor Ratification** 

Generally vote FOR proposals to ratify auditors, unless any of the following apply within the last year:

• An auditor has a financial interest in or association with the company, and is therefore not independent;

• There is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

• Poor accounting practices are identified that rise to a serious level of concern, such as: fraud; misapplication of GAAP; or material weaknesses identified in audit-related disclosures; or

• Fees for non-audit services are excessive (generally over 50% or more of the audit fees).

Vote CASE-BY-CASE on shareholder proposals asking companies to prohibit or limit their auditors from engaging in non-audit services or asking for audit firm rotation.

**Reincorporation Proposals** 

We may support management proposals to reincorporate as long as the reincorporation would not substantially diminish shareholder rights. We may not support shareholder proposals for reincorporation unless the current jurisdiction of incorporation is substantially less shareholder friendly than the proposed reincorporation, there is a strong economic case to reincorporate or the company has a history of making decisions that are not shareholder friendly.

**Exclusive Venue for Shareholder Lawsuits** 

Generally vote FOR on exclusive venue proposals, taking into account:

• Whether the company has been materially harmed by shareholder litigation outside its jurisdiction of incorporation, based on disclosure in the company's proxy statement;

• Whether the company has the following governance features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Majority independent board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent key committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An annually elected board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A majority vote standard in uncontested director elections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The absence of a poison pill, unless the pill was approved by shareholders; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Separate Chairman CEO role or, if combined, an independent chairman with clearly delineated duties.

**Virtual Meetings** 

Generally vote FOR management proposals allowing for the convening of hybrid\* shareholder meetings if it is clear that it is not the intention to hold virtual-only AGMs. Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

Generally vote FOR shareholder proposals requesting in person shareholder meetings if a meeting of shareholders is held exclusively through the use of online technology without a corresponding in-person meeting.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

**Public Benefit Corporation Proposals (United States)** 

Generally vote FOR management proposals and CASE-BY-CASE on shareholder proposals related to the conversion of the company into a public benefit corporation.

**Amend Articles of Incorporation to Provide for Officer and Director Exculpation (United States)** 

Generally vote FOR management proposals to amend the company's certificate of incorporation to reflect new Delaware law provisions regarding officer and director exculpation.

**Transact Other Business** 

Generally vote AGAINST other business when it appears as a voting item.

**Administrative Requests** 

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Generally vote FOR non-contentious administrative management requests.

**2. Board of Directors** 

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and/or meet local best practice expectations; should be composed of directors with diverse backgrounds and perspectives; and should be held accountable for actions and results related to their responsibilities. The board of directors should seek to comply with commonly accepted corporate governance best practices as well as the corporate governance standards that are applicable in their country and state of incorporation. The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

**Voting on Director Nominees in Uncontested Elections** 

Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:

• Adequate disclosure has not been provided in a timely manner; or

• There are clear concerns over questionable finances or restatements; or

• There have been questionable transactions or conflicts of interest; or

• There are any records of abuses against minority shareholder interests; or

• The board fails to meet minimum corporate governance standards; or

• There are reservations about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bundling of proposals to elect directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure of named nominees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overboarded directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director independence

• Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

• There are other considerations which may include sanction from government or authority, violations of laws and regulations, or other issues relate to improper business practice, failure to replace management, or egregious actions related to service on other boards.

Generally vote FOR employee and/or labor representatives if they sit on either the audit or compensation committee and are required by law to be on those committees.

Generally vote AGAINST employee and/or labor representatives if they sit on either the audit or compensation committee, if they are not required to be on those committees.

**Director Commitments** 

Generally vote AGAINST or WITHHOLD from individual directors who, without further explanation:

• Sit on more than five public company boards; or

• Are CEOs of public companies who sit on the boards of more than two public companies besides their own—withhold only at their outside boards.

**Director Independence (United States)** 

At companies incorporated in the US, where applicable, the New York Stock Exchange or NASDAQ Listing Standards definition is to be used to classify directors as inside directors, affiliated outside directors, or independent outside directors.

Additionally, we will consider compensation committee interlocking directors to be affiliated (defined as CEOs who sit on each other's compensation committees).

**Director Independence—Classification of Directors** 

**Executive Director** 

• Employee or executive of the company; and

• Any director who is classified as a non-executive, but receives salary, fees, bonus, and/or other benefits that are in line with the highest-paid executives of the company.

**Non-Independent Non-Executive Director (NED)** 

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• Any director who is attested by the board to be a non-independent NED;

• Any director specifically designated as a representative of a significant shareholder of the company;

• Any director who is also an employee or executive of a significant shareholder of the company;

• Beneficial owner (direct or indirect) of at least 10% of the company's stock, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%), unless market best practice dictates a lower ownership and/or disclosure threshold (and in other special market-specific circumstances);

• Government representative;

• Currently provides (or a relative provides) professional services to the company, to an affiliate of the company, or to an individual officer of the company or of one of its affiliates in excess of $10,000 per year;

• Represents customer, supplier, creditor, banker, or other entity with which company maintains transactional/commercial relationship (unless company discloses information to apply a materiality test);

• Any director who has conflicting or cross-directorships with executive directors or the chairman of the company;

• Relative of a current employee of the company or its affiliates;

• Relative of a former executive of the company or its affiliates;

• A new appointee elected other than by a formal process through the General Meeting (such as a contractual appointment by a substantial shareholder);

• Founder/co-founder/member of founding family but not currently an employee;

• Former executive (a cooling off period may be applied);

• Years of service is generally not a determining factor unless it is recommended best practice in a market and/or in extreme circumstances, in which case it may be considered; and

• Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance.

**Independent NED** 

• No material connection, either directly or indirectly, to the company other than a board seat.

**Employee Representative** 

• Represents employees or employee shareholders of the company (classified as "employee representative" but considered a non-independent NED).

**Director Accountability** 

Generally vote AGAINST or WITHHOLD from individual directors who attend less than 75% of the board and committee meetings without a disclosed valid excuse.

Generally, vote FOR the bundled election of management nominees, unless adequate disclosures of the nominees have not been provided in a timely manner or if one or more of the nominees does not meet the expectation of our policy.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices.

**Committee Responsibilities and Expectations** 

The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

We generally support incumbent directors, taking into consideration the below factors.

• Material failures of governance, stewardship, or fiduciary responsibilities at the company including but not limited to violations of global norms principles and/or other significant global standards;

• Failure to disclose material information;

• Egregious actions related to the director(s)' service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company;

• The board failed to act on a shareholder proposal that received approval of the majority of shares cast the previous year (a management

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proposal with other than a FOR recommendation by management will not be considered as sufficient action taken); an adopted proposal that is substantially similar to the original shareholder proposal will be deemed sufficient; (vote against members of the committee of the board that is responsible for the issue under consideration). If we did not support the shareholder proposal, we may still vote against the committee member(s).

• The company's poison pill has a dead-hand or modified dead-hand feature for two or more years. Vote against/withhold every year until this feature is removed; however, vote against the poison pill if there is one on the ballot with this feature rather than the director;

• The board adopts or renews a poison pill without shareholder approval, does not commit to putting it to shareholder vote within 12 months of adoption (or in the case of a newly public company, does not commit to put the pill to a shareholder vote within 12 months following the IPO), or reneges on a commitment to put the pill to a vote, and has not yet received a withhold/against recommendation for this issue;

• The board failed to act on takeover offers where the majority of the shareholders tendered their shares;

• If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

**Audit Committee**

Vote CASE-BY-CASE on members of the Audit Committee if poor accounting practices, which rise to a level of serious concern are identified, such as, but not limited to, fraud, misapplication of GAAP, excessive non-audit fees, excessive pledging or hedging of stock by executives, and material weaknesses identified in audit-related disclosures.

Examine the severity, breadth, chronological sequence and duration, as well as the company's efforts at remediation or corrective actions, in determining whether negative vote recommendations are warranted against the members of the Audit Committee who are responsible for the poor accounting practices, or the entire board.

**Compensation Committee (North America)** 

Vote CASE-BY-CASE on members of the Compensation Committee, factors considered may include whether:

• We voted against the company's management say on pay proposal (MSOP) in the previous year, the company's previous MSOP received significant opposition of votes cast and we are voting against this year's MSOP;

• The board implements a MSOP on a less frequent basis than the frequency that received the plurality of votes cast; or

• The MSOP or equity-based incentive plan proposal item is not on the ballot and the company maintains problematic pay practices.

**Nominating/Governance Committee** 

Vote CASE-BY-CASE on members of the Nominating/Governance Committee considering if:

• A company does not meet the board diversity requirements of local listing rules, corporate governance codes, national targets, or the board diversity is significantly below that of the average in its market; provided that company performance, or other factors, will generally be taken into consideration;

• The level of board independence does not meet the requirements of local regulations, listing rules, corporate governance codes, or local market best practices;

• If the average board tenure exceeds 15 years, and there has not been a new nominee in the past 5 years;

• A company maintains a classified board structure without a sunset provision, has opted into, or failed to opt out of, state laws requiring a classified board structure or has a capital structure with unequal voting rights (United States);

• At the previous board election, any director received more than 50% withhold/against votes of the shares cast and the company has failed to address the underlying issue(s) that caused the high withhold/against vote;

• The board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or could adversely impact shareholders; or

• The board has materially limited shareholders' right to proxy access (United States).

**Voting on Director Nominees in Contested Elections** 

Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

• Company performance relative to its peers;

• Strategy of the incumbents versus the dissidents;

• Independence of board candidates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Experience and skills of board candidates;

• Governance profile of the company;

• Evidence of management entrenchment;

• Responsiveness to shareholders;

• Whether a takeover offer has been rebuffed; and

• Whether minority or majority representation is being sought.

**Proxy Access (United States)** 

Vote CASE-BY-CASE on shareholder or management proposals asking for proxy access.

We may support proxy access as an important right for shareholders and as an alternative to costly proxy contests and as a method for us to vote for directors on an individual basis, as appropriate, rather than voting on one slate or the other. While this could be an important shareholder right, the following factors will be taken into account when evaluating the shareholder proposals:

• The ownership thresholds, percentage and duration proposed (we generally will not support if the ownership threshold is less than 3%);

• The maximum proportion of directors that shareholders may nominate each year (we generally will not support if the proportion of directors is greater than 25%); and

• Other restricting factors that when taken in combination could serve to materially limit the proxy access provision.

We will take the above factors into account when evaluating proposals proactively adopted by the company or in response to a shareholder proposal to adopt or amend the right.

**Reimbursing Proxy Solicitation Expenses** 

Vote CASE-BY-CASE on proposals to reimburse proxy solicitation expenses

**Other Board Related Proposals (Management and Shareholder)** 

Generally vote AGAINST management and shareholder proposals introducing classified boards.

Generally vote AGAINST shareholder proposals regarding mandatory retirement ages for directors.

Generally vote AGAINST management and shareholder proposals to alter board structure or size in the context of a fight for control of the company or the board.

**Independent Board Chair (for applicable markets)** 

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

• Two-thirds independent board, or majority in countries where employee representation is common practice;

• A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

• Fully independent key committees; and/or

• Established, publicly disclosed, governance guidelines and director biographies/profiles.

**Proposals Regarding Board Declassification** 

We will generally vote FOR management and shareholder proposals regarding the adoption of a declassified board structure.

**Majority Vote Shareholder Proposals** 

We will generally vote FOR proposals requesting that the board adopt majority voting in the election of directors provided it does not conflict with the law where the company is incorporated. We also look for companies to adopt a post-election policy outlining how the company will address the situation of a holdover director.

**Cumulative Vote Shareholder Proposals**

We will generally vote FOR shareholder proposals to restore or provide cumulative voting unless the company has adopted (i) majority vote standard with a carve-out for plurality voting in situations where there are more nominees than seats and (ii) a director resignation policy to address failed elections.

**3. Executive and Non- Executive Compensation** 

**Pay Practices** 

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Good pay practices should align management's interests with long-term shareholder value creation. Detailed disclosure of compensation criteria is preferred; proof that companies follow the criteria should be evident and retroactive performance target changes without proper disclosure is not viewed favorably. Compensation practices should allow a company to attract and retain proven talent. Some examples of poor pay practices include: abnormally large bonus payouts without justifiable performance linkage or proper disclosure, egregious employment contracts, excessive severance and/or change in control provisions, repricing or replacing of underwater stock options/stock appreciation rights without prior shareholder approval, and excessive perquisites. A company should also have an appropriate balance of short-term vs. long-term metrics and the metrics should be aligned with business goals and objectives.

If the company maintains problematic or poor pay practices, generally vote:

• AGAINST Management Say on Pay (MSOP) Proposals; or

• AGAINST an equity-based incentive plan proposal if excessive non-performance-based equity awards are the major contributor to a pay-for-performance misalignment.

**Equity Compensation Plans** 

We will generally vote FOR management proposals on equity-based compensation plans. Evaluation takes into account potential plan cost, plan features and grant practices. While a negative combination of these factors may cause a vote AGAINST, other reasons to consider a vote AGAINST the equity plan could include the following factors:

• The plan permits the repricing of stock options/stock appreciation rights (SARs) without prior shareholder approval; or

• There is more than one problematic material feature of the plan, which could include one of the following: unfavorable change-in-control features, presence of gross ups and options reload.

**Advisory Vote on Executive Compensation (Say-on-Pay, MSOP) Management Proposals (North America)** 

Generally vote FOR annual frequency and AGAINST all proposals asking for any frequency less than annual.

We will generally vote FOR management proposals for an advisory vote on executive compensation considering the context of each company's specific circumstances and the board's disclosed rationale for its practices.

When a disconnect between pay and performance exists, pay practices that may result in a vote AGAINST management proposals on an advisory vote on executive compensation may include:

• Lack of transparent disclosure of compensation philosophy and goals and targets, including details on short-term and long-term performance incentives;

• Long term incentive awards consisting of less than 50% performance-based awards;

• Lack of the board's response to failed MSOP vote the previous year;

• Abnormally large bonus payouts without justifiable performance linkage or proper disclosure;

• Egregious employment or retention contracts;

• Excessive perquisites or excessive severance and/or change in control provisions;

• Extraordinary relocation benefits;

• Long term incentive awards evaluated over a time period of less than three years;

• The board used discretion without sufficient disclosure;

• The board changed the targets and/or performance metrics during the pay period;

• The board awarded a multi-year guaranteed cash bonus or non-performance equity award;

• The board retested performance goals or awarded a pay for failure pay plan;

• The plan allows for the single trigger acceleration of unvested equity awards and/or provides excise tax gross ups;

• Repricing or replacing of underwater stock options without prior shareholder approval;

• Egregious pension/SERP (supplemental executive retirement plan) payouts; and

• The board has adopted other pay practices that may increase risk to shareholders.

**Other Compensation Proposals and Policies** 

**Employee Stock Purchase Plans — Non-Qualified Plans** 

Vote CASE-BY-CASE on nonqualified employee stock purchase plans taking into account the following factors:

• Broad-based participation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Limits on employee contributions;

• Company matching contributions; and

• Presence of a discount on the stock price on the date of purchase.

**Option Exchange Programs/Repricing Options** 

Vote CASE-BY-CASE on management proposals seeking approval to exchange/reprice options, taking into consideration:

• Historic trading patterns—the stock price should not be so volatile that the options are likely to be back "in-the-money" over the near term;

• Rationale for the re-pricing;

• If it is a value-for-value exchange;

• If surrendered stock options are added back to the plan reserve;

• Option vesting;

• Term of the option—the term should remain the same as that of the replaced option;

• Exercise price—should be set at fair market or a premium to market; and

• Participants—executive officers and directors should be excluded.

**Generally vote FOR shareholder proposals to put option repricings to a shareholder vote.** 

**Stock Retention Holding Period** 

Generally vote FOR shareholder proposals asking for a policy requiring that senior executives retain a significant percentage of shares acquired through equity compensation programs if the policy requests retention for two years or less following the termination of their employment (through retirement or otherwise) **and** a holding threshold percentage of 50% or less.

Also consider whether the company has any holding period, retention ratio, or officer ownership requirements in place and the terms/provisions of awards already granted.

**Elimination of Accelerated Vesting in the Event of a Change in Control** 

Generally vote AGAINST shareholder proposals seeking a policy eliminating the accelerated vesting of time-based equity awards in the event of a change-in-control.

**Performance-based Equity Awards and Pay-for-Superior-Performance Proposals** 

Generally vote FOR unless there is sufficient evidence that the current compensation structure is already substantially performance-based. We consider performance-based awards to include awards that are tied to shareholder return or other metrics that are relevant to the business.

**Say on Supplemental Executive Retirement Plans (SERP)** 

Generally vote AGAINST proposals asking for shareholder votes on SERP.

**4. Shareholders Rights and Defenses** 

**Shareholder Ability to Act by Written Consent** 

Generally vote FOR shareholder proposals that provide shareholders with the ability to act by written consent, unless:

• The company already gives shareholders the right to call special meetings at a threshold of 25% or lower; and

• The company has a history of strong governance practices.

**Special Meetings Arrangements** 

Generally vote FOR management proposals that provide shareholders with the ability to call special meetings.

Generally vote FOR shareholder proposals that provide shareholders with the ability to call special meetings at a threshold of 25% or lower if the company currently does not give shareholders the right to call special meetings. However, if a company already gives shareholders the right to call special meetings at a threshold of at least 25%, vote AGAINST shareholder proposals to further reduce the threshold**.** 

Generally vote AGAINST management proposals seeking shareholder approval for the company to hold special meetings with 14 days notice unless the company offers shareholders the ability to vote by electronic means and a proposal to reduce the period of notice to not less than 14 days has received majority support.

**Advance Notice Requirements for Shareholder Proposals/Nominations** 

Vote CASE-BY-CASE on advance notice proposals, giving support to proposals that allow shareholders to submit proposals/nominations

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reasonably close to the meeting date and within the broadest window possible, recognizing the need to allow sufficient notice for company, regulatory and shareholder review.

**Shareholder Voting Requirements** 

Generally vote AGAINST proposals to require a supermajority shareholder vote. Generally vote FOR management and shareholder proposals to reduce supermajority vote requirements.

**Poison Pills** 

Generally vote FOR shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem it, unless the company has:

• a shareholder-approved poison pill in place; or

• adopted a policy concerning the adoption of a pill in the future specifying certain shareholder friendly provisions.

Generally vote FOR shareholder proposals calling for poison pills to be put to a vote within a time period of less than one year after adoption.

Vote CASE-BY-CASE on management proposals on poison pill ratification, focusing on the features of the shareholder rights plan.

In addition, the rationale for adopting the pill should be thoroughly explained by the company. In examining the request for the pill, take into consideration the company's existing governance structure, including: board independence, existing takeover defenses, and any problematic governance concerns.

**5. Strategic Transactions and Capital Structures** 

**Reorganizations/Restructurings** 

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Mergers and Acquisitions** 

Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information:

• Valuation;

• Market reaction;

• Strategic rationale;

• Management's track record of successful integration of historical acquisitions;

• Presence of conflicts of interest; and

• Governance profile of the combined company.

**Dual Class Structures** 

Generally vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Generally vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

**Share Issuance Requests** 

*General Issuances:* 

Generally vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital or any stricter limit set in local best practice recommendations or law.

Generally vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital or any stricter limit set in local best practice recommendations or law.

*Specific Issuances:* 

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

**Increases in Authorized Capital** 

Generally vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding, or any stricter limit set in local best practice recommendations or law.

Generally vote FOR specific proposals to increase authorized capital to any amount, unless:

• The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being

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proposed; or

• The increase would leave the company with less than 30% of its new authorization outstanding after adjusting for all proposed issuances or any stricter limit set in local best practice recommendations or law.

Generally vote AGAINST proposals to adopt unlimited capital authorizations.

**Reduction of Capital** 

Generally vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

**Preferred Stock** 

Generally vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

Generally vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Generally vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Generally vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

**Debt Issuance Requests** 

Vote non-convertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Generally vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Generally vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would adversely affect the rights of shareholders.

**Increase in Borrowing Powers** 

Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

**Share Repurchase Plans** 

We will generally vote FOR share repurchase programs taking into account whether:

• The share repurchase program can be used as a takeover defense;

• There is clear evidence of historical abuse;

• There is no safeguard in the share repurchase program against selective buybacks; and

• Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

**Reissuance of Repurchased Shares** 

Generally vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

**Capitalization of Reserves for Bonus Issues/Increase in Par Value** 

Generally vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

**Related-Party Transactions** 

Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

• The parties on either side of the transaction;

• The nature of the asset to be transferred/service to be provided;

• The pricing of the transaction (and any associated professional valuation);

• The views of independent directors (where provided);

• The views of an independent financial adviser (where appointed);

• Whether any entities party to the transaction (including advisers) is conflicted; and

• The stated rationale for the transaction, including discussions of timing

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**Common and Preferred Stock Authorization** 

Generally vote FOR proposals to increase the number of shares of common stock authorized for issuance.

Generally vote FOR proposals to increase the number of shares of preferred stock, as long as there is a commitment to not use the shares for anti-takeover purposes.

**6. Other Management and Shareholder Proposals** 

**Overall Approach** 

Management and shareholder proposals considered under this category could include, among others, requests that a company:

• Publish a report or additional information related to the company's business and impact on stakeholders;

• Disclose policies related to specific business practices and/or services;

• Conduct third party audits, reports or studies related to the company's business practices, services and/or impact on stakeholders

When evaluating management and shareholder proposals, the following factors are generally considered:

• Whether the subject of the proposal is considered to be material to the company's business;

• The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

• If the company has implemented or formally committed to the implementation of a reporting program based on a recognized industry group standards or recommendations, such as the International Sustainability Standards Board's Sustainability Accounting Standards, the Sustainability Accounting Standards Board's (SASB) standards, the European Sustainability Reporting Standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

• Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

• The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

• Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

• What other companies in the relevant industry have done in response to the issue addressed in the proposal;

• Whether the proposal itself is well framed and the cost of preparing the report and/or the implementation is reasonable;

• Whether the subject of the proposal is best left to the discretion of the board;

• Whether the proposal is legally binding for the board;

• Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward; and

• Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

**Region: Europe, Middle East and Africa (EMEA) Proxy Items** 

*The following section is a broad summary of the Guidelines, which form the basis of the Policy with respect to EMEA public equity investments of operating and/or holding companies. Applying these guidelines is subject to certain regional and country-specific exceptions and modifications and is not inclusive of all considerations in each market.* 

**1. Business Items** 

**Financial Results/Director and Auditor Reports** 

Generally vote FOR approval of financial statements and director and auditor reports, unless:

• There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered; or

• The company is not responsive to shareholder questions about specific items that should be publicly disclosed.

**Appointment of Auditors and Auditor Fees** 

Generally vote FOR the re-election of auditors and proposals authorizing the board to fix auditor fees unless:

• There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered;

• There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Name of the proposed auditor has not been published;

• The auditors are being changed without explanation;

• Non-audit-related fees are substantial, or are in excess of standard annual audit-related fees, or in excess of permitted local limits and guidelines; or

• The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

**Appointment of Internal Statutory Auditors** 

Generally vote FOR the appointment or re-election of statutory auditors, unless:

• There are serious concerns about the statutory reports presented or the audit procedures used;

• Questions exist concerning any of the statutory auditors being appointed; or

• The auditors have previously served the company in an executive capacity or can otherwise be considered affiliated with the company

**Reincorporation Proposals** 

Vote reincorporation proposals on a CASE-BY-CASE basis

**Allocation of Income** 

Generally vote FOR approval of the allocation of income, unless:

• The dividend payout ratio has been consistently low without adequate explanation; or

• The payout is excessive given the company's financial position.

**Stock (Scrip) Dividend Alternative** 

Generally vote FOR most stock (scrip) dividend proposals.

Generally vote AGAINST proposals that do not allow for a cash option unless management demonstrates that the cash option is harmful to shareholder value.

**Amendments to Articles of Association** 

Vote amendments to the articles of association on a CASE-BY-CASE basis.

**Change in Company Fiscal Term** 

Generally vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its annual general meeting.

**Lower Disclosure Threshold for Stock Ownership** 

Generally vote AGAINST resolutions to lower the stock ownership disclosure threshold below 5% unless specific reasons exist to implement a lower threshold.

**Amend Quorum Requirements** 

Vote proposals to amend quorum requirements for shareholder meetings on a CASE-BY-CASE basis.

**Virtual Meetings** 

Generally vote FOR management proposals allowing for the convening of hybrid\* shareholder meetings if it is clear that it is not the intention to hold virtual-only AGMs. Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

**Public Benefit Corporation Proposals** 

Generally vote FOR management proposals and CASE-BY-CASE on shareholder proposals related to the conversion of the company into a public benefit corporation.

**Transact Other Business** 

Generally vote AGAINST other business when it appears as a voting item.

**Administrative Requests** 

Generally vote FOR non-contentious administrative management requests.

**2. Board of Directors** 

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The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and/or meet local best practice expectations; should be composed of directors with diverse backgrounds and perspectives; and should be held accountable for actions and results related to their responsibilities. The board of directors should seek to comply with commonly accepted corporate governance best practices as well as the corporate governance standards that are applicable in their country and state of incorporation. The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

**Voting on Director Nominees in Uncontested Elections** 

Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:

• Adequate disclosure has not been provided in a timely manner; or

• There are clear concerns over questionable finances or restatements; or

• There have been questionable transactions or conflicts of interest; or

• There are any records of abuses against minority shareholder interests; or

• The board fails to meet minimum corporate governance standards; or

• There are reservations about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bundling of proposals to elect directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure of named nominees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overboarded directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director independence

• Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

• There are other considerations which may include sanction from government or authority, violations of laws and regulations, or other issues relate to improper business practice, failure to replace management, or egregious actions related to service on other boards.

Generally vote FOR employee and/or labor representatives if they sit on either the audit or compensation committee and are required by law to be on those committees.

Generally vote AGAINST employee and/or labor representatives if they sit on either the audit or compensation committee, if they are not required to be on those committees.

**Director Independence—Classification of Directors** 

**Executive Director** 

• Employee or executive of the company; and

• Any director who is classified as a non-executive, but receives salary, fees, bonus, and/or other benefits that are in line with the highest-paid executives of the company.

**Non-Independent Non-Executive Director (NED)** 

• Any director who is attested by the board to be a non-independent NED;

• Any director specifically designated as a representative of a significant shareholder of the company;

• Any director who is also an employee or executive of a significant shareholder of the company;

• Beneficial owner (direct or indirect) of at least 10% of the company's stock, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%), unless market best practice dictates a lower ownership and/or disclosure threshold (and in other special market-specific circumstances);

• Government representative;

• Currently provides (or a relative provides) professional services to the company, to an affiliate of the company, or to an individual officer of the company or of one of its affiliates in excess of $10,000 per year;

• Represents customer, supplier, creditor, banker, or other entity with which company maintains transactional/commercial relationship (unless company discloses information to apply a materiality test);

• Any director who has conflicting or cross-directorships with executive directors or the chairman of the company;

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• Relative of a current employee of the company or its affiliates;

• Relative of a former executive of the company or its affiliates;

• A new appointee elected other than by a formal process through the General Meeting (such as a contractual appointment by a substantial shareholder);

• Founder/co-founder/member of founding family but not currently an employee;

• Former executive (a cooling off period may be applied);

• Years of service is generally not a determining factor unless it is recommended best practice in a market and/or in extreme circumstances, in which case it may be considered; and

• Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance.

**Independent NED** 

• No material connection, either directly or indirectly, to the company other than a board seat.

**Employee Representative** 

• Represents employees or employee shareholders of the company (classified as "employee representative" but considered a non-independent NED).

**Director Accountability** 

Generally vote AGAINST individual directors who attend less than 75% of the board and committee meetings without a disclosed valid excuse.

Generally, vote FOR the bundled election of management nominees, unless adequate disclosures of the nominees have not been provided in a timely manner or if one or more of the nominees does not meet the expectation of our policy.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices.

**Discharge of Directors** 

Generally vote FOR the discharge of directors, including members of the management board and/or supervisory board, unless there is reliable information about significant and compelling controversies that the board is not fulfilling its fiduciary duties warranted by:

• A lack of oversight or actions by board members which invoke shareholder distrust related to malfeasance or poor supervision, such as operating in private or company interest rather than in shareholder interest;

• Any legal issues (e.g., civil/criminal) aiming to hold the board responsible for breach of trust in the past or related to currently alleged actions yet to be confirmed (and not only the fiscal year in question), such as price fixing, insider trading, bribery, fraud, and other illegal actions;

• Other egregious governance issues where shareholders may bring legal action against the company or its directors; or

• Vote on a CASE-BY-CASE basis where a vote against other agenda items are deemed inappropriate.

**Committee Responsibilities and Expectations** 

The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

We generally support incumbent directors, taking into consideration the below factors.

• Material failures of governance, stewardship, or fiduciary responsibilities at the company, including but not limited to violations of global norms principles and/or other significant global standards;

• Failure to disclose material information;

• Egregious actions related to the director(s)' service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company;

• The board failed to act on a shareholder proposal that received approval of the majority of shares cast for previous year (a management proposal with other than a FOR recommendation by management will not be considered as sufficient action taken); an adopted proposal that is substantially similar to the original shareholder proposal will be deemed sufficient; (vote against members of the committee of the board that is responsible for the issue under consideration). If we did not support the shareholder proposal, we may still vote against the committee member(s).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The board failed to act on takeover offers where the majority of the shareholders tendered their shares; or

• If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

**Audit Committee**

Vote CASE-BY-CASE on members of the Audit Committee if poor accounting practices, which rise to a level of serious concern are identified, such as, but not limited to, fraud, misapplication of GAAP, excessive non-audit fees, excessive pledging or hedging of stock by executives, and material weaknesses identified in audit-related disclosures.

Examine the severity, breadth, chronological sequence and duration, as well as the company's efforts at remediation or corrective actions, in determining whether negative vote recommendations are warranted against the members of the Audit Committee who are responsible for the poor accounting practices, or the entire board.

**Remuneration Committee** 

Vote CASE-BY-CASE on members of the Remuneration Committee, factors considered may include whether:

• We voted against the company's MSOP in the previous year, the company's previous MSOP received significant opposition of votes cast and we are voting against this year's MSOP;

• The board implements a MSOP on a less frequent basis than the frequency that received the plurality of votes cast; or

• The MSOP or equity-based incentive plan proposal item is not on the ballot and the company maintains problematic pay practices.

**Nominating/Governance Committee** 

Vote CASE-BY-CASE on members of the Nominating/Governance Committee considering if:

• A company does not meet the board diversity requirements of local listing rules, corporate governance codes, national targets, or the board diversity is significantly below that of the average in its market; provided that company performance, or other factors, will generally be taken into consideration;

• The level of board independence does not meet the requirements of local regulations, listing rules, corporate governance codes, or local market best practices;

• At the previous board election, any director received more than 50% withhold/against votes of the shares cast and the company has failed to address the underlying issue(s) that caused the high withhold/against vote; or

• The board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or could adversely impact shareholders.

**Voting on Director Nominees in Contested Elections** 

Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

• Company performance relative to its peers;

• Strategy of the incumbents versus the dissidents;

• Independence of board candidates;

• Experience and skills of board candidates;

• Governance profile of the company;

• Evidence of management entrenchment;

• Responsiveness to shareholders;

• Whether a takeover offer has been rebuffed; and

• Whether minority or majority representation is being sought.

**Other Board Related Proposals (Management and Shareholder)** 

Generally vote AGAINST management and shareholder proposals introducing classified boards.

Generally vote AGAINST shareholder proposals regarding mandatory retirement ages for directors.

Generally vote AGAINST management and shareholder proposals to alter board structure or size in the context of a fight for control of the company or the board.

**Independent Board Chair (for applicable markets)** 

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We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

• Two-thirds independent board, or majority in countries where employee representation is common practice;

• A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

• Fully independent key committees; and/or

• Established, publicly disclosed, governance guidelines and director biographies/profiles.

**3. Remuneration** 

**Pay Practices** 

Good pay practices should align management's interests with long-term shareholder value creation. Detailed disclosure of remuneration criteria is preferred; proof that companies follow the criteria should be evident and retroactive performance target changes without proper disclosure is not viewed favorably. Remuneration practices should allow a company to attract and retain proven talent. Some examples of poor pay practices include: abnormally large bonus payouts without justifiable performance linkage or proper disclosure, egregious employment contracts, excessive severance and/or change in control provisions, repricing or replacing of underwater stock options/stock appreciation rights without prior shareholder approval, and excessive perquisites. A company should also have an appropriate balance of short-term vs. long-term metrics and the metrics should be aligned with business goals and objectives.

If the company maintains problematic or poor pay practices, generally vote:

• AGAINST Management Say on Pay (MSOP) Proposals, Remuneration Reports; or

• AGAINST an equity-based incentive plan proposal if excessive non-performance-based equity awards are the major contributor to a pay-for-performance misalignment.

**Remuneration Plans**

When a disconnect between pay and performance exists, pay practices that may result in a vote AGAINST management proposals on an advisory vote on executive compensation may include:

• Lack of transparent disclosure of compensation philosophy and goals and targets, including details on short-term and long-term performance incentives;

• Long term incentive awards consisting of less than 50% performance-based awards;

• Lack of the board's response to failed MSOP vote the previous year;

• Abnormally large bonus payouts without justifiable performance linkage or proper disclosure;

• Egregious employment or retention contracts;

• Excessive perquisites or excessive severance and/or change in control provisions; and

• Extraordinary relocation benefits.

**Non-Executive Director Compensation** 

Generally vote FOR proposals to award cash fees to non-executive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote non-executive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both non-executive and executive directors into a single resolution on a CASE-BY-CASE basis.

Generally vote AGAINST proposals to introduce retirement benefits for non-executive directors.

**Director, Officer, and Auditor Indemnification and Liability Provisions** 

Vote proposals seeking indemnification and liability protection for directors and officers on a CASE-BY-CASE basis.

Generally vote AGAINST proposals to indemnify auditors.

**Other Remuneration Related Proposals** 

Vote on other remuneration related proposals on a CASE-BY-CASE basis.

**4. Shareholder Rights and Defenses** 

**Antitakeover Mechanisms** 

Generally vote AGAINST all antitakeover proposals, unless they are structured in such a way that they give shareholders the ultimate

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decision on any proposal or offer.

For the Netherlands, vote recommendations regarding management proposals to approve protective preference shares will be determined on a CASE-BY-CASE basis.

For French companies listed on a regulated market, generally vote AGAINST any general authorities impacting the share capital (i.e. authorities for share repurchase plans and any general share issuances with or without preemptive rights) if they can be used for antitakeover purposes without shareholders' prior explicit approval.

**5. Strategic Transactions, Capital Structures and other Business Considerations** 

**Reorganizations/Restructurings** 

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Mergers and Acquisitions** 

Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information:

• Valuation;

• Market reaction;

• Strategic rationale;

• Management's track record of successful integration of historical acquisitions;

• Presence of conflicts of interest; and

• Governance profile of the combined company.

**Dual Class Structures** 

Generally vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Generally vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

**Share Issuance Requests** 

*General Issuances:* 

Generally vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital or any stricter limit set in local best practice recommendations or law.

Generally vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital or any stricter limit set in local best practice recommendations or law.

*Specific Issuances:* 

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

**Increases in Authorized Capital** 

Generally vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding, or any stricter limit set in local best practice recommendations or law.

Generally vote FOR specific proposals to increase authorized capital to any amount, unless:

• The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed; or

• The increase would leave the company with less than 30% of its new authorization outstanding after adjusting for all proposed issuances or any stricter limit set in local best practice recommendations or law.

Generally vote AGAINST proposals to adopt unlimited capital authorizations.

**Reduction of Capital** 

Generally vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

**Preferred Stock** 

Generally vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the

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terms of the preferred stock would adversely affect the rights of existing shareholders.

Generally vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Generally vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Generally vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

**Debt Issuance Requests** 

Vote non-convertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Generally vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Generally vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would adversely affect the rights of shareholders.

**Increase in Borrowing Powers** 

Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

**Share Repurchase Plans** 

We will generally vote FOR share repurchase programs taking into account whether:

• The share repurchase program can be used as a takeover defense;

• There is clear evidence of historical abuse;

• There is no safeguard in the share repurchase program against selective buybacks; and

• Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

**Reissuance of Repurchased Shares** 

Generally vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

**Capitalization of Reserves for Bonus Issues/Increase in Par Value** 

Generally vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

**Related-Party Transactions** 

Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

• The parties on either side of the transaction;

• The nature of the asset to be transferred/service to be provided;

• The pricing of the transaction (and any associated professional valuation);

• The views of independent directors (where provided);

• The views of an independent financial adviser (where appointed);

• Whether any entities party to the transaction (including advisers) is conflicted; and

• The stated rationale for the transaction, including discussions of timing

**6. Other Management and Shareholder Proposals** 

**Overall Approach** 

Management and shareholder proposals considered under this category could include, among others, requests that a company:

• Publish a report or additional information related to the company's business and impact on stakeholders;

• Disclose policies related to specific business practices and/or services;

• Conduct third party audits, reports or studies related to the company's business practices, services and/or impact on stakeholders

When evaluating management and shareholder proposals, the following factors are generally considered:

• Whether the subject of the proposal is considered to be material to the company's business;

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• The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

• If the company has implemented or formally committed to the implementation of a reporting program based on a recognized industry group standards or recommendations, such as the International Sustainability Standards Board's Sustainability Accounting Standards, the Sustainability Accounting Standards Board's (SASB) standards, the European Sustainability Reporting Standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

• Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

• The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

• Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

• What other companies in the relevant industry have done in response to the issue addressed in the proposal;

• Whether the proposal itself is well framed and the cost of preparing the report and/or the implementation is reasonable ;

• Whether the subject of the proposal is best left to the discretion of the board;

• Whether the proposal is legally binding for the board;

• Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward; and

• Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

**Region: Asia Pacific (APAC) Proxy Items** 

*The following section is a broad summary of the Guidelines, which form the basis of the Policy with respect to APAC public equity investments of operating and/or holding companies. Applying these guidelines is subject to certain regional and country-specific exceptions and modifications and is not inclusive of all considerations in each market. For Japan-specific policies, see the Japan Proxy Items section.* 

**1. Business Items** 

**Financial Results/Director and Auditor Reports** 

Generally vote FOR approval of financial statements and director and auditor reports, unless:

• There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered; or

• The company is not responsive to shareholder questions about specific items that should be publicly disclosed.

**Appointment of Auditors and Auditor Fees** 

Generally vote FOR the re-election of auditors and proposals authorizing the board to fix auditor fees unless:

• There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered;

• There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

• Name of the proposed auditor has not been published;

• The auditors are being changed without explanation;

• Non-audit-related fees are substantial, or are in excess of standard annual audit-related fees, or in excess of permitted local limits and guidelines; or

• The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

**Allocation of Income** 

Generally vote FOR approval of the allocation of income, unless:

• The dividend payout ratio has been consistently low without adequate explanation; or

• The payout is excessive given the company's financial position.

**Stock (Scrip) Dividend Alternative** 

Generally vote FOR most stock (scrip) dividend proposals.

Generally vote AGAINST proposals that do not allow for a cash option unless management demonstrates that the cash option is harmful to

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shareholder value.

**Amendments to Articles of Association and Company Bylaws** 

Vote amendments to the articles of association and Company Bylaws on a CASE-BY-CASE basis.

**Change in Company Fiscal Term** 

Generally vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its annual general meeting.

**Lower Disclosure Threshold for Stock Ownership** 

Generally vote AGAINST resolutions to lower the stock ownership disclosure threshold below 5% unless specific reasons exist to implement a lower threshold.

**Amend Quorum Requirements** 

Vote proposals to amend quorum requirements for shareholder meetings on a CASE-BY-CASE basis.

**Virtual Meetings** 

Generally vote FOR proposals allowing for the convening of hybrid\* shareholder meetings if it is clear that it is not the intention to hold virtual-only AGMs. Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

**Transact Other Business** 

Generally vote AGAINST other business when it appears as a voting item.

**Administrative Requests** 

Generally vote FOR non-contentious administrative management requests.

**2. Board of Directors** 

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and/or meet local best practice expectations; should be composed of directors with diverse backgrounds and perspectives; and should be held accountable for actions and results related to their responsibilities. The board of directors should seek to comply with commonly accepted corporate governance best practices as well as the corporate governance standards that are applicable in their country and state of incorporation. The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

**Voting on Director Nominees in Uncontested Elections** 

Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:

• Adequate disclosure has not been provided in a timely manner; or

• There are clear concerns over questionable finances or restatements; or

• There have been questionable transactions or conflicts of interest; or

• There are any records of abuses against minority shareholder interests; or

• The board fails to meet minimum corporate governance standards; or

• There are reservations about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bundling of proposals to elect directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure of named nominees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overboarded directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director independence

• Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

• There are other considerations which may include sanction from government or authority, violations of laws and regulations, or other issues relate to improper business practice, failure to replace management, or egregious actions related to service on other boards.

**Director Independence—Classification of Directors** 

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**Executive Director** 

• Employee or executive of the company; and

• Any director who is classified as a non-executive, but receives salary, fees, bonus, and/or other benefits that are in line with the highest-paid executives of the company.

**Non-Independent Non-Executive Director (NED)** 

• Any director who is attested by the board to be a non-independent NED;

• Any director specifically designated as a representative of a significant shareholder of the company;

• Any director who is also an employee or executive of a significant shareholder of the company;

• Beneficial owner (direct or indirect) of at least 10% of the company's stock, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%), unless market best practice dictates a lower ownership and/or disclosure threshold (and in other special market-specific circumstances);

• Government representative;

• Currently provides (or a relative provides) professional services to the company, to an affiliate of the company, or to an individual officer of the company or of one of its affiliates in excess of $10,000 per year;

• Represents customer, supplier, creditor, banker, or other entity with which company maintains transactional/commercial relationship (unless company discloses information to apply a materiality test);

• Any director who has conflicting or cross-directorships with executive directors or the chairman of the company;

• Relative of a current employee of the company or its affiliates;

• Relative of a former executive of the company or its affiliates;

• A new appointee elected other than by a formal process through the General Meeting (such as a contractual appointment by a substantial shareholder);

• Founder/co-founder/member of founding family but not currently an employee;

• Former executive (a cooling off period may be applied);

• In markets where local regulations or standards require a maximum tenure, directors with excess tenure will be considered non-independent, except in certain cases where the company discloses a clear justification; and

• Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance.

**Independent NED** 

• No material connection, either directly or indirectly, to the company other than a board seat

**Employee Representative** 

• Represents employees or employee shareholders of the company (classified as "employee representative" but considered a non-independent NED).Director Accountability

Generally vote AGAINST individual directors who attend less than 75% of the board and committee meetings without a disclosed valid excuse.

Generally, vote FOR the bundled election of management nominees, unless adequate disclosures of the nominees have not been provided in a timely manner or if one or more of the nominees does not meet the expectation of our policy.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices.

**Discharge of Directors** 

Generally vote FOR the discharge of directors, including members of the management board and/or supervisory board, unless there is reliable information about significant and compelling controversies that the board is not fulfilling its fiduciary duties warranted by:

• A lack of oversight or actions by board members which invoke shareholder distrust related to malfeasance or poor supervision, such as operating in private or company interest rather than in shareholder interest;

• Any legal issues (e.g., civil/criminal) aiming to hold the board responsible for breach of trust in the past or related to currently alleged

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actions yet to be confirmed (and not only the fiscal year in question), such as price fixing, insider trading, bribery, fraud, and other illegal actions;

• Other egregious governance issues where shareholders may bring legal action against the company or its directors; or

• Vote on a CASE-BY-CASE basis where a vote against other agenda items are deemed inappropriate.

**Committee Responsibilities and Expectations** 

The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

We generally support incumbent directors, taking into consideration the below factors.

• Material failures of governance, stewardship, or fiduciary responsibilities at the company,

• including but not limited to violations of global norms principles and/or other significant global standards;

• Failure to disclose material information;

• Egregious actions related to the director(s)' service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company;

• The board failed to act on a shareholder proposal that received approval of the majority of shares cast the previous year (a management proposal with other than a FOR recommendation by management will not be considered as sufficient action taken); an adopted proposal that is

• (vote against members of the committee of the board that is responsible for the issue under consideration). If we did not support the shareholder proposal, we may still vote against the committee member(s).

• The board failed to act on takeover offers where the majority of the shareholders tendered their shares; or

• If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

**Audit Committee**

Vote CASE-BY-CASE on members of the Audit Committee if poor accounting practices, which rise to a level of serious concern are identified, such as, but not limited to, fraud, misapplication of GAAP, excessive non-audit fees, excessive pledging or hedging of stock by executives, and material weaknesses identified in audit-related disclosures.

Examine the severity, breadth, chronological sequence and duration, as well as the company's efforts at remediation or corrective actions, in determining whether negative vote recommendations are warranted against the members of the Audit Committee who are responsible for the poor accounting practices, or the entire board.

Generally vote AGAINST Audit Committee members who are classified as promoters or beneficial owners in the company (India).

**Remuneration Committee (Australia)** 

Vote CASE-BY-CASE on members of the Remuneration Committee, factors considered may include whether:

• We voted against the company's Remuneration Report in the previous year, the company's previous Remuneration Report received significant opposition of votes cast and we are voting against this year's Remuneration Report; or

• The remuneration structure is widely inconsistent with local market best practices or regulations.

**Nominating Committee** 

Vote CASE-BY-CASE on members of the Nominating/Governance Committee considering if:

• A company does not meet the board diversity requirements of local listing rules, corporate governance codes, national targets, or the board diversity is significantly below that of the average in its market; provided that company performance, or other factors, will generally be taken into consideration; or

• The level of board independence does not meet the requirements of local regulations, listing rules, corporate governance codes, or local market best practices.

**Voting on Director Nominees in Contested Elections** 

Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

• Company performance relative to its peers;

• Strategy of the incumbents versus the dissidents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Independence of board candidates;

• Experience and skills of board candidates;

• Governance profile of the company;

• Evidence of management entrenchment;

• Responsiveness to shareholders;

• Whether a takeover offer has been rebuffed; and

• Whether minority or majority representation is being sought.

**Other Board Related Proposals (Management and Shareholder)** 

Generally vote AGAINST management and shareholder proposals introducing classified boards.

Generally vote AGAINST shareholder proposals regarding mandatory retirement ages for directors.

Generally vote AGAINST management and shareholder proposals to alter board structure or size in the context of a fight for control of the company or the board.

**Independent Board Chair (applicable markets)** 

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

• Two-thirds independent board, or majority in countries where employee representation is common practice;

• A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

• Fully independent key committees; and/or

• Established, publicly disclosed, governance guidelines and director biographies/profiles.

**3. Remuneration** 

**Pay Practices** 

Good pay practices should align management's interests with long-term shareholder value creation. Detailed disclosure of remuneration criteria is preferred; proof that companies follow the criteria should be evident and retroactive performance target changes without proper disclosure is not viewed favorably. Remuneration practices should allow a company to attract and retain proven talent. Some examples of poor pay practices include: abnormally large bonus payouts without justifiable performance linkage or proper disclosure, egregious employment contracts, excessive severance and/or change in control provisions, repricing or replacing of underwater stock options/stock appreciation rights without prior shareholder approval, and excessive perquisites. A company should also have an appropriate balance of short-term vs. long-term metrics and the metrics should be aligned with business goals and objectives.

If the company maintains problematic or poor pay practices, generally vote:

• AGAINST Remuneration Reports; or

• AGAINST an equity-based incentive plan proposal if excessive non-performance-based equity awards are the major contributor to a pay-for-performance misalignment.

Remuneration Reports (Australia)

Vote CASE-BY-CASE on management proposals for a vote on remuneration reports, considering the following factors in the context of each company's specific circumstances and the board's disclosed rationale for its practices.

When a disconnect between pay and performance exists, pay practices that may result in a vote AGAINST management proposals the company's remuneration report may include:

• Lack of transparent disclosure of compensation philosophy and goals and targets, including details on short-term and long-term performance incentives;

• Long term incentive awards consisting of less than 50% performance-based awards;

• Lack of the board's response to failed MSOP vote the previous year;

• Abnormally large bonus payouts without justifiable performance linkage or proper disclosure;

• Egregious employment or retention contracts;

• Excessive perquisites or excessive severance and/or change in control provisions; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Extraordinary relocation benefits.

**Equity-based / Stock Option Compensation Plans** 

Vote CASE-BY-CASE on equity compensation plans, considering factors such as:

• Level of potential dilution (generally within 5% for mature companies and 10% for growth companies, or within local market best practices);

• Length of vesting period;

• Appropriate performance hurdles;

• Adequate disclosure of the remuneration plan;

• Governance and administration of the remuneration plan; and

• Any other concerns which may negatively impact shareholder value or alignment of incentives.

**Non-Executive Director Compensation** 

Generally vote FOR proposals to award cash fees to non-executive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote non-executive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both non-executive and executive directors into a single resolution on a CASE-BY-CASE basis.

Generally vote AGAINST proposals to introduce retirement benefits for non-executive directors.

**Director, Officer, and Auditor Indemnification and Liability Provisions** 

Vote proposals seeking indemnification and liability protection for directors and officers on a CASE-BY-CASE basis.

Generally vote AGAINST proposals to indemnify auditors.

**Other Remuneration Related Proposals** 

Vote on other remuneration related proposals on a CASE-BY-CASE basis.

**4. Shareholder Rights and Defenses** 

**Antitakeover Mechanisms** 

Generally vote AGAINST all antitakeover proposals, unless they are structured in such a way that they give shareholders the ultimate decision on any proposal or offer.

**5. Strategic Transactions, Capital Structures and other Business Considerations** 

**Reorganizations/Restructurings** 

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Mergers and Acquisitions** 

Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information**:** 

• Valuation;

• Market reaction;

• Strategic rationale;

• Management's track record of successful integration of historical acquisitions;

• Presence of conflicts of interest; and

• Governance profile of the combined company.

**Dual Class Structures** 

Generally vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Generally vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

**Share Issuance Requests** 

*General Issuances:* 

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Generally vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital or any stricter limit set in local best practice recommendations or law (50% in Singapore).

Generally vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital or any stricter limit set in local best practice recommendations or law (15% in Australia, 10% in Hong Kong and Singapore Mainboard). Generally vote FOR issuance requests without preemptive rights to a maximum of 25% of currently issued capital (India).

*Specific Issuances:* 

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

**Increases in Authorized Capital** 

Generally vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding, or any stricter limit set in local best practice recommendations or law.

Generally vote FOR specific proposals to increase authorized capital to any amount, unless:

• The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed; or

• The increase would leave the company with less than 30% of its new authorization outstanding after adjusting for all proposed issuances, or any stricter limit set in local best practice recommendations or law.

Generally vote AGAINST proposals to adopt unlimited capital authorizations

**Reduction of Capital** 

Generally vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

**Preferred Stock** 

Generally vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

Generally vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Generally vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Generally vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

**Debt Issuance Requests** 

Vote non-convertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Generally vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Generally vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would adversely affect the rights of shareholders.

**Increase in Borrowing Powers** 

Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

**Share Repurchase Plans** 

We will generally vote FOR share repurchase programs taking into account whether:

• The share repurchase program can be used as a takeover defense;

• There is clear evidence of historical abuse;

• There is no safeguard in the share repurchase program against selective buybacks; and

• Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

**Reissuance of Repurchased Shares** 

Generally vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

Capitalization of Reserves for Bonus Issues/Increase in Par Value

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Generally vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

**Related-Party Transactions** 

Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

• The parties on either side of the transaction;

• The nature of the asset to be transferred/service to be provided;

• The pricing of the transaction (and any associated professional valuation);

• The views of independent directors (where provided);

• The views of an independent financial adviser (where appointed);

• Whether any entities party to the transaction (including advisers) is conflicted; and

• The stated rationale for the transaction, including discussions of timing

**6. Other Management and Shareholder Proposals** 

**Overall Approach** 

Management and shareholder proposals considered under this category could include, among others, requests that a company:

• Publish a report or additional information related to the company's business and impact on stakeholders;

• Disclose policies related to specific business practices and/or services;

• Conduct third party audits, reports or studies related to the company's business practices, services and/or impact on stakeholders

When evaluating management and shareholder proposals, the following factors are generally considered:

• Whether the subject of the proposal is considered to be material to the company's business;

• The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

• If the company has implemented or formally committed to the implementation of a reporting program based on a recognized industry group standards or recommendations, such as the International Sustainability Standards Board's Sustainability Accounting Standards, the Sustainability Accounting Standards Board's (SASB) standards, the European Sustainability Reporting Standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

• Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

• The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

• Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

• What other companies in the relevant industry have done in response to the issue addressed in the proposal;

• Whether the proposal itself is well framed and the cost of preparing the report and/or the implementation is reasonable;

• Whether the subject of the proposal is best left to the discretion of the board;

• Whether the proposal is legally binding for the board;

• Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward; and

• Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

**Region: Japan Proxy Items** 

*The following section is a broad summary of the Guidelines, which form the basis of the Policy with respect to Japanese public equity investments of operating and/or holding companies. Applying these guidelines is not inclusive of all considerations in the Japanese market.* 

**1. Operational Items** 

**Financial Results/Director and Auditor Reports** 

Generally vote FOR approval of financial statements and director and auditor reports, unless:

• There are concerns about the accounts presented or audit procedures used; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The company is not responsive to shareholder questions about specific items that should be publicly disclosed.

**Appointment of Auditors and Auditor Fees** 

Generally vote FOR the re-election of auditors and proposals authorizing the board to fix auditor fees, unless:

• There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered;

• There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

• Name of the proposed auditor has not been published;

• The auditors are being changed without explanation;

• Non-audit-related fees are substantial or are in excess of standard annual audit-related fees; or

• The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

**Allocation of Income** 

Generally vote FOR approval of the allocation of income, unless:

• The dividend payout ratio has been consistently low without adequate explanation; or

• The payout is excessive given the company's financial position;

**Amendments to Articles of Association** 

Vote amendments to the articles of association on a CASE-BY-CASE basis.

**Change in Company Fiscal Term** 

Generally vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its annual general meeting.

**Amend Quorum Requirements** 

Vote proposals to amend quorum requirements for shareholder meetings on a CASE-BY-CASE basis.

**Virtual Meetings** 

Generally vote AGAINST management proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

**2. Board of Directors and Statutory Auditors** 

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and/or meet local best practice expectations; should be composed of directors with diverse backgrounds and perspectives; and should be held accountable for actions and results related to their responsibilities. The board of directors should seek to comply with commonly accepted corporate governance best practices as well as the corporate governance standards that are applicable in this market. The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed**.** 

**Voting on Director Nominees in Uncontested Elections** 

Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:.

• The company's committee structure: statutory auditor board structure, U.S.-type three committee structure, or audit committee structure; or

• Adequate disclosure has not been provided in a timely manner; or

• There are clear concerns over questionable finances or restatements; or

• There have been questionable transactions or conflicts of interest; or

• There are any records of abuses against minority shareholder interests; or

• The board fails to meet minimum corporate governance standards; or

• There are reservations about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bundling of proposals to elect directors

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure of named nominees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overboarded directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director independence

• Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

• There are other considerations which may include sanctions from government or authority, violations of laws and regulations, or other issues related to improper business practice, failure to replace management, or egregious actions related to service on other boards.

Generally vote AGAINST top executives when the company has an excessive amount of strategic shareholdings.

Generally vote AGAINST top executives when the company has posted average return on equity (ROE) of less than five percent over the last five fiscal years.

**Director Independence—Classification of Directors** 

**Inside Director** 

• Employee or executive of the company; and

• Any director who is not classified as an outside director of the company.

**Non-Independent Non-Executive Director (affiliated outsider)** 

• Any director specifically designated as a representative of a significant shareholder of the company;

• Any director who is/was also an employee or executive of a significant shareholder of the company;

• Beneficial owner (direct or indirect) of at least 10% of the company's stock, or one of the top 10 shareholders, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%)

• Individuals who are employees or were previously employed at main lenders/banks of the company;

• Relative of a current employee of the company or its affiliates;

• Any director who works or has worked at a company whose shares are held by the company in question as strategic shareholdings (i.e. "cross-shareholdings")

• Any director who has served at a company as an outside director for 12 years or more;

• Any additional relationship or principle considered to compromise independence

**Independent Non-Executive Directors (independent outsider)** 

• No material connection, either directly or indirectly, to the company other than a board seat.

At companies adopting a board with a statutory auditor committee structure or an audit committee structure, generally vote AGAINST top executives when the board consists of fewer than two independent outside directors or less than 1/3 of the board consists of independent outside directors. Additionally, if the company is a member of the TOPIX 100 index, generally vote AGAINST top executives when less than 1/2 of the board consists of outside directors.

At companies adopting an audit committee structure, generally vote AGAINST affiliated outside directors who are audit committee members.

At companies adopting a U.S.-type three committee structure, generally vote AGAINST members of the Nominating Committee when less than a majority of the board consists of independent outside directors.

At controlled companies adopting board with a statutory auditor structure or an audit committee structure, generally vote AGAINST top executives if the board does not consist of majority independent outside directors.

**Director Accountability** 

Generally vote AGAINST individual outside directors who attend less than 75% of the board and/or committee meetings without a disclosed valid excuse.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices

**Committee Responsibilities and Expectations** 

The board of directors should establish committees to oversee areas such as, but not limited to, audit, executive and non-executive compensation, and director nominations and appointments. The responsibilities of the committees should be publicly disclosed.

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We generally support incumbent directors, taking into consideration the below factors.

• Material failures of governance, stewardship, or fiduciary responsibilities at the company, including but not limited to violations of global norms principles and/or other significant global standards;

• Failure to disclose material information;

• Egregious actions related to the director(s)' service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company;

• The board adopts or renews a poison pill without shareholder approval, does not commit to putting it to shareholder vote within 12 months of adoption (or in the case of a newly public company, does not commit to put the pill to a shareholder vote within 12 months following the IPO), or reneges on a commitment to put the pill to a vote, and has not yet received a withhold/against recommendation for this issue;

• The board failed to act on takeover offers where the majority of the shareholders tendered their shares; or

• If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

Generally vote AGAINST members of the Nominating Committee or top executives if the board diversity is significantly below that of the average in its market; provided that company performance, or other factors, will generally be taken into consideration.

**Voting on Director Nominees in Contested Elections** 

Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

• Company performance relative to its peers;

• Strategy of the incumbents versus the dissidents;

• Independence of board candidates;

• Experience and skills of board candidates;

• Governance profile of the company;

• Evidence of management entrenchment;

• Responsiveness to shareholders;

• Whether a takeover offer has been rebuffed;

• Whether minority or majority representation is being sought.

**Other Board Related Proposals (Management and Shareholder)** 

Generally vote AGAINST management and shareholder proposals introducing classified boards.

Generally vote AGAINST shareholder proposals regarding mandatory retirement ages for directors.

Generally vote AGAINST management and shareholder proposals to alter board structure or size in the context of a fight for control of the company or the board.

**Independent Board Chair (applicable markets)** 

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

• Two-thirds independent board;

• A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

• Fully independent key committees; and/or

• Established, publicly disclosed, governance guidelines and director biographies/profiles.

**Statutory Auditor Elections**

Generally vote AGAINST affiliated outside statutory auditors.

For definition of affiliated outsiders, see "Classification of Directors"

Generally vote FOR management nominees taking into consideration the following:

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• Adequate disclosure has not been provided in a timely manner;

• There are clear concerns over questionable finances or restatements;

• There have been questionable transactions or conflicts of interest;

• There are any records of abuses against minority shareholder interests;

• The board fails to meet minimum corporate governance standards;

• Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities;

• Outside statutory auditor's attendance at less than 75% of the board and statutory auditor meetings without a disclosed valid excuse; or

• Unless there are other considerations which may include sanctions from government or authority, violations of laws and regulations, or other issues related to improper business practice, failure to replace management, or egregious actions related to service on other boards.

**3. Compensation** 

**Director Compensation** 

Generally vote FOR proposals to award cash fees to non-executive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote non-executive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both non-executive and executive directors into a single resolution on a CASE-BY-CASE basis.

Generally vote AGAINST proposals to introduce retirement bonuses for outside directors and/or outside statutory auditors, unless the amounts are disclosed and are not excessive relative to other companies in the country or industry.

**Director, Officer, and Auditor Indemnification and Liability Provisions** 

Vote proposals seeking indemnification and liability protection for directors and statutory auditors on a CASE-BY-CASE basis.

Generally vote AGAINST proposals to indemnify auditors.

**4. Shareholder Rights and Defenses** 

**Antitakeover Mechanisms** 

Generally vote AGAINST all antitakeover proposals, unless certain conditions are met to ensure the proposal is intended to enhance shareholder value, including consideration of the company's governance structure, the anti-takeover defense duration, the trigger mechanism and governance, and the intended purpose of the antitakeover defense.

**5. Strategic Transactions and Capital Structures** 

**Reorganizations/Restructurings** 

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Mergers and Acquisitions** 

Vote CASE-BY-CASE on mergers and acquisitions, and third-party share issuance requests, taking into account the following based on publicly available information:

• Valuation;

• Market reaction;

• Strategic rationale;

• Management's track record of successful integration of historical acquisitions;

• Presence of conflicts of interest; and

• Governance profile of the combined company.

**Dual Class Structures** 

Generally vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Generally vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

**Increases in Authorized Capital** 

Generally vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase

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would leave the company with less than 30% of its new authorization outstanding. The increase should also not be intended as a takeover defense.

Generally vote FOR specific proposals to increase authorized capital to any amount, unless:

• The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed.

Generally vote AGAINST proposals to adopt unlimited capital authorizations.

**Reduction of Capital** 

Generally vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

**Preferred Stock**

Vote CASE-BY-CASE on any requests to issue or modify preferred shares or other share classes Share Repurchase Plans

We will generally vote FOR share repurchase programs taking into account whether:

• The share repurchase program can be used as a takeover defense;

• There is clear evidence of historical abuse;

• There is no safeguard in the share repurchase program against selective buybacks;

• Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

**6. Other Management and Shareholder Proposals** 

**Overall Approach** 

Management and shareholder proposals considered under this category could include, among others, requests that a company:

• Publish a report or additional information related to the company's business and impact on stakeholders;

• Disclose policies related to specific business practices and/or services;

• Conduct third party audits, reports or studies related to the company's business practices, services and/or impact on stakeholders

When evaluating management and shareholder proposals, the following factors are generally considered:

• Whether the subject of the proposal is considered to be material to the company's business;

• The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

• Ift the company has implemented or formally committed to the implementation of a reporting program based on a recognized industry group standards or recommendations, such as the International Sustainability Standards Board's Sustainability Accounting Standards, the Sustainability Accounting Standards Board's (SASB) standards, the European Sustainability Reporting Standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

• Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

• The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

• Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

• What other companies in the relevant industry have done in response to the issue addressed in the proposal;

• Whether the proposal itself is well framed and the cost of preparing the report and/or the implementation is reasonable;

• Whether the subject of the proposal is best left to the discretion of the board;

• Whether the proposal is legally binding for the board;

• Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward; and

• Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

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**Great Lakes Advisors, LLC**

**Proxy Voting Policies and Procedures** 

**Statement of Policy** 

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. The Firm generally retains proxy-voting authority with respect to securities purchased for its clients, unless otherwise agreed upon with the particular client. When the Firm retains the proxy voting authority, the Firm has a fiduciary duty to vote proxies in the best interest of its clients and in accordance with these policies and procedures (this "Proxy Voting Policy"). The Firm may decide to not vote proxies in proprietary pilot accounts.

In order to administer this Proxy Voting Policy the Firm has created a Proxy Committee comprised of senior personnel of the Firm, including portfolio management, Operations and Compliance departments.

**Risks** 

In developing these policies and procedures, The Firm considered numerous risks associated with the proxy voting process. This analysis includes risks such as:

• The Firm's proxy voting policies and procedures are not reasonably designed to ensure that proxies are voted in the best interests of the Firm's clients;

• Proxies are not identified and processed in a timely manner;

• Proxies are not voted in clients' best interests;

• Conflicts of interest between the Firm and a client are not identified or resolved appropriately;

• The Firm does not conduct an investigation reasonably designed to ensure that its voting determinations are not based on materially inaccurate or incomplete information;

• Third-party proxy voting services retained by the Firm do not vote proxies according to the Firm's instructions and in clients' best interests;

• The Firm does not conduct appropriate evaluation and oversight of the third-party proxy voting services retained by the Firm;

• Proxy voting records, client requests for proxy voting information, and the Firm's responses to such requests, are not properly maintained;

• The Firm lacks policies regarding clients' participation in class actions.

The Firm has established policies and procedures to mitigate these risks.

**Use of Third-Party Proxy Voting Service** 

While the voting of proxies remains a fiduciary duty of the Firm, the Firm may contract with service providers to perform certain functions with respect to proxy voting, subject to the oversight by the Firm, as described in these procedures.

If or when GLA decides to rely on the recommendations of a proxy advisory firm versus our own extensive internal research, GLA 1) would determine if the proxy advisory firm has the capacity and competency to make such voting recommendations, and conduct due diligence reviews of the firm; 2) would determine if the proxy recommendations made by the firm are based on materially accurate information; 3) would identify and address any conflicts of interest of the proxy firm to ensure that GLA continues to vote proxies in the best interests of its clients; 4) would review the proxy firm's consistency of voting with guidelines, fees and disclosures as relevant, and other items; and 5) would adopt policies and procedures reasonably designed to provide sufficient oversight of the proxy advisory firm and review the proxy firm's services and practices on an on-going or periodic basis.

The Firm has entered into an agreement with Institutional Shareholder Services, Inc. ("ISS") to provide the Firm with its analysis on proxies and to facilitate the electronic voting of proxies. The Firm has instructed ISS to execute all proxies in accordance with the applicable guidelines, except with respect to Special Voting Issues (as defined below) or unless otherwise instructed by the Firm with respect to a particular vote. The Compliance Department manages the Firm's relationship with ISS.

Proxies relating to securities held in client accounts will be sent directly to ISS. If a proxy is received by the Firm and not sent directly to ISS, the Firm will promptly forward the proxy to ISS. Having ISS complete the actual voting of all proxies provides a central source for the Firm's proxy voting records.

**Proxy Voting Guidelines for Fundamental Equity and Strategic Fundamental Equity Strategies** 

ISS' Standard Guidelines and U.S. Taft-Hartley Guidelines. Except as described below, the Firm will vote proxies for its clients, including the commingled funds managed by the Firm, through the use of ISS' services in accordance with applicable ISS guidelines. When voting in accordance with ISS guidelines, the Firm will generally apply the ISS' Standard Guidelines. For the Firm's Taft-Hartley clients, however, the Firm will vote proxies in accordance with ISS' U.S. Taft-Hartley Guidelines.

Special Voting Issues. ISS will notify the Firm of certain votes involving, without limitation, certain material mergers and acquisition

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transactions, reorganizations, capital structure changes, dissolutions, conversions or consolidations, dissident shareholders, contested director elections, and certain social and environmental proposals ("Special Voting Issues"). With respect to all proxies involving Special Voting Issues, a member of the Proxy Committee and the applicable portfolio manager will conduct a more detailed analysis of the issuer or the specific matter to be voted on and will determine whether the Firm will follow ISS recommendations or whether the Firm will make an independent determination on how to vote the proxy in accordance with the best interests of the clients. The Operations Department will send the Firm's decision on how to vote the proxy to ISS, which will vote the proxy.

Client-Directed Proxies. In the event that a client-directed proxy is in conflict with ISS Guidelines, the Firm will vote in accordance with the client's proxy guideline. ISS will execute the vote as directed by the Firm.

ISS' Conflicts and Other Instances of Deviation from ISS Guidelines. In the event that (i) the Firm becomes aware of a conflict of interest between the Firm and ISS, (ii) ISS is unable to complete or provide its research and analysis regarding a security on a timely basis or (iii) the Firm determines that voting in accordance with ISS guidelines is not in the best interest of the client, the Firm will not vote in accordance with ISS guidelines. In such cases, the Firm will make an independent decision on how to vote, which may or may not be consistent with ISS guidelines. ISS will execute the vote as directed by the Firm.

Conflicts of the Firm. In seeking to avoid conflicts, the Firm will vote in accordance with applicable ISS guidelines (i) if an employee of the Firm or one of its affiliates is on the board of directors of a company held in client accounts or (ii) if a conflict of interest exists between the Firm and a client with respect to the issuer. In the event of a conflict of interest between the Firm and a client, the Firm's voting in accordance with ISS guidelines does not relieve the Firm of its fiduciary obligation to either vote in the client's best interest or to provide to the client a full and fair disclosure of the conflict and obtain the client's informed consent.

In the case of ERISA clients, if the investment management agreement reserves to the ERISA client the authority to vote proxies when the Firm determines it has a material conflict that affects its best judgment as an ERISA fiduciary, the Firm will give the ERISA client the opportunity to vote the proxies themselves. Absent the client reserving voting rights, the Firm will vote the proxies in accordance with this Proxy Voting Policy.

When the Firm votes proxies on behalf of the account of a corporation, or a pension plan sponsored by a corporation, in which the Firm's other clients also own stock, the Firm will vote the proxy for its other clients in accordance with applicable ISS guidelines and the proxy for the corporation or its pension plan's account as directed by the corporation.

**Proxy Voting Guidelines for Disciplined Equity Strategies and MAS** 

*Governance.* A company's board of directors is responsible for the overall governance of the corporation, for representing the interests of shareholders, and for overseeing the company's relationships with other stakeholders. Hallmarks of an effective board typically include independence, accountability, and diversity of backgrounds and experiences.

<u>Board of Directors</u> 

• Director Elections – The Firm will typically support the company's candidates for the board of directors unless there is a compelling reason to withhold support, such as poor attendance, insufficient board independence, over-boarding, or failure to satisfactorily carry out the duties and responsibilities of a director. In situations where there are competing candidates or competing slates of candidates, the Firm will vote in the best interests of our clients.

• Annual Elections – The Firm generally supports the annual election of all directors. We believe that annual elections improve the accountability of board members.

• Independent Chair – In most circumstances, the Firm believes that investor interests are served best when the board is led by an independent, non-executive chairperson. For instances when the CEO is also the board chair, the Firm supports the appointment of an independent lead director.

• Board Diversity – The Firm believes that boards are more effective when they are made up of directors with diverse backgrounds, experiences, and areas of expertise. The Firm may withhold support from members of the Nominating or Governance Committees if there is insufficient diversity on the board and an adequate explanation is not disclosed.

• Board Committees – To avoid conflicts of interest, the Firm believes that members of the Audit, Compensation, and Nominating Committees should consist exclusively of independent directors. When this is not the case, the Firm may withhold support from members of the Nominating or Governance Committees.

<u>Compensation</u> 

• Executive Compensation – The Firm believes that every company is unique and, therefore, compensation plans will vary. We will evaluate compensation proposals on a case-by-case basis. Some of the criteria we will use in our analysis include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure – explanation of executive compensation plans should be clear, complete, and timely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance-based – compensation should be linked to the financial metrics that best reflect value creation on behalf of shareholders and should include both short-term and long-term performance metrics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Link to relevant ESG performance – ideally, a component of compensation should be linked to performance on material ESG issues

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that are likely to affect the financial performance of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reasonableness – the total amount of compensation and the breakdown between base salary, annual incentive, long-term incentive, and stock option plans should be reasonable. Re-pricing or replacing underwater stock options, as well as excessive use of discretionary or guaranteed bonuses, should be avoided. Peer groups used by the company for comparative purposes should be appropriate.

We prefer companies to sponsor a say-on-pay vote on an annual basis.

• Director Compensation – In order to attract and retain qualified individuals and to ensure the alignment of directors' interests with those of shareholders, the Firm believes that effective director compensation should be reasonable in size, consist of equity that fully vests on the grant date, and should include multi-year equity holding requirements. Director compensation should not include performance-based components that may conflict with directors' roles representing shareholders' interests.

• Compensation Committee – The Firm may withhold support from members of the Compensation Committee if there is a lack of alignment between executive compensation and corporate performance or when significant opposition to a say-on-pay proposal is not addressed adequately.

<u>Shareholder Rights</u> 

• Proxy Access – Granting long-term shareholders the ability to nominate director candidates can improve board accountability. The Firm generally supports proxy access proposals with the following criteria: nominating investors must in aggregate hold at least three percent of outstanding shares; they must have held those shares continuously for at least three years; and nominees must constitute less than a majority of directors.

• Supermajority Voting – The Firm opposes supermajority voting rules whereby a simple majority vote (i.e. 50% + 1) is insufficient to pass a measure. We will generally vote against proposals to implement a supermajority provision and in favor of proposals to implement a simple majority provision.

• Cumulative Voting – The Firm generally opposes cumulative voting provisions, wherein a shareholder can combine all of their director votes in favor of a single candidate.

• Written Consent – The Firm will vote in support of enabling shareholders to act through written consent and vote against proposals limiting this right.

• Special Meetings – The Firms will generally vote in support of reasonable provisions that provide shareholders the right to call special meetings.

• Virtual Meetings – The Firm recognizes the importance of annual in-person meetings, which provide a unique forum for shareholders to communicate with corporate leadership. We also recognize the benefits provided by virtual annual meetings, which enable shareholders to participate without incurring the time and expense of travel. We will support proposals that establish a hybrid in-person/virtual meeting and against proposals that eliminate in-person annual meetings in favor of virtual-only meetings.

• Poison Pills – The Firm generally votes against poison pills or other anti-takeover measures that prevent the majority of shareholders from exercising their rights.

• Meeting Adjournment – Great Lakes Advisors will vote against the adjournment of meetings in order to solicit additional votes.

• Other Business – The Firm will vote against proposals to conduct other business at the meeting, which extends blank check powers to those acting as proxies.

• Bylaw Amendments – The Firm will vote in favor of proposals to require bylaw amendments be approved by shareholders and against proposals to allow bylaw amendments without shareholder approval.

*Environmental and Social Issues* 

<u>Disclosure</u> 

• The disclosure by companies of information on environmental and social issues that can affect the financial performance of the company will aid investors in making better, more well-informed investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm will generally support proposals requesting companies disclose additional information on relevant environmental and social issues when current disclosure levels are determined to be insufficient.

<u>Climate Change</u> 

• The Firm generally supports proposals asking companies to take steps to reduce risks resulting from climate change such as reducing greenhouse gas emissions, improving resource use efficiency, and increasing the use of renewable energy.

<u>Diversity</u> 

• The Firm believes that a diverse workforce free from discrimination is in the best interest of companies and their shareholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policies – The Firm generally supports proposals asking companies to include language in diversity statements or policies specifically prohibiting discrimination based upon sexual orientation or gender identity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure – The Firm generally supports proposals asking companies to disclose information on employee diversity including publishing their EEO-1 reports.

<u>Workplace Issues</u> 

• The Firm will generally support proposals requesting the adoption of workplace codes of conduct that address working conditions, fair wages, child labor, and forced labor.

• The Firm will generally support proposals requesting companies to adopt vendor or supplier standards addressing workplace safety, worker abuse or intimidation, forced labor, child labor, and fair pay.

• The Firm will support on a case-by-case basis proposals asking companies to audit and disclose audit results of workplaces and supply chains.

*Other Issues* 

<u>Lobbying</u> 

• The Firm believes that companies may benefit from engaging in lobbying activities in order to influence policies or legislation that may affect their business. Lobbying may be funded either directly or indirectly through third-party groups such as trade associations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm will review on a case-by-case basis proposals asking companies to disclose information about their lobbying activities.

<u>Political Contributions</u> 

• The Firm believes that making contributions to political candidates is generally not in the best interest of shareholders in that politicians will advocate for positions on a wide range of issues. Political influence by companies is more effective when conducted through lobbying on specific issues and advocating a specific position beneficial to the company and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm will review on a case-by-case basis proposals asking companies to disclose information about their political contributions.

**Abstentions; Determination Not to Vote** 

The Firm may abstain from voting if the Firm determines that abstention is in the best interests of the client. In making this determination, the Firm will consider various factors, including but not limited to (i) the costs (e.g., translation or travel costs) associated with exercising the proxy and (ii) any legal restrictions on trading resulting from the exercise of the proxy.

Some clients of the Firm participate in securities lending. The Firm will not vote securities that are out on loan within a securities lending program.

**Securities No Longer Owned or Not Held in Models** 

The Firm will not review the proxy votes for securities that are no longer owned by a client account at the time of the proxy meeting.

To the extent that GLA clients own securities that are not included in its Model Portfolios (as defined by our Strategic Fundamental Equity, Multi-Asset Strategy and Disciplined Equity units), the Proxy Committee may determine that, with the client's consent, GLA will exercise voting authority as recommended by management of the company, absent a contrary instruction from the client.

Lastly, in cases where a client's custodian account holds Wintrust Financial Corporation (WTFC) common stock and GLA has discretionary authority to vote all proxies in the client's account, but no investment authority over the WTFC security, GLA will Abstain from voting all items on the WTFC ballot.

**Proxy Voting Audit Procedures and Oversight of Third-Party Proxy Voting Service** 

When the Firm is voting in accordance with ISS guidelines, the Operations Department reviews the "pre-populated" votes on the ISS' electronic voting platform before ISS executes the vote. When voting on Special Voting Issues or in other instances of voting not in accordance with ISS guidelines, the Firm's Operations Department itself "pre-populates" votes on the ISS' electronic voting platform before ISS executes the vote.

Periodically, a random sample of the proxies voted by ISS will be audited to ensure ISS is voting in accordance with applicable ISS guidelines or consistent with the Firm's direction, as applicable. A sample of votes on Special Voting Issues will also be reviewed to evaluate whether the Firm's voting determinations were consistent with this Proxy Voting Policy and in its clients' best interest.

Annually, the Proxy Committee will review ISS and its policies and methodologies. This review will include, among others, the following topics and determinations:

• that ISS has the capacity and competence to adequately analyze proxy issues, including the adequacy and quality of its staffing, personnel and /or technology and any material changes in the ISS staffing and technology since the last review;

• whether ISS has an effective process for seeking timely input from issuers and its clients with respect to its proxy voting policies, methodologies and peer group constructions;

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• whether ISS engages with issuers, including its process for ensuring that it has complete and accurate information about the issuer and each particular matter, and ISS' process, if any, for investment advisers to access the issuers' views about ISS' voting recommendations;

• whether the Firm has sufficient information on and understanding of ISS' methodologies and the factors underlying ISS' voting recommendations, including an understanding of how ISS obtains information relevant to its voting recommendations and how it engages with issuers and third parties;

• whether ISS is independent and can make recommendations in an impartial manner in the best interests of the Firm's clients. This analysis will include a review of (i) any ISS actual or potential conflicts known to the Firm, (ii) ISS' policies and procedures on identifying, disclosing and addressing conflicts of interest, and (iii) whether ISS is disclosing its actual or potential conflicts to the Firm in a timely, transparent and accessible manner;

• ISS' internal controls, including but not limited to a review of ISS' business continuity plan, methodologies with respect to implementing the Firm's voting instructions, proxy record keeping and internal and independent third-party audit certifications;

• Any factual errors, potential incompleteness, or potential methodological weaknesses in the ISS' analysis known to the Firm and whether such errors, incompleteness or weaknesses materially affected ISS' recommendations. The Firm will also access ISS' process for disclosure to the Firm and efforts to correct any such identified errors, incompleteness or weaknesses.

Based on the Firm's assessment of ISS and its service levels, the Firm can make a determination to obtain information about and consider alternative service providers to ISS.

**Disclosure** 

The Firm will disclose in its Form ADV Part 2A that clients may contact the Firm in order to obtain information on how the Firm voted such client's proxies, and to request a copy of this Proxy Voting Policy. If a client requests this information, the Client Servicing and Operations Departments will prepare a written response to the client that lists, with respect to each voted proxy that the client has inquired: (i) the name of the issuer, (ii) the proposal voted upon and (iii) how the Firm voted the client's proxy.

A summary of this Proxy Voting Policy will be included in the Firm's Form ADV Part 2, which is delivered to all clients. The summary will be updated whenever this Proxy Voting Policy is updated.

As a matter of policy, the Firm does not disclose how it expects to vote on upcoming proxies. Additionally, the Firm does not disclose the way it voted proxies to unaffiliated third parties without a legitimate need to know such information.

**Conflicts of Interest** 

Any actual or potential material conflict of interest regarding a proposal for which GLA has voting authority due to a business relationship, personal relationship, or familial relationship with GLA or an affiliate of GLA (including employees), the conflict shall be disclosed to the Proxy Committee, and the ballot shall be voted in alignment with recommendations from an independent proxy voting service to be determined at such time required. A business conflict of interest will be considered material if at least 1% of the annual revenue of GLA or "WHAMCO Holding" (GLA and its subsidiaries) is derived from a business relationship with the parties involved. GLA shall in no case vote the shares of Wintrust Financial Corp. (WTFC, GLA's parent company) that may be held in GLA accounts, and as such no conflict of interest shall exist with respect to such holdings.

**Proxy Voting Record Keeping** 

The Firm will maintain a record of items 1-3 below in its files. In accordance with its services contract with the Firm, ISS will maintain a record of items 4 and 5 below in its files.

1. Copies of this Proxy Voting Policy, and any amendments thereto;

2. A copy of any document the Firm created that was material to making a decision on how to vote proxies, or that memorializes that decision. For votes that are inconsistent with ISS' guidelines, the Firm must document the rationale for its vote;

3. A copy of each written client request for information on how the Firm voted such client's proxies, and a copy of any written response to such request;

4. A copy of each proxy statement that the Firm or ISS receives regarding client securities; and

5. A record of each vote that the Firm casts.

**Class Actions** 

The Firm does not direct clients' participation in class actions, as disclosed in Part 2 of Form ADV. The Compliance Department will determine whether to return any documentation inadvertently received by the Firm regarding clients' participation in class actions to the sender, or to forward such information to the appropriate clients.

**Annual Policy Review** 

The Proxy Committee will review, no less frequently than annually, the adequacy of this Proxy Voting Policy and the effectiveness of its implementation and determine whether the Policy is reasonably designed to ensure that the Firm casts proxy votes on behalf of its clients in the best interests of such clients.

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**J.P. Morgan Investment Management Inc.** 

**Proxy Voting Procedures and Guidelines** 

**(April 2024)** 

J.P. Morgan Investment Management Inc. (Sub-Adviser), as an investment sub-adviser to the fund, has been granted the authority to vote the proxies of any voting securities held in the fund's portfolio. In voting proxies, the Sub-Adviser's objective is to vote proxies in the best interests of its clients. To ensure that the proxies of portfolio companies are voted in the best interests of the fund, the fund's Board of Trustees has adopted the Sub-Adviser's detailed proxy voting procedures (the "Procedures") that incorporate guidelines ("Guidelines") for voting proxies on specific types of issues for the fund.

The Sub-Adviser and its affiliated advisers ("JPMAM") are part of a global asset management organization with the capability to invest in securities of issuers located around the globe. Because the regulatory framework and the business cultures and practices vary from region to region, the Guidelines are customized for each region to take into account such variations. The Sub-Adviser has adopted a separate set of Guidelines that covers the regions of (1) North America, (2) Europe, Middle East, Africa, Central America and South America ("EMEA"), (3) Asia (ex-Japan) and (4) Japan.

Notwithstanding the variations among the Guidelines, all of the Guidelines have been designed with the uniform objective of encouraging corporate action that enhances shareholder value consistent with the fund's objectives and strategies. As a general rule, in voting proxies of a particular security, the Sub-Adviser will apply the Guidelines of the region in which the issuer of such security is organized. Except as noted below, proxy voting decisions will be made in accordance with the Guidelines covering a multitude of both routine and non-routine matters that the Sub-Adviser has encountered globally, based on many years of collective investment management experience.

To oversee the proxy voting process on an ongoing basis, JPMAM has established a proxy committee ("Proxy Committee") for each global location where proxy voting decisions are made. Each Proxy Committee is composed of members and invitees including a proxy administrator ("Proxy Administrator") and senior officers from among the investment, legal, compliance, and risk management departments. The primary functions of each Proxy Committee include: (1) reviewing and approving the Guidelines annually; (2) providing advice and recommendations on general proxy voting matters as well as on specific voting issues to be implemented by the Sub-Adviser; and (3) determining the independence of any third-party vendor to which it has delegated proxy voting responsibilities (such as, for example, delegation when the Sub-Adviser has identified a material conflict of interest) and to conclude that there are no conflicts of interest that would prevent such vendor from providing such proxy voting services prior to delegating proxy responsibilities.

The Guidelines are proprietary to the Sub-Adviser and reflect the Sub-Adviser's views on proxy voting matters as informed by its investment experience and research over many years of proxy voting. Certain guidelines are prescriptive ("Prescribed Guidelines") meaning they specify how the Sub-Adviser will vote a particular proxy proposal except where the Sub-Adviser, pursuant to its procedures, determines to vote in a manner contrary to its Prescribed Guidelines also known as an "Override". Other guidelines contemplate voting on a case-by-case basis. In addition, there will undoubtedly be proxy matters that are not contemplated by the Guidelines. Individual company facts and circumstances vary. In some cases, the Sub-Adviser may determine that, in the best interest of its clients, a particular proxy item should be voted in a manner that is not consistent with the Prescribed Guidelines. Where the Sub-Adviser chooses to vote in a manner contrary to its Prescribed Guideline (an "Override") or where the Proxy Administrator determines that such vote requires further escalation to certain portfolio management teams ("escalated votes"), the procedures include a review and, for certain votes, an attestation process. These processes are designed to identify actual or potential material conflicts of interest (between a fund on the one hand, and the fund's Sub-Adviser or an affiliate, on the other hand), ensure that relevant personnel were not in possession of material non-public information ("MNPI"), and ensure that the proxy vote is cast in the best interests of the fund.

In order to maintain the integrity and independence of the Sub-Adviser's investment processes and decisions, including proxy voting decisions, and to protect the Sub-Adviser's decisions from influences that could lead to a vote other than in the funds' best interests, JPMC (including the Sub-Adviser) has adopted policies and procedures that (i) address the handling of conflicts, (ii) establish information barriers, and (iii) restrict the use of MNPI. Material conflicts of interest are further avoided by voting in accordance with the Sub-Adviser's Prescribed Guidelines. A material conflict is deemed to exist when the proxy is for JPMorgan Chase & Co. stock or for a J.P. Morgan Fund, or when the Proxy Administrator has actual knowledge indicating that a JPMorgan affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of the proxy vote. When such conflicts are identified, the proxy will be voted by an independent third party using its own guidelines; provided, however, that the Sub-Adviser's investment professional(s) may request an exception to this process to vote against a proposal rather than referring it to an independent third party ("Exception Request") where the Proxy Administrator has actual knowledge indicating that a JPMorgan Chase affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of the proxy vote. The applicable proxy committee shall review the Exception Request and shall determine whether the Sub-Adviser should vote against the proposal or whether such proxy should still be referred to an independent third party due to the potential for additional conflicts or otherwise.

Depending on the nature of the conflict, the Sub-Adviser may elect to take one or more of the following measures or other appropriate action: removing certain Sub-Adviser personnel from the proxy voting process or "walling off" personnel with knowledge of the conflict to ensure that such personnel do not influence the relevant proxy vote; voting in accordance with the applicable Prescribed Guidelines, if any, if the application of the Prescribed Guidelines would objectively result in the casting of a proxy vote in a predetermined manner, or deferring the vote to an independent third party, in which case the proxy will be voted by the independent third party in accordance with its own

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determination. In the event that the portion of the fund managed by the Sub-Adviser, in the aggregate with other funds managed by JPMIM, holds more than 25% of the outstanding voting securities of an open-end registered investment company or registered unit investment trust that is not managed by JPMIM (a "Non-J.P. Morgan Fund"), the fund will vote its respective securities in a Non-J.P. Morgan Fund in the same proportion as the vote of all other holders of such securities

The following summarizes some of the more noteworthy types of proxy voting policies of the North America Guidelines:

The Sub-Adviser considers votes on director nominees on a case-by-case basis. Votes generally will be withheld from directors who: (a) attend less than 75% of board and committee meetings without a valid excuse; (b) adopt or renew a poison pill without shareholder approval; (c) are affiliated outside directors who serve on audit, compensation or nominating committees or are affiliated outside directors and the full board serves on such committees or the company does not have such committees; (d) ignore a shareholder proposal that is approved by a majority of either the shares outstanding or the votes cast based on a review over a consecutive two year time frame; (e) are insiders and affiliated outsiders on boards that are not at least majority independent except, in the case of controlled companies, vote for non-independent directors who serve on committees other than the audit committee; or (f) are CEOs of publicly-traded companies who serve on more than two public boards (besides his or her own board) or for all other directors who serve on more than four public company boards. In addition, votes are generally withheld for directors who serve on committees in certain cases. For example, the Sub-Adviser generally withholds votes from audit committee members in circumstances in which there is evidence that there exists material weaknesses in the company's internal controls. Votes generally are also withheld from directors when there is a demonstrated history of poor performance or inadequate risk oversight or when the board adopts changes to the company's governing documents without shareholder approval if the changes materially diminish shareholder rights. Votes generally will be withheld from board chair, lead independent directors, or governance committee chairs of publicly traded companies where employees have departed for significant violation of code of conduct without claw back of compensation. In addition, the Sub-Adviser generally votes against the chair of the nominating committee if one or more directors remain on the board after having received less than majority of votes cast in the prior election.

The Sub-Adviser votes proposals to classify boards on a case-by-case basis, but normally will vote in favor of such proposal if the issuer's governing documents contain each of eight enumerated safeguards (for example, a majority of the board is composed of independent directors and the nominating committee is composed solely of such directors).

The Sub-Adviser also considers management poison pill proposals on a case-by-case basis, looking for shareholder-friendly provisions before voting in favor.

The Sub-Adviser votes against proposals for a super-majority vote to approve a merger.

The Sub-Adviser considers proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan on a case-by-case basis, taking into account such factors as the extent of dilution and whether the transaction will result in a change in control.

The Sub-Adviser considers vote proposals with respect to compensation plans on a case-by-case basis. The analysis of compensation plans focuses primarily on the transfer of shareholder wealth (the dollar cost of pay plans to shareholders) and includes an analysis of the structure of the plan and pay practices of other companies in the relevant industry and peer companies. Other matters included in the analysis are the amount of the company's outstanding stock to be reserved for the award of stock options, whether the exercise price of an option is less than the stock's fair market value at the date of the grant of the options, and whether the plan provides for the exchange of outstanding options for new ones at lower exercise prices.

The Sub-Adviser also considers on a case-by-case basis proposals to change an issuer's state of incorporation, mergers and acquisitions and other corporate restructuring proposals and certain social issue proposals.

The Sub-Adviser generally votes for management proposals which seek shareholder approval to make the state of incorporation the exclusive forum for disputes if the company is a Delaware corporation; otherwise, the Sub-Adviser votes on a case by case basis.

The Sub-Adviser supports board refreshment, independence, and a diverse skill set for directors as an important part of contributing to long-term shareholder value. The Sub-Adviser expects its investee companies to be committed to diversity and inclusiveness in their general recruitment policies as we believe such diversity contributes to the effectiveness of boards and further development of sound governance and risk oversight. As with all proxy votes, the Sub-Adviser seeks to vote in each fund's best interests to enhance long-term shareholder value. The Sub-Adviser will utilize its voting power to bring about change where boards are lagging in gender and racial/ethnic diversity. The Sub-Adviser will generally vote against the chair of the Nominating Committee when the issuer does not disclose the gender and racial and ethnic composition of the board, with adequate diversity data considered as adequate in instances where individual directors do not wish to disclose personal identification. The Sub-Adviser will also generally vote against the chair of the Nominating Committee when the issuer lacks any gender diversity or any racial/ethnic diversity unless there are mitigating factors such as recent retirement of relevant directors, a relatively new public company, and an ongoing search for a director.

The Sub-Adviser reviews Say on Pay proposals on a case by case basis with additional review of proposals where the issuer's previous year's proposal received a low level of support.

The following summarizes some of the more noteworthy types of proxy voting policies of Section 12 Social and Environmental Issues from the North America Guidelines:

The Sub-Adviser generally encourages a level of reporting on environmental matters that is not unduly costly or burdensome and which does

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not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance. In general, the Sub-Adviser supports management disclosure practices that are overall consistent with the goals and objective expressed above. Proposals with respect to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration.

In evaluating how to vote environmental proposals, key considerations may include, but are not limited to, issuer considerations such as asset profile of the company, including whether it is exposed to potentially declining demand for the company's products or services due to environmental considerations; cash deployments; cost structure of the company, including its position on the cost curve, expected impact of future carbon tax and exposure to high fixed operating costs; corporate behavior of the company; demonstrated capabilities of the company, its strategic planning process, and past performance; current level of disclosure of the company and consistency of disclosure across its industry; and whether the company incorporates environmental or social issues in a risk assessment or risk reporting framework. The Sub-Adviser may also consider whether peers have received similar proposals and if so, were the responses transparent and insightful; would adoption of the proposal would inform and educate shareholders; and have companies that adopted the proposal provided insightful and meaningful information that would allow shareholders to evaluate the long-term risks and performance of the company; does the proposal require disclosure that is already addressed by existing and proposed mandated regulatory requirements or formal guidance at the local, state, or national level or the company's existing disclosure practices; and does the proposal create the potential for unintended consequences such as a competitive disadvantage.

The Sub-Adviser votes against the chair of the committee responsible for providing oversight of environmental matters and/or risk where the Sub-Adviser believes the company is lagging peers in terms of disclosure, business practices or targets. The Sub-Adviser also votes against committee members, lead independent director and/or board chair for companies that have lagged over several years.

With regard to social issues, among other factors, the Sub-Adviser considers the company's labor practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide, and whether the proposal would result in a competitive disadvantage for the company.

The Sub-Adviser expects boards to provide oversight of human capital management which includes the company management of its workforce, use of full time versus part time employees, workforce cost, employee engagement and turnover, talent development, retention and training, compliance record and health and safety. As an engaged and diverse employee base is integral to a company's ability to innovate, respond to a diverse customer base and engage with diverse communities and deliver shareholder returns, the Sub-Adviser will generally support shareholder resolutions seeking the company to disclose data on workforce demographics including diversity, and release of EEO-1 or comparable data where such disclosure is deemed by the Sub-Adviser as inadequate.

Non-U.S. Guidelines. The following summarizes some of the more noteworthy types of proxy voting policies of the EMEA, Asia (Ex-Japan) and Japan Guidelines (collectively, "Non-U.S. Guidelines"):

Corporate governance procedures differ among the countries. Because of time constraints and local customs, it is not always possible for the Sub-Adviser to receive and review all proxy materials in connection with each item submitted for a vote. Many proxy statements are in foreign languages. Proxy materials are generally mailed by the issuer to the sub-custodian which holds the securities for the client in the country where the portfolio company is organized, and there may not be sufficient time for such materials to be transmitted to the Sub-Adviser in time for a vote to be cast. In some countries, proxy statements are not mailed at all, and in some locations, the deadline for voting is two to four days after the initial announcement that a vote is to be solicited and it may not always be possible to obtain sufficient information to make an informed decision in good time to vote.

Certain markets require that shares being tendered for voting purposes are temporarily immobilized from trading until after the shareholder meeting has taken place. Elsewhere, notably emerging markets, it may not always be possible to obtain sufficient information to make an informed decision in good time to vote. Some markets require a local representative to be hired in order to attend the meeting and vote in person on our behalf, which can result in considerable cost. The Sub-Adviser also considers the cost of voting in light of the expected benefit of the vote. In certain instances, it may sometimes be in the fund's best interests to intentionally refrain from voting in certain overseas markets from time to time.

The Non-U.S. Guidelines reflect the applicable region's corporate governance or stewardship codes with respect to corporate governance and proxy voting. For example, JPMAM is a signatory to the UK Stewardship Code 2020 and believes that its existing stewardship policies meet the standards required under the Code. Additionally, for example, the EMEA Guidelines for UK companies are based on the revised UK Corporate Governance Code. If a portfolio company chooses to deviate from the provisions of the UK Corporate Governance Code, the Sub-Adviser takes the company's explanation into account as appropriate, based on the Sub-Adviser's overall assessment of the standards of corporate governance evidenced at the company. For Continental European markets, the Sub-Adviser expects companies to comply with local Corporate Governance Codes, where they exist. In markets where a comparable standard does not exist, we use the EMEA Guidelines as the primary basis for voting, while taking local market practice into consideration where applicable. The Japan Guidelines reflect the 2020 revisions to the Japanese Stewardship Code. Likewise, the Asia (Ex-Japan) Guidelines endorse the stewardship principles promoted by different regulators and industry bodies in the region including the Singapore Stewardship Principles for Responsible Investors supported by Monetary Authority of Singapore and Singapore Exchange, the Principles for Responsible Ownership issued by the Securities and Futures Commission in Hong Kong, and the Principles of Internal Governance and Asset Stewardship issued by the Financial Services Council of Australia.

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Where proxy issues concern corporate governance, takeover defense measures, compensation plans, capital structure changes and so forth, the Sub-Adviser pays particular attention to management's arguments for promoting the prospective change.

The Non-U.S. Guidelines encourage transparency and disclosure with respect to remuneration reporting as well as processes and policies designed to align compensation with the long-term performance of portfolio companies.

In particular, the EMEA Guidelines indicate that the remuneration policy as it relates to senior management should ideally be presented to shareholders for approval with such votes normally occurring every third year. In addition, the EMEA Guidelines describe information that the Sub-Adviser expects to be included in remuneration reports including disclosure on amounts paid to executives, alignment between company performance and pay out to executives, disclosure of, among other things, variable incentive targets, levels of achievement and performance awards, information on the ratio of CEO pay to median employee pay.

With respect to the Japan Guidelines, the voting decision will be made taking into account matters such as recent trends in the company's earnings and performance, with the expectation that companies will have a remuneration system comprised of a reasonable mix of fixed and variable (based on short term and medium to long term incentives) compensation. Such Guidelines also support the introduction of clawback clauses in order to prevent excessive risk taking which can negatively impact shareholder value and excessive pay.

Where shareholders are able to exercise a binding vote on remuneration policies, the Asia (Ex-Japan) Guidelines reflect the Sub-Adviser's belief that such polices should stand the test of time. The Asia (Ex-Japan) Guidelines further encourage companies to provide information on the ratio of CEO pay to median employee pay and to explain the reasons for changes to the ratio as it unfolds year by year. The Asia (Ex-Japan) Guidelines also highlight information that companies should have with regard to gender pay gaps and indicate how this issue is being addressed.

The Sub-Adviser is in favor of a unitary board structure of the type found in the United Kingdom as opposed to tiered board structures. Thus, under the EMEA Guidelines, the Sub-Adviser will generally vote to encourage the gradual phasing out of tiered board structures, in favor of a unitary board structure. However, since tiered Boards are still very prevalent in markets outside of the United Kingdom, the Non-U.S. Guidelines do not mandate a unitary board structure and local market practice will always be taken into account.

The Sub-Adviser will use its voting powers to encourage appropriate levels of board independence and diversity as an important part of contributing to long-term shareholder value, taking into account local market practice.

In particular, the EMEA Guidelines indicate that the Sub-Adviser expects boards to have a strategy to improve female representation in particular. The EMEA Guidelines generally support the target of one-third of board positions being held by women, as recommended by the UK Government's Women on Boards Report, the Davies Review and the FTSE Women Leaders Review (formerly the Hampton-Alexander Review).

The Japan Guidelines include provisions on board diversity and indicate that the Sub-Adviser believes directors with diverse backgrounds should make up a majority of a board over time. The Japan Guidelines provide that the current policy is to vote against the election of the representative directors, such as the president of the company, if there is only one or no female directors (at least 30% gender diversity before 2030).

The Asia ex Japan Guidelines reflect, as a minimum standard for all Asia ex Japan markets, that JPMAM would expect no single-gender boards and that such boards would have 25% gender diverse representation before 2025, with 30% gender diverse representation or such higher amounts as reflected by local market practice before 2030.

The Sub-Adviser will usually vote against discharging the board from responsibility in cases of pending litigation, or if there is evidence of wrongdoing for which the board must be held accountable.

The Sub-Adviser will vote in favor of increases in capital which enhance a company's long-term prospects. The Sub-Adviser will also vote in favor of the partial suspension of preemptive rights if they are for purely technical reasons (e.g., rights offers which may not be legally offered to shareholders in certain jurisdictions). However, the Sub-Adviser will vote against increases in capital which would allow the company to adopt "poison pill" takeover defense tactics, or where the increase in authorized capital would dilute shareholder value in the long term.

The Sub-Adviser will vote in favor of proposals which will enhance a company's long-term prospects. The Sub-Adviser will vote against an increase in bank borrowing powers which would result in the company reaching an unacceptable level of financial leverage, where such borrowing is expressly intended as part of a takeover defense, or where there is a material reduction in shareholder value.

The Sub-Adviser will generally vote against anti-takeover devices.

The Sub-Adviser considers social or environmental issues on a case-by-case basis under the Non-U.S. Guidelines, keeping in mind at all times the best economic interests of its clients. With respect to environmental proposals, the Non-U.S. Guidelines indicate that good corporate governance policies should consider the impact of company operations on the environment and the costs of compliance with laws and regulations relating to environmental matters, physical damage to the environment (including the costs of clean-ups and repairs), consumer preferences and capital investments related to climate change. The Non-U.S. Guidelines further encourage a level of environmental reporting that is not unduly costly or burdensome and which does not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance. With regard to social issues, among other factors, the Sub-Adviser considers the company's labor practices, supply chain, how

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the company supports and monitors those issues, what types of disclosure the company and its peers currently provided, and whether the proposal would result in a competitive disadvantage for the company.

North American and Non-U.S. Guidelines. The following describes certain elements that are common to the North America and Non-U.S. Guidelines:

The North America and Non-U.S. Guidelines note that, in certain markets, by-law changes have taken place to allow a company to hold virtual or hybrid general shareholder meetings and reflect that general shareholder meetings should be fair, constructive and foster dialogue between company management and shareholders. In principle, the Sub-Adviser is supportive of proposals allowing shareholder meetings to be convened by electronic means so long as the flexibility in the format of the meetings contributes to enhancing access to the meetings and where shareholder participation rights are protected, regardless of whether physical or virtual.

The North America and Non-U.S. Guidelines include climate risk guidelines due to the Sub-Adviser's view that climate change has become a material risk to the strategy and financial performance of many companies. The Sub-Adviser may vote against directors of companies, that, in the Sub-Adviser's opinion, face material climate-related transition or asset risks, where such disclosures are not available or where we believe such disclosures are not meaningful. To provide shareholders with meaningful disclosures on how the company is addressing risks related to climate change, the Sub-Adviser encourages disclosure aligned with the reporting framework developed by the Task Force on Climate related Financial Disclosures ("TCFD"). In addition, for companies in industries where the Sub-Adviser believes climate change risks pose material financial risks, the Sub-Adviser encourages more comprehensive reporting including scenario analysis to help under the resilience of a company's strategy and disclosures of Scope 1 and 2 greenhouse gases ("GHG") emission targets, where decarbonization of a company's operations and purchased energy has been identified by the company as a key part of a company's strategy to manage climate change risks. In addition, for companies who have chosen to set long-term net zero targets, the Sub-Adviser encourages the company to make disclosures including scope of emissions included in such targets in order to allow the Sub-Adviser to evaluate the long-term credibility of transition plans. The Sub-Adviser may vote for shareholder resolutions requesting information where disclosure is unavailable or not meaningful.

**Securities Lending** 

Proxies for securities that are out on loan normally cannot be voted, as title passes to the borrower of the securities. The Sub-Adviser is not involved in a fund's securities lending arrangements as it is not a party to a securities lending agreement involving the fund and does not make the decision to lend a fund's securities. As a result, to the extent that a fund engages in securities lending, the Sub-Adviser's proxy voting responsibilities do not include recalling securities to vote proxies for securities that have been lent by the fund.

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**Kayne Anderson Capital Advisors, L.P.** 

**Proxy Voting Policy** 

**A. Policy** 

Kayne Anderson Capital Advisors, L.P. (for purposes thereof, the "Firm" or "Kayne Anderson") votes client proxies in the interest of maximizing shareholder value. To that end, the Firm votes in a way that it believes, consistent with its fiduciary duty, will cause the value of the issue to increase the most or decline the least. Consideration is given to both the short-term and long-term implications of the proposal to be voted on when considering the optimal vote.

However, absent special circumstances, it is the policy of the Firm to exercise its proxy voting discretion in accordance with the proxy voting guidelines herein. The guidelines are applicable to the voting of all proxies. However, any proxy voting guidelines provided by an advisory client or its designated agent in writing supersede such guidelines. Clients may wish to have their proxies voted by an independent third party or other named fiduciary or agent, at the client's cost.

The Firm may be subject to conflicts of interest in the voting of proxies from time to time. Such conflicts of interest are addressed as set forth below.

**B. Procedures for Identification and Voting of Proxies** 

As an integral part of the investment process the Firm has the responsibility for voting proxies, with limited exceptions as described below. Compliance is responsible for ensuring that this policy is adhered to and for voting the Firm's proxies, in conjunction with advice from the applicable portfolio manager or research analysts. This constitutes the "Proxy Voting Group".

To fulfill its fiduciary duty in voting client proxies, the Firm ensures that (i) knowledge of a vote to be taken is acquired in a timely fashion and sufficient information is acquired to allow for an informed vote; and (ii) all proxy votes are cast (except as set forth under paragraph D. Other Special Circumstances below).

**1. Funds** 

The vast majority of the Firm's investment activities are for the benefit of commingled accounts (i.e., funds) for which it serves as general partner, and it therefore votes proxies for such accounts. Compliance reviews the list of clients and compares the record date of the proxies with a security holdings list for the security or company soliciting the proxy vote.

**2. Separate Accounts** 

Separate accounts are treated the same as fund accounts, except that if a separate account client provides specific voting instructions, Compliance votes that client's proxy in accordance with the client's written instructions. Proxies of separate account clients who have selected a third party to vote proxies, and whose proxies were received by the Firm, are forwarded to the designee for voting and submission. Proxies received after the separate account termination date of a client relationship are not voted. Such proxies are delivered to the last known address of the client or to the intermediary who distributed the proxy with a written or oral statement indicating that the advisory relationship has been terminated and that future proxies for the named client should not be delivered to the Firm.

**3. Internal Proxy Distribution** 

Compliance will provide the appropriate research analyst and portfolio manager with a copy of the relevant proxy ballot and as a reference, if available, an analysis by Institutional Shareholder Services Inc. ("ISS"), a third-party corporate governance research service for their review and voting advice.

**4. Determination of Voting Position** 

While the third-party instructions may be useful, the Firm may and generally is expected to have in-depth knowledge of the vast majority of the companies in which it has invested, particularly in areas such as energy master limited partnerships and related sectors, which knowledge may provide good reason to vote in a manner that is not consistent with the advice of the third-party service provider. After receiving voting instructions from the research analyst and/or portfolio manager, Compliance will vote the proxy(ies) according to the instructions received. It is the responsibility of the research analyst, if communicating voting instruction, to concurrently communicate such instructions to Compliance and the affected portfolio manager(s). The latter may override the instructions of the research analyst but must do so promptly.

**5. Conflicts of Interest** 

As discussed below, material conflicts between the Firm's interests and those of its clients with respect to proxy voting are reviewed and discussed with Compliance.

If the Proxy Voting Group detects a material conflict of interest that it cannot reasonably resolve itself, the Firm may rely on the third-party proxy voting service or another consultant to provide an independent recommendation on the direction in which the Firm should vote on the proposal. Alternatively, the Firm may make a voting determination based on the advice of the CCO, General Counsel or outside counsel concerning the conflict of interest.

**6. Abstentions** 

The Firm may elect to abstain from voting if it deems such abstinence in its clients' best interests. The rationale for "abstain" votes is documented and the documentation is maintained in the proxy file.

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**7. Opposing Voting** 

There may be circumstances which lead the Firm to vote the same proxy in two directions for different accounts. This may occur, for example, if a client requires the Firm to vote a certain way on an issue, while the Firm deems it beneficial to vote in the opposing direction for its other clients. In all such cases, the Firm maintains documentation to support its voting decision.

**8. Reporting** 

The Firm coordinates the compilation of the registered investment company (RIC) clients' proxy voting record for the most recent 12 months ended June 30. The RIC client's fund administrator or proxy voting vendor is responsible for filing the required information with the SEC via Form N-PX by August 31 of each year. In adherence with the SEC's amendment to Form N-PX, the Firm discloses all say-on-pay votes on an annual basis on Form N-PX.

**C. Potential Conflicts of Interest** 

The Firm may be subject to a material conflict of interest in the voting of proxies from time to time due to business or personal relationships it maintains with persons having an interest in the outcome of certain votes. For example, the Firm may provide investment management related services to accounts owned or controlled by companies whose management is soliciting proxies. The Firm and/or its employees may also occasionally have business or personal relationships with other proponents of proxy proposals, participants in proxy contests, corporate directors or candidates for directorships. If at any time the responsible voting parties become aware of any potential conflict of interest relating to a particular proxy proposal, they will promptly report such conflict to the Firm's CCO.

Upon the identification of a material conflict of interest, the procedures described under Item 5 of Procedures for Identification and Voting of Proxies above are followed.

**D. Other Special Circumstances** 

The Firm may choose not to vote proxies in certain situations or for certain accounts, such as: (1) where a client has informed the Firm that it wishes to retain the right to vote the proxy, the Firm will instruct the custodian to send the proxy material directly to the client, (2) where a proxy is received for a client account that has been terminated with the Firm, (3) where a proxy is received for a security the Firm no longer manages (i.e., the Firm had previously sold the entire position), or (4) where the exercise of voting rights could restrict the ability of an account's portfolio manager to freely trade the security in question (as is the case, for example, in certain foreign jurisdictions known as "blocking markets").

**E. ERISA Accounts** 

Plans governed by the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), are to be administered consistent with the terms of the governing plan documents and applicable provisions of ERISA. In cases where sole proxy voting discretion rests with Adviser, the foregoing policies and procedures will be followed, subject to the fiduciary responsibility standards of ERISA. These standards generally require fiduciaries to act prudently and to discharge their duties solely in the interests of participants and beneficiaries. The Department of Labor has indicated that the voting decisions of ERISA fiduciaries must generally focus on the course that would most likely increase the value of the stock being voted.

Consistent with Labor Department positions, it is the policy of the Firm to follow the provisions of a plan's governing documents in the voting of employer securities, unless it determines that to do so would breach its fiduciary duties under ERISA.

**F. Recordkeeping** 

As required under rule 204-2 of the Advisers Act, the Firm shall maintain the following proxy records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A copy of these policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A copy of each proxy statement the Firm receives regarding client's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A record of each vote cast by the Firm on behalf of a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) how to vote proxies on behalf of a client or that memorialized the basis for that decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) A copy of each written client request for information on how the Adviser voted proxies on behalf of the client, and a copy of any written response by the Firm to any (written or oral) client request for information on how the Firm voted proxies on behalf of the requesting client.

The proxy voting records described in the section shall be maintained and preserved in an easily accessible place for a period of not less than five years. The Firm may rely on one or more third parties to make and retain the records referred to in items (ii) and (iii) above.

**G. Disclosure** 

As disclosed in Item 17 of the ADV Part 2A, a copy of these policies and procedures will be provided to clients upon request. In addition, if a client inquiries about how a particular proxy proposal was voted, that information will be provided to the client in a timely manner.

**H. Proxy Solicitation** 

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As a matter of practice, it is the Firm's policy to not reveal or disclose to any client how the Adviser may have voted (or intends to vote) on a particular proxy until after such proxies have been counted at a shareholder's meeting.

The Compliance Department is to be promptly informed of the receipt of any solicitation from any person to vote proxies on behalf of clients. At no time may any employee accept any remuneration in the solicitation of proxies.

**I. OVERSIGHT OF Proxy VOTING ADMINISTRATOR** 

The Firm has engaged Institutional Shareholder Services or ISS, an independent third party proxy voting specialist, to assist in the proxy voting process. As part of the oversight of ISS, the CCO will periodically review ISS' conflict of interest procedures and any other pertinent procedures or representations from ISS in an attempt to ensure that ISS will make recommendations for voting proxies in an impartial manner and in the best interests of the Firm's clients. The Firm also conducts annual oversight of ISS through the periodic vendor due diligence process.

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**MetLife Investment Management, LLC** 

**Proxy Voting Policy** 

**Policy Owner: Head of Investments Compliance** 

**1**

**INTRODUCTION** 

**Purpose** 

The purpose of this policy is to set forth how MetLife Investment Management, LLC ("MIM, LLC") votes proxies.

MIM, LLC has established this proxy voting policy with respect to MIM, LLC client accounts (referred to as "client" in this policy) where MIM, LLC has been delegated discretionary proxy voting authority. It is MIM, LLC's policy to vote client proxies ("proxies") for the benefit of and in the best interests of its clients in accordance with its fiduciary duty, Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and other applicable laws (including the fiduciary standards and responsibilities for ERISA accounts set out in ERISA regulation §2550.404a-11).<sup>1</sup>

This policy does not apply where MIM, LLC has not been delegated proxy voting authority by a client (i.e., the client has retained the authority or designated someone other than MIM, LLC to vote proxies on its behalf). This policy is available to all clients upon request, with the understanding that it is subject to change at any time without notice.

<sup>1</sup> In accordance with ERISA regulation §2550.404a-1, MIM, LLC will carry out its proxy voting duties prudently and solely in the interests of the ERISA plan participants and beneficiaries for the exclusive purpose of providing benefits to such participants and beneficiaries and defraying the reasonable expenses of administering the plan.

**Scope** 

MIM, LLC is responsible for managing (i) the investment portfolios of MetLife, Inc. subsidiaries ("MetLife Accounts"), and (ii) certain insurance company separate accounts and certain collective investment funds and unaffiliated managed account clients ("Client Accounts" and, together with the MetLife Accounts, the "Accounts").

**Policy Ownership** 

This Policy is owned by the Head of Investments Compliance and will be reviewed at least every other year.

**Exceptions and Escalation** 

This Policy is to be adhered to in all circumstances. Where an exception scenario arises that contravenes this Policy it should be escalated for approval to Investments Compliance.

**2**

**POLICY** 

**Overview** 

MIM, LLC has adopted these policies and procedures based on the guiding principle that any proxy vote must be done in the best interest of the client and with the intent to maximize the economic value of a particular security. These procedures are designed to ensure that material conflicts of interest on the part of MIM, LLC or its affiliates do not affect voting decisions on behalf of clients. All MIM, LLC personnel who are involved in the voting of proxies are required to adhere to these policies and procedures.

Once a client has expressly delegated its proxy voting rights to MIM, LLC, MIM, LLC generally votes every proxy. However, MIM, LLC may abstain on any particular vote or otherwise withhold its vote on any matter if, in the judgment of MIM, LLC, the costs associated with voting a particular proxy outweigh the benefits to clients or if the circumstances make such an abstention or withholding otherwise advisable and in the best interest of clients.

MIM, LLC does not generally accept any subsequent direction on matters presented to shareholders for vote, regardless of whether such subsequent directions are from the client itself or a third party acting on behalf of the client. MIM, LLC views the delegation of discretionary voting authority as an "all-or-nothing" choice for its clients.

MIM, LLC has adopted proxy voting guidelines (the "Guidelines") that set forth how MIM, LLC plans to vote on specific matters presented for shareholder vote. These Guidelines are periodically reviewed and updated by MIM, LLC's Proxy Voting Committee (the "Proxy Committee") and maintained by the Proxy Committee. The Guidelines are intended to address most material conflicts of interest. MIM, LLC, however, reserves the right to override the Guidelines (an "Override") with respect to a particular shareholder vote when an Override is consistent with the guiding principle of seeking the maximization of economic value to clients, taking into consideration all relevant facts and circumstances at the time of the vote. MIM, LLC's procedures for determining an Override are set forth herein. There are three (3) separate sets of guidelines that are utilized by MIM, LLC which clients may select from, (1) standard guidelines, (2) specialized guidelines for Taft-Hartley and other union related accounts, and (3) specialized guidelines for public entity accounts. The specialized guidelines are intended to be specific their particular concerns.

Absent any legal or regulatory requirement to the contrary, it is generally the policy of MIM, LLC to maintain the confidentiality of the particular votes that it casts on behalf of clients. MIM, LLC will furnish to a particular client details of how MIM, LLC has voted the securities in its account; clients can request this information by contacting MIM, LLC. MIM, LLC does not, however, generally disclose the results of voting decisions to third parties (other than those that may have participated in the voting process, as described below).

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**Proxy Voting Committee** 

Certain aspects of the administration of these proxy voting policies and procedures are governed by the Proxy Committee. The Proxy Committee may change its structure or composition from time to time, but at all times shall consist of at least one representative from MIM, LLC's Index Strategies team, one member from Operations, one member from MIM, LLC's Public Fixed Income team, one member from MIM, LLC's Equity Management team, and one member from Investments Compliance. If other investment divisions of MIM, LLC have assets that require proxy voting, then such unit shall appoint at least one member from their respective investment team. MIM Legal serves as an adviser to the Proxy Committee but is not a required attendee.

A member of Investments Compliance is responsible for keeping records of the Proxy Committee's meetings.

The Proxy Committee shall hold at least two regular meetings during each calendar year, at which the Proxy Committee reviews the proxy voting service provider, the Guidelines and proxy voting record data with respect to votes taken in accordance with these policies and procedures since the previous meeting. Information for the Proxy Committee meeting is submitted by the Index Strategies Team, the Equity Management Team, and Operations (on behalf of public fixed Income).

The Proxy Committee shall also meet: whenever there is a recommendation that the Proxy Committee authorize an Override; in the event of a proxy vote where a material conflict of interest has been identified; or at such other times as the Proxy Committee may determine. Proxy Committee meetings may be held in person, via teleconference or through communication by email.

On all matters, the Proxy Committee makes its decisions by a vote of a majority of the members of the Proxy Committee present at the meeting. At any meeting of the Proxy Committee, a majority of the members of the Proxy Committee in attendance (whether in person or virtual) constitutes a quorum.

**Proxy Voting Service Vendor** 

MIM, LLC has retained Institutional Shareholder Services ("ISS") to vote proxies on MIM, LLC's behalf. MIM, LLC also has adopted the ISS voting guidelines as the Guidelines set forth above. ISS prepares analyses of most matters submitted to a shareholder vote and also provides voting services to institutions such as MIM, LLC. ISS receives a daily electronic feed of all holdings in relevant MIM, LLC client voting accounts, and monitors the client accounts and their holdings to ensure that all proxies are received. MIM, LLC has directed ISS to vote proxies in accordance with the Guidelines approved by the Proxy Committee and shall monitor the voting of the proxies.

The Proxy Committee shall, no less than annually, review the services provided by ISS or any other proxy voting and recording service provider retained by MIM, LLC, to assess whether the proxy service provider is capable of making impartial proxy voting recommendations in the best interests of MIM, LLC's clients.

In making such an assessment the review may consider:

• The proxy service provider's conflict management procedures and assessment of the effectiveness of the implementation of such procedures;

• The proxy service provider's Form ADV, if applicable, and other disclosure made by a proxy service provider regarding its products, services and methods of addressing conflicts of interest; and/or;

• Inquiries to, and discussions with, representatives of a proxy service provider regarding its products, services and methods of addressing conflicts of interest.

No less than annually, MIM, LLC shall obtain from each proxy service provider a copy of its conflict management procedures and request that the proxy service provider provide an update of any material revision to such procedures.

MIM exercises additional prudence and diligence in the selection and monitoring of ISS by taking steps which include assessing the qualifications of ISS, the quality of services offered, and the reasonableness of fees charged in light of the services provided.

**Overriding the Guideline** 

MIM, LLC may Override the Guidelines when such an Override is consistent with this policy and the guiding principle of seeking the maximization of economic value to clients, taking into consideration all relevant facts and circumstances at the time of the vote, as further described below.

If any member of the Proxy Committee, or other individual within MIM, LLC, believes that MIM, LLC should vote in a manner inconsistent with the Guidelines, such person must notify MIM, LLC's Chief Compliance Officer ("CCO"). The CCO will work with the Proxy Committee to make a determination as to whether the situation presents a material conflict of interest.

The term "conflict of interest," for purposes of this Policy, refers to a situation in which MIM, LLC or its affiliates have a financial interest in the proxy matter, other than the obligation MIM, LLC incurs as investment adviser, which may compromise MIM, LLC's freedom of judgment and action with respect to the voting of the proxy. The CCO, in consultation with MIM, LLC Legal, shall determine if there is a conflict of interest and whether or not it is material to the voting of a proxy.

*No Material Conflict of Interest* 

If it is determined that there is no material conflict of interest, MIM, LLC will present the matter to the Proxy Committee for a vote. If the

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Proxy Committee approves the Override, the appropriate member of MIM, LLC will instruct ISS to vote accordingly prior to the voting deadline. MIM, LLC will retain records of documents material to any such determination and the voting of any such proxy.

*Material Conflict of Interest* 

If, it is determined that there is a material conflict of interest with respect to the relevant shareholder vote, a special meeting of the Proxy Committee will be required to override the guidelines. As part of its deliberations, the Proxy Committee will consider, as applicable, the following:

• a description of the proposed vote, together with copies of the relevant proxy statement and other solicitation material;

• data regarding client holdings in the relevant issuer;

• pertinent information related to a material conflict of interest, together with all relevant materials;

• the vote indicated by the Guidelines, together with any relevant information provided by ISS; and

• the rationale for the request for an Override, together with all relevant information.

After review, the Proxy Committee will arrive at a decision based on the guiding principle of seeking the maximization of the economic value of clients' holdings. The Proxy Committee may vote to authorize an Override with respect to such a vote notwithstanding the presence of a material conflict of interest only if the Proxy Committee determines that such an Override would be in the best interests of clients. Whether or not the committee authorizes an Override, the Proxy Committee's deliberations and decisions will be appropriately documented and such records will be maintained by the group responsible for keeping records of the Proxy Committee's meetings.

**Votes Not Governed by Guideline** 

In the event that there is a matter presented for a proxy vote that is not governed by the Guidelines, the Proxy Committee will follow a process similar to that set forth above in determining how to vote the proxy. In the event of a conflict of interest, the Proxy Committee also will follow a process similar to that set forth above. In such a scenario, the relevant portfolio management team will make a recommendation to the Proxy Committee as to how such proxy should be voted, based on the portfolio management team's assessment of the particular matter(s) at issue and what they believe to be in the best interest of the client, with the intent to maximize the economic value of the particular security. Under normal circumstances, the Proxy Committee shall approve the portfolio management team's recommendation, and a member of MIM, LLC will instruct ISS to vote in accordance with the recommendation. In the event that MIM, LLC Legal determines that there is a material conflict of interest with respect to the relevant shareholder vote, a special meeting of the Proxy Committee will be required to arrive at a voting decision, following the applicable considerations and documentation requirements set forth in the "Material Conflict of Interest" section above.

**No Undue Influence** 

If at any time any MIM, LLC associate is pressured or lobbied with respect to overriding the Guidelines for a particular shareholder vote, such person should provide information regarding such activity to the CCO who will notify Investments Legal and the Proxy Committee and maintain a record of this information. The Proxy Committee will consider this information in evaluating any proposed Override with respect to such a vote.

**Books and Records** 

MIM, LLC maintains records of all proxies voted in accordance with Section 204-2 of the Advisers Act. MIM, LLC may delegate this responsibility to ISS or any other proxy voting and recording service provider retained by MIM, LLC. As required and permitted by Rule 204-2(c) under the Advisers Act, the following records are maintained:

• a copy of this policy;

• proxy statements received regarding client securities;

• a record of each vote cast, and such records are accessible to MIM, LLC;

• each written client request for proxy voting records and MIM, LLC's written response to any (written or oral) client request for such records.

February 2025

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**Morgan Stanley Investment Management Inc.** 

**Morgan Stanley Investment Management**

**EQUITY Proxy Voting Policy and Procedures** 

**January 2026** 

**INTRODUCTION** 

This Equity Proxy Voting Policy and Procedures ("Policy") sets out Morgan Stanley Investment Management's ("MSIM")<sup>1</sup> approach to Proxy Voting, the procedures it follows with respect to Proxy Voting and the guidelines used to inform voting on key issues. The Policy is reviewed annually and updated as necessary to address new and evolving proxy voting issues and standards.

**a. MSIM APPROACH TO PROXY VOTING** 

MSIM will vote proxies in a prudent and diligent manner and in the best interests of clients in accordance with its fiduciary duties, consistent with the objectives of the relevant investment strategy ("Client Proxy Standard"). MSIM will generally seek to vote proxies in accordance with the Proxy Voting Guidelines set out below.

MSIM has a decentralized approach towards investment management, consisting of independent investment teams. Investment teams seek to integrate this Policy with their investment goals and client expectations, using their vote to support sound corporate governance with the aim of enhancing long-term shareholder value, providing a high standard of transparency, and enhancing companies' economic value. To that end, investment teams retain the overall vote decision.

Under this Policy, proxy voting is led by our investment teams with support from the Global Stewardship Team ("GST"). The GST supports investment teams to vote in accordance with the Client Proxy Standard and comprises individuals who are separate from our investment teams. The GST is also responsible for the consistent application of this Policy and the Proxy Voting Guidelines and for providing voting recommendations to investment teams. The GST also oversees the proxy voting operational processes, vote execution and research.

As a result of MSIM's independent investment team structure, a situation may emerge in which different investment teams have different views on how to vote the same proxy in the best interest of their respective clients. Under these circumstances, each investment team will vote according to their views, subject to market rules.

<sup>1</sup> The MSIM entities covered by this Equity Proxy Voting Policy and Procedures (the "Policy") include the following: Morgan Stanley AIP GP LP, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment Management Company, Morgan Stanley Saudi Arabia, MSIM Fund Management (Ireland) Limited, Morgan Stanley Asia Limited, Morgan Stanley Investment Management (Japan) Co. Limited, Morgan Stanley Investment Management Private Limited, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C, Morgan Stanley Eaton Vance CLO Manager LLC, Eaton Vance Management, Boston Management and Research, Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Morgan Stanley Eaton Vance CLO CM LLC, Parametric SAS, Parametric Portfolio Associates LLC, and Atlanta Capital Management Company LLC (each an "MSIM Affiliate" and collectively referred to as the "MSIM Affiliates" or as "we" below.).

**b. APPLICABILITY OF POLICY** 

This Policy<sup>2</sup> applies to proxy voting activities across MSIM. MSIM votes proxies on behalf of its sponsored funds and advisory clients that have granted it the authority to do so and will vote the proxies in accordance with this Policy unless otherwise agreed with the client.

Certain MSIM exchange-traded funds ("ETFs") will follow Calvert Research and Management's ("Calvert") Proxy Voting Policies and Procedures and the Global Proxy Voting Guidelines set forth in Appendix A of the Calvert Proxy Voting Policies and Procedures. MSIM's oversight of Calvert's proxy voting and engagement is ongoing pursuant to the 40 Act Fund Service Provider and Vendor Oversight Policy.

<sup>2</sup> This Policy does not apply to MSIM's authority to exercise certain decision-making rights associated with investments in loans and other fixed-income instruments (collectively, "Fixed Income Instruments"). Instead, MSIM's Policy for Exercising Consents Related to Fixed Income Instruments applies to MSIM's exercise of discretionary authority or other investment management services, to the extent MSIM has been granted authority to exercise consents for an account with respect to any Fixed Income Instruments held therein.

**PROXY VOTING PROCEDURES** 

MSIM follows the following procedures when voting proxies:

**A. PROPRIETARY PROXY VOTING PLATFORM** 

MSIM uses a proprietary management system, Provosys<sup>3</sup>, when voting proxies. Provosys streamlines our proxy voting process by providing a centralized platform for research, vote instruction and management of conflicts of interests. We believe that the internal management of this process provides us with enhanced quality control, as well as oversight and independence of the proxy administration process. Our proprietary system also handles workflow around proxy voting, documenting the views of various investment teams and the GST where relevant.

**B. PROXY SERVICES PROVIDED BY THIRD PARTIES** 

MSIM also retains the services of Institutional Shareholder Services ("ISS") and Glass Lewis (collectively, the "Proxy Service Providers<sup>4</sup>") for proxy vote execution, reporting, record-keeping, and where appropriate, to provide company- level reports that summarize key data elements within an issuer's proxy statement or on specific thematic/market topics.

MSIM performs periodic due diligence on the Proxy Service Providers as part of ongoing oversight. Topics of the reviews include, but are not

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limited to, the Proxy Service Providers' management of conflicts of interest, methodologies for developing their policies, research, and resources.

While MSIM utilizes certain services from the Proxy Service Providers, all voting decisions are made by MSIM's investment teams.

<sup>3</sup> Not applicable for Morgan Stanley AIP GP LP, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C.

<sup>4</sup> Not applicable for Morgan Stanley AIP GP LP, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C.

**C. PROXY VOTING OPERATIONS** 

The GST<sup>5</sup> is responsible for ensuring that voting instructions from investment teams and clients (where applicable) are communicated to our Proxy Service Provider responsible for proxy vote execution (currently, ISS serves in this capacity) and that adequate controls are in place to ensure instructions communicated electronically are accurately recorded in ISS systems for execution (including scenarios where votes have been split because of client preference or differing investment team convictions).

Additionally, the GST conducts monthly reviews of a vote audit report provided by ISS, confirming the execution status for meetings and conducts ex-post reviews to confirm that ISS has accurately implemented voting instructions.

<sup>5</sup> Not applicable for Morgan Stanley AIP GP LP, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C.

**D. PROXY VOTING OVERSIGHT** 

The Proxy Review Committee ("PRC") has overall responsibility for this Policy. The PRC consists of investment professionals who represent the different investment disciplines and/or geographic locations of MSIM and members of the GST. Additionally, the GST administers and implements the Policy through consultation with PRC members and MSIM investment teams, as well as monitors services provided by the Proxy Service Providers and any other research providers used in the proxy voting process.

**E. SECURITIES LENDING** 

Accounts or funds sponsored, managed, or advised by MSIM may participate in a securities lending program through a third-party provider. The voting rights for shares that are out on loan are transferred to the borrower and therefore, the lender is not entitled to vote the lent shares at the company meeting.

However, in certain circumstances a portfolio manager may seek to recall shares for the purposes of voting. In this event, the handling of such recall requests would be on a reasonable efforts basis.

**F. MARKET AND OPERATIONAL LIMITATIONS**

Voting proxies of companies located in some jurisdictions may involve several issues that can restrict or prevent the ability to vote such proxies or entail significant costs. These issues include, but are not limited to: (i) proxy statements and ballots being written in a language other than English; (ii) untimely and/or inadequate notice of shareholder meetings; (iii) restrictions on the ability of holders outside the issuer's jurisdiction of the listing organization to exercise votes; (iv) requirements to vote proxies in person; (v) the imposition of restrictions on the sale of the securities for a period of time in proximity to the shareholder meeting; and (vi) requirements to provide local agents with power of attorney to facilitate our voting instructions.

As a result, MSIM will use reasonable efforts to vote clients' non-U.S. proxies, after weighing the costs and benefits of voting such proxies, consistent with the Client Proxy Standard.

**G. CONFLICTS OF INTEREST**

MSIM is part of Morgan Stanley, a global financial services group, and, as such, MSIM faces potential conflicts due to the role of other Morgan Stanley divisions which may have commercial relationships with companies in which MSIM may invest. Such potential conflicts of interest involving divisions of Morgan Stanley outside MSIM are managed through the operation of various policies and procedures, including (among others) those creating and enforcing information barriers between MSIM and other Morgan Stanley divisions.

MSIM has also enacted policies and procedures to address potential conflicts resulting from its own commercial or other relationships and to manage conflicts of interests so that proxies are voted in accordance with the Client Proxy Standard. The GST administers Policy implementation and is responsible for providing investment teams with voting recommendations in accordance with this Policy and the Proxy Voting Guidelines. The Head of GST may convene a special committee to oversee how a proxy should be voted in accordance with the Client Proxy Standard, in certain situations including circumstances where a potential material conflict of interest is not addressed by such policies and procedures. Any determinations of the special committee regarding a material conflict of interest will be reported to any applicable Fund Board, where appropriate.

MSIM also faces potential conflicts of interest when voting proxies of its parent company Morgan Stanley. In such situations, MSIM will seek to vote its shares in the same proportion as other holders of Morgan Stanley's shares ("echo vote").

**H. PROXY VOTING REPORTING & RECORDKEEPING**

We will promptly provide a copy of this Policy to any client requesting it. We will also, upon client request, promptly provide a report indicating how each proxy was voted with respect to securities held in that client's account. MSIM files an annual Form N-PX on behalf of

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each MSIM affiliate for which such filing is required, indicating how proxies were voted with respect to each MSIM affiliate fund's or advisor's holdings.

The GST will maintain requisite proxy voting books and records, including but not limited to: (1) proxy voting policies and procedures, (2) proxy statements received on behalf of client accounts, (3) proxies voted, (4) copies of any relevant research documents and (5) PRC and Special Committee decisions and actions. This documentation will be maintained for such period as required by relevant law and regulation.

MSIM also maintains rationales for its voting decisions at shareholder meetings (including votes against management) in a searchable database on an external website, which is updated on a rolling 12-month basis.

Records are retained in accordance with Morgan Stanley's Global Information Management Policy, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance. The Global Information Management Policy incorporates Morgan Stanley's Master Retention Schedule, which lists various record classes and associated retention periods on a global basis.

**I. REVIEW OF POLICY** 

The PRC through consultation with PRC members, and in conjunction with the Legal and Compliance Division, reviews this Policy annually to ensure that it remains consistent with clients' best interests, regulatory requirements, investment team considerations, governance trends and industry best practices.

**MSIM PROXY VOTING GUIDELINES** 

MSIM<sup>6</sup> (also defined as "We" within this section) will vote proxies in a prudent and diligent manner and in the best interests of clients in accordance with its fiduciary duties, consistent with the Client Proxy Standard.

Our proxy voting principles are rooted in the tenets of accountability, transparency and protection of shareholder rights. Stock ownership represents an opportunity to participate in the economic rewards of a long-lived asset and shareholder rights represent an important path to maximizing these rewards. When reviewing proposals, MSIM considers the financial materiality, including the company's exposure to the risk or opportunity, the management of such issues and company's current disclosures.

MSIM therefore expects the companies in which it invests to adhere to effective governance practices and to protect their shareholders' interests. In addition to these proxy voting guidelines, MSIM may review publicly disclosed information from the issuer, research, and other sources. Investment teams will independently make voting decisions as appropriate for their strategies.

<sup>6</sup> The MSIM entities covered by this Equity Proxy Voting Policy and Procedures (the "Policy") currently include the following: Morgan Stanley AIP GP LP, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment Management Company, Morgan Stanley Saudi Arabia, MSIM Fund Management (Ireland) Limited, Morgan Stanley Asia Limited, Morgan Stanley Investment Management (Japan) Co. Limited, Morgan Stanley Investment Management Private Limited, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C, Morgan Stanley Eaton Vance CLO Manager LLC, Eaton Vance Management, Boston Research Management, Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Morgan Stanley Eaton Vance CLO CM LLC, Parametric SAS, Parametric Portfolio Associates LLC, and Atlanta Capital Management Company LLC (each an "MSIM Affiliate" and collectively referred to as the "MSIM Affiliates" or as "we" below).

**A. BOARD OF DIRECTORS** 

The board of directors plays a key role in overseeing management and ensuring effective execution of strategies to achieve long-term shareholder value creation. The board has several important responsibilities including, but not limited to, selecting the executive leadership, monitoring and incentivizing performance, succession planning, and overseeing company strategy. In order to effectively carry out its fiduciary duties, we believe it is crucial for the board to have the right mix of skills, be sufficiently independent, and have the proper accountability mechanisms in place.

**1. BOARD COMPOSITION:** The role of the board of directors is to provide governance oversight and guidance to position the company for strategic success and drive long term value creation for shareholders. We believe that diverse perspectives on the board help directors assess and manage risks and opportunities comprehensively. Diversity on a board can include diversity of thought, background, skills, and experiences. Directors with a mix of tenures can also be beneficial to balance new perspectives with industry experience and knowledge. We generally expect the board to be composed of directors with adequate skill sets and diversity to provide oversight of the business, and in line with any local market regulations. Additionally, we expect the audit committee to have directors with appropriate financial expertise to serve on the committee.

**2. BOARD INDEPENDENCE:** We generally expect boards to adhere at a minimum to their prevalent market or regulatory standards on board independence. In most markets, a majority independent board is considered best practice. When assessing independence of directors, we may consider relevant circumstances and relationships with the company and related parties such as senior management or large shareholders.

In our experience, the right leadership structure is critical to a strong board. When voting on matters related to board leadership, we may consider company performance and any evidence of entrenchment or perceived risk indicating power may be overly concentrated in a single individual. We also generally expect key board committees to be comprised of independent board members.

**3. BOARD ACCOUNTABILITY:** Director elections are the primary mechanism for shareholders to hold board members accountable. Therefore, we generally expect directors to be elected annually to serve on the board by majority vote. We generally expect directors who fail

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to receive majority shareholder support should resign from their position unless there is sufficient disclosure concerning the reasons why they failed to get support from a majority of the shareholders.

Boards should take into consideration the views of their long-term shareholders to ensure alignment, and to make appropriate efforts to communicate their plans and views broadly. To that end, we generally expect the board to engage meaningfully with long-term shareholders, especially to address concerns on matters that may affect the long-term value creation of the company.

We may consider withholding support for directors where we have significant concerns due to inadequate risk oversight of potentially financially material issues<sup>7</sup>. We may consider withholding support for Audit Committee members for failure to address accounting irregularities or financial misstatements over consecutive years.

Directors should dedicate adequate time to their role and consider any other existing commitments alongside their board and/or committee memberships. We may look at meeting attendance to determine whether directors have adequate time for their responsibilities.

<sup>7</sup> For example, we may withhold support for a director we believe is responsible for a company's involvement/remediation of breach of global conventions such as UN Global Compact Principles on Human Rights, Labor Standards, Environment and Business Malpractice.

**B. AUDITORS** 

Investors rely on auditors to attest to the integrity of a company's financial statements, without which the business could not be properly evaluated. It is essential that auditors be independent, accurate, fair in the fees charged, and not subject to conflicts of interest. We therefore expect auditors to be independent in order to provide an objective opinion and assurance. We may consider non-audit related business, length of service and any other relevant context when assessing auditor independence. We generally expect non-audit related fees to be less than 50% of the total fee.

**C. EXECUTIVE & DIRECTOR COMPENSATION** 

Properly structured compensation is essential to attracting and retaining effective corporate management. Poorly structured compensation plans can create perverse incentives. We expect compensations plans to be reasonable, and appropriately incentivize executives to make risk-reward decisions that align with the business strategy and goals, and long-term shareholder value creation. Compensation plans should also build in retention mechanisms for high performing executives. We generally expect compensation plan payouts to align with performance and long-term value creation.

We expect director compensation to follow market best practice and be aligned with long-term shareholder interests. For executives and directors who gain shares through equity compensation plans, we generally expect reasonable guidelines and holding requirements. Typically, stock options issued to executives should be priced at fair market value on the date of the grant and any re-pricing should not incur a significant cost to shareholders.

We generally expect employee ownership, retirement and severance plans to be designed in a manner that does not disadvantage shareholders. These plans should not be excessively dilutive or incur a high cost. We generally expect discounted employee stock purchase plans to be broad-based and include non-executive employees. Discount rates should be in line with market best practice and not excessive.

For compensation plans with performance metrics, in instances where performance milestones are not met, we may expect reasonable claw back provisions for executive or director compensation related to these missed milestones depending on the circumstances.

We generally evaluate each compensation plan and any related proposals, including shareholder proposals, within the context of the market and the company. In order to make a suitable evaluation about compensation and related matters, we expect appropriate disclosures on relevant aspects.

**D. SHAREHOLDER RIGHTS AND DEFENSES** 

Companies should take actions and make decisions with the intent of maximizing long-term shareholder value creation. We generally support proposals that enhance shareholder rights and vote against those that seek to undermine them. We believe that in most cases, each common share should have one vote, and that a simple majority of voting shares should be what is required to effect change.

**1. SHAREHOLDER RIGHTS PLANS:** Shareholder rights plans, commonly known as poison pills, and similar take-over defenses should aim to promote long-term shareholder value creation. When designing plans and defenses, companies should ensure that they do not suppress potential value by unduly discouraging acquirers. We generally expect companies to seek shareholder approval or ratification of shareholder rights plans.

**2. UNEQUAL VOTING RIGHTS:** We generally expect companies to adhere to the one share one vote principle. When companies have dual-class structures, they should ensure that such structures are not misused to support instances where a few insiders may benefit at the cost of other shareholders. Ultimately, structures should strive to create alignment between the shareholders' economic interests and their voting power.

**3. VOTING REQUIREMENTS:** We typically prefer a majority vote standard for binding votes. We also expect management to be responsive to non-binding votes that have received majority support. We generally expect companies to protect minority shareholder rights as their primary goal when considering supermajority vote requirements.

**4. RIGHT TO CALL SPECIAL MEETINGS:** We generally expect companies to allow large shareholders to call special meetings. A large shareholder may be defined by a reasonable threshold or in line with prevalent market practices.

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**5. PROXY ACCESS:** We generally consider ownership thresholds, holding periods, the number of directors that shareholders may nominate and any restrictions on forming a group in our evaluation of proposals related to proxy access.

**E. CAPITAL STRUCTURE** 

We expect any changes to the capital structure to be driven by legitimate business needs and not as a means of anti-takeover defense. We generally expect companies to ensure that such changes do not disadvantage shareholders.

Companies should provide a clear business rationale when requesting the authorization, or increase in authorization, of new shares or new share classes. They ought to request a reasonable number of shares in relation to the purpose outlined. Companies should follow prevalent market practices, such as offering pre-emptive rights, to ensure shareholders are not excessively diluted, unless required by specific circumstances which are clearly stated.

We generally consider specific company and market context when we evaluate proposals on dividend payout ratios and related matters.

**F. CORPORATE TRANSACTIONS & PROXY FIGHTS** 

We expect companies to provide a clear economic and strategic rationale for proposed transactions. We also expect disclosure of any financial benefits to the board or executives from any proposed transaction and will generally look for assurances that shareholder interests were prioritized. We generally assess company-specific circumstances when evaluating voting matters related to mergers, acquisitions, other special corporate transactions, and contested elections.

**G. SHAREHOLDER PROPOSALS** 

In assessing shareholder proposals, we will carefully consider the potential financial materiality (as appropriate to the investment strategy of MSIM's investment teams and relevant advisory affiliates) of the issues raised in the proposal, as well as the company's exposure to relevant risks and opportunities, current disclosures on the topic, and the sector and geography in which the company operates. We generally seek to balance concerns of reputational, operational, litigation and other risks that lie behind the proposal against costs of implementation.

We generally support proposals that seek to enhance useful disclosure on potentially financially material issues (as appropriate to the investment strategy of MSIM's investment teams and relevant advisory affiliates), including but not limited to climate, biodiversity, human rights, supply chain, workplace safety, human capital management and pay equity. We focus on understanding the company's business and commercial context and recognize that there is no one size fits all that can be applied across the board.

We generally do not support shareholder proposals on matters best left to the board's discretion, or addressed via legislation or regulation, or that would be considered unduly burdensome. We also generally do not support shareholder proposals related to matters that we do not consider to be financially material (as appropriate to the investment strategy of MSIM's investment teams and relevant advisory affiliates) for the company.

**APPENDIX A** 

**POLICY STATEMENT** 

The Policy, with respect to securities held in the accounts of clients applies to those MSIM entities that provide discretionary investment management services and for which an MSIM entity has authority to vote proxies. For purposes of this Policy, clients shall include: Morgan Stanley U.S. registered investment companies, other Morgan Stanley pooled investment vehicles, and MSIM separately managed accounts (including accounts for Employee Retirement Income Security ("ERISA") clients and ERISA-equivalent clients). This Policy is reviewed and updated as necessary to address new and evolving proxy voting issues and standards.

This Policy applies to the MSIM Affiliates set out in Section 1 of this Policy.

Each MSIM Affiliate will use its best efforts to vote proxies as part of its authority to manage, acquire and dispose of account assets.

• With respect to the U.S. registered investment companies sponsored, managed or advised by any MSIM Affiliate (the "Morgan Stanley Funds"), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized by the Board of Directors/Trustees of the Morgan Stanley Funds.

• For other pooled investment vehicles (e.g., UCITS), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized by the relevant governing board.

• For separately managed accounts (including ERISA and ERISA-equivalent clients), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under the applicable investment advisory agreement or investment management agreement. Where an MSIM Affiliate has the authority to vote proxies on behalf of ERISA and ERISA-equivalent clients, the MSIM Affiliate must do so in accordance with its fiduciary duties under ERISA (and the Internal Revenue Code).

• In certain situations, a client or its fiduciary may reserve the authority to vote proxies for itself or an outside party or may provide an MSIM Affiliate with a statement of proxy voting policy. The MSIM Affiliate will comply with the client's policy.

• Certain ETFs will follow Calvert's Global Proxy Voting Guidelines set forth in Appendix A of Calvert's Proxy Voting Policies and Procedures and the proxy voting guidelines discussed below do not apply to such ETFs. See Appendix A of Calvert's Proxy Voting

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Policies and Procedures for a general discussion of the proxy voting guidelines to which these ETFs will be subject.

• For the Investment Management Private Side clients, each adviser will, as a fiduciary to its clients, vote proxies in the best interest of its clients in a manner consistent with the objective of maximizing long-term investment returns. The "Proxy Vote Designee" will be the professional responsible for overseeing the investment for which a proxy vote is required. The Proxy Vote Designee will typically be the asset manager (for Real Estate Investing or Infrastructure) or the investment professional (for Private Credit and Equity). The Proxy Vote Designee will vote proxies in accordance with any applicable stockholder or similar agreement, the business plan associated with an investment (if applicable), and if necessary, with the advice of senior management of the applicable client, all in a manner consistent with these procedures. Additionally, each adviser reserves the right to depart from these procedures in order to avoid voting decisions that it believes may be contrary to its clients' best interests.

In circumstances in which (i) an adviser has determined to consider a matter on a case-by-case basis; (ii) the subject matter is not covered by these procedures; (iii) a material conflict of interest is present; or (iv) an adviser might find it necessary to vote contrary to the general guidelines outlined in these procedures to maximize shareholder value and vote in the best interests of the client, the Proxy Vote Designee may consult with their coverage attorney regarding appropriate internal process, decisions and completion of the proxy material.

For IM Private Side clients, potential conflicts of interest may occur where an adviser or any of its affiliates or their respective employees has a direct or indirect economic stake in the outcome of a proxy vote that is different from a client's stake. When such a potential conflict arises between an adviser and any of its affiliates or their respective employees on the one hand and one or more of the clients on the other, a designee, in consultation with their coverage attorney, will evaluate the matter to determine whether an actual conflict exists. Where an actual conflict exists, the adviser will take necessary and appropriate steps to address the conflict. If more than one client invests in the same portfolio company, or Morgan Stanley (or one or more of its affiliates or their respective employees or other clients) invests in the same portfolio company, Morgan Stanley (or one or more of its affiliates or their respective employees or other clients) and the two or more clients may have different investment objectives, client-specific voting policies or ultimate economic interests. In these situations, opposing votes may be cast by the relevant investors. Potential conflicts or the appearance of conflicts of interests will be disclosed in the applicable client's private placement memorandum, Form ADV Part 2A, as well as in the client's partnership agreement or, in the case of separate account clients, the investment management agreement consistent with the adviser's obligations under the Investment Advisers Act of 1940, as amended.

An MSIM Affiliate will not vote proxies unless the investment management agreement, investment advisory agreement or other authority explicitly authorizes the MSIM Affiliate to vote proxies.

In addition to voting proxies of portfolio companies, MSIM routinely engages with, or, in some cases, may engage a third party to engage with, the management or board of companies in which we invest on a range of environmental, social and governance issues. Governance is a window into or proxy for management and board quality. MSIM engages with companies where we have larger positions, voting issues are material or where we believe we can make a positive impact on the governance structure. MSIM's engagement process, through private communication with companies, allows us to understand the governance structures at investee companies and better inform our voting decisions. In certain situations, a client or its fiduciary may provide an MSIM Affiliate with a proxy voting policy. In these situations, the MSIM Affiliate will comply with the client's policy.

**APPENDIX B** 

Appendix A applies to the following accounts managed by Morgan Stanley AIP GP LP (i) closed-end funds registered under the Investment Company Act of 1940, as amended; (ii) discretionary separate accounts; (iii) unregistered funds; and (iv) non-discretionary accounts offered in connection with AIP's Custom Advisory Portfolio Solutions service. Generally, AIP will follow the guidelines set forth in Section II of MSIM's Proxy Voting Policy and Procedures. To the extent that such guidelines do not provide specific direction, or AIP determines that consistent with the Client Proxy Standard, the guidelines should not be followed, the Proxy Review Committee has delegated the voting authority to vote securities held by accounts managed by AIP to the Fund of Hedge Funds investment team, the Private Markets investment team or the Portfolio Solutions team of AIP. A summary of decisions made by the applicable investment teams will be made available to the Proxy Review Committee for its information at the next scheduled meeting of the Proxy Review Committee.

In certain cases, AIP may determine to abstain from determining (or recommending) how a proxy should be voted (and therefore abstain from voting such proxy or recommending how such proxy should be voted), such as where the expected cost of giving due consideration to the proxy does not justify the potential benefits to the affected account(s) that might result from adopting or rejecting (as the case may be) the measure in question.

**WAIVER OF VOTING RIGHTS** 

For regulatory reasons, AIP may either 1) invest in a class of securities of an underlying fund (the "Fund") that does not provide for voting rights; or 2) waive 100% of its voting rights with respect to the following:

1. Any rights with respect to the removal or replacement of a director, general partner, managing member or other person acting in a similar capacity for or on behalf of the Fund (each individually a "Designated Person," and collectively, the "Designated Persons"), which may include, but are not limited to, voting on the election or removal of a Designated Person in the event of such Designated Person's death, disability, insolvency, bankruptcy, incapacity, or other event requiring a vote of interest holders of the Fund to remove or replace a Designated Person; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any rights in connection with a determination to renew, dissolve, liquidate, or otherwise terminate or continue the Fund, which may include, but are not limited to, voting on the renewal, dissolution, liquidation, termination or continuance of the Fund upon the occurrence of an event described in the Fund's organizational documents; provided, however, that, if the Fund's organizational documents require the consent of the Fund's general partner or manager, as the case may be, for any such termination or continuation of the Fund to be effective, then AIP may exercise its voting rights with respect to such matter.

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**PineBridge Investments LLC** 

**PROXY VOTING POLICIES AND PROCEDURES** 

**I. Introduction** 

Proxy voting is an important right of shareholders, such as PineBridge Clients, for which PineBridge must take reasonable care and diligence to ensure such rights are properly and timely exercised. PineBridge, as a fiduciary for its Clients, must vote proxies in their best interest. We believe considering forward looking improvement in ESG issues is in the economic interest of our Clients. Please refer to the PineBridge Stewardship and Engagement Policy for details on how PineBridge interacts with companies, entities or other market participants on Environmental, Social and Governance (ESG) issues.

**II. Policy Statement** 

***Proxy Procedures -*** As a registered investment adviser that votes (or delegates the voting of) securities held in Client portfolios, PineBridge has implemented proxy voting procedures that are reasonably designed to help ensure that a) PineBridge votes proxies in the best interest of its Clients; b) describes its proxy voting procedures to its Clients, and c) discloses to Clients how they may obtain information on how PineBridge voted their proxies. These procedures are designed to help enable PineBridge to manage material conflicts of interest. While PineBridge must disclose its votes upon request to Clients, no public disclosure is required. (Note that disclosure is required for any mutual funds advised by PineBridge, on Form N-PX.)

***Record-Keeping -*** PineBridge must retain (i) these proxy voting policies and procedures; (ii) proxy statements received regarding Client securities; (iii) records of votes it casts on behalf of Clients; (iv) records of Client requests for proxy voting information, and; (v) any documents prepared by PineBridge that were material to making a decision how to vote, or that memorialized the basis for the decision. PineBridge may rely on proxy statements filed on EDGAR instead of keeping its own copies and rely on proxy statements and records of proxy votes cast by PineBridge that are maintained by contract with a third-party proxy voting service or other third party.

***Proxies of Shares of Non-U.S. Corporations -*** PineBridge has implemented general voting policies with respect to non-U.S. shares owned by Clients. However, although U.S. companies must give shareholders at least 20 days' advance notice to vote proxies, some non-U.S. companies may provide considerably shorter notice or none at all. PineBridge is not required to "rush" voting decisions in order to meet an impractical deadline, and as a result, PineBridge or PineBridge affiliates' regional designees under certain circumstances may not vote certain proxies. In addition, certain non-U.S. regulations impose additional costs to a Portfolio that votes proxies, and PineBridge will take that into consideration when determining whether or not to vote.

In the case of a material conflict between the interests of PineBridge and those of its Clients, PineBridge will take steps to address such conflicts (which may include consulting with counsel) and will attempt to resolve all conflicts in the Client's best interest.

**III. Procedures** 

• Compliance is responsible for ensuring that the PineBridge ADV includes the appropriate language summarizing PineBridge's proxy voting procedures and for updating the summary in the ADV whenever the procedures are updated. Compliance is also responsible for consulting with Legal to ensure that PineBridge's proxy voting policy is kept up to date and in a form appropriate for transmission to Clients.

• If a Client or potential Client requests a copy of the Proxy Voting Policy from Client Relations or Sales, Compliance should be contacted for the most recent version, or it may be obtained from the intranet. Client Relations will send to such Client a copy of the current version of the voting procedures within 7 days and will ensure that Compliance receives a log of each Client's request and the action taken

• If a Client requests access to the records of how PineBridge voted its proxies, the Client should be assured that this will be provided, and Operations should be consulted. Operations has access to these proxy voting records.

• PineBridge has established a Stewardship Committee (the "Committee"), which is responsible for defining and monitoring PineBridge's proxy voting strategy and process. The Committee is comprised of members of senior management, portfolio management, Compliance, Legal, Product and Operations

• The Committee conducts an annual review of the proxy voting guidelines for domestic and non-U.S. Portfolios. Guidelines are reviewed to ensure that the interests of PineBridge's Clients are best served.

• Issues not addressed in the voting guidelines are determined on a case-by-case basis with input from the Committee and portfolio managers.

• PineBridge has engaged a third-party vendor to administer proxy voting on its behalf. The vendor receives, in a majority of cases, proxies directly from the Client's custodian and votes them based on PineBridge' s voting guidelines.

• In circumstances where PineBridge receives proxies directly, these proxies must be sent to the vendor promptly. The vendor then votes them in accordance with PineBridge's voting guidelines. The vendor maintains a listing of all votes cast on behalf of PineBridge Clients.

January 2023

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**PineBridge Investments LLC** 

**STEWARDSHIP & ENGAGEMENT POLICY** 

**September 2023** 

**I. PineBridge Stewardship and Engagement Policy** 

The following stewardship and engagement policy sets forth how PineBridge endeavors to interact with companies, entities, and other market participants on environmental, social and governance (ESG) issues. The policy broadly applies to all asset classes, with the aim of achieving the investment and ESG objectives of PineBridge and its clients. Individual strategies may have specific policies that complement PineBridge's overarching policy.

**Stewardship and Engagement Philosophy** 

Stewardship is a vital aspect of managing assets on behalf of our clients' behalf, and it is an important component of ESG incorporation that benefits both PineBridge's clients and the companies or entities in which we invest. We believe that an ongoing open dialogue with our investee companies is an effective way to drive positive change, encourage transparency, and ultimately promote and participate in sustainable long-term value creation.

We define stewardship as individual or collaborative activities that seek to protect and enhance the value of the companies and entities in which we invest and thereby help attain our investment objectives. Stewardship activities may include, but are not limited to, engagement with issuers; voting at shareholder meetings; filing shareholder resolutions/proposals; taking direct roles on boards and board committees; negotiating with and monitoring suppliers with regard to stewardship actions in the investment chain; engaging with policymakers and standard-setters; and contributing to public goods (such as research) and public discourse (such as media) that support stewardship goals.

When we refer to engagement, we mean purposeful, targeted communication with an entity (e.g., a company, government, industry body, or regulator) on matters of concern, with the goal of encouraging change with an individual issuer or addressing a market-wide or systemic risk (such as climate change). While we treat regular communications to gain information as part of our ongoing research or investment due diligence, and in turn as part of our ESG incorporation and stewardship activities, we do not categorize such communication as engagement, per se. Engagement is undertaken with the ultimate goal of improving ESG risk management and therefore creating value for our investors in the circumstances described below.

**Engagement themes** 

In our engagement efforts, we distinguish between material bottom-up ESG issues and top-down ESG themes. The bottom-up engagement issues will differ from sector to sector and from asset class to asset class, and they inform our investment due diligence process and ESG incorporation. The top-down themes are engagement issues PineBridge has prioritized and committed to across all asset classes where we believe there is a long-term investment benefit or where clients or mandates specify. Though specific implementation of engagement can differ from asset class to asset class, our objectives and the way we measure progress facilitate uniform tracking and reporting across all asset classes as we work to address the following three common themes:

**1) Climate Change** 

At PineBridge we recognize that climate change and its associated risks poses an increasingly urgent threat to the global economy with potential significant market consequences. As an investor entrusted by certain clients to manage risks and opportunities with a focus on climate, we engage on their behalf with our portfolio holdings to take responsible and economic actions towards a carbon-neutral world, in line with the Paris Agreement's objective of limiting global warming to 1.5° C. PineBridge is committed to help drive actionable change on greenhouse gas emissions as a signatory of the Net Zero Asset Managers Initiative and act accordingly on behalf of like-minded clients. We aim to engage with companies that demonstrate a prudent investment opportunity and, for in-scope mandates, a path toward supporting global carbon neutrality.

**2) Diversity & Inclusion** 

We believe that a diverse and inclusive corporate culture is central to driving better business outcomes and fostering growth. Our belief is that each person brings unique strengths to a business and that each person shares responsibility for helping to ensure an inclusive and welcoming culture of equity. In our stewardship and engagement efforts, for mandates where societal benefit is a stated investment goal, we aim to ensure companies are espousing equitable and inclusive recruitment, development, and promotion practices. Where needed, we will hold company leaders accountable to promote a more inclusive and diverse workplace.

**3) Human Rights** 

As a signatory of the UN Global Compact, we recognize that ensuring human rights and dignity is essential to sustainable development. Our obligation to our clients is to address the risk of (potential) involvement of companies or entities in which we invest or may invest in gross human rights abuses or corporate negligence, as well as ensuring that PineBridge is aligned with applicable laws and UN conventions. We believe that a diverse, strong and inclusive workforce is central to driving better business outcomes and fostering growth.

**II. Engagement Approach** 

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We follow a four-step approach in our engagement process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Identify opportunities.** 

We identify engagement opportunities based on the most material and salient ESG issues flagged as part of our continual bottom-up ESG analysis and our top-down focus themes. We prioritize engagement based on the scale of our holdings of the underlying securities, the materiality or salience of the ESG concerns, and our exposure to those concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Set objectives.** We formulate clear, distinct, time-bound, and measurable engagement objectives in line with our engagement themes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Select method.** We define the most suitable engagement method and engagement plan depending on the engagement objective(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Record progress.** We document our engagement activities and progress made and any follow-up actions needed.

**III. Methods of Stewardship and Engagement** 

Depending on our engagement objectives, we will employ any or all of the following methods in our stewardship and engagement efforts:

• Verbal or written communication with investee companies or other entities. This can be achieved via calls, emails, or any other means of formal communication.

• In-person meetings. Our teams host a variety of in-person and virtual meetings with investee companies and other entities to discuss our views or any concerns in accordance with our engagement themes.

• Proxy voting. In order to effectively exercise our shareholder voting rights, PineBridge has developed a voting policy that includes custom guidelines for proxy voting for our listed equity investments. Voting may also be relevant in other asset classes, including real estate and private equity, and we provide detailed guidance in our asset-class-specific policies.

• Collaborative engagement. As active investors, we are committed to work with peers and industry partnerships to advance action on ESG issues.

The methods and frequency of stewardship and engagement may vary from one asset class to another, as detailed in our asset-class-specific policies.

**IV. Our Escalation Process** 

We believe in constructive engagement with investee companies and other entities. Our ambition is to support them in their ESG framework to mitigate potential risks and identify potential opportunities. When investee companies or other entities do not respond in a timely and sufficient manner to our stated expectations and requests for improvement on issues of concern to PineBridge or its clients, PineBridge will consider any or all of the following escalation strategies where appropriate, depending on the investment strategy:

• Raise our concerns with non-executive directors and/or the chair of the board

• Collaborate with other investors to add weight to our requests for change

• Vote against relevant agenda items in general or as part of extraordinary shareholder meetings

• Vote against reelection of directors, the chair of the board committee, and/or the chair of the board

• Co-file or support shareholder resolutions

• Raise our concerns publicly

• Decrease our investment positions, decline to invest, or fully divest.

**V. Managing Conflicts of Interest** 

PineBridge's approach to conflicts of interest is to take all appropriate steps to identify and prevent or manage potential and actual conflicts of interest that could pose a material risk to the interests of our clients.

**VI. Review and Communication** 

PineBridge's active management ethos extends to all aspects of the firm, including the review of our policies and process assurance and our assessment of their effectiveness. We endeavor to review our Stewardship and Engagement Policy on an annual basis.

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**Ranger Investment Management, L.P.** 

**Proxy Voting** 

**GENERAL POLICY** 

Ranger Investment Management, L.P. (or the "Firm"), as a matter of policy and as a fiduciary to our clients, has responsibility for voting proxies for portfolio securities consistent with the best economic interests of the clients. Our firm maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about our firm's proxy policies and practices. Our policy and practice include the responsibility to monitor corporate actions, receive and vote client proxies and disclose any potential conflicts of interest as well as making information available to clients about the voting of proxies for their portfolio securities and maintaining relevant and required records.

The Firm views seriously its responsibility to exercise voting authority over securities which form part of its investors' portfolios. Proxy statements increasingly contain controversial issues involving shareholder rights and corporate governance, among others, which deserve careful review and consideration.

It is the Firm's policy to review each proxy statement on an individual basis and to base its voting decision exclusively on its judgment of what will best serve the financial interests of the beneficial owners of the security. These beneficial owners include the Private Funds, Mutual Funds, and a portion of the Separate Accounts we manage.

Several recurring proxy issues can be identified with respect to the governance of a company and actions proposed by that company's board. The Firm follows an internal proxy voting policy that allows the Firm to vote on these issues in a uniform manner.

The Firm, in exercising its voting powers, also has regard for the statutes and rules applicable to registered investment advisers. An overview of how votes are cast by the Firm is reported to investors by delivery of this Proxy Voting Policy. In addition, the Firm will provide, upon request, a list of how each proxy was voted for an investor.

From time to time, the Firm may receive notices regarding class action lawsuits involving securities that are or were held by the portfolios it advises. As a matter of policy, the Firm refrains from serving as the lead plaintiff in class action matters and refrains from submitting proofs of claim where the Firm believes, in its sole discretion, that either the recovery amounts are likely to be negligible or such participation is not in the interest of the applicable account. As a result, the Firm may on behalf of Clients forgo participation in class action lawsuits.

**Responsibility** 

The Investment Team has the responsibility for the implementation and monitoring of our proxy voting policy, practices, disclosures and record keeping, including outlining our voting guidelines in our procedures.

**Delegation of Proxy Voting Authority and Voting Obligations** 

Terms and conditions defining and/or limiting the scope of Ranger Investment Management, L.P.'s proxy voting authority and voting obligations, as agreed upon with the client, are documented as part of the investment policies and objectives or included in the Investment Management Agreement of such client(s).

**Voting Procedure** 

• Ranger Investment Management, L.P. has engaged the services of a third-party proxy services, ISS, to assist with the administration of the proxy voting process; ISS services include proxy voting recommendations based upon research and guidelines published by ISS;

• The Investment Team reviews every proxy on a case-by-case evaluation of each issue that may result in proxy votes that differ from the ISS recommendation.

• The Investment Team will determine which client accounts hold the security to which the proxy relates; and

• Proxies are generally considered by the Investment Team members responsible for monitoring the security being voted. That person will cast their votes in accordance with this policy. Any non-routine matters are referred to the Portfolio Manager

**Disclosure** 

• Ranger Investment Management, L.P. will provide required disclosures in response to Item 17 of Form ADV Part 2A summarizing this proxy voting policy and procedures, including a statement that clients may request information regarding how Ranger Investment Management, L.P. voted a client's proxies.

• Ranger Investment Management, L.P.'s disclosure summary will include a description of how clients may obtain a copy of the firm's proxy voting policies and procedures.

**Client Requests for Information** 

• Client requests for information regarding proxy votes, or policies and procedures received by any employee should be forwarded to Investment Team; and

• In response to any request, the Marketing and Client Service Team will prepare a written response to the client with the information requested, and as applicable will include the name of the issuer, the proposal voted upon, and how Ranger Investment Management, L.P.

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voted the client's proxy with respect to each proposal about which client inquired.

**Voting Guidelines** 

• In the absence of specific voting guidelines from the client, the Firm will obtain reasonable understanding of the client's objectives in order to vote proxies in the best interests of each particular client. Ranger Investment Management, L.P.'s policy is to vote all proxies from a specific issuer the same way for each client absent qualifying restrictions from a client. Clients are permitted to place reasonable restrictions on Ranger Investment Management, L.P.'s voting authority in the same manner that they may place such restrictions on the actual selection of account securities.

• In most cases, Ranger Investment Management, L.P. will vote for management's proposed directors in uncontested elections. For contested elections, the Firm votes for candidates it believes best serve shareholders' interests.

• The Firm will generally vote in favor of the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes to ratify management's appointment of independent auditors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes for Increase Authorized Capital proposals in the absence of unusual circumstances. There are many business reasons for companies to increase their authorized capital. The additional shares often are intended to be used for general corporate purposes, to raise new investment capital for acquisitions, stock splits, recapitalizations or debt restructurings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes against proposals to divide share capital into two or more classes or to otherwise create classes of shares with unequal voting and dividend rights. The Firm is concerned that the effect of these proposals, over time, is to consolidate voting power in the hands of relatively few insiders, disproportionate to their percentage ownership of the company's share capital as a whole. This concentration of voting power can effectively block any takeover which management opposes and dilute accountability to shareholders.

• Merger and acquisition proposals are reviewed on a case-by-case basis by taking the following into consideration: 1) whether the proposed acquisition price represents fair value; 2) whether shareholders could realize greater value through other means; and 3) whether all shareholders receive equal/fair treatment under the merger acquisition terms.

• Restructuring/recapitalization proposals are reviewed on a case-by-case basis taking the following into consideration: 1) whether the proposed restructuring/recapitalization is the best means of enhancing shareholder value; and 2) whether the company's longer-term prospects will be positively affected by the proposal.

• Ranger Investment Management, L.P. will vote for proposals to provide corporate indemnification for directors if consistent with all relevant laws. Corporations face great obstacles in attracting and retaining capable directors. The Firm believes such proposals will contribute to corporations' ability to attract qualified individuals and will enhance the stability of corporate management.

• In reviewing proposals, Ranger Investment Management, LP. will further consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer's business practices.

• Where the potential effect of the vote is significant to the value of clients' investments or where the matter is not addressed by our policies and procedures, Ranger Investment Management, LP. will conduct a more detailed analysis than what is contemplated by the general voting guidelines.

• Ranger Investment Management, LP. will conduct sample testing to determine that votes are cast (either internally or by third-party proxy advisory firms) consistently with our voting policies and procedures.

• Ranger Investment Management, LP.'s proxy voting responsibilities and scope of voting arrangements will be agreed upon and clearly stated in writing.

**Shareholder Proposals – Corporate Governance Issues** 

• The Firm will generally vote for proposals calling for a majority independent board. The Firm believes that a majority of independent directors can be an important factor in facilitating objective decision making and enhancing accountability to shareholders.

• Ranger Investment Management, LP. will generally vote against proposals to restrict Employee compensation. The Firm feels that the specific amounts and types of Employee compensation are within the ordinary business responsibilities of the Board of Directors and company management; provided, however, that share option plans meet our guidelines for such plans as set forth herein. On a case-by-case basis, the Firm will vote for proposals requesting more detailed disclosure of Employee compensation, especially if the company does not have a majority outside board.

**ESG Factors** 

The Firm's proxy voting guidelines are grounded in financial materiality as informed by SASB/IFRS and our ESG "core considerations". These are not intended to be rules, but a framework for proxy decision-making. For a full review of our proxy voting process, please see the "Proxy Voting" section in our Compliance Manual.

We generally support environmental proposals that seek to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improve climate-related disclosures in a prudent and fiscally responsible manner and within a reasonable time frame. This includes

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alignment with voluntary climate reporting frameworks such as SASB/ISSB, GRI, and TCFD.

We generally support social proposals that seek to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improve human capital disclosures in a prudent and fiscally responsible manner and within a reasonable time frame. This includes diversity, equity, and inclusion disclosures, EEO-1 reports, employee health and safety initiatives, and data security and privacy initiatives.

We generally support governance proposals that seek to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improve board composition, independence, and diversity of skillsets. In the election of directors, we consider how proposals may benefit or hinder board independence, average board tenure, and overall board expertise that we deem important to the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improve board structure such as the separation of the CEO and Chair roles, a declassified board structure, majority voting rights, and a single class of stock which prohibits unequal voting rights. We carefully consider the potential impacts to board independence and diversity when these topics are related to director elections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Better align executive compensation with the interests of shareholders. For proposals related to equity-based compensation, we consider the dilutive impact of stock options on a case-by-case basis and do not support proposals where we deem dilution to be excessive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ISS provides logistical support as well as advisory services. We utilize two ISS policies as a reference tool in proxy voting research: the ISS Benchmark Policy and the ISS Sustainability Policy. On most matters of corporate governance, such as board independence, director tenure, or CEO/ Chairman structure, the two policies are in alignment. Both policies offer guidance based on a commitment to create and preserve economic value and to advance principles of good corporate governance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On matters of environmental or social import, ISS' Proxy Voting Sustainability Policy seeks to promote support for recognized global governing bodies promoting sustainable business practices advocating for stewardship of the environment, fair labor practices, non-discrimination, and the protection of human rights.

**Conflicts of Interest** 

• Ranger Investment Management, L.P. stays abreast of any conflict that may exist between the Firm and the client by reviewing the relationship of the Firm with the issuer of each security to determine if Ranger Investment Management, L.P. or any of its employees has any financial, business or personal relationship with the issuer.

• If a material conflict of interest exists, Investment Team will determine whether it is appropriate to disclose the conflict to the affected clients, to give the clients an opportunity to vote the proxies themselves, or to address the voting issue through other objective means such as voting in a manner consistent with a predetermined voting policy or receiving an independent third-party voting recommendation; and

• The Firm will maintain a record of the voting resolution and the informed consent forms obtained from our clients in any conflict of interest.

**Recordkeeping** 

The Firm shall retain the following proxy records in accordance with the SEC's five-year retention requirement.

• These policies and procedures and any amendments.

• Each proxy statement that Ranger Investment Management, L.P. receives.

• A record of each vote that Ranger Investment Management, L.P. casts.

• Any document Ranger Investment Management, L.P. created that was material to making a decision how to vote proxies, or that memorializes that decision including reports to Investment Team or proxy committee, if applicable; and

• A copy of each written request from a client for information on how Ranger Investment Management, L.P. voted such client's proxies, and a copy of any written response.

On an annual basis, Ranger Investment Management, LP. will review and document the adequacy of our voting policies and procedures to ensure that they have been formulated reasonably and implemented effectively, including whether the applicable policies and procedures continue to be reasonably designed to ensure that the firm casts votes on behalf of our clients in the best interest of such clients.

**Third Party Proxy Advisory Firm** 

In addition to conducting initial due diligence prior to engaging the services of any third-party proxy service firm, Ranger Investment Management, LP. will:

• Monitor and review such services at least annually.

• Evaluate any conflicts of interest, consistency of voting with guidelines, assessment of the proxy service firm's accurate analysis of relevant information, and fees and disclosures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Consider whether the proxy advisory firm has adequately disclosed its methodologies in formulating voting recommendations.

• Review any third-party information sources that the proxy advisory firm uses as a basis for its voting recommendations.

• Consider whether the proxy advisory firm has the capacity and competency to adequately analyze voting matters, including staffing personnel and/or technology and whether the proxy voting firm has an effective process for seeking timely input from issuers and proxy advisory firm clients.

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**Sands Capital Management, LLC** 

**Proxy Voting Policies and Procedures** 

Most Recent Amendment: May 2025

Implementation Date: November 2006

**PURPOSE** 

Sands Capital Management, LLC (*"Sands Capital Management"*) and its investment advisory affiliates ("*Sands Capital*") have adopted this policy (the "*Policy*") to implement written policies and procedures reasonably designed to ensure compliance with applicable law regarding the voting of client proxies, including, without limitation, Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the "*Advisers Act"*).

**POLICY** 

The scope of Sands Capital's authority to vote proxies on behalf of clients should be clearly set forth in the advisory or related contracts between Sands Capital and its clients. Where Sands Capital has unrestricted authority to vote proxies on behalf of clients, Sands Capital will vote in the best interests of its clients and in a manner that is consistent with its fiduciary duties. Where Sands Capital's clients have explicitly confirmed in the advisory or related contracts their agreement that Sands Capital has no authority to vote client proxies, Sands Capital will not vote such client proxies. Where clients have imposed restrictions or guidelines on or issued instructions to Sands Capital with respect to voting proxies, Sands Capital will adhere to such restrictions, guidelines, and/or instructions. Clients with their own general or specific proxy voting and governance policies may wish to have their proxies voted by an independent third party or other named fiduciary or agent at the client's expense.

Before voting a particular proxy, Sands Capital's policy is to conduct a reasonable investigation of the associated matter(s), including, where appropriate, by considering the Guidelines (as defined below), to ensure that its voting determination is in the best interests of the relevant clients and is not based on materially inaccurate or incomplete information. Sands Capital does not automatically support management; however, Sands Capital believes that the recommendation of management on any issue should be given substantial weight in determining how proxy issues are resolved.

For routine matters (e.g., those matters that are not expected to measurably change the structure, management, control or operation of the company and are consistent with customary industry standards and practices, and the laws of the state of incorporation of the applicable company), Sands Capital will vote in accordance with the recommendation of management, unless, in Sands Capital's opinion, such recommendation is not conducive to long term value creation or otherwise in the best interest of its clients. Non-routine matters (e.g., those matters relating to directors' liability and indemnity proposals; executive compensation plans; mergers, acquisitions, and other restructurings submitted to a shareholder vote; anti-takeover and related provisions; and shareholder proposals) require company-specific and a case-by-case review and analysis.

Sands Capital will vote client proxies in all instances unless it determines that doing so is not in the best interest of the relevant clients, as described under "*Voting Abstention*" below.

**PROXY COMMITTEE** 

Sands Capital has established a Proxy Committee consisting of

• the Chief Administrative Officer;

• the Chief Compliance Officer ("*CCO*");

• a Director of Client Relations;

• the Director of Stewardship; and

• the Director of Research.

The Proxy Committee is responsible for:

• overseeing and administering proxy voting, including developing, authorizing, implementing, and updating this Policy;

• overseeing the proxy voting process, including reviewing reports on proxy voting activity at least annually and more frequently as necessary to fulfill its responsibilities; and

• engaging and overseeing third-party service providers, as necessary or appropriate, to ensure Sands Capital receives the applicable proxy statements and/or to provide information, research, or other services to facilitate Sands Capital's proxy voting.

The Proxy Committee meets at least annually and more frequently as necessary to fulfill its responsibilities. A majority of the members of the Proxy Committee constitute a quorum for the transaction of business. The Director of Stewardship or designee acts as secretary of the Proxy Committee and maintains a record of meetings and actions.

The Proxy Committee has developed criteria (the "*Guidelines*"), to be considered by Sands Capital Management when evaluating certain

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proxy issues. While Sands Capital Management's investment advisory affiliates will likely incorporate similar considerations in their proxy voting determinations, if applicable, the Guidelines apply to proxies voted on behalf of clients advised by SCM but do not apply to proxies voted on behalf of clients advised by such affiliates. The Proxy Committee will evaluate and may amend or supplement the Guidelines from time to time. All Guidelines are to be applied generally and not absolutely, such that the evaluation of each proxy incorporates considerations specific to the company whose proxy is being voted and the vote is made in the best interests of the relevant clients.

**RETENTION AND OVERSIGHT OF PROXY ADVISORY FIRMS** 

Sands Capital uses proxy research providers ("*Providers*") to help it analyze proxy issues. Sands Capital may consider vote recommendations made by Providers but ultimately votes proxies based on its own determination of what is in the best interests of its clients. In addition to research, Providers may provide vote execution, reporting, and recordkeeping services.

In selecting a Provider, Sands Capital will consider a variety of factors in its evaluation, including, as applicable: (1) the Provider's capacity and competency to analyze the voting matters for which it is retained; (2) whether the Provider has an effective process for seeking timely input on its voting policies and other relevant matters; (3) whether the Provider has adequately disclosed its methodologies for making voting recommendations; (4) the sources of any third-party information that the Provider uses; and (5) how the Provider will engage with issuers and third parties.

Additionally, Sands Capital will review the Provider's policies and procedures pertaining to conflicts of interest, including with respect to the:

• identification, disclosure and mitigation of conflicts arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provision of proxy voting recommendations and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• activities other than proxy voting recommendations and services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• positions taken by affiliates of the Provider;

• adequacy of disclosure regarding identified conflicts; and

• use of technology to disseminate information about conflicts.

Sands Capital conducts periodic reviews on an ongoing basis of its Providers based on the factors discussed above, and evaluates periodically whether any factual errors, incompleteness or methodological weaknesses in the Provider's analysis materially affected its research or recommendations. Sands Capital may also consider any material relevant changes to the Provider's business.

**CONFLICTS OF INTEREST** 

Sands Capital's staff members are responsible for notifying the Director of Stewardship or the CCO of any potential conflict of interest that may impair Sands Capital's ability to vote proxies in an objective manner. The Director of Stewardship and the CCO will review each potential conflict and notify the Proxy Committee if they determine there is a conflict of interest with respect to the proxy vote. The Proxy Committee will determine whether the conflict is material to that proposal. If the Proxy Committee determines that a conflict is not material, then Sands Capital may vote the proxy. If the Proxy Committee determines that it is material, Sands Capital will vote or abstain from voting per the determination of the Proxy Committee. Prior to voting, Sands Capital may, in accordance with applicable law and/or client instruction: (i) contact an independent third party for its recommendation on how to vote and vote in accordance with that recommendation; or (ii) fully disclose the nature of the conflict to clients and obtain their consent as to how Sands Capital will vote.

Conflicts of interest may arise in many situations. The following examples are designed to help staff members identify potential conflicts:

• Sands Capital provides investment advice to an issuer (or a plan sponsored by such issuer) and receives a proxy solicitation from that issuer or from a competitor of that issuer.

• Sands Capital provides investment advice to an officer or director of an issuer and receives a proxy solicitation from that issuer or from a competitor of that issuer.

• Sands Capital has a financial interest in the outcome of a proxy vote, such as when Sands Capital is asked to vote on a change in Rule 12b-1 fees paid by a mutual fund to Sands Capital.

• An issuer or another third party offers Sands Capital or a staff member compensation in exchange for voting a proxy in a particular way.

• A staff member, or a household family member thereof, has a personal or business relationship with an issuer and Sands Capital receives a proxy solicitation from that issuer.

**ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS** 

Sands Capital may consider certain environmental, social and governance ("*ESG*") factors when evaluating proxy matters so that all risks and opportunities that may materially impact the return profile of an investment over the appropriate time horizon for the relevant strategy are appropriately considered.

**PROCEDURES FOR IDENTIFICATION AND VOTING OF PROXIES** 

The following procedures are designed to provide Sands Capital with necessary information to vote proxies and to mitigate potential conflicts

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of interest before voting.

• The Investment Operations Teams maintain a list of clients for which Sands Capital votes proxies. The Investment Operations Teams update the list from time to time to reflect the onboarding of new clients and changes in Sands Capital's authority to vote proxies.

• Where Sands Capital has the authority to vote proxies, the Investment Operations and Proxy Administrator will work with the client to ensure that Sands Capital is designated to receive proxy voting materials from companies or intermediaries when applicable.

• The Proxy Administrator receives all proxy voting materials and has overall responsibility for ensuring that proxies are voted (or abstained) and submitted in a timely manner.

• Sands Capital's Investment Research Team (the "*Research Team*") is responsible for reviewing proxy proposals for portfolio companies. Prior to a proxy voting deadline, the appropriate Research Team member will conduct a reasonable investigation into the proposal matters and decide how to vote each proxy proposal based on an analysis of the proposal and the best interests of the relevant clients. In evaluating a proxy proposal, a Research Team member may consider the Guidelines (if applicable) as well as information from various sources, including management of the company, shareholder groups, and independent Providers.

• If the Research Team or Proxy Administrator becomes aware of potential material factual errors, incompleteness, or methodological weaknesses in a Provider's analysis, they must escalate this issue to the Director of Stewardship or the CCO.

• Sands Capital believes that engagement with portfolio companies is important for good corporate governance and to assist in making proxy voting decisions. Sands Capital may engage with portfolio companies to discuss specific ballot items to obtain further information or clarification on the proposals, or to seek a specific change at the company.

• Staff members involved in the proxy voting process are responsible for assessing potential conflicts of interest and considering situations identified in this Policy's *Conflicts of Interest* section.

• If no potential conflicts of interest have been identified, Sands Capital will vote proxies according to this Policy.

• Any detection of a potential conflict of interest must be brought to the attention of the Director of Stewardship or the CCO. See the Policy's *Conflicts of Interest* section for additional information.

• Sands Capital is not required to vote every proxy if abstaining is consistent with Sands Capital's fiduciary obligations. There may be times when refraining from voting is in the best interest of the client, such as when an analysis of a particular client proxy reveals that the cost of voting the proxy may exceed the expected benefit to the client.

• Sands Capital may process certain proxies without voting them or may systematically vote with management. Examples include proxies issued by companies Sands Capital has exited the position at the strategy level but not yet sold a minimal number of shares due to specific client directed account restrictions, proxies issued for securities that Sands Capital did not select for a client portfolio, and proxies issued by unsupervised or non-managed securities held in a client's account (such as ETFs), money market securities, or other securities selected by clients or their representatives other than Sands Capital.

• In the event that Sands Capital votes the same proxy in two directions, it shall maintain documentation to support its votes.

• In instances where Sands Capital is in the process of exiting a client's ownership position in a security but has the ability to vote a proxy, Sands Capital will vote the proxy provided it is not against the best interests of the client.

• The Director of Stewardship and the applicable Research Team member must report any attempts by Sands Capital's personnel to influence the voting of client proxies in a manner that is inconsistent with this Policy, as well as any attempts by persons or entities outside Sands Capital seeking to influence the voting of client proxies. Reporting shall be made to the CCO or the General Counsel.

• All proxy votes will be recorded with the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The name of the portfolio company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The security identifier of the portfolio holding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Council on Uniform Securities Identification Procedures ("*CUSIP*") or similar number, in each case, if any, for the security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The shareholder meeting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The number of shares Sands Capital is voting firm-wide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. A brief identification of the matter voted on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Whether the matter was proposed by the portfolio company or by a security holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Whether or not Sands Capital voted on the matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The rationale for Sands Capital's vote or abstention; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Whether any client requested an alternative vote of its proxy.

**SECURITIES LENDING** 

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If a client participates in a securities lending program, Sands Capital will not be able to vote the proxy for shares out on loan. Sands Capital will generally not seek to recall for voting the client shares on loan. However, under rare circumstances, for voting issues that may have a particularly significant impact on the investment (a "*Significant Event*"), Sands Capital may request a client to recall securities that are on loan if Sands Capital determines that the benefit of voting outweighs the costs and lost revenue to the client and the administrative burden of retrieving the securities. The Research Team member responsible for voting the proxy will notify the Proxy Committee in the event they believe a recall of loaned securities is necessary.

In determining whether a recall of a security is warranted, Sands Capital will consider whether the benefit of the vote would be operationally possible, and if so, in the client's best interest despite the costs and the lost revenue to the client and the administrative burden of retrieving the securities. Sands Capital may use third-party service providers to assist it in identifying and evaluating whether an event constitutes a Significant Event.

**VOTING ABSTENTION** 

Voting proxies of issuers may give rise to a number of administrative or operational issues that may cause Sands Capital to determine that voting such proxies are not in the best interest of its clients or that it is not reasonably possible to determine whether voting such proxies will be in the best interests of its clients. While not exhaustive, the following list of considerations highlights some potential instances in which a proxy vote might not be entered.

• Sands Capital may receive meeting notices without enough time to fully consider the proxy or after the cut-off date for voting.

• Sands Capital may be unable to enter an informed vote in certain circumstances due to the lack of information provided in the proxy statement or by the issuer or other resolution sponsor.

• A market may require Sands Capital to provide local agents with a power of attorney or consularization prior to implementing Sands Capital's voting instructions.

• Proxy materials may not be available in English and require a translator or may require traveling to a foreign country to vote the security in person.

• Proxy voting in certain countries may require "share blocking." In such cases, shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting with a designated depositary. During this blocking period, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the client's custodian banks. Absent compelling reasons to the contrary, Sands Capital believes that the benefit to the client of exercising the vote is outweighed by the cost of voting (i.e., not being able to sell the shares during this period). Accordingly, if share blocking is required, Sands Capital generally elects not to vote those shares. The applicable Research Team member, in conjunction with the Proxy Committee, retains the final authority to determine whether to block the shares in the client's portfolio.

• Sands Capital may not vote proxies for shares held in non-client accounts, such as proprietary accounts.

**DISCLOSURE OF VOTES** 

Generally, until a vote has been cast and the relevant shareholder meeting has transpired, Sands Capital treats such voting information as confidential. Sands Capital staff may not disclose a vote prior to the meeting or commit to any third party to vote a certain way without the prior consent of the CCO or the General Counsel. However, staff members are permitted to: (1) share with a client how we intend to vote their proxy, as requested by such client; (2) discuss our thoughts, opinions and voting intention with the relevant issuers as part of Sands Capital's company engagement and stewardship objectives; and (3) prudently express Sands Capital's thoughts or opinions on relevant topics in discussions with other third parties, including advisors (third-party research providers), and other shareholders prior to voting as a part of ongoing education and engagement.

Once the vote has been cast and the relevant shareholder meeting has transpired, analysts can choose to share how Sands Capital voted with the relevant company or other shareholders, if necessary, as part of Sands Capital's ongoing engagement with management and the company's shareholders. All disclosures of votes in response to requests for vote information not originating from the company or a client shareholder must be approved by the Director of Stewardship prior to the disclosure of the vote. The Director of Stewardship or designee will record the identity of the outside third party, the date of the request, and the response. As is consistent with Sands Capital's Advertising and Marketing Policy, all staff members must refer inquiries from the press to the Head of Marketing and Communications.

**PRIVATELY-HELD COMPANIES** 

There is a heighted risk that conflicts of interest will arise when voting on matter relating to portfolio companies that are privately held. To address this risk, all votes or requests for shareholder consents will be identified to the Compliance Team prior to any decision. The Compliance Team determines whether a conflict of interest exists and, if so, how to mitigate or manage the conflict(s) of interest.

**CLASS ACTIONS** 

In the event a class action is brought to the attention of Sands Capital, and such action may have a material impact on the financial position of a fund sponsored and advised by Sands Capital, Sands Capital will use reasonable efforts to timely complete administrative class-action processes necessary to allow participation. For all other clients, Sands Capital will gather and provide any requisite information it has regarding class action matters at the client's request, to enable the client to file the class action. Sands Capital does not take proactive

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measures to monitor for class actions in which its clients may be able to participate. All attorneys' fees, third-party fees, and expenses related to the class action will be borne by the respective client, including any fund advised by Sands Capital if applicable.

**DISCLOSURES TO CLIENTS** 

Sands Capital is required to disclose to its clients how they can obtain information about how Sands Capital voted their securities. This information is included in Sands Capital's written brochure under Rule 204-3 of the Advisers Act.

Further, Sands Capital is required to provide clients with a description, and upon request, a copy, of its proxy voting policies and procedures. This information is included in Sands Capital's written brochure under Rule 204-3 of the Advisers Act.

**RECORDKEEPING** 

Sands Capital must maintain the documentation described in the following section for a period of not less than five years in an easily accessible place, the first two years at its principal place of business. The Proxy Administrator will be responsible for the following procedures and for ensuring that the required documentation is retained.

• Copies of all policies and procedures required by § 275.206(4)-6.

• A copy of each proxy statement that Sands Capital receives regarding client securities. Sands Capital may satisfy this requirement by relying on a third party to make and retain, on Sands Capital's behalf, a copy of a proxy statement (if Sands Capital has obtained an undertaking from the third party to provide a copy of the proxy statement promptly upon request) or may rely on obtaining a copy of a proxy statement from the Commission's Electronic Data Gathering, Analysis, and Retrieval ("*EDGAR*") system.

• A record of each vote cast by Sands Capital on behalf of a client. Sands Capital may satisfy this requirement by relying on a third party to make and retain a record of the vote cast (provided that Sands Capital has obtained an undertaking from the third party to provide a copy of the record promptly upon request).

• A copy of each written client request for information on how Sands Capital voted proxies on behalf of the client and a copy of any written response by Sands Capital to any (written or oral) client request for information on how Sands Capital voted proxies on behalf of the requesting client.

Sands Capital may rely on proxy statements filed on the EDGAR system instead of keeping its own copies.

**RESPONSIBILITY** 

The Director of Stewardship is responsible for overseeing and implementing this Policy.

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**Systematic Financial Management, L.P.** 

**Proxy Voting Policy** 

**Policy SUMMARY** 

Systematic Financial Management, L.P. has adopted and implemented this Proxy Voting Policy, which it believes is reasonably designed to:

• Ensure that proxies are voted in the best interests of its clients;

• Address material conflicts of interest that may arise; and

• Comply with disclosure and other requirements in connection with its proxy voting responsibilities.

**Policy** 

As an investment adviser and fiduciary of client assets, Systematic's proxy voting policies and procedures are designed to protect the value of shareholder investments. The Investment Advisers Act of 1940, as amended (the 'Advisers Act'), requires investment advisers to act solely in the best interest of its clients at all times. We have adopted and implemented these Proxy Voting Policies and Procedures, which we believe are reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with our fiduciary duties and Rule 206(4)-6 under the Advisers Act.

**PROCEDURES** 

Systematic recognizes that proxies are client assets and, as such, are managed with the same care, skill and diligence as all other client assets. Systematic shall vote proxies related to securities held by our clients for which we serve as the investment adviser in the best interest of our clients. Systematic's authority to vote the proxies of certain clients is established by advisory contracts or comparable documents. In addition to requirements of the Securities and Exchange Commission ("SEC") governing advisers, these policies reflect our fiduciary standards and responsibility for ERISA accounts. At their discretion, clients may reserve the right to vote proxies for themselves. Furthermore, a client may from time-to-time direct us to vote proxies in a manner that is different from the guidelines set forth in our Proxy Voting Policies and Procedures. We will follow such written direction for proxies received after our receipt of such written direction. These Proxy Voting Policies and procedures are limited solely to clients for which we have agreed to vote such proxies.

Systematic is wholly owned by Affiliated Managers Group, Inc. ("AMG"), an asset management company with equity investments in numerous investment management firms (its "Affiliates"). Systematic does not purchase AMG's publicly traded securities for client portfolios. Each AMG Affiliate makes its own investment and proxy voting decisions, which are not communicated to AMG or to other Affiliates.

Systematic has retained an independent third-party proxy advisory agent to assist the firm in discharging its proxy voting responsibilities. The third-party proxy advisory firm offers voting assistance by, among other proxy matters:

• Providing specified sets of independent proxy voting policy guidelines;

• Providing research and vote recommendations in accordance with the specified policies considerations;

• Voting Systematic's client proxies via the proxy adviser's automated, electronic vote management system;

• Acting as agent for the proxy process, and

• Maintaining records on proxy voting for our clients.

To assist Systematic in voting proxy proposals in their client's best interest, the firm has adopted four sets the proxy adviser's proxy voting guidelines, one based on AFL-CIO polices for Taft-Hartley Plan Sponsors, another for Public Plans, a third for Catholic or other faith-based clients and the fourth being a General Policy for all other clients. Institutional clients are generally requested to select which set of proxy guidelines they wish Systematic to use in voting their account's proxies. In instances where the client does not select a voting policy, Systematic will generally select the client's proxy policy based on Systematic's determination of which policy it believes is in the client's best interest. Ballots for our retail separately managed account (SMA) clients are typically wrapped in an Omnibus account and voted according to the proxy adviser's General Proxy Voting Policy. Systematic understands that the proxy advisory firm uses its best efforts to ensure that its proxy voting recommendations are consistent with its policy guidelines, as well as relevant requirements of ERISA and the U.S. Department of Labor.

**Exceptions** 

Systematic typically does not vote the following types of proxies:

<u>Foreign Securities</u>: While Systematic will make reasonable efforts to vote foreign securities on behalf of clients, voting proxies of companies not domiciled in the United States may involve greater effort and cost due to the variety of regulatory schemes and corporate practices. (e.g., proxies may be written in a language other than English or proxies that require travel overseas in order to vote). Furthermore, Systematic generally will also decline to vote proxies if to do so would cause a restriction to be placed on Systematic's ability to trade securities held in client accounts in "share blocking" countries. Accordingly, Systematic may abstain from votes in a share blocking country in favor of preserving its ability to trade any particular security at any time.

<u>Securities on Loan</u>: Some Systematic clients may participate in securities lending programs. In most circumstances, securities on loan will

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not be recalled due to circumstances beyond the control of Systematic or due to client's preferences not to recall such securities.

<u>Other Voting Exceptions</u>: Other proxy voting exceptions exist for proxies of legacy securities held in a new account previously managed by another manager and that the client intends to sell; if the aggregate number of shares held by the Firm are of a de minimis amount of the company's outstanding shares, or in some cases if the vote relates to a routine matter.

**Use of Proxy Advisory Firm's Electronic, Automated Voting System** 

As previously mentioned, Systematic subscribes to the use of its proxy advisory firm's electronic, automated voting system when voting it clients' proxies in the normal course. Under normal circumstances Systematic generally casts its votes in accordance with its proxy adviser's vote recommendations. Systematic's proxy adviser provides information relating to its vote recommendations in advance of the proxy vote submission deadline including, but not limited to, information and reported additional feedback concerning issuer or shareholder supplemental information and research that may contrast or differ from the proxy advisory firm's research, recommendations and views. In these instances, where additional information is received, or in the case of controversial or contested election proposals, and similarly situated proxy matters, a more thorough analysis of such information may be conducted by Systematic before final proxy votes are cast, taking into consideration our client(s) best interests.

**Conflict of Interest** 

For purpose of this Policy, a conflict of interest is a relationship or activity engaged in by Systematic or a Systematic employee that creates an incentive (or appearance thereof) to favor the interests of Systematic, or the employee, rather than the clients' interests. For example, Systematic may have a conflict of interest if either Systematic has a significant business relationship with a company that is soliciting a proxy, or if a Systematic employee who is involved in the proxy voting decision-making process has a significant personal or family relationship with the particular company. A conflict of interest is considered to be 'material' to the extent that a reasonable person could expect the conflict to influence Systematic's decision on the particular vote at issue. Systematic seeks to avoid the occurrence of actual or apparent material conflict of interest in the proxy voting process by voting in accordance with pre-determined voting guidelines, and by observing procedures that are intended to prevent, when practicable, and manage material conflicts of interest. In all cases in which there is deemed to be a material conflict of interest, Systematic will seek to resolve the conflict in the clients' best interests. As previously mentioned in order to avoid the appearance of any and all conflicts of interest, Systematic has adopted four independent proxy voting guidelines, all of which are constructed and maintained by the firm's proxy advisory firm. It is our belief that such adoption not only endeavors to remove conflicts of interest that could affect the outcome of a vote but also affords us the opportunity to vote in the best interest of the client. Systematic intends to remove any discretion it may have to interpret how to vote proxies in cases where Systematic has a conflict of interest or the appearance of a potential conflict of interest.

Systematic's Proxy Voting Committee monitors situations where Systematic believes it has a material conflict of interest, or where Systematic wishes to exercise its discretion or more closely review a particular matter. In these situations, the Proxy Voting Committee will review the vote(s) involved and provide the actual voting recommendation based upon the Committee's determination of what is in Systematic's client's best interests. Systematic may use consensus decisions when voting an issue and does not allow Portfolio Managers to vote proxies independently. The CCO must approve the Proxy Voting Committee's voting recommendation prior the vote being cast. The CCO's approval will depend, in part, upon whether, in the CCO's best judgment, the recommendation reflects the spirit of Systematic's Proxy Voting Policy and related procedures. Systematic will maintain documentation of any such voting decision.

Furthermore, Systematic periodically reviews its proxy advisory firm's policies and procedures regarding how it identifies and addresses conflicts of interests as well as their Conflict Management Procedures. In addition, Systematic receives an annual Conflict of Interest Statement from the proxy advisory firm. The proxy advisory firm must notify Systematic in advance of any potential material conflict of interest that may arise in voting proxies on behalf of Systematic's clients. Both the proxy advisory firm and Systematic will follow their respective procedures regarding conflicts of interest should a material conflict of interest occur.

**Policy Review** 

Systematic generally reviews and documents the adequacy of its voting policies and procedures annually to ensure they have been reasonably designed and continue to comply with our requirements as a fiduciary. As part of this annual review, Systematic generally considers the following types of matters before retaining a new proxy advisory firm or continuing to retain the services of its current proxy advisory firm:

• The proxy advisory firm's capacity and competency to adequately analyze the matters for which Systematic is responsible for voting,

• The adequacy and quality of the proxy advisory firm's personnel and technology,

• The adequacy of the proxy advisory firm's process for seeking timely input from issuers and proxy advisory firm clients with respect to proxy voting policies, methodologies, and peer group constructions, including 'say on pay' votes,

• The adequacy of the proxy advisory firm's disclosures regarding its methodologies for formulating voting recommendations and, in making such recommendations, whether it uses any third-party information,

• The proxy advisory firm's policies and procedures for identifying and addressing conflicts of interest, rectifying identified material deficiencies in its analyses, discourse of its information sources and methods used to develop its voting recommendations, and consideration by the proxy adviser of facts unique to a specific issuer or proposal when evaluating a matter that is subject to a shareholder vote,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The proxy advisory firm's policies and procedures for implementing an investment adviser's proxy voting instructions, if any,

• Review its agreement with the proxy advisory firm to determine whether the proxy advisory firm is permitted to use any non-public information regarding how Systematic intends to vote a client's securities that would not be in the best interest of Systematic's clients, (e.g., is the proxy advisory firm permitted to share this information with third parties); and

• Any changes to the services or scope of services provided to Systematic by the proxy advisory firm.

**Client Disclosure** 

Systematic shall provide information regarding its proxy voting policies and procedures, including information about any conflicts of interests and the policies to address such conflicts, and disclose how clients can obtain information about how their securities were voted. Systematic's practices related to this Policy are disclose in the Firm's Form ADV, which is filed with the SEC and furnished to clients. In addition, Systematic will provide clients with a copy of its policies upon request.

Generally, Systematic provides institutional clients with a report summarizing how proxy votes were cast for the securities held in their accounts on a quarterly basis. Systematic typically provides proxy voting records of its registered investment company clients to such clients as their agents for disclosure on Form N-PX.

**Recordkeeping** 

Systematic shall maintain certain records required by applicable law in connection with proxy voting activities and shall provide proxy voting information to a client for which we are responsible for voting proxies upon written request.

Systematic's Compliance Department is primarily responsible for maintaining records created with respect to this Policy and the procedures adopted to implement it. Such records will include, but are not limited to, corporate issuer proxy statements and ballots (unless otherwise available on the SEC's EDGAR website), reports from third-party research providers, internal memos between and among Systematic personnel, communications between Systematic an corporate issuers or clients pertaining to proxy voting matters, proxy voting policies, procedures and guidelines, proxy voting records for each meeting voted on behalf of clients, the number of share voted by account and how each proxy was voted.

The Compliance Department may, in its discretion, delegate maintenance and retention of some or all of these proxy voting records to its designated third-party proxy advisory agent. All proxy voting records will be maintained on site for a minimum of two years and for a minimum of six years in total, in accordance with applicable law.

**Oversight** 

Systematic has a Proxy Voting Committee comprised of the CCO and certain Compliance Department personnel. The Proxy Voting Committee monitors and reviews the Firm's voting policies and procedures, material conflicts of interest or special factors or circumstances on an as needed basis. The Committee also reviews and approves any material changes to the proxy advisory firm's policies.

Systematic's Proxy Voting Committee shall also periodically conduct due diligence over the proxy advisory firm's operations, including any material changes to their organization, staffing, personnel and technology; processes for ensuring that it maintains complete and accurate information about the issuer and each particular matter; efforts to correct any identified material deficiencies in the proxy advisory firm's analysis; updates to policies and procedures as well as any business changes that may affect the proxy advisory firm's competency in carrying out voting instructions.

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**Thompson, Siegel & Walmsley LLC** 

**Proxy Voting Policy** 

**Last Update March 28, 2025** 

TSW has a fiduciary responsibility to its clients for voting proxies, where authorized, for portfolio securities consistent with the best economic interests of its clients. TSW maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about our Firm's proxy voting policies and practices in Form ADV Part 2A. In addition, we review our policies and practices no less than annually for adequacy; to make sure they have been implemented effectively, and to make sure they continue to be reasonably designed to ensure that proxies are voted in the best interests of our clients. Our policy and practice include the responsibility to monitor corporate actions and potential conflicts of interest, receive and vote client proxies, and make information available to clients about the voting of proxies for their portfolio securities while maintaining relevant and required records.

**Background** 

Proxy voting is an important right of shareholders, and reasonable care and diligence should be undertaken to ensure that such rights are properly exercised.

Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which should include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser has proxy voting authority.

A related companion release by the SEC also adopted rule and form amendments under the Securities Act and Investment Company Act similar to the above which TSW complies with when acting as a sub-adviser to a mutual fund.

**Responsibility** 

TSW's Senior Compliance Officer (Proxy Coordinator) has the responsibility for the organization and monitoring of our Proxy Voting policy, practices, and recordkeeping. Implementation and disclosure, including outlining our voting guidelines in our procedures, is the responsibility of the CCO and Chief Operating Officer. TSW has retained the services of a third-party provider, Institutional Shareholder Services, Inc. ("ISS") to assist with the proxy process. ISS is a Registered Investment Adviser under the Advisers Act. It is a leading provider of proxy voting and corporate governance services. ISS provides TSW proxy proposal research and voting recommendations and votes proxies on TSW's behalf in accordance with ISS's standard voting guidelines. Those guidelines cover the following areas:

• Operational Issues

• Board of Directors

• Proxy Contests

• Anti-takeover Defenses and Voting Related Issues

• Mergers and Corporate Restructurings

• State of Incorporation

• Capital/ Restructuring

• Executive & Director Compensation

• Social/Environmental Issues

• Mutual Fund Proxies

TSW generally believes that voting proxies in a manner that is favorable to a business's long-term performance and valuation is in its clients' best interests. However, a uniform voting policy may not be in the best interest of all clients. While TSW applies ISS's standard policy guidelines to most clients, where appropriate we utilize ISS's specialized, non-standard policy guidelines to meet specific client requirements.

TSW's Proxy Coordinator is responsible for monitoring ISS's voting procedures on an ongoing basis. TSW's general procedure regarding the voting of proxies is addressed below. For instances not directly addressed in this policy the Proxy Oversight Representative should act in accordance with the principles outlined in the SEC's *Guidance Regarding Proxy Voting Responsibilities of Investment Advisers* issued in August 2019 and supplemental release in September 2020 in consultation with the Proxy Coordinator.

**Procedure** 

TSW has adopted various procedures and internal controls to review, monitor and ensure the Firm's Proxy Voting policy is observed, implemented properly and amended or updated, as appropriate, which include the following:

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**Voting Procedure** 

• Upon timely receipt of proxy materials, ISS will automatically release vote instructions on client's behalf as soon as custom research is completed. TSW retains authority to override the votes (before cut-off date) if TSW disagrees with the vote recommendation.

• The Proxy Coordinator will monitor the voting process at ISS via ISS's Proxy Exchange website (ISS's online voting and research platform). Records of which accounts are voted, how accounts are voted, and how many shares are voted are kept electronically with ISS.

• For proxies not received by ISS, TSW and ISS will make a best effort attempt to receive ballots from the clients' custodian prior to the vote cut-off date.

• TSW is responsible for account maintenance – opening and closing of accounts, transmission of holdings and account environment monitoring. ISS will email TSW Compliance personnel to get approval when closing an account that was not directed by TSW.

• The Chief Operating Officer (Proxy Oversight Representative) will keep abreast of any critical or exceptional events or events qualifying as a conflict of interest via ISS Proxy Exchange website and email.

• Investment teams should keep the Proxy Oversight Representative and Proxy Coordinator informed of material issues affecting pending or upcoming proxy votes. If the Proxy Oversight Representative and Proxy Coordinator become aware of additional information that would reasonably be expected to affect TSW's vote, then this information should be considered prior to voting.

• TSW has the ability to override ISS recommended vote instructions and will do so if believed to be in the best interest of the client. All changes are documented and coordinated between the Proxy Oversight Representative and/or Proxy Coordinator and the Portfolio Manager and/or Research Analyst. Changes generally occur as a result of TSW's communication with issuer management regarding matters pertaining to securities held when the issuer questions or disputes ISS's voting recommendation.

All proxies are voted solely in the best interest of clients on a best-efforts basis. Proactive communication takes place via regular communication with ISS's Client Relations team.

**Disclosure** 

TSW will provide conspicuously displayed information in its Disclosure Document summarizing this Proxy Voting policy, including a statement that clients may request information regarding how TSW voted a client's proxies, and that clients may request a copy of these policies and procedures.

*<u>See Form ADV, Part 2A – Item 17– Voting Client Securities</u>* 

**Due to the SEC amendments to Form N-PX that require additional disclosures for proxy ballots issued on or after July 1, 2023 we have retained ISS and will utilize their service to satisfy the requirements under this amendment. This amendment is new for investment managers and requires the reporting of how we voted on" say-on-pay matters".** 

**Client Requests for Information** 

• All client requests for information regarding proxy votes, or policies and procedures, received by any associate should be forwarded to the Proxy Coordinator.

• In response to any request, the Proxy Coordinator will prepare a response to the client with the information requested, and as applicable, will include the name of the issuer, the proposal voted upon, and how TSW voted the client's proxy with respect to each proposal about which the client inquired.

**Voting Guidelines** 

• TSW has a fiduciary responsibility under ERISA to vote ERISA Plan proxies unless the Plan directs otherwise. TSW will vote proxies when directed by non-ERISA clients. In the absence of specific voting guidelines from the client and upon timely receipt of proxy materials from the custodian, TSW will vote proxies in the best interests of each particular client according to the recommended election of ISS. ISS's policy is to vote all proxies from a specific issuer the same way for each client, absent qualifying restrictions from a client. Clients are permitted to place reasonable restrictions on TSW's voting authority in the same manner that they may place such restrictions on the actual selection of account securities.

• ISS will generally vote in favor of routine corporate housekeeping proposals such as the election of directors and selection of auditors absent conflicts of interest raised by auditors' non-audit services.

• ISS will generally vote against proposals that cause board members to become entrenched, reduce shareholder control over management or in some way diminish shareholders' present or future value.

• In reviewing proposals, ISS will further consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer's business practices.

• A complete summary of ISS's U.S. and International voting guidelines is available at: https://www.issgovernance.com/policy.

**Forensic Testing Procedures** 

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• No less than quarterly, TSW's Proxy Coordinator will review the ISS Proxy Exchange Master Account List to ensure all appropriate accounts are being voted.

• TSW will conduct periodic tests to review proxy voting records and the application of general voting guidelines, especially in circumstances such as corporate events (e.g., mergers and acquisition transactions, dissolutions, conversions, consolidations, etc.) or contested director elections. Any matter warranting additional, often issuer-specific review will be escalated to the Portfolio Manager and Research Analyst as needed.

• TSW occasionally communicates directly with issuer management regarding matters pertaining to securities held in the portfolio when it questions or disputes ISS's voting recommendation.

**Conflicts of Interest** 

• TSW will identify any conflicts that exist between the interests of the adviser and each client by reviewing the relationship of TSW with the issuer of each security to determine if TSW or any of its associates has any financial, business or personal relationship with the issuer.

• If a material conflict of interest exists, the Proxy Coordinator will instruct ISS to vote using ISS's standard policy guidelines which are derived independently from TSW.

• TSW will maintain a record of the voting resolution of any conflict of interest.

• ISS also maintains a Conflicts Policy which indicates how they address any potential conflicts of interest and is available at: https://www.issgovernance.com/compliance/due-diligence-materials.

**Practical Limitations Relating to Proxy Voting** 

TSW makes a best effort to vote proxies. In certain circumstances, it may be impractical or impossible for TSW to do so. Identifiable circumstances include:

• *Limited Value:* Where TSW has concluded that to do so would have no identifiable economic benefit to the client-shareholder;

• *Unjustifiable Cost:* When the costs of or disadvantages resulting from voting, in TSW's judgment, outweigh the economic benefits of voting;

• *Securities Lending:* If securities are on loan on the record date, the client lending the security is not eligible to vote the proxy. Because TSW generally is not aware of when a security is on loan, we will not likely have the opportunity to recall the security prior to the record date; and

• *Failure to receive proxy statements:* TSW may not be able to vote proxies in connection with certain holdings, most frequently for foreign securities, if it does not receive the account's proxy statement in time to vote the proxy.

**Recordkeeping** 

TSW and/or ISS shall retain the following proxy records in accordance with the SEC's five-year retention requirement:

• These policies and procedures and any amendments;

• Each proxy statement that ISS receives;

• A record of each vote that ISS casts on behalf of TSW;

• Any document ISS created that was material to making a decision regarding how to vote proxies, or that memorializes that decision; and

• A copy of each client request for information on how ISS voted such client's proxies (i.e., Vote Summary Report), and a copy of any response.

**Due Diligence and Error Procedures** 

TSW will periodically perform due diligence on ISS, focusing on the following areas:

• Adequacy of ISS's staffing and personnel;

• Adequacy/robustness of ISS's Policies and Procedures and review of their policies for conflict issues;

• Adequacy of control environment and operational controls of ISS (i.e., SSAE 18);

• Review of any specific conflicts ISS may have with regard to TSW;

• Review of ISS for any business changes that may affect services provided to TSW; and

• Review quarterly reporting package provided by ISS and enhance this package as necessary for any additional information that is needed.

TSW will take the following steps should there ever be an issue/error that occurs with regard to its proxy voting responsibilities:

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• Follow up with ISS to determine the cause of and the details surrounding the issue;

• Report back to the affected client immediately with such details and how the issue will be resolved;

• Put additional controls in place if necessary, to prevent such issues from occurring in the future; and

• Report back to the affected client with the final resolution and any remedial steps.

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**Transamerica Asset Management, Inc.** 

**Proxy Voting Policies and Procedures** 

**1. Background** 

Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended ("Advisers Act") requires advisers to adopt and implement policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interest of its clients. These policies and procedures must be in writing and must describe how the adviser addresses material conflicts between its interests and those of its clients with respect to proxy voting.

Rule 206(4)-6 also requires each investment adviser to (1) disclose to clients how they may obtain information from the adviser about how it voted with respect to their respective securities; and (2) describe to clients its proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures to the requesting client.

Accordingly, Transamerica Asset Management, Inc. ("TAM") has adopted and implements written procedures designed to enable it to identify, address and monitor potential conflicts of interest.

**2. Policy** 

TAM recognizes that proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion in order to secure the best long-term interests of the advisory clients of TAM. TAM's proxy voting policies and procedures are designed to implement TAM's duty to vote proxies in clients' best interests.

**3. Sub-Advised Registered Investment Companies** 

TAM has delegated the responsibility to exercise voting authority with respect to securities held in the portfolios of the registered investment companies for which one or more sub-advisers has been retained by TAM as sub-adviser(s) for each such portfolio. The proxy voting policies and procedures of the respective sub-advisers are used to determine how to vote proxies relating to securities held by each such portfolio.

**4. Asset Allocation Registered Investment Companies** 

TAM exercises voting discretion for the Horizon Asset Allocation Funds and the Transamerica 60/40 Allocation VP of the Transamerica Series Trust ("Asset Allocation Funds"), or if specifically designated to TAM by its sub-advisory agreement.

TAM manages portfolios for the Transamerica Funds, the Transamerica Series Trust, and Transamerica Asset Allocation Funds (collectively, the "Funds"). TAM may invest an Asset Allocation Fund in shares of the Funds. If a Fund solicits a proxy for which an Asset Allocation Fund is entitled to vote, TAM's interests as manager of the Fund might appear to conflict with the interests of the shareholders of the Asset Allocation Fund. In these cases, TAM's proxy voting policy and procedures address material conflicts of interest that may arise between TAM, and/ or its affiliates and the Funds by either: (i) providing for voting in accordance with the recommendation of an independent third party or the Funds' Board; (ii) voting shares in the same proportion as the vote of all of the other holders of a Fund's shares; or (iii) obtaining the consent of the Funds' Board (or a Board Committee) with full disclosure of the conflict.

**Revision History** 

April 30, 2020, November 17, 2020, September 1, 2022, August 1, 2023, October 31, 2025

**Transamerica Funds** 

**Transamerica Series Trust** 

**PROXY VOTING POLICIES AND PROCEDURES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Statement of Principle** 

Proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion to secure the long-term interests of the shareholders of the Transamerica Funds and Transamerica Series Trust, (collectively, the "Funds"). The Funds seek to assure that proxies received by the Funds are voted in the best interests of the Funds' shareholders and have accordingly adopted these procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. Delegation of Proxy Voting/Adoption of Adviser and Sub-Adviser Policies** 

Each Fund delegates the authority to vote proxies related to portfolio securities to Transamerica Asset Management, Inc. (the "Manager"), as investment adviser to each Fund, which in turn delegates proxy voting authority for most portfolios of the Funds to the Sub-Adviser retained to provide day-to-day portfolio management for that portfolio. For each Fund, the Manager and/or the Sub-Adviser make voting decisions pursuant to their own proxy voting policies and procedures, which have been adopted by the applicable Fund and approved by the applicable Fund's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III. Proxy Voting Requirements Under Rule 12d1-4 (Fund of Funds)** 

Any Fund that participates in fund of funds arrangements as either Acquiring Fund or Acquired Fund in reliance on Rule 12d1-4 under the Investment Company Act of 1940 may have additional proxy voting requirements. The concept of an Advisory Group also comes into play and means either: (i) the Acquiring Fund's Manager, and any person controlling, controlled by, or under common control with such Manager,

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or (ii) the Acquiring Fund's Sub-Adviser and any person controlling, controlled by, or under common control with such Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Voting Requirements. An Acquiring Fund and its Advisory Group are required to use mirror voting when the Acquiring Fund and its Advisory Group, beneficially own, individually or in the aggregate, more than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 25% of the outstanding voting securities of an Acquired Fund that is an open-end fund or unit investment trust (i.e., as a result of a decrease in the outstanding voting securities of the Acquired Fund and not as a result of a prohibited acquisition of voting securities of the Acquired Fund); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 10% of the outstanding voting securities of an Acquired Fund that is a closed-end fund or BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pass Through Voting Requirement. In circumstances where all holders of the outstanding voting securities of the Acquired Fund are required by Rule 12d1-4 or otherwise under Section 12(d)(1) to use mirror voting (e.g., Section 12(d)(1)(E)), the Acquiring Fund will seek instructions from its security holders with regard to the voting of all proxies with respect to such Acquired Fund securities and vote such proxies only in accordance with such instructions (i.e., pass through voting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exceptions to Voting Requirements. The requirements outlined in Sections III.1 and III.2 above do not apply where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Acquiring Fund and an Acquired Fund are both within the Transamerica Funds Complex; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquiring Fund's Sub-Adviser, or any person controlling, controlled by, or under common control with that Sub-Adviser, acts as the Acquired Fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV. Securities on Loan** 

The Boards of Trustees/Directors of the Funds have authorized the Manager, in conjunction with State Street Bank and Trust Company ("State Street"), to lend portfolio securities on behalf of the Funds. Securities on loan generally are voted by the borrower of such securities. Should a Sub-Adviser to the Fund wish to exercise its vote for a particular proxy, the Manager will promptly contact State Street and terminate the loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V. Conflicts of Interest** 

The Board of Trustees/Directors seeks to ensure that proxies are voted in the best interests of Fund shareholders. For certain proxy proposals, the Manager's interests, the interests of the Sub-Adviser and/or their affiliates may differ from Fund shareholders' interests. To avoid the appearance of impropriety and to fulfill their fiduciary responsibility to shareholders in these circumstances, the Manager and the Sub-Advisers are required to establish procedures that are reasonably designed to address material conflicts between their interests and those of the Funds.

When a Sub-Adviser deems that it is conflicted with respect to a voting matter, its policy may call for it to seek voting instructions from the client. The Manager is authorized by the Board of Trustees/Directors to consider any such matters and provide voting instructions to the Sub-Adviser, unless the Manager has determined that its interests are conflicted with Fund shareholders with respect to the voting matter. In those instances, the Manager will instruct the Sub-Adviser to vote in accordance with the recommendation of a third-party proxy voting advisory service.

If a material conflict arises between the Manager or its affiliates and the Funds, in every case where the Manager exercises voting discretion, the Manager will (i) vote in accordance with the recommendation of a third-party (such as Glass Lewis) or Board(s); (ii) vote the shares in the same proportion as the vote of all of the other holders of the Fund's shares; or (iii) obtain the consent of the Board (or a Board Committee) with full disclosure of the conflict.

If the methods for addressing conflicts of interest, as described above, are deemed by the Manager to be unreasonable due to cost, timing or other factors, then the Manager may decline to vote in those instances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI. Recordkeeping** 

The Manager and the Sub-Advisers shall maintain records of all votes cast on behalf of the Funds. Such documentation will include the firm's proxy voting policies and procedures, company reports provided by proxy voting advisory services, additional information gathered by the Manager or the Sub-Adviser that was material to reaching a voting decision, and communications to the Manager regarding any identified conflicts. The Manager and the Sub-Advisers shall maintain voting records in a manner to facilitate the Funds' production of the Form N-PX filing on an annual basis.

All books and records required to be maintained under this Section V will be maintained in an easily accessible place for a period of not less than five years from the end of the fiscal years during which the last entry was made on the record, the first two years in an appropriate location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII. Disclosure** 

The Manager will coordinate the compilation of the Funds' proxy voting record for the most recent 12 months ended June 30 and file the required information with the SEC via Form N-PX by August 31 of each year. The Manager will include a copy of or a summary of this policy and the proxy voting policies and procedures of the Manager and the Sub-Advisers, as applicable, in each Fund's Statement of Additional Information ("SAI"). In each Fund's annual and semi-annual reports to shareholders, the Manager will disclose that a description

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of this policy and the proxy voting policies and procedures of the Manager and the Sub-Advisers, as applicable, are (a) available upon request, without charge, by toll-free telephone request, (b) on the Funds' website (if applicable), and (c) on the SEC's website in the SAI. The SAI and shareholder reports will also disclose that the Funds' proxy voting record is available on the Funds' website and on the SEC's website by way of the Form N-PX. Within three business days of receiving a request, the Manager will send a copy of the policy description by first-class mail or other means designed to ensure prompt delivery, such as email.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII. Manager Oversight** 

The Manager shall review a Sub-Adviser's proxy voting policies and procedures for compliance with this Policy and applicable laws and regulations prior to initial delegation of proxy voting authority. The Manager will request each Sub-Adviser to provide a current copy of its Proxy Voting Policy or certify that there have been no material changes to its Proxy Voting Policy or that all material changes have been previously provided for review, and verify that such Proxy Voting Policy is consistent with those of the Funds and Adviser.

Revised: July 2015, March 2020, January 2022, April 2022, August 2023

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**Wellington Management Company LLP** 

**2023 Global Proxy Voting Guidelines** 

**WELLINGTON'S PHILOSOPHY** 

Wellington Management Company LLP ("Wellington Management") are long-term stewards of clients' assets and aim to vote proxies for which we have voting authority in the best interest of clients.

These guidelines are based on Wellington Management's fiduciary obligation to act in the best interest of its clients as shareholders and while written to apply globally, we consider differences in local practice, cultures, and law to make informed decisions.

It should be noted that the following are guidelines, and not rigid rules, and Wellington Management reserves the right in all cases to deviate from the general direction set out below where doing so is judged to represent the best interest of its clients.

**OUR APPROACH TO STEWARDSHIP** 

The goal of our stewardship activities is to support decisions that we believe will deliver sustainable, competitive investment returns for our clients.

The mechanisms we use to implement our stewardship activities vary by asset class. Engagement applies to all our investments across equity and credit, in both private and public markets. Proxy voting applies mostly to public equities.

Stewardship extends to any area that may affect the long-term sustainability of an investment, including the considerations of environmental, social, and governance (ESG) issues. Stewardship can be accomplished through research and constructive dialogue with company management and boards, by monitoring company behavior through informed active ownership, and by emphasizing management accountability for important issues via our proxy votes, which have long been part of Wellington's investment ethos. Please refer to our Engagement Policy for more information on how engagement is conducted at Wellington.

**OUR APPROACH TO VOTING** 

We vote proxies in what we consider to be the best interests of our clients. Our approach to voting is investment-led and serves as an influential component of our engagement and escalation strategy. The Investment Stewardship Committee, a cross-functional group of experienced professionals, oversees Wellington Management's stewardship activities with regards to proxy voting and engagement practices.

Generally, issues which can be addressed by the proxy voting guidance below are voted by means of standing instructions communicated to our primary voting agent. Some votes warrant analysis of specific facts and circumstances and therefore are reviewed individually. We examine such proxy proposals on their merits and take voting action in a manner that best serves the interests of our clients. While manual votes are often resolved by ESG analysts, grounded in their sector and company research, each portfolio manager is empowered to make a final decision for their relevant client portfolio(s), absent a material conflict of interest. Proactive portfolio manager input is sought under certain circumstances, which may include consideration of position size and proposal subject matter and nature. Where portfolio manager input is proactively sought, deliberation across the firm may occur. This collaboration does not prioritize consensus across the firm above all other interests but rather seeks to inform portfolio managers' decisions by allowing them to consider multiple perspectives. Consistent with our community-of- boutiques model, portfolio managers may occasionally arrive at different voting conclusions for their clients, resulting in different decisions for the same vote. Robust voting procedures and the deliberation that occurs before a vote decision are aligned with our role as active owners and fiduciaries for our clients.

When voting on shareholder proposals, we consider the spirit of the proposal, not just the letter, and generally support proposals addressing material issues even when management has been responsive to our engagement on the issue. In this way, we seek to align our voting with our engagement activities. If our views differ from any specific suggestions in the proposals, we may provide clarification via direct engagement.

Please refer to our Global Proxy Policy and Procedures for further background on the process and governance of our voting approach

Detailed below are the principles which we consider when deciding how to vote.

**VOTING GUIDELINES** 

**BOARD COMPOSITION AND ROLE OF DIRECTORS** 

Effective boards should act in shareholders' best economic interests and possess the relevant skills to implement the company's strategy.

We consider shareholders' ability to elect directors annually an important right and accordingly, generally support proposals to enable annual director elections and declassify boards.

We may withhold votes from directors for being unresponsive to shareholders or for failing to make progress on material issues. We may also withhold votes from directors who fail to implement shareholder proposals that have received majority support or have implemented poison pills without shareholder approval.

**Time commitments** 

We expect directors to have the time and energy to fully commit to their board-related responsibilities and not be over-stretched with multiple external directorships. We reserve the right to vote against directors when serving on five or more public company boards; and public company executives when serving on three or more public company boards, including their own.

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We consider the roles of board chair and chair of the audit committee as equivalent to an additional board seat when evaluating the overboarding matrix for non-executives. We may take into consideration that certain directorships, such as Special Purpose Acquisition Companies (SPACs) and investment companies, are usually less demanding.

Directors should also attend at least 75% of scheduled board meetings and we may vote against their re-election unless they disclose a valid reason.

**Succession planning and board refreshment** 

We do not have specific voting policies relating to director age or tenure. We prefer to take a holistic view, evaluating whether the company is balancing the perspectives of new directors with the institutional knowledge of longer-serving board members. Succession planning is a key topic during many of our board engagements.

We expect companies to refresh their board membership every five years and may vote against the chair of the nominating committee for failure to implement. We believe a degree of director turnover allows companies to strengthen board diversity and add new skillsets to the board to enhance their oversight and adapt to evolving strategies.

Boards should offer transparency around their process to evaluate director performance and independence, conducting a rigorous regular evaluation of the board, key committees as well as individual directors, which is responsive to shareholder input. We believe externally facilitated board evaluations may contribute to companies retaining an appropriate mix of skills, experience and diversity on their boards over time.

In certain markets companies are governed by multi-tiered boards, with each tier having different responsibilities. We hold supervisory board members to similar standards, subject to prevailing local governance best practices.

**Board Independence** 

In our view, boards perform best when composed of an appropriate combination of executive and non-executive (in particular independent non-executive) directors to challenge and counsel management.

To determine appropriate minimum levels of board independence, we look to prevailing market best practices; two- thirds in the US, for example, and majority in the UK and France. In Japan, we will consider voting against the board chair (or most senior executive on the ballot) in cases where the board is less than one-third independent.

In addition to the overall independence at the board level, we also consider the independence of audit, compensation, and nominating committees. Where independence falls short of our expectations, we may withhold approval for non- independent directors or those responsible for the board composition. We typically vote in support of shareholder proposals calling for improved independence.

We believe that having an independent chair is the preferred structure for board leadership. Having an independent chair avoids the inherent conflict of self-oversight and helps ensure robust debate and diversity of thought in the boardroom. We will generally support proposals to separate the chair and CEO or establish a lead director but may support the involvement of an outgoing CEO as executive chair for a limited period to ensure a smooth transition to new management.

**Board Diversity** 

We believe boards which reflect a wide range of perspectives are best positioned to create shareholder value. Appointing boards that thoughtfully debate company strategy and direction is not possible unless boards elect highly qualified and diverse directors. By setting a leadership example, diverse boardrooms encourage an organizational culture that promotes diverse thinkers, enabling better strategic decisions and the navigation of increasingly complex issues facing companies today.

We think it is not in shareholders' best interests for the full board to be comprised of directors from the same industry, gender, race, nationality, or ethnic group. We expect for our portfolio companies to be thoughtful and intentional in considering the widest possible pool of skilled candidates who bring diverse perspectives into the boardroom. We encourage companies to disclose the composition of their board and to communicate their ambitions and strategies for creating and fostering a diverse board.

We reserve the right to vote against the re-election of the Nominating/Governance Committee Chair when the board is not meeting local market standards from a diversity perspective or when the gender-diverse representation is below 20% at companies in major indices. Outside of these major indices and absent a market-defined standard, we may vote against the reelection of the Nominating/Governance Committee Chair where no gender-diverse directors are represented on a board.

We reserve the right to vote against the reelection of the Nominating/Governance Committee Chair at US large cap and FTSE 100 companies that failed to appoint at least one director from a minority ethnic group and provide clear and compelling reason why it has been unable to do so. We will continue to engage on ethnic diversity of the board in other markets and may vote against the re-election of directors where we fail to see improvements.

**Majority vote on election of directors** 

Because we believe the election of directors by a majority of votes cast is the appropriate standard, we will generally support proposals that seek to adopt such a standard. Our support will typically extend to situations where the relevant company has an existing resignation policy for directors that receive a majority of ''withhold'' votes. We believe majority voting should be defined in the company's charter and not simply in its corporate governance policy.

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Generally, we oppose proposals that fail to provide for the exceptional use of a plurality standard in the case of contested elections. Further, we will not support proposals that seek to adopt a standard of majority of votes outstanding (total votes eligible as opposed to votes cast). We likely will support shareholder and management proposals to remove existing supermajority vote requirements.

We generally support proposals to remove existing supermajority vote requirements.

**Contested director elections** 

We approach contested director elections on a case-by-case basis, considering the specific circumstances of each situation to determine what we believe to be in the best interest of our clients. In each case, we welcome the opportunity to engage with both the company and the proponent to ensure that we understand both perspectives and are making an informed decision on our clients' behalf.

**Compensation** 

Executive compensation plans establish the incentive structure that plays a role in strategy-setting, decision-making, and risk management. While design and structure vary widely, we believe the most effective compensation plans attract and retain high-caliber executives, foster a culture of performance and accountability, and align management's interests with those of long-term shareholders.

Due to each company's unique circumstances and wide range of plan structures, Wellington determines support for a compensation plan on a case-by-case basis. We support plans that we believe lead to long-term value creation for our clients and the right to vote on compensation plans annually.

In evaluating compensation plans, we consider the following attributes in the context of the company's business, size, industry, and geographic location:

<u>Alignment</u> — We believe in pay-for-performance and encourage plan structures that align executive compensation with shareholder experience. We compare total compensation to performance metrics on an absolute and relative basis over various timeframes, and we look for a strong positive correlation. To ensure shareholder alignment, executives should maintain meaningful equity ownership in the company while they are employed, and for a period thereafter.

<u>Transparency</u> — We expect compensation committees to articulate the decision-making process and rationale behind the plan structure, and to provide adequate disclosure so shareholders can evaluate actual compensation relative to the committee's intentions. Disclosure should include how metrics, targets, and timeframes are chosen, and detail desired outcomes. We also seek to understand how the compensation committee determines the target level of compensation and constructs the peer group for benchmarking purposes.

<u>Structure</u> — The plan should be clear and comprehensible. We look for a mix of cash versus equity, fixed versus variable, and short- versus long-term pay that incentivizes appropriate risk-taking and aligns with industry practice. Performance targets should be achievable but rigorous, and equity awards should be subject to performance and/or vesting periods of at least three years, to discourage executives from managing the business with a near-term focus. Unless otherwise specified by local market regulators, performance-based compensation should be based primarily on quantitative financial and non-financial criteria such as ESG-related criteria. There is scope, however, for qualitative criteria related to strategic, individual, or ESG goals, that are critical to the business. Qualitative goals may be acceptable if a compensation committee has demonstrated a fair and consistent approach to evaluating qualitative performance and applying discretion over time.

<u>Accountability</u> — Compensation committees should be able to use discretion, positive and negative, to ensure compensation aligns with performance and provide a cogent explanation to shareholders. We generally oppose one- time awards aimed at retention or achieving a pre-determined goal. Barring an extenuating circumstance, we view retesting provisions unfavorably.

**Approving equity incentive plans** 

A well-designed equity incentive plan facilitates the alignment of interests of long-term shareholders, management, employees, and directors. We evaluate equity-based compensation plans on a case-by-case basis, considering projected plan costs, plan features, and grant practices. We will reconsider our support for a plan if we believe these factors, on balance, are not in the best interest of shareholders. Specific items of concern may include excessive cost or dilution, unfavorable change-in-control features, insufficient performance conditions, holding/vesting periods, or stock ownership requirements, repricing stock options/stock appreciation rights (SARs) without prior shareholder approval, or automatic share replenishment (an ''evergreen'' feature).

**Employee stock purchase plans** 

We generally support employee stock purchase plans, as they may align employees' interests with those of shareholders. That said, we typically vote against plans that do not offer shares to a broad group of employees (e.g., if only executives can participate) or plans that offer shares at a significant discount.

**Non-executive director compensation** 

We expect companies to disclose non-executive director compensation and we prefer the use of an annual retainer or fee, delivered as cash, equity, or a combination. We do not believe non-executive directors should receive performance-based compensation, as this creates a potential conflict of interest. Non-executive directors oversee executive compensation plans; their objectivity is compromised if they design a plan that they also participate in.

**Severance arrangements** 

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We are mindful of the board's need for flexibility in recruitment and retention but will oppose excessively generous arrangements unless agreements encourage management to negotiate in shareholders' best interest. We generally support proposals calling for shareholder ratification of severance arrangements.

**Retirement bonuses (Japan)** 

Misaligned compensation which is based on tenure and seniority may compromise director independence. We generally vote against directors and statutory auditors if retirement bonuses are given to outgoing directors.

**Claw-back policies** 

We believe companies should be able to recoup incentive compensation from members of management who received awards based on fraudulent activities, accounting misstatements, or breaches in standards of conduct that lead to corporate reputational damage. We generally support shareholder proposals requesting that a company establish a robust claw-back provision if existing policies do not cover these circumstances. We also support proposals seeking greater transparency about the application of claw back policies.

**Audit quality and oversight** 

Scrutiny of auditors, particularly audit quality and oversight, has been increasing. When we assess financial statement reporting and audit quality, we will generally support management's choice of auditors, unless the auditors have demonstrated failure to act in shareholders' best economic interest. We also pay close attention to the non-audit services provided by auditors and consider the potential for the revenue from those services to create conflicts of interest that could compromise the integrity of financial statement audits.

**Shareholder Rights** 

**Shareholder rights plans** 

Also known as poison pills, these plans can enable boards of directors to negotiate higher takeover prices on behalf of shareholders. Such plans also may be misused, however, as a means of entrenching management. Consequently, we may support plans that include a shareholder approval requirement, a sunset provision, or a permitted bid feature (e.g., bids that are made for all shares and demonstrate evidence of financing must be submitted to a shareholder vote).

Because boards generally have the authority to adopt shareholder rights plans without shareholder approval, we are equally vigilant in our assessment of requests for authorization of blank-check preferred shares.

**Multiple voting rights** 

We generally support one share, one vote structures. The growing practice of going public with a dual-class share structure can raise governance and performance concerns. In our view, dual-class shares can create misalignment between shareholders' economic stake and their voting power and can grant control to a small number of insiders who may make decisions that are not in the interests of all shareholders.

We generally prefer that companies dispense with dual-class share structures but we recognize that newly listed companies may benefit from a premium by building in some protection for founders for a limited time after their IPO. The Council of Institutional Investors, a nonprofit association of pension funds, endowments, and foundations, recommends that newly public companies that adopt structures with unequal voting rights do away with the structure within seven years of going public. We believe such sunset clauses are a reasonable compromise between founders seeking to defend against takeover attempts in pivotal early years, and shareholders demanding a mechanism for holding management accountable, especially in the event of leadership changes.

Similarly, we generally do not support the introduction of loyalty shares, which grant increased voting rights to investors who hold shares over multiple years.

**Proxy access** 

We believe shareholders should have the right to nominate director candidates on the management's proxy card. We will generally support shareholder proposals seeking proxy access unless the existing policy is already in-line with market norms.

**Special meeting rights** 

We believe the right to call a special meeting is a shareholder right, and we will generally support such proposals to establish this right at companies that lack this facility. We will generally support proposals lowering thresholds where the current level exceeds 15% and the shareholder proposals calls for a 10%+ threshold, taking into consideration the make-up of the existing shareholder base and the company's general responsiveness to shareholders. If shareholders are granted the right to call special meetings, we generally do not support written consent.

**Capital structure and Capital Allocation** 

**Mergers and acquisitions** 

We approach votes to approve mergers and acquisitions on a case-by-case basis, considering the specific circumstances of each proposal to determine what we believe to be in the best interest of our clients.

**Increases in authorized common stock** 

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We generally support requests for increases up to 100% of the shares with preemption rights. Exceptions will be made when the company has clearly articulated a reasonable need for a greater increase. Conversely, at companies trading in less liquid markets, we may impose a lower threshold. When companies seek to issue shares without preemptive rights, we consider potential dilution and generally support requests when dilution is below 20%. For issuance with preemptive rights, we review on a case-by-case basis, considering the size of issuance relative to peers.

**Capital allocation (Japan)** 

We hold board chairs accountable for persistently low returns on equity (ROE) in Japan, using a five-year average ROE of below 5% as a guide. Our assessment of a company's capital stewardship complements our assessment of board effectiveness without dictating specific capital allocation decisions. We may make exceptions where ROE is improving, where a long-cycle business warrants a different standard, or where new management is in place, and we feel they should not be punished for the past CEO/Chair's record.

**Cross shareholding (Japan)** 

Cross-shareholdings reduce management accountability by creating a cushion of cross-over investor support. We may vote against the highest-ranking director up for re-election for companies where management has allocated a significant portion (20% or more) of net assets to cross-shareholdings. When considering this issue, we will take into account a company's trajectory in reducing cross-shareholdings over time as well as legitimate business reasons given to retain specific shareholdings.

**Environmental Topics** 

We assess portfolio companies' performance on environmental issues we deem to be material to long-term financial performance and communicate our expectations for best practice.

**Climate change** 

As an asset manager entrusted with investing on our clients' behalf, we aim to assess, monitor, and manage the potential effects of climate change on our investment processes and portfolios, as well as on our business operations. Proxy voting is a key tool we use for managing climate risks, as part of our stewardship escalation process.

We expect companies facing material climate risks to have credible transition plans communicated using the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). Appropriate reporting on climate readiness will help stakeholders understand companies' willingness and ability to adapt to or mitigate climate- related risks. In addition to the voting policies specifically mentioned, we may also vote against directors at companies where climate plans and disclosures meaningfully lag our expectations for those companies.

**Emissions disclosure** 

We encourage all companies to disclose Scope 1, 2, and 3 emissions. While we recognize the challenges associated with collecting Scope 3 emissions data, this disclosure is necessary for us to fully understand the transition risks applicable to an issuer. Disclosure of both overall categories of Scope 3 emissions —- upstream and downstream —- with context and granularity from companies about the most significant Scope 3 sources, enhances our ability to evaluate investment risks and opportunities. We encourage companies to adopt emerging global standards for measurement and disclosure of emissions such as those being developed by the International Sustainability Standards Board (ISSB) and believe companies will benefit from acting now and consequently evolving their approach in line with emerging global standards.

We view disclosure of Scope 1 and 2 emissions as a minimum expectation where measurement practices are well- defined and attainable. We will generally vote against the re-election of the Chair of MSCI World companies, Climate Action 100+ companies, as well as companies assessed by the Transition Pathway Initiative (TPI) which do not disclose Scope 1 and 2 emissions, have not made a commitment to do so in the next year and where emissions intensity is material. We will expand this expectation to large cap companies in Emerging Markets in 2024.

**Net-zero targets** 

As an outcome of enterprise risk management and strategic planning to reduce the potential financial impacts of climate change, we encourage companies to set a credible, science-based decarbonization glidepath, with an interim and long- term target, that comprises all categories of material emissions and is consistent with the ambition to achieve net zero emissions by 2050 or sooner. For Climate Action 100+ companies we reserve the right to vote against the company chair where quantitative emission reduction targets have not been defined. We consider it to be best practice for companies to pursue validation from the Science Based Targets initiative (SBTi).

We generally support shareholder proposals asking for improved disclosure on climate risk management and we generally support those that request alignment of business strategies with the Paris Agreement or similar language. We also generally support proposals asking for board oversight of political contributions and lobbying activities or those asking for improved disclosures where material inconsistencies in reporting and strategy may exist, especially as it relates to climate strategy.

**Other environmental shareholder proposals** 

For other environmental proposals covering themes including biodiversity, natural capital, deforestation, water usage, (plastic) packaging as well as palm oil, we take a case-by-case approach and will generally support proposals calling for companies to provide disclosure where this is additive to the company's existing efforts, the proposed information pertains to a material impact and in our view is of benefit to investors. When voting on any shareholder proposals, we consider the spirit of the proposal, not just the letter, and generally support proposals addressing material issues even when management has been responsive to our engagement on the issue.

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**Social Topics** 

**Corporate culture, human capital, and diversity, equity, & inclusion** 

Through engagement we emphasize to management the importance of how they invest in and cultivate their human capital to perpetuate a strong culture. We assess culture holistically from an alignment of management incentives, responsiveness to employee feedback, evidence of an equitable and sound talent management strategy and commitment to diversity, equity, and inclusion. We value transparency and use of key performance indicators.

A well-articulated culture statement and talent attraction, retention and development strategy suggest that a company appreciates culture and talent as competitive advantages that can drive long-term value creation. It also sends a strong message when management compensation is linked, when appropriate, to employee satisfaction. If the company conducts regular employee engagement surveys, we look for leadership to disclose the results both positive and negative so we can monitor patterns and assess whether they are implementing changes based on the feedback they receive. We consider workplace locations and how a company balances attracting talent with the costs of operating in desirable cities.

We maintain that a deliberate human capital management strategy should foster a collaborative, productive workplace in which all talent can thrive. One ongoing engagement issue that pertains to human capital management is diversity, equity, and inclusion. We seek to better understand how and to what extent a company's approach to diversity is integrated with talent management at all levels. A sound long-term plan holds more weight than a company's current demographics, so we look for a demonstrable diversity, equity, and inclusion (DEI) strategy that seeks to improve metrics over time and align management incentives accordingly. We expect companies in the US to publicly disclose their EEO-1 reporting and their strategy to create an inclusive, diverse, and equitable workplace. We see DEI practices as a material input to long-term performance, so as our clients' fiduciaries, we seek to better understand how and to what extent a company's approach to diversity is integrated with talent management at all levels. This is only possible when there is consistent, robust disclosure in place.

Gender and racial pay equity are important parts of our assessment of a company's diversity efforts. Pay equity can impact shareholder value by exposing a company to challenges with recruiting & retaining talent, job dissatisfaction, workforce turnover, and costly lawsuits. Consequently, we may support proposals asking for improved transparency on a company's gender and/or racial pay gap if existing disclosures are lagging best practice and if the company has not articulated its efforts to eliminate disparities and promote equal opportunities for women and minorities to advance to senior roles.

We believe diversity among directors, leaders, and employees contributes positively to shareholder value by imbuing a company with myriad perspectives that help it better navigate complex challenges. A strong culture of diversity and inclusion begins in the boardroom. See the Board Diversity section above for more on our approach.

**Stakeholders and risk management** 

In recent years, discourse on opioids, firearms, and sexual harassment has brought the potential for social externalities - the negative effects that companies can have on society through their products, cultures, or policies - into sharp focus. These nuanced, often misunderstood issues can affect the value of corporate securities.

In our engagement with companies facing these risks, we encourage companies to disclose risk management strategies that acknowledge their societal impacts. When a company faces litigation or negative press, we inquire about lessons learned and request evidence of substantive changes that aim to prevent recurrence and mitigate downside risk. In these cases, we may also support proposals requesting enhanced disclosure on actions taken by management, including racial equity audits.

**Human rights** 

Following the 2015 passage of the UK's Modern Slavery Act, a handful of countries have passed laws requiring companies to report on how they are addressing risks related to human rights abuses in their global supply chains. While human rights have been a part of our research and engagement in this context, we seek to assess companies' exposures to these risks, determine the sectors for which this risk is most material (highest possibility of supply-chain exposure), enhance our own engagement questions, and potentially work with external data providers to gain insights on specific companies or industries. To help us assess company practices and drive more substantive engagement with companies on this issue, we will generally support proposals requesting enhanced disclosure on companies' approach to mitigating the risk of human rights violations in their business.

**Cybersecurity** 

Robust cybersecurity practices are imperative for maintaining customer trust, preserving brand strength, and mitigating regulatory risk. Companies that fail to strengthen their cybersecurity platforms may end up bearing large costs. Through engagement, we aim to compare companies' approaches to cyber threats, regardless of region or sector, to distinguish businesses that lag from those that are better prepared.

**Political contributions and lobbying** 

We generally support proposals asking for board oversight of a company's political contributions and lobbying activities or those asking for improved disclosures where material inconsistencies in reporting and strategy may exist. In assessing shareholder proposals focused on lobbying, we also focus on the level of transparency of existing disclosures and whether companies clearly explain how they will respond if policy engagement of trade association membership to which they belong do not align with company policy.

**Important Information** 

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Wellington Management Company LLP (WMC) is an independently owned investment adviser registered with the US Securities and Exchange Commission (SEC). WMC is also registered with the US Commodity Futures Trading Commission (CFTC) as a commodity trading advisor (CTA) and serves as a CTA to certain clients including commodity pools operated by registered commodity pool operators. WMC provides commodity trading advice to all other clients in reliance on exemptions from CTA registration. WMC, along with its affiliates (collectively, Wellington Management), provides investment management and investment advisory services to institutions around the world. Located in Boston, Massachusetts, Wellington Management also has offices in Chicago, Illinois; Radnor, Pennsylvania; San Francisco, California; Frankfurt; Hong Kong; London; Luxembourg; Madrid, Milan; Shanghai; Singapore; Sydney; Tokyo; Toronto; and Zurich.

This material is prepared for, and authorized for internal use by, designated institutional and professional investors and their consultants or for such other use as may be authorized by Wellington Management. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Wellington Management. This material is not intended to constitute investment advice or an offer to sell, or the solicitation of an offer to purchase shares or other securities. Investors should always obtain and read an up-to-date investment services description or prospectus before deciding whether to appoint an investment manager or to invest in a fund. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients.©2022 Wellington Management Company LLP. All rights reserved.

**Global Proxy Policy and Procedures** 

**Introduction** 

Wellington Management has adopted and implemented policies and procedures it believes are reasonably designed to ensure that proxies are voted in the best interests of clients for which it exercises proxy-voting discretion.

The purpose of this document is to outline Wellington Management's approach to executing proxy voting

Wellington Management's Proxy Voting Guidelines (the "Guidelines"), which are contained in a separate document, set forth broad guidelines and positions on common issues that Wellington Management uses for voting proxies. The Guidelines set out our general expectations on how we vote rather than rigid rules that we apply without consideration of the particular facts and circumstances.

**Statement of Policy** 

Wellington Management:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Votes client proxies for clients that have affirmatively delegated proxy-voting authority, in writing, unless we have arranged in advance with a particular client to limit the circumstances in which the client would exercise voting authority, or we determines that it is in the best interest of one or more clients to refrain from voting a given proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Seeks to vote proxies in the best financial interests of the clients for which we are voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Identifies and resolves all material proxy-related conflicts of interest between the firm and our clients in the best interests of the client.

**Responsibility and Oversight** 

The Proxy Voting Team monitors regulatory requirements with respect to proxy voting and works with the firm's Legal and Compliance Group and the Investment Stewardship Committee to develop practices that implement those requirements. The Proxy Voting Team also acts as a resource for portfolio managers and investment research analysts on proxy matters as needed. Day-to-day administration of the proxy voting process is the responsibility of the Proxy Voting Team. The Investment Stewardship Committee a senior, cross-functional group of experienced professionals, is responsible for oversight of the implementation of the Global Proxy Policy and Procedures, review and approval of the Guidelines, and identification and resolution of conflicts of interest. The Investment Stewardship Committee reviews the Guidelines as well as the Global Proxy Policy and Procedures annually.

**Procedures** 

***Use of Third-Party Voting Agent*** 

Wellington Management uses the services of a third-party voting agent for research and to manage the administrative aspects of proxy voting. We view third-party research as an input to our process. Wellington Management complements the research provided by its primary voting agent with research from other firms.

Our primary voting agent processes proxies for client accounts and maintains records of proxies voted. For certain routine issues, as detailed below, votes may be instructed according to standing instructions given to our primary voting agent, which are based on the Guidelines.

We manually review instances where our primary voting agent discloses a material conflict of interest of its own, potentially impacting its research outputs. We perform oversight of our primary voting agent, which involves regular service calls and an annual due diligence exercise, as well as regular touchpoints in the normal course of business.

***Receipt of Proxy*** 

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If a client requests that Wellington Management vote proxies on its behalf, the client must instruct its custodian bank to deliver all relevant voting materials to Wellington Management or its designated voting agent in a timely manner.

***Reconciliation*** 

Proxies for public equity securities received by electronic means are matched to the securities eligible to be voted, and a reminder is sent to custodians/trustees that have not forwarded the proxies due. This reconciliation is performed at the ballot level. Although proxies received for private equity securities, as well as those received in non-electronic format for any securities, are voted as received, Wellington Management is not able to reconcile these ballots and does not notify custodians of non-receipt; Wellington Management is only able to reconcile ballots where clients have consented to providing holdings information with its provider for this purpose.

***PROXY VOTING PROCESS*** 

Our approach to voting is investment-led and serves as an influential component of our engagement and escalation strategy. The Investment Stewardship Committee, a cross-functional group of experienced professionals, oversees Wellington Management's activities with regards to proxy voting practices.

Routine issues that can be addressed by the proxy voting guidance below are voted by means of standing instructions communicated to our primary voting agent. Some votes warrant analysis of specific facts and circumstances and therefore are reviewed individually. We examine such vote sources including internal research notes, third-party voting research and company engagement. While manual votes are often resolved by investment research teams, each portfolio manager is empowered to make a final decision for their relevant client portfolio(s), absent a material conflict of interest. Proactive portfolio manager input is sought under certain circumstances, which may include consideration of position size and proposal subject matter and nature. Where portfolio manager input is proactively sought, deliberation across the firm may occur. This collaboration does not prioritize consensus across the firm above all other interests but rather seeks to inform portfolio managers' decisions by allowing them to consider multiple perspectives. Portfolio managers may occasionally arrive at different voting conclusions for their clients, resulting in different decisions for the same vote. Voting procedures and the deliberation that occurs before a vote decision are aligned with our role as active owners and fiduciaries for our clients.

***MATERIAL CONFLICT OF INTEREST IDENTIFICATION AND RESOLUTION PROCESSES*** 

Further detail on our management of conflicts of interest can be found in our Stewardship Conflicts of Interest Policy, available on our website.

**Other Considerations** 

In certain instances, Wellington Management may be unable to vote or may determine not to vote a proxy on behalf of one or more clients. While not exhaustive, the following are potential instances in which a proxy vote might not be entered.

***Securities Lending*** 

Clients may elect to participate in securities lending Such lending may impact their ability to have their shares voted. Under certain circumstances, and where practical considerations allow, Wellington Management may determine that the anticipated value of voting could outweigh the benefit to the client resulting from use of securities for lending and recommend that a client attempt to have its custodian recall the security to permit voting of related proxies. We do not borrow shares for the sole purpose of exercising voting rights.

***Share Blocking and Re-registration*** 

Certain countries impose trading restrictions or requirements regarding re-registration of securities held in omnibus accounts in order for shareholders to vote a proxy. The potential impact of such requirements is evaluated when determining whether to vote such proxies.

***Lack of Adequate Information, Untimely Receipt of Proxy Materials, or Excessive Costs*** 

Wellington Management may abstain from voting a proxy when the proxy statement or other available information is inadequate to allow for an informed vote; the proxy materials are not delivered in a timely fashion; or, in Wellington Management's judgment, the costs of voting exceed the expected benefits to clients (included but not limited to instances such as when powers of attorney or consularization or the disclosure of client confidential information are required).

**Additional Information** 

Wellington Management maintains records related to proxies pursuant to Rule 204-2 of the Investment Advisers Act of 1940 (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other applicable laws. In addition, Wellington Management discloses voting decisions through its website, including the rationale for votes against management.

Wellington Management provides clients with a copy of its Global Proxy Policy and Procedures, as well as the Voting Guidelines, upon written request. In addition, Wellington Management will provide specific client information relating to proxy voting to a client upon written request.

Dated: 15 September 2023

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**Appendix B – Portfolio Managers** 

In addition to managing the assets of each fund, a portfolio manager may have responsibility for managing other client accounts of the applicable adviser or its affiliates. The tables below show, per portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than each fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by a portfolio manager. Total assets attributed to a portfolio manager in the tables below include total assets of each account managed, although a portfolio manager may only manage a portion of such account's assets. The tables also show the number of performance based fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account. This information is provided as of each fund's most recent fiscal year end, unless otherwise noted.

***Aegon Asset Management UK plc ("AAM")***

**Transamerica Sustainable Equity Income** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Mark Peden, CFA | 2 | $1.25 billion | 1 | $88.3 million | 4 | $1.49 billion |
| Robin Black | 2 | $1.25 billion | 1 | $88.3 million | 4 | $1.49 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Mark Peden, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Robin Black | 0 | $0 | 0 | $0 | 0 | $0 |

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**Conflict of Interest** 

The discussion below highlights certain actual, apparent and potential conflicts of interest that exist as a result of Aegon AM UK's management of the funds and other accounts. There is no assurance that conflicts of interest will be resolved in favor of fund shareholders. Conflicts of interest not described below may also exist.

Aegon AM UK manages accounts for a variety of clients including affiliated clients, which make up the majority of Aegon AM UK's assets. Some of these accounts have fee structures, including incentive fees, which are or have the potential to be higher than the fees Aegon AM UK receives for managing the fund.

Aegon AM UK manages other accounts that have investment objectives, strategies, time horizons, and risk profiles that differ from those of the funds. Consequently, Aegon AM UK may purchase or sell securities, including new issues, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts.

Aegon AM UK may also place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the fund. For example, Aegon AM UK may purchase a security in one account while appropriately selling that same security in another account. Similarly, Aegon AM UK may invest in different classes of securities of the same issuer for different accounts, which could create situations where actions it takes on behalf of one client can have an adverse impact on another client which owns a different class of securities of the same issuer.

Aegon AM UK may obtain confidential or material non-public information regarding securities held in the funds. In such instances, Aegon AM UK will generally be prohibited from communicating such information to or using such information for the benefit of its clients. Consequently, Aegon AM UK's ability to acquire or dispose of a security may be restricted.

Aegon AM UK also participates in a global research platform facilitated though a global sharing agreement with various Aegon Asset Management affiliates. Aegon AM UK independently manages investment strategies that separately utilize and depend on the global research platform. Conflicts may arise when portfolio managers from each affiliate trade in the same securities or issuers on behalf of their respective clients based on information derived from the global research platform. For example, advance access to investment research by one affiliate could result in a preferential allocation of securities trading opportunities that have limited availability.

Aegon AM UK recognizes the responsibility to treat all clients fairly and consistently. Aegon AM UK has implemented policies and procedures relating to, among other things, portfolio management and trading practices, personal investment transactions, and insider trading that seek to identify, manage and/or mitigate actual or potential conflicts of interest and resolve such conflicts appropriately if they occur.

**Compensation** 

As of October 31, 2025, each portfolio manager's compensation is provided directly by the sub-adviser and not by the funds. Each portfolio manager's compensation consists of a fixed base salary and a variable performance incentive. The performance incentive is based on the

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following factors: the economic performance of the overall relevant portfolio manager's asset class, including the performance of the relevant fund's assets; leadership and communication with clients; assisting with the sub-advisers strategic goals; and financial results from Aegon Asset Management Holding B.V., and Aegon Ltd.

The portfolio managers may also participate in the sub-adviser's long-term compensation plan, which is awarded as deferred cash notionally invested in select sub-adviser's strategies during the vesting period as described in the long-term compensation plan. Payout is based on a combination of personal employee, sub-adviser, Aegon Asset Management Holding B.V. and Aegon Ltd. performance factors. Pay out from the long-term incentive occurs after a two or three-year vesting period depending on role, level and local remuneration practices and requirements.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

------

***Aegon USA Investment Management, LLC ("AUIM")***

**Transamerica Bond** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Tyler A. Knight, CFA | 9 | $9.27 billion | 3 | $229 million | 12 | $11.26 billion |
| Brian W. Westhoff, CFA | 7 | $9.05 billion | 4 | $449 million | 15 | $3.89 billion |
| Norbert King | 3 | $5.98 billion | 4 | $1.0 billion | 14 | $29.11 billion |
| Sivakumar N. Rajan | 9 | $9.85 billion | 5 | $1.05 billion | 9 | $28.01 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Tyler A. Knight, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Brian W. Westhoff, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Norbert King | 0 | $0 | 0 | $0 | 0 | $0 |
| Sivakumar N. Rajan | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica Core Bond** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Daniel Belton, CFA | 4 | $1.89 billion | 1 | $50 million | 2 | $79 million |
| Tyler A. Knight, CFA | 9 | $9.90 billion | 3 | $229 million | 12 | $11.26 billion |
| Brian W. Westhoff, CFA | 7 | $9.67 billion | 4 | $449 million | 15 | $3.89 billion |
| Sivakumar N. Rajan | 9 | $10.47 billion | 5 | $1.05 billion | 9 | $28.01 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Daniel Belton, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Tyler A. Knight, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Brian W. Westhoff, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Sivakumar N. Rajan | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica Floating Rate** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Jason P. Felderman, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Zach Halstead | 0 | $0 | 0 | $0 | 1 | $286 million |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Jason P. Felderman, CFA | 0 | $0 | 0 | $0 | 16 | $5.93 billion |
| Zach Halstead | 0 | $0 | 0 | $0 | 16 | $5.93 billion |

---

**Transamerica High Yield Bond** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Kevin Bakker, CFA | 1 | $243 million | 2 | $370 million | 7 | $1.04 billion |
| Benjamin D. Miller, CFA | 1 | $243 million | 2 | $370 million | 7 | $1.04 billion |
| James K. Schaeffer, Jr. | 1 | $243 million | 2 | $370 million | 10 | $1.24 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Kevin Bakker, CFA | 0 | $0 | 0 | $0 | 2 | $519 million |
| Benjamin D. Miller, CFA | 0 | $0 | 0 | $0 | 2 | $519 million  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| James K. Schaeffer, Jr. | 0 | $0 | 0 | $0 | 1 | $482 million |

---

**Transamerica Long Credit** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Norbert King | 3 | $7.78 billion | 4 | $1.0 billion | 14 | $29.11 billion |
| Sivakumar N. Rajan | 9 | $11.65 billion | 5 | $1.05 billion | 9 | $28.01 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Norbert King | 0 | $0 | 0 | $0 | 0 | $0 |
| Sivakumar N. Rajan | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica Multi-Managed Balanced** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Daniel Belton, CFA | 4 | $3.10 billion | 1 | $50 million | 2 | $79 million |
| Tyler A. Knight, CFA | 9 | $11.11 billion | 3 | $229 million | 12 | $11.26 billion |
| Brian W. Westhoff, CFA | 7 | $10.88 billion | 4 | $449 million | 15 | $3.89 billion |
| Sivakumar N. Rajan | 9 | $11.68 billion | 5 | $1.05 billion | 9 | $28.01 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Daniel Belton, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Tyler A. Knight, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Brian W. Westhoff, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Sivakumar N. Rajan | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica Short-Term Bond** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Tyler A. Knight, CFA | 9 | $8.08 billion | 3 | $229 million | 12 | $11.26 billion |
| Brian W. Westhoff, CFA | 7 | $7.86 billion | 4 | $449 million | 15 | $3.89 billion |
| Norbert King | 3 | $4.79 billion | 4 | $1.0 billion | 14 | $29.11 billion |
| Sivakumar N. Rajan | 9 | $8.66 billion | 5 | $1.05 billion | 9 | $28.01 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Tyler A. Knight, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Brian W. Westhoff, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Norbert King | 0 | $0 | 0 | $0 | 0 | $0 |
| Sivakumar N. Rajan | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica UltraShort Bond** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Brian Barnhart, CFA | 0 | $0 | 4 | $163 million | 11 | $2.93 billion |
| Ryan Baue, CFA | 0 | $0 | 0 | $0 | 1 | $3 million |
| Tyler A. Knight, CFA | 9 | $11.65 billion | 3 | $229 million | 12 | $11.26  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Brian Barnhart, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Ryan Baue, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Tyler A. Knight, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Conflict of Interest** 

The discussion below highlights certain actual, apparent and potential conflicts of interest that exist as a result of AUIM's management of the funds and other accounts. There is no assurance that conflicts of interest will be resolved in favor of fund shareholders. Conflicts of interest not described below may also exist.

AUIM manages accounts for a variety of clients including affiliated clients, which make up the majority of AUIM's assets. Some of these accounts have fee structures, including incentive fees, which are or have the potential to be higher than the fees AUIM receives for managing the fund.

AUIM manages other accounts that have investment objectives, strategies, time horizons, and risk profiles that differ from those of the funds. Consequently, AUIM may purchase or sell securities, including new issues, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts.

AUIM may also place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the fund. For example, AUIM may purchase a security in one account while appropriately selling that same security in another account. Similarly, AUIM may invest in different classes of securities of the same issuer for different accounts, which could create situations where actions it takes on behalf of one client can have an adverse impact on another client which owns a different class of securities of the same issuer.

AUIM may obtain confidential or material non-public information regarding securities held in the funds. In such instances, AUIM will generally be prohibited from communicating such information to or using such information for the benefit of its clients. Consequently, AUIM's ability to acquire or dispose of a security may be restricted.

AUIM also participates in a global research platform facilitated though a global sharing agreement with various Aegon Asset Management affiliates. AUIM independently manages investment strategies that separately utilize and depend on the global research platform. Conflicts may arise when portfolio managers from each affiliate trade in the same securities or issuers on behalf of their respective clients based on information derived from the global research platform. For example, advance access to investment research by one affiliate could result in a preferential allocation of securities trading opportunities that have limited availability.

AUIM recognizes the responsibility to treat all clients fairly and consistently. AUIM has implemented policies and procedures relating to, among other things, portfolio management and trading practices, personal investment transactions, and insider trading that seek to identify, manage and/or mitigate actual or potential conflicts of interest and resolve such conflicts appropriately if they occur.

**Compensation** 

As of October 31, 2025, each portfolio manager's compensation is provided directly by the sub-adviser and not by the funds. Each portfolio manager's compensation consists of a fixed base salary and a variable performance incentive. The performance incentive is based on the following factors: the economic performance of the overall relevant portfolio manager's asset class, including the performance of the relevant fund's assets; leadership and communication with clients; assisting with the sub-advisers strategic goals; and financial results from Aegon Asset Management Holding B.V., and Aegon Ltd.

The portfolio managers may also participate in the sub-adviser's long-term compensation plan, which is awarded as deferred cash notionally invested in select sub-adviser's strategies during the vesting period as described in the long-term compensation plan. Payout is based on a combination of personal employee, sub-adviser, Aegon Asset Management Holding B.V. and Aegon Ltd. performance factors. Pay out from the long-term incentive occurs after a two or three-year vesting period depending on role, level and local remuneration practices and requirements.

------

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s), except as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Range of Securities Owned** | **Fund** |
| Jason P. Felderman, CFA | $50001 - $100000 | Transamerica Floating Rate |
| Jason P. Felderman, CFA | $1 - $10000 | Transamerica High Yield Bond |
| Benjamin D. Miller, CFA | $10001 - $50000 | Transamerica High Yield Bond |
| Brian W. Westhoff, CFA | $50001 - $100000 | Transamerica Bond |

---

------

***Belle Haven Investments, L.P. ("Belle Haven")*** 

**Transamerica High Yield Muni** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Max Christiana | 0 | $0 | 0 | $0 | 26332 | $21.75 billion |
| Matthew Dalton | 0 | $0 | 1 | $18.28 million | 26332 | $21.75 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Max Christiana | 0 | $0 | 0 | $0 | 0 | $0 |
| Matthew Dalton | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica Intermediate Muni** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Max Christiana | 0 | $0 | 0 | $0 | 26332 | $21.75 billion |
| Matthew Dalton | 0 | $0 | 1 | $18.28 million | 26332 | $21.75 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Max Christiana | 0 | $0 | 0 | $0 | 0 | $0 |
| Matthew Dalton | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Conflicts of Interest** 

A conflict of interest could occur when allocating trades amongst accounts. In order to prevent this conflict Belle Haven has adopted the following procedures.

<u>Allocations/Aggregation</u> 

On occasion we purchase securities suitable for one or more of our investment strategies in smaller sizes referred to in the industry as odd lots, to take advantage of the pricing benefit of odd lots in the fixed income markets. An odd lot of bonds is a lot of a specific bond whose par value is less than one hundred thousand dollars ($100,000). Because of this approach each individual purchase generally will not be adequate to fill the portfolio requirements of all the accounts. Bonds are acquired based on various metrics and then allocated to the client account(s) that we believe are most suitable for such a security based on the allocation procedures listed below.

We may also purchase securities suitable for one or more of our investment strategies in round lots of greater than one hundred thousand dollars. Each individual round lot purchase may not be adequate to fill the portfolio requirements of all the accounts. Bonds are acquired based on various metrics and then allocated to the client account(s) that we believe are most suitable for such a security based on the allocation procedures listed below. There may be instances when a suitable account does not receive an allocation.

<u>Pre Allocated Trades</u> 

Investment decisions to buy or sell certain securities for a particular account are dependent upon many factors, including, but not limited to the client's investment objective, cash needs or availability, tax considerations, target duration and credit quality. These considerations may result in a portfolio manager targeting certain securities for purchase or sale for an account(s) prior to the trade execution. These transactions will not go through the allocation process below but rather will be allocated to the account(s) for which the order was placed on a pre trade basis. In the instance that the order is not filled the bonds will be allocated on a pro rata basis unless the pro rata allocation violates a portfolio mandate in which instance the portfolio manager will use his discretion to allocate in the most equitable manner.

<u>Purchase Allocation Procedures</u> 

We first determine the appropriate strategy(s) for a particular purchase based on the bonds' characteristics. We then allocate, at our discretion, among accounts determined to be eligible, using a quantitative allocation system which utilizes several portfolio characteristics, a main part of which would be available cash on hand (so that the client that has the highest percentage of cash on hand relative to the value of the client's portfolio would get an allocation of securities first). Other characteristics would include average coupon (interest rate) of the portfolio, duration (duration is a way to compare how different bonds will react to interest rate changes), state of origin as well as the bonds maturity

------

and rating. Our goal in allocating securities in this quantitative manner is to treat all accounts fairly. Given the varying nature of investment objectives and restrictions, exceptions to this quantitative approach will occur. In these instances we will use our discretion to allocate in a fair and equitable fashion in accordance with a particular investment mandate.

<u>Allocations For Mutual Fund Transactions</u> 

In the case where the Mutual Fund would participate with other clients of the Firm in an allocated trade, the allocation methods described above would apply, with the Mutual Fund being treated as another client in the allocation protocol.

In the instance where the Mutual Fund would participate in a pre-allocated trade with other clients and the order is not filled, the Mutual Fund will receive its pro rata share of the executed trade.

<u>Selling Allocation Procedures For All Strategies</u> 

Generally the sale of a security is a pre allocated trade as described above for a specific account. In the instance that a security is sold for an opportunistic or restructuring purpose and that security is held across multiple accounts we allocate the sale at our discretion among accounts, giving priority to clients with the lowest cash balance. Consideration is also taken to match the order size of the sale to the portfolio holdings in an effort to allocate in the most cost efficient and equitable manner. Odd lots may be less liquid than round lots potentially resulting in a lower sale price.

**Compensation** 

Matthew Dalton is CEO of the firm and his compensation is a combination of salary and a bonus based on the profitability of the Firm.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s), except as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Range of Securities Owned** | **Fund** |
| Matthew Dalton | Over $1,000,000 | Transamerica High Yield Muni |
| Matthew Dalton | Over $1,000,000 | Transamerica Intermediate Muni |

---

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***ClariVest Asset Management LLC ("ClariVest")*** 

**Transamerica International Stock** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Nicholas Stavrou, CFA | 1 | $836.33 million | 1 | $17.58 million | 7 | $430.88 million |
| Alex Turner, CFA | 1 | $836.33 million | 2 | $92.89 million | 7 | $430.88 million |
| David R. Vaughn, CFA | 1 | $836.33 million | 2 | $92.89 million | 7 | $430.88 million |
| Gashi Zengeni, CFA | 1 | $836.33 million | 1 | $17.58 million | 6 | $430.81 million |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Nicholas Stavrou, CFA | 0 | $0 | 1 | $3.25 million | 0 | $0 |
| Alex Turner, CFA | 0 | $0 | 1 | $3.25 million | 0 | $0 |
| David R. Vaughn, CFA | 0 | $0 | 1 | $3.25 million | 0 | $0 |
| Gashi Zengeni, CFA | 0 | $0 | 1 | $3.25 million | 0 | $0 |

---

In addition to managing the assets of each fund, a portfolio manager may have responsibility for managing other client accounts of the applicable adviser or its affiliates. The tables above show, per portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than each fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by a portfolio manager. Total assets attributed to a portfolio manager in the tables below include total assets of each account managed, although a portfolio manager may only manage a portion of such account's assets. The tables also show the number of performance-based fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account. This information is provided as of each fund's most recent fiscal year end, unless otherwise noted.

**Conflict of Interest** 

Because portfolio managers may manage multiple accounts for multiple clients, conflicts of interest may arise in connection with the portfolio managers' management of the fund's investments on the one hand and the investments of other clients on the other hand. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the fund and the other clients for whom he manages an account. In addition, due to differences in the investment strategies or restrictions between the fund and the other clients, a portfolio manager may take action with respect to another client that differs from the action taken with respect to the fund. In some cases, another account managed by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account or otherwise provide more revenue to the investment adviser. While these factors may create conflicts of interest for a portfolio manager in the allocation of management time, resources and investment opportunities, the portfolio managers will endeavor to exercise their discretion in a manner that they believe is equitable to all interested persons.

**Compensation** 

Compensation paid by ClariVest to its portfolio managers has two primary components: (1) base salary and (2) variable compensation. The portfolio managers also receive certain retirement, insurance, and other benefits that are broadly available to all ClariVest employees. The intent of this compensation plan is to achieve a market competitive structure with a high degree of variable compensation through participation in a bonus pool and other distributions. Salaries and variable compensation are influenced by the operating performance of ClariVest.

ClariVest seeks to compensate portfolio managers in a manner commensurate with their responsibilities, contributions and performance, and that is competitive with other firms within the investment management industry.

Bonuses are based on a variety of factors, including overall performance of the firm as well as individual contribution to the firm. Bonuses are not simply tied to individual product performance. ClariVest believes that payment of bonuses based on short term performance is counterproductive to the environment at ClariVest. All members of the investment team are expected to actively participate in ongoing research, some of which may not primarily benefit the product on which they are the named portfolio manager. Bonuses based on short term individual performance would not incent investment team members to do so.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

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***Goldman Sachs Asset Management, L.P. ("GSAM")*** 

**Transamerica Asset Allocation – Conservative Portfolio** 

**Transamerica Asset Allocation – Growth Portfolio** 

**Transamerica Asset Allocation – Moderate Growth Portfolio** 

**Transamerica Asset Allocation – Moderate Portfolio** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Alexandra Wilson-Elizondo | 11 | $16.37 billion | 85 | $60.17 billion | 367 | $417.12 billion |
| Siwen Wu | 12 | $18.96 billion | 5 | $3.13 billion | 1 | $711.2 million |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Alexandra Wilson-Elizondo | 0 | $0 | 0 | $0 | 3 | $5.88 billion |
| Siwen Wu | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Conflict of Interest** 

GSAM is part of The Goldman Sachs Group, Inc. (together with its affiliates, directors, partners, trustees, managers, members, officers and employees, "Goldman Sachs"), a financial holding company. The involvement of GSAM, Goldman Sachs and their affiliates in the management of, or their interest in, other accounts and other activities of Goldman Sachs will present conflicts of interest with respect to the fund and will, under certain circumstances, limit the fund's investment activities. Goldman Sachs is a worldwide, full service investment banking, broker dealer, asset management and financial services organization and a major participant in global financial markets that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Goldman Sachs acts as a broker-dealer, investment adviser, investment banker, underwriter, research provider, administrator, financier, adviser, market maker, trader, prime broker, derivatives dealer, clearing agent, lender, custodian, counterparty, agent, principal, distributor, investor or in other commercial capacities (including portfolio companies) for accounts or companies or affiliated or unaffiliated investment funds (including pooled investment vehicles and private funds). In those and other capacities, Goldman Sachs and its affiliates advise and deal with clients and third parties in all markets and transactions and purchase, sell, hold and recommend a broad array of investments, including securities, derivatives, loans, commodities, currencies, credit default swaps, indices, baskets and other financial instruments and products for their own accounts or for the accounts of their customers and have other direct and indirect interests in the global fixed income, currency, commodity, equities, bank loans and other markets and the securities and issuers in which the fund may directly and indirectly invest. Thus, it is expected that the fund will have multiple business relationships with and will invest in, engage in transactions with, make voting decisions with respect to, or obtain services from entities for which Goldman Sachs and its affiliates perform or seek to perform investment banking or other services. As a manager of the fund, GSAM receives management fees from the fund. In addition, GSAM's affiliates may earn fees from relationships with the fund. Although these fees are generally based on asset levels, the fees are not directly contingent on fund performance, and Goldman Sachs would still receive significant compensation from the fund even if shareholders lose money. Goldman Sachs and its affiliates engage in proprietary trading and advise accounts and funds which have investment objectives similar to those of the fund and/or which engage in and compete for transactions in the same types of securities, currencies and instruments as the fund. Goldman Sachs and its affiliates will not have any obligation to make available any information regarding their proprietary activities or strategies, or the activities or strategies used for other accounts managed by them, for the benefit of the management of the fund. The results of the fund's investment activities, therefore, will likely differ from those of Goldman Sachs, its affiliates, and other accounts managed by Goldman Sachs, and it is possible that the fund could sustain losses during periods in which Goldman Sachs and its affiliates and other accounts achieve significant profits on their trading for proprietary or other accounts. In addition, the fund may enter into transactions in which Goldman Sachs and its affiliates or their other clients have an adverse interest. For example, the fund may take a long position in a security at the same time that Goldman Sachs and its affiliates or other accounts managed by GSAM and its affiliates take a short position in the same security (or vice versa). These and other transactions undertaken by Goldman Sachs, its affiliates or Goldman Sachs-advised clients may, individually or in the aggregate, adversely impact the fund. In some cases, such adverse impacts may result from differences in timing of transactions by accounts relative to when the fund executes transactions in the same securities. Transactions by one or more Goldman Sachs-advised clients or GSAM may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of the fund. The fund's activities will, under certain circumstances, be limited because of regulatory restrictions applicable to Goldman Sachs and its affiliates, and/or their internal policies designed to comply with such restrictions. As a global financial services firm, Goldman Sachs and its affiliates also provide a wide range of investment banking and financial services to issuers of securities and investors in securities. Goldman Sachs, its affiliates and others associated with it are expected to create markets or specialize in, have positions in and/or effect transactions in, securities of issuers held by the fund, and will likely also perform or seek to perform investment banking and financial services for one or more of those issuers. Goldman Sachs and its affiliates are expected to have business relationships with and purchase or distribute or sell services or products from or to distributors, consultants or others who recommend the fund or who engage in transactions with or for the fund.

------

For a more detailed description of potential conflicts of interest, please refer to the language from GSAM's ADV Part 2.

**Compensation** 

Compensation for GSAM portfolio managers is comprised of a base salary and year-end discretionary variable compensation. The base salary is fixed from year to year. Year-end discretionary variable compensation is primarily a function of each portfolio manager's individual performance; his or her contribution to the overall team performance; the performance of GSAM and Goldman Sachs; the team's net revenues for the past year which in part is derived from advisory fees, and for certain accounts, performance-based fees; and anticipated compensation levels among competitor firms. Portfolio managers are rewarded in part for their delivery of investment performance, which is reasonably expected to meet or exceed the expectations of clients and fund shareholders in terms of: excess return over an applicable benchmark, peer group ranking, risk management and factors specific to certain funds such as yield or regional focus. Performance is judged over one-, three- and five-year time horizons.

For compensation purposes:

• The benchmarks for Transamerica Asset Allocation – Conservative Portfolio are the Bloomberg US Aggregate Bond Index (primary) and the Transamerica Asset Allocation – Conservative Portfolio Blended Benchmark (secondary).

• The benchmark for Transamerica Asset Allocation – Growth Portfolio is the MSCI World Index.

• The benchmarks for Transamerica Asset Allocation – Moderate Growth Portfolio are the MSCI World Index (primary) and the Transamerica Asset Allocation – Moderate Growth Portfolio Blended Benchmark (secondary).

• The benchmarks for Transamerica Asset Allocation – Moderate Portfolio are the MSCI World Index (primary) and the Transamerica Asset Allocation – Moderate Portfolio Blended Benchmark (secondary).

The discretionary variable compensation for portfolio managers is also significantly influenced by various factors, including: (1) effective participation in team research discussions and process; and (2) management of risk in alignment with the targeted risk parameters and investment objective(s) of the fund. Other factors may also be considered, including: (1) general client/shareholder orientation and (2) teamwork and leadership.

As part of their year-end discretionary variable compensation and subject to certain eligibility requirements, portfolio managers may receive deferred equity-based and similar awards, in the form of: (1) shares of The Goldman Sachs Group, Inc. (restricted stock units); and, (2) for certain portfolio managers, performance-tracking (or "phantom") shares of the GSAM mutual funds that they oversee or service. Performance-tracking shares are designed to provide a rate of return (net of fees) equal to that of the fund(s) that a portfolio manager manages, or one or more other eligible funds, as determined by senior management, thereby aligning portfolio manager compensation with fund shareholder interests. The awards are subject to vesting requirements, deferred payment and clawback and forfeiture provisions. GSAM, Goldman Sachs or their affiliates expect, but are not required to, hedge the exposure of the performance-tracking shares of a fund by, among other things, purchasing shares of the relevant fund(s).

*Other Compensation:* In addition to base salary and year-end discretionary variable compensation, the firm has a number of additional benefits in place including (1) a 401(k) program that enables employees to direct a percentage of their base salary and bonus income into a tax-qualified retirement plan; and (2) investment opportunity programs in which certain professionals may participate subject to certain eligibility requirements.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

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***Great Lakes Advisors, LLC ("Great Lakes")*** 

**Transamerica Large Cap Value** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Paul Roukis, CFA | 5 | $4.16 billion | 3 | $104.29 million | 47 | $3.20 billion |
| Jeff Agne | 5 | $4.16 billion | 3 | $104.29 million | 47 | $3.20 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Paul Roukis, CFA | 1 | $196.21 million | 0 | $0 | 0 | $0 |
| Jeff Agne | 1 | $196.21 million | 0 | $0 | 0 | $0 |

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**Conflict of Interest** 

The Operating Committee is delegated with the responsibility to conduct an appropriate review of, and make recommendations to, our management on the course of action for any conflict or potential conflict of interest that may arise in the conduct of our business and with respect to the accounts we advise.

In addressing potential conflicts of interest, we will consider, and will disclose to clients, the following issues, among others, and will also explain how we address each potential conflict of interest. This list provides examples of conflicts we face and is not exhaustive. The Operating Committee creates and maintains a comprehensive matrix of the conflicts we identify and manage.

**A. Brokerage and Investment Discretion** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Equitable Treatment of Accounts

We have a potential conflict of interest because we manage multiple client accounts in the same or similar investment strategies. In addition, we may receive performance-based compensation or higher management fees from certain client accounts, or we or our employees may have made investments in a client account, such as our commingled funds. Accordingly, we may be inclined have an incentive to favor certain accounts over others. Our Trade Order, Aggregation, and Allocation Policy is included in the Compliance Manual and is disclosed in our Form ADV Part 2A.

**B. Personal Trading and Employee Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Personal Trading

We have a fiduciary obligation to ensure that our clients' interests are put before the Employees' personal interests with respect to personal trading. Accordingly, we adopted a general ban on personal trading of Covered Securities, subject to limited exceptions requiring pre-clearance. Our Personal Trading Policies and Procedures are included in the Compliance Manual and disclosed in our Form ADV Part 2A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Outside Business Activities

Since we permit employees to engage in outside business activities, there is the potential that such activities will conflict with an employee's duties to the Firm and our clients. Outside business activities may include circumstances where we conduct or may conduct business with an entity in which an employee has a personal interest. Our Policies and Procedures Regarding Outside Business Activities and Financial Interests are included in the Compliance Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Business Gifts and Entertainment

Our employees may periodically provide to or receive gifts and business entertainment from clients, vendors, and other persons with whom we conduct or may conduct business. Gifts and entertainment may also be considered efforts to gain unfair advantages or may impair our ability to act in the best interests of our clients. We established a Gifts and Entertainment Policy, which is included in the Compliance Manual, to address these potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Political Contributions

We and our employees may make, subject to certain pre-approval requirements, political contributions to officials of government entities who are in positions to influence the award of advisory business or to candidates for such office. Such political contributions may improperly influence a government entity's decision to invest its assets with the Firm. We established Policies and Procedures against Pay-to-Play Practices, which are included in the Compliance Manual, to address these potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Reporting Illegal or Unethical Behaviour

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Unethical or illegal conduct on the part of employees can damage our reputation and impair our ability to meet our fiduciary duties to clients. Our policies and procedures regarding the reporting of illegal or unethical behavior by our employees are included in our Code of Ethics.

**C. Insider Trading** 

Portfolio managers and other employees may receive, whether intentionally or inadvertently, material non-public information. We established Policies and Procedures to prevent Insider Trading, which are included in the Compliance Manual.

**D. Value Added Investors** 

Our individual advisory clients and commingled fund investors may be executive officers or board members of publicly-traded companies or financial services companies such as hedge funds or private equity firms (collectively, "Value Added Investors"). Our clients are required to disclose in our investment management agreement or commingled fund subscription document whether they are a Value Added Investor, and if so, the companies associated with them. The Compliance Department maintains a list of any companies associated with Value Added Investors. In order to prevent potential trading conflicts or trading on material non-public information, a restriction is placed in our order management system on trading in securities of such companies associated with Value Added Investors. As a result, our investment team cannot trade client accounts in such securities without prior approval from the Compliance Department. In reviewing personal trading pre-approval requests, the Compliance Department will check the request against the Value Added Investor Companies list to identify potential conflicts. The inclusion of a security on the list may result in the denial of the pre-approval request.

**E. Proxy Voting** 

We may be in a position where our interests conflict with the best interests of the client when determining how to vote client proxies. We established Proxy Voting Policies and Procedures, which are included in the Compliance Manual and disclosed in our Form ADV Part 2A, to address these potential conflicts of interest.

**F. Pilot Accounts** 

We may face a potential conflict in allocation of investment opportunities to pilot (seeded) strategies where a substantially similar client-funded strategy is managed by the same portfolio management team.

Pilot strategies are seeded by our proprietary funds and/or our affiliates, and the portfolio managers seek to create an attractive track record in a pilot strategy. Therefore, there is a potential incentive for a portfolio manager to allocate the most attractive investment opportunities to pilot strategies potentially at a disadvantage to similar client-funded strategies. As of December 2020, there are no substantially similar pilot and client-funded strategies managed by the same portfolio managers. If such situation arises in the future, we will address the potential conflict and create appropriate controls.

**G. Identification of Affiliated Persons/Entities** 

In order to identify potential conflicts of interests, we identify persons and entities who are affiliated with the Firm, including accounts and products in which we may have a proprietary interest. This list includes affiliates of Great Lakes and the affiliates of any Mutual Funds and ETFs for which we serve as sub-advisor.

**Compensation** 

Our investment professionals are eligible for attractive compensation packages comprised of base salaries, annual cash bonuses, and deferred tracking shares. We believe our total compensation is very competitive. Bonuses for investment professionals are based primarily on their contributions as portfolio managers and/or analysts, but also incorporate other intangibles contributing to our overall success.

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Bonuses are based on both objective (measurable) and qualitative criteria:

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| | | |
|:---|:---|:---|
| **Analyst Responsibilities** | &nbsp;&nbsp; **Portfolio Manager** <br> **Responsibilities**<br>| **Other** |
| *Objective* | *Objective* | &nbsp;&nbsp; - Participation in business <br> development.<br>|
| -The relative performance of the stock recommendations. | &nbsp;&nbsp; - The portfolio's <br> performance relative to <br> the respective benchmark <br> as well as versus peers.<br>| &nbsp;&nbsp; - Participation in business <br> development<br>|
| *Qualitative* | *Qualitative* | &nbsp;&nbsp; - Collaboration with team <br> members.<br>|
| -Thoughtfulness in stock analysis. | &nbsp;&nbsp; - Consideration of our <br> rigorous risk controls.<br>| &nbsp;&nbsp; - Long-term potential <br> contribution.<br>|
| -Adherence to our disciplined research process. |  |  |

---

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s), except as follows:

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Range of Securities Owned** | **Fund** |
| Paul Roukis, CFA | $500001 - $1000000 | Transamerica Large Cap Value |
| Jeff Agne | $100001 - $500000 | Transamerica Large Cap Value |

---

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***J.P. Morgan Investment Management Inc. ("JPMorgan")*** 

**Transamerica Multi-Managed Balanced** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies\*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies\*** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles\*** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles\*** | **Other Accounts\*** | **Other Accounts\*** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Tim Snyder, CFA | 7 | $16.74 million | 5 | $4.09 million | 21 | $28.65 million |
| Raffaele Zingone, CFA | 17 | $99.3 million | 19 | $34.85 million | 30 | $33.70 million |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Tim Snyder, CFA | 0 | $0 | 0 | $0 | 5 | $2.56 million |
| Raffaele Zingone, CFA | 0 | $0 | 0 | $0 | 7 | $3.90 million |

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\* The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

**Conflict of Interest** 

The potential for conflicts of interest exists when portfolio managers manage other accounts with similar investment objectives and strategies as the fund ("Similar Accounts"). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities.

Responsibility for managing J.P. Morgan Investment Management Inc. (JP Morgan)'s and its affiliates clients' portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar strategies are managed by portfolio managers in the same portfolio management group using the same objectives, approach and philosophy. Underlying sectors or strategy allocations within a larger portfolio are likewise managed by portfolio managers who use the same approach and philosophy as similarly managed portfolios. Therefore, portfolio holdings, relative position sizes and industry and sector exposures tend to be similar across similar portfolios and strategies, which minimize the potential for conflicts of interest.

JPMorgan and/or its affiliates ("JPMorgan Chase") perform investment services, including rendering investment advice, to varied clients. JPMorgan, JPMorgan Chase and its or their directors, officers, agents, and/or employees may render similar or differing investment advisory services to clients and may give advice or exercise investment responsibility and take such other action with respect to any of its other clients that differs from the advice given or the timing or nature of action taken with respect to another client or group of clients. It is JPMorgan's policy, to the extent practicable, to allocate, within its reasonable discretion, investment opportunities among clients over a period of time on a fair and equitable basis. One or more of JPMorgan's other client accounts may at any time hold, acquire, increase, decrease, dispose, or otherwise deal with positions in investments in which another client account may have an interest from time-to-time.

**Acting for Multiple Clients.** In general, JPMIM faces conflicts of interest when it renders investment advisory services to several clients and, from time to time, provides dissimilar investment advice to different clients. For example, when funds or accounts managed by JPMIM ("Other Accounts") engage in short sales of the same securities held by a fund, JPMIM could be seen as harming the performance of a fund for the benefit of the Other Accounts engaging in short sales, if the short sales cause the market value of the securities to fall. In addition, a conflict could arise when one or more Other Accounts invest in different instruments or classes of securities of the same issuer than those in which a fund invests. In certain circumstances, Other Accounts have different investment objectives or could pursue or enforce rights with respect to a particular issuer in which a fund has also invested and these activities could have an adverse effect on the fund. For example, if a fund holds debt instruments of an issuer and an Other Account holds equity securities of the same issuer, then if the issuer experiences financial or operational challenges, the fund (which holds the debt instrument) may seek a liquidation of the issuer, whereas the Other Account (which holds the equity securities) may prefer a reorganization of the issuer. In addition, an issuer in which the fund invests may use the proceeds of the fund's investment to refinance or reorganize its capital structure which could result in repayment of debt held by JPMorgan or an Other Account. If the issuer performs poorly following such refinancing or reorganization, the fund's results will suffer whereas the Other Account's performance will not be affected because the Other Account no longer has an investment in the issuer. Conflicts are magnified with respect to issuers that become insolvent. It is possible that in connection with an insolvency, bankruptcy, reorganization, or similar proceeding, a fund will be limited (by applicable law, courts or otherwise) in the positions or actions it will be permitted to take due to other interests held or actions or positions taken by JPMorgan or Other Accounts.

JPMorgan, JPMorgan Chase, and any of its or their directors, partners, officers, agents or employees, may also buy, sell, or trade securities for their own accounts or the proprietary accounts of JPMorgan and/or JPMorgan Chase. JPMorgan and/or JPMorgan Chase, within their discretion, may make different investment decisions and other actions with respect to their own proprietary accounts than those made for client accounts, including the timing or nature of such investment decisions or actions. Further, JPMorgan is not required to purchase or sell for any client account securities that it, JPMorgan Chase, and any of its or their employees, principals, or agents may purchase or sell for their own accounts or the proprietary accounts of JPMorgan, or JPMorgan Chase or its clients. JP Morgan and/or its affiliates may receive more compensation with respect to certain Similar Accounts than that received with respect to the fund or may receive compensation based in part on the performance of certain Similar Accounts. This may create a potential conflict of interest for JP Morgan and its affiliates or its portfolio managers by providing an incentive to favor these Similar Accounts when, for example, placing securities transactions. In addition, JP

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Morgan or its affiliates could be viewed as having a conflict of interest to the extent that JP Morgan or an affiliate has a proprietary investment in Similar Accounts, the portfolio managers have personal investments in Similar Accounts or the Similar Accounts are investment options in JP Morgan's or its affiliate's employee benefit plans. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions imposed upon JP Morgan and its affiliates by law, regulation, contract or internal policies. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest, as JP Morgan or its affiliates may have an incentive to allocate securities that are expected to increase in value to favored accounts. Initial public offerings, in particular, are frequently of very limited availability. JP Morgan and its affiliates may be perceived as causing accounts they manages to participate in an offering to increase JP Morgan's or its affiliates' overall allocation of securities in that offering.

A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. If JP Morgan or its affiliates manage accounts that engage in short sales of securities of the type in which the fund invests, JP Morgan or its affiliates could be seen as harming the performance of the fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall.

As an internal policy matter, JP Morgan may from time to time maintain certain overall investment limitations on the securities positions or positions in other financial instruments JP Morgan or its affiliates will take on behalf of its various clients due to, among other things, liquidity concerns and regulatory restrictions. Such policies may preclude a fund from purchasing particular securities or financial instruments, even if such securities or financial instruments would otherwise meet the fund's objectives.

The goal of JP Morgan and its affiliates is to meet their fiduciary obligation with respect to all clients. JP Morgan and its affiliates have policies and procedures that seek to manage conflicts. JP Morgan and its affiliates monitor a variety of areas, including compliance with fund guidelines, review of allocation decisions and compliance with JP Morgan's Codes of Ethics and JPMC's Code of Conduct. With respect to the allocation of investment opportunities, JP Morgan and its affiliates also have certain policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. For example:

Orders received in the same security and within a reasonable time period from a market event (e.g., a change in a security rating) are continuously aggregated on the appropriate trading desk so that new orders are aggregated with current outstanding orders, consistent with JP Morgan's duty of best execution for its clients. However, there are circumstances when it may be appropriate to execute the second order differently due to other constraints or investment objectives. Such exceptions often depend on the asset class. Examples of these exceptions, particularly in the fixed-income area, are sales to meet redemption deadlines or orders related to less liquid assets.

If aggregated trades are fully executed, accounts participating in the trade will typically be allocated their pro rata share on an average price basis. Partially filled orders generally will be allocated among the participating accounts on a pro-rata average price basis, subject to certain limited exceptions. Use of average price for execution of aggregated trade orders is particularly true in the equity area. However, certain investment strategies, such as the use of derivatives, or asset classes, such as fixed-income that use individual trade executions due to the nature of the strategy or supply of the security, may not be subject to average execution price policy and would receive the actual execution price of the transaction. Additionally, some accounts may be excluded from pro rata allocations. Accounts that would receive a de minimis allocation relative to their size may be excluded from the order. Another exception may occur when thin markets or price volatility require that an aggregated order be completed in multiple executions over several days. Deviations from pro rata allocations are documented by the business. JP Morgan attempts to mitigate any potential unfairness by basing non-pro-rata allocations traded through a single trading desk or system upon an objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JP Morgan so that fair and equitable allocation will occur over time.

Purchases of money market instruments and fixed income securities cannot always be allocated pro-rata across the accounts with the same investment strategy and objective. However, the JP Morgan and its affiliates attempt to mitigate any potential unfairness by basing non-pro rata allocations traded through a single trading desk or system upon objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JP Morgan or its affiliates so that fair and equitable allocation will occur over time.

JP Morgan faces a conflict of interest in allocating the assets of Transamerica JPMorgan Asset Allocation - Conservative VP, Transamerica JPMorgan Asset Allocation - Growth VP, Transamerica JPMorgan Asset Allocation - Moderate Growth VP, Transamerica JPMorgan Asset Allocation - Moderate VP, and Transamerica JPMorgan International Moderate Growth VP (each a "portfolio") because the underlying portfolios in which the portfolio invests include Transamerica Funds sub-advised by JP Morgan. Consistent with the portfolio's objective and strategies, JP Morgan is permitted to invest any portion of a portfolio's assets in underlying portfolios which it sub-advises. JP Morgan will receive additional fees when it allocates portfolio assets to an underlying portfolio it sub-advises. This conflict could provide JP Morgan with an incentive to allocate portfolio assets to an underlying portfolio it sub-advises rather than to another underlying portfolio investing in the same asset class sub-advised by another sub-adviser. Or, JP Morgan may have an incentive to increase a portfolio's allocation to an asset class for which the only underlying portfolio is one which it sub-advises.

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JP Morgan also faces a potential conflict of interest in allocating the assets of the portfolio when JP Morgan has business relationships with other sub-advisers of underlying portfolios in which the portfolio invests or with affiliates of those sub-advisers. Allocating portfolio assets to underlying portfolios managed by such sub-advisers may help to enhance JP Morgan's relationships with such sub-advisers or their affiliates.

**Compensation** 

JPMIM's compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards.

The compensation framework for JPMIM Portfolio Managers participating in public market investing activities is based on several factors that drive alignment with client objectives, the primary of which is investment performance, alongside of the firm-wide performance dimensions. The framework focuses on Total Compensation – base salary and variable compensation. Variable compensation is in the form of cash incentives, and/or long-term incentives in the form of fund-tracking incentives (referred to as the "Mandatory Investment Plan" or "MIP") and/or equity-based JPMorgan Chase Restricted Stock Units ("RSUs") with defined vesting schedules and corresponding terms and conditions. Long-term incentive awards may comprise up to 60% of overall incentive compensation, depending on an employee's pay level.

The performance dimensions for Portfolio Managers are evaluated annually based on several factors that drive investment outcomes and value—aligned with client objectives—including, but not limited to:

• Investment performance, generally weighted more to the long-term, with specific consideration for Portfolio Managers of investment performance relative to competitive indices or peers over one-, three-, five- and ten-year periods, or, in the case of funds designed to track the performance of a particular index, the Portfolio Managers success in tracking such index;

• The scale and complexity of their investment responsibilities;

• Individual contribution relative to the client's risk and return objectives;

• Business results, as informed by investment performance; risk, controls and conduct objectives; client/customer/stakeholder objectives, teamwork and leadership objectives; and

• Adherence with JPMorgan's compliance, risk, regulatory and client fiduciary responsibilities, including, as applicable, adherence to the JPMorgan Asset Management Sustainability Risk Integration Policy, which contains relevant financially material Environmental, Social and Corporate Governance ("ESG") factors that are intended to be assessed in investment decision- making.

In addition to the above performance dimensions, the firm-wide pay-for-per performance framework is integrated into the final assessment of incentive compensation for an individual Portfolio Manager. Feedback from JPMorgan's risk and control professionals is considered in assessing performance and compensation.

Portfolio Managers are subject to a mandatory deferral of long-term incentive compensation under JPMorgan's "MIP". In general, the MIP provides for a rate of return equal to that of the particular fund(s), thereby aligning the Portfolio Manager's pay with that of the client's experience/return.

For Portfolio Managers participating in public market investing activities, 50% of their long-term incentives are subject to a mandatory deferral in the MIP, and the remaining 50% can be granted in the form of RSUs or additional participation in MIP at the election of the Portfolio Manager.

For the portion of long-term incentives subject to mandatory deferral in the MIP (50%), the incentives are allocated to the fund(s) the Portfolio Manager manages, as determined by the employee's respective manager and reviewed by senior management.).

In addition, named Portfolio Managers on a sustainable fund(s) are required to allocate at least 25% of their mandatory deferral in at least one dedicated sustainable fund(s).

To hold individuals responsible for taking risks inconsistent with JPMorgan's risk appetite and to discourage future imprudent behavior, we have policies and procedures that enable us to take prompt and proportionate actions with respect to accountable individuals, including:

• Reducing or altogether eliminating annual incentive compensation;

• Canceling unvested awards (in full or in part);

• Clawback/recovery of previously paid compensation (cash and / or equity);

• Demotion, negative performance rating or other appropriate employment actions; and

• Termination of employment.

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The precise actions we take with respect to accountable individuals are based on circumstances, including the nature of their involvement, the magnitude of the event and the impact on JPMorgan

In evaluating each portfolio manager's performance with respect to the accounts he or she manages, JPMorgan uses the following indices as benchmarks to evaluate the performance of the portfolio manager with respect to the accounts:

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| |
|:---|
| **Fund** |
| Transamerica Multi-Managed Balanced<br> &nbsp;&nbsp; S&P 500<sup>®</sup> Index<br> Bloomberg US Aggregate Bond Index<br>|

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**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

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***Kayne Anderson Capital Advisors, L.P. ("KACALP")*** 

***Transamerica Energy Infrastructure*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| James Baker | 1 | $3.07 billion | 3 | $707.47 million | 5 | $329.33 million |
| Harrison Little | 1 | $3.07 billion | 3 | $707.47 million | 5 | $329.33 million |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| James Baker | 0 | $0 | 1 | $444.88 million | 2 | $167.86 million |
| Harrison Little | 0 | $0 | 1 | $444.88 million | 2 | $167.86 million |

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<sup>1</sup> Includes a closed-end fund managed by KA Fund Advisors, LLC, an affiliated registered investment adviser of KACALP.

**Conflict of Interest** 

Conflicts of interest may arise because Kayne Anderson and its affiliates generally carry on substantial investment activities for other clients in which the fund will have no interest. Kayne Anderson or its affiliates may have financial incentives to favor certain of such accounts over the fund. Any of their proprietary accounts and other customer accounts may compete with the fund for specific trades. Kayne Anderson or its affiliates may buy or sell securities on behalf of the fund which differ from securities bought or sold for other accounts and customers, even though their investment objectives and policies may be similar to the fund. Situations may occur when the fund could be disadvantaged because of the investment activities conducted by Kayne Anderson or its affiliates for their other accounts. Such situations may be based on, among other things, legal or internal restrictions on the combined size of positions that may be taken for the fund and the other accounts, thereby limiting the size of the fund's position, or the difficulty of liquidating an investment for the fund and the other accounts where the market cannot absorb the sale of the combined position.

The fund's investment opportunities may be limited by affiliations of Kayne Anderson or its affiliates with Energy Infrastructure Companies. In addition, to the extent that Kayne Anderson sources and structures private investments in Energy Infrastructure Companies, certain employees of Kayne Anderson may become aware of actions planned by Energy Infrastructure Companies, such as acquisitions, that may not be announced to the public. It is possible that the fund could be precluded from investing in an Energy Infrastructure Company about which Kayne Anderson has material non-public information; however, it is Kayne Anderson's intention to ensure that any material non-public information available to certain Kayne Anderson employees not be shared with those employees responsible for the purchase and sale of publicly traded Energy Infrastructure Company securities.

Kayne Anderson manages or advises several private investment funds and separately managed accounts (collectively, "Affiliated Funds"). Some of the Affiliated Funds have investment objectives that are similar to or overlap with the fund. Further, Kayne Anderson may at some time in the future, manage other investment funds with the same investment objective as the fund or that otherwise create potential conflicts of interest with the fund. The results of the fund's investment activities may differ significantly from the results achieved for Affiliated Funds.

Investment decisions made on behalf of the fund are made independently from Affiliated Funds; however, from time to time, the same investment decision may be made for more than one fund or account. When two or more clients advised by Kayne Anderson or its affiliates seek to purchase or sell the same publicly traded securities, the securities actually purchased or sold are allocated among the clients on a good faith equitable basis by Kayne Anderson in accordance with the clients' investment objectives and Kayne Anderson's investment allocation policy, which was approved by the fund's Board. In some cases, this system may adversely affect the price or size of the position the fund may obtain. In other cases, however, to the fund's participation in aggregated transactions may produce better execution for the fund.

The fund may make investment alongside Affiliated Funds. Under the 1940 Act, the fund is generally prohibited from participating in certain joint transactions with our affiliates. However, the fund may make investments alongside Affiliated Funds pursuant to No Action Relief. Pursuant to such No Action Relief, the fund is permitted (in certain circumstances) to co-invest in the same security with Affiliated Funds and entities in a manner that is consistent with the fund's investment objective, investment strategy, regulatory consideration and other relevant factors. If opportunities arise that would otherwise be appropriate for the fund and an Affiliated Fund to purchase different securities from the same issuer, Kayne Anderson will need to decide which account will proceed with such investment. Kayne Anderson's investment allocation policy ensures that investment opportunities are allocated in a manner that is fair and equitable over time.

**Compensation** 

Kayne Anderson receives a fee based on the assets under management of the fund as set forth in the investment advisory agreement. The portfolio managers and Kayne Anderson may share management fees after expenses, including analyst salaries and allocated overhead or may be compensated with a fixed salary and eligible for an annual bonus. Certain of the portfolio managers and Kayne Anderson also share in the management fees generated by separate accounts, privately offered pooled investment vehicles, and registered investment companies under management. In some cases, these accounts may also pay an incentive allocation based on the performance of the applicable fund.

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**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

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***MetLife Investment Management, LLC ("MIM, LLC")*** 

**Transamerica Emerging Markets Debt** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Todd Howard, CFA | 1 | $75.5 thousand | 3 | $1.09 billion | 16 | $3.0 billion |
| Scott Moses, CFA | 0 | $0 | 3 | $1.09 billion | 8 | $1.30 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Todd Howard, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Scott Moses, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

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**Conflicts of Interest** 

Real, potential or apparent conflicts of interest may arise when a portfolio manager has day-to-day portfolio management responsibilities with respect to more than one fund or account.

MIM, LLC has adopted procedures that it believes are reasonably designed to detect and prevent violations of the federal securities laws and to mitigate the potential for conflicts of interest to affect portfolio management decisions; however, there can be no assurance that all conflicts will be identified or that all procedures will be effective in mitigating the potential for such risks. MIM, LLC and/or its affiliates manage accounts certain accounts subject to performance-based fees or may have proprietary investments in certain accounts. The side-by-side management of the fund and these other accounts may raise potential conflicts of interest with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions. The performance of the fund's investments could be adversely affected by the manner in which the MIM, LLC enters particular orders for all such accounts. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited supply and allocation of investment opportunities generally, could raise a potential conflict of interest, as MIM, LLC may have an incentive to allocate securities that are expected to increase in value to favored accounts. A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price.

MIM, LLC has adopted a policy to allocate investment opportunities in a fair and equitable manner among client accounts. Orders for the same security on the same day are generally aggregated consistent with MIM, LLC's duty of best execution; however, purchases of fixed income securities cannot always be allocated pro rata across all client accounts with similar investment strategies and objectives. MIM, LLC will attempt to mitigate any potential unfairness using an objective methodology that in the good faith judgment of MIM, LLC permits a fair and equitable allocation over time.

MIM, LLC will manage the fund and other client accounts in accordance with their respective investment objectives and guidelines. As a result, MIM, LLC may give advice, and take action with respect to any current or future other client accounts that may be opposed to or conflict with the advice MIM, LLC may give to the fund, or may involve a different timing or nature of action than with respect to the fund. Where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increases the holding in such security. The results of the investment activities of the fund may differ significantly from the results achieved by MIM, LLC for other client accounts.

**Compensation** 

MIM, LLC is a wholly owned subsidiary of MetLife, Inc. The program is a combination of short and long term elements to compensate investment professionals, and non-investment professionals, based on the overall financial success of the firm. The incentive program is primarily comprised of three elements:

Base salary: Base salaries are generally reviewed annually and are based on market competiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Short Term Awards: Individual awards in the form of an annual cash bonus are discretionary and non-formulaic based on firm as well as individual performance. Bonus compensation for senior investment professionals comprises a majority of their total compensation. This portion of compensation is determined subjectively based on qualitative and quantitative factors. Compensation is impacted by the performance of investments under management (i.e., delivering investment performance to clients consistent with portfolio objectives, guidelines and risk parameters) as well as an individual's qualitative contributions to the organization.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Long term Awards: Senior level employees are eligible to receive long term equity incentives. These create the motivation for strong individual and business performance over time and the opportunity for long-term alignment with shareholder return and employee retention.

An investment professional's short and long term awards and the compensation is not tied to any pre-determined or specified level of investment performance.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s), except as follows:

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Range of Securities Owned** | **Fund** |
| Scott Moses, CFA | $50001 - $100000 | Transamerica Emerging Markets Debt |

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***Morgan Stanley Investment Management Inc. ("Morgan Stanley")*** 

**Transamerica Capital Growth** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts\*** | **Other Accounts\*** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Dennis P. Lynch | 24 | $21.80 billion | 22 | $6.07 billion | 16 | $3.75 billion |
| Sam G. Chainani, CFA | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| Jason C. Yeung, CFA | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| Armistead B. Nash | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| Alexander T. Norton | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Dennis P. Lynch | 0 | $0 | 0 | $0 | 0 | $0 |
| Sam G. Chainani, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Jason C. Yeung, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Armistead B. Nash | 0 | $0 | 0 | $0 | 0 | $0 |
| Alexander T. Norton | 0 | $0 | 0 | $0 | 0 | $0 |

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\* Other Accounts excludes the assets and numbers of accounts in wrap fee programs that are managed using model portfolios.

**Transamerica Large Growth** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts\*** | **Other Accounts\*** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Dennis P. Lynch | 24 | $21.80 billion | 22 | $6.07 billion | 16 | $3.75 billion |
| Sam G. Chainani, CFA | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| Jason C. Yeung, CFA | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| Armistead B. Nash | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| Alexander T. Norton | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Dennis P. Lynch | 0 | $0 | 0 | $0 | 0 | $0 |
| Sam G. Chainani, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Jason C. Yeung, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Armistead B. Nash | 0 | $0 | 0 | $0 | 0 | $0 |
| Alexander T. Norton | 0 | $0 | 0 | $0 | 0 | $0 |

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\* Other Accounts excludes the assets and numbers of accounts in wrap fee programs that are managed using model portfolios.

**Conflict of Interest** 

As a diversified global financial services firm, Morgan Stanley, the parent company of Morgan Stanley Investment Management Inc. ("MSIM"), engages in a broad spectrum of activities, including financial advisory services, investment management activities, lending, commercial banking, sponsoring and managing private investment funds, engaging in broker-dealer transactions and principal securities, commodities and foreign exchange transactions, research publication and other activities. In the ordinary course of its business, Morgan Stanley is a full-service investment banking and financial services firm and therefore engages in activities where Morgan Stanley's interests or the interests of its clients may conflict with the interests of an investment fund or account sponsored, managed, advised or sub-advised by MSIM (each, a "MSIM Advised Vehicle"). Morgan Stanley advises clients and sponsors, manages or advises other investment funds and investment programs, accounts and businesses (collectively, together with any new or successor funds, programs, accounts or businesses sponsored, managed, advised or sub-advised by MSIM or one of its investment adviser affiliates, the Affiliated Investment Accounts") with a wide variety of investment objectives and/or investment strategies (generally referred to herein collectively as "investment objectives") that in some instances may overlap or conflict with a MSIM Advised Vehicle's investment objectives and present conflicts of interest. In addition, Morgan Stanley, MSIM and/or MSIM's investment adviser affiliates may also from time to time create new or successor Affiliated Investment Accounts that may compete with a MSIM Advised Vehicle and present similar conflicts of interest. The discussion below enumerates certain actual, apparent and potential conflicts of interest. There is no assurance that conflicts of interest will be resolved in favor of Fund shareholders and, in fact, they may not be. The conflicts herein do not purport to be a complete list or explanation of the conflicts associated with the financial or other interests MSIM or its affiliates may have now or in the future. Conflicts of interest not described below may also exist. References to MSIM in this section include a MSIM Advised Vehicle's affiliated sub-adviser (if any) unless otherwise noted.

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The discussions below with respect to actual, apparent and potential conflicts of interest may be applicable to or arise from the Affiliated Investment Accounts managed by MSIM's investment adviser affiliates whether or not specifically identified.

**Material Non-Public and Other Information.** It is expected that confidential or material non-public information regarding an investment or potential investment opportunity may become available to MSIM. If such information becomes available, MSIM may be precluded (including by applicable law or internal policies or procedures) from pursuing an investment or disposition opportunity or taking another action with respect to such investment, with respect to such investment or disposition opportunity including for an extended period of time. The Adviser may also from time to time be subject to contractual "stand-still" obligations and/or confidentiality obligations that may restrict its ability to transact in certain investments on a MSIM Advised Vehicle's behalf. In addition, MSIM may be precluded from disclosing such information to an investment team, even in circumstances in which the information would be beneficial if disclosed. Therefore, the investment team may not be provided access to material non-public information in the possession of Morgan Stanley that might be relevant to an investment decision to be made on behalf of a MSIM Advised Vehicle, and the investment team may initiate a transaction or sell an investment that, if such information had been known to it, may not have been undertaken. In addition, certain members of the investment team may be recused from certain investment-related discussions so that such members do not receive information that would limit their ability to perform functions of their employment with MSIM or its affiliates unrelated to that of a MSIM Advised Vehicle. Furthermore, access to information held by certain parts of Morgan Stanley may be subject to third party confidentiality obligations and to information barriers established by Morgan Stanley designed to manage potential conflicts of interest and regulatory restrictions, including, without limitation, joint transaction restrictions pursuant to the 1940 Act. Accordingly, MSIM's ability to source investments from, or invest alongside, other business units within Morgan Stanley may be limited and there can be no assurance that MSIM will be able to source any investments from any one or more parts of the Morgan Stanley network.

The Adviser may restrict its investment decisions and activities on behalf of MSIM Advised Vehicles in various circumstances, including because of applicable regulatory requirements or information held by MSIM, MSIM's investment adviser affiliates or Morgan Stanley. The Adviser might not engage in transactions or other activities for, or enforce certain rights in favor of, a MSIM Advised Vehicle due to Morgan Stanley's activities outside MSIM Advised Vehicles. Furthermore, Morgan Stanley could have an interest that is different from, and potentially adverse to, that of the fund, which may result in Morgan Stanley taking actions different from or in conflict with those taken on behalf of the MSIM Advised Vehicle or otherwise impede the fund from participating in certain opportunities. In instances where trading of an investment is restricted, MSIM may not be able to purchase or sell such investment on behalf of a MSIM Advised Vehicle, including for an extended period of time, resulting in a MSIM Advised Vehicle's inability to participate in certain desirable transactions. This inability to buy or sell an investment could have an adverse effect on a MSIM Advised Vehicle's portfolio due to, among other things, changes in an investment's value during the period its trading is restricted.

Morgan Stanley has established certain information barriers and other policies designed to address the sharing of information between different businesses within Morgan Stanley. As a result of information barriers, MSIM, in certain instances, will not have access, or will have limited access, to certain information and personnel in other areas of Morgan Stanley and, in such instances, will not manage MSIM Advised Vehicles with the benefit of the information held by such other areas. Morgan Stanley, due to its access to and knowledge of funds, markets and securities based on its various businesses, may make decisions based on information or take (or refrain from taking) actions with respect to interests in investments of the kind held (directly or indirectly) by MSIM Advised Vehicles in a manner that may be adverse to the fund, and will not have any obligation or other duty to share information with MSIM.

In other instances, Morgan Stanley personnel, including personnel of MSIM, will have access to information and personnel of its affiliates. For example, MSIM may, in certain instances, share information with its affiliates regarding due diligence of companies and other investment-related due diligence. The Adviser may face conflicts of interest in determining whether to engage in the sharing of information with its affiliates. Information sharing may limit or restrict the ability of MSIM to engage in or otherwise effect transactions on behalf of MSIM Advised Vehicles (including purchasing or selling securities that MSIM may otherwise have purchased or sold for a MSIM Advised Vehicle in the absence of the sharing of information). Also, it may adversely affect a MSIM Advised Vehicle's investments, ability to invest in, or divest from, a company or engage in transactions or otherwise disadvantage a MSIM Advised Vehicle. In managing conflicts of interest that arise because of the foregoing, MSIM generally will be subject to fiduciary requirements. The Adviser may also implement internal information barriers or ethical walls or other internal information sharing protocols, and the conflicts described herein with respect to information barriers and otherwise with respect to Morgan Stanley and MSIM will also apply internally within MSIM. As a result, a MSIM Advised Vehicle may not be permitted to transact in (e.g., dispose of a security in whole or in part) during periods when it otherwise would have been desirable and able to do so, which could adversely affect a MSIM Advised Vehicle. Other investors in the security that are not subject to such restrictions may be able to transact in the security during such periods. There may also be circumstances in which, as a result of information held by certain portfolio management teams in MSIM, MSIM limits an activity or transaction for a MSIM Advised Vehicle, including if a MSIM Advised Vehicle is managed by a portfolio management team other than the team holding such information.

Morgan Stanley and its personnel will not be under any obligation or other duty to share certain information with MSIM or personnel involved in decision-making for Affiliated Investment Accounts (including MSIM Advised Vehicles), as applicable, and MSIM may make investment decisions for a MSIM Advised Vehicle that differ from those MSIM would have made if Morgan Stanley, or other parts, of MSIM

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had provided such information, and the fund be disadvantaged as a result thereof. Additionally, different portfolio management teams within MSIM may make decisions based on information or take (or refrain from taking) actions with respect to Affiliated Investment Accounts they advise in a manner different than or adverse to MSIM Advised Vehicles.

**Investments by Morgan Stanley and its Affiliated Investment Accounts.** In serving in multiple capacities to Affiliated Investment Accounts, Morgan Stanley, including MSIM and its investment teams, may have obligations to other clients or investors in Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of a MSIM Advised Vehicle or its shareholders. An investment team may have obligations to Affiliated Investment Accounts managed by both MSIM and one or more of MSIM's investment adviser affiliates. A fund's investment objectives may overlap with the investment objectives of certain Affiliated Investment Accounts. As a result, the members of an investment team may face conflicts in the allocation of investment opportunities among a MSIM Advised Vehicle and other investment funds, programs, accounts and businesses advised by or affiliated with MSIM or its investment adviser affiliates. Certain Affiliated Investment Accounts may provide for higher management or incentive fees or greater expense reimbursements or overhead allocations, all of which may contribute to this conflict of interest and create an incentive for MSIM to favor such other accounts. In addition, from time to time, MSIM and/or its investment adviser affiliates may advise or manage Affiliated Investment Accounts with substantially similar investment objectives, investment policies and/or investment strategies as those of an MSIM Advised Vehicle. The investment results of an MSIM Advised Vehicle may be higher or lower than, and there is no guarantee that the investment results of the fund will be comparable to, those of any other of these Affiliated Investment Accounts. Further, an MSIM Advised Vehicle and an Affiliated Investment Account with substantially similar investment objectives, investment policies and/or investment strategies may have different fees and expenses (which may be higher or lower than those of the MSIM Advised Vehicle), governance, structures, and/or services provided by MSIM and/or its investment adviser affiliates. From time to time, MSIM and/or its investment adviser affiliates may advise or manage Affiliated Investment Accounts with substantially similar investment objectives, investment policies and/or investment strategies as those of an MSIM Advised Vehicle. The investment results of an MSIM Advised Vehicle may be higher or lower than, and there is no guarantee that the investment results of the fund will be comparable to, those of any other of these Affiliated Investment Accounts. Further, an MSIM Advised Vehicle and an Affiliated Investment Account with substantially similar investment objectives, investment policies and/or investment strategies may have different fees and expenses (which may be higher or lower than those of the MSIM Advised Vehicle), governance, structures, and/or services provided by MSIM and/or its investment adviser affiliates.

Morgan Stanley currently invests and plans to continue to invest on its own behalf and on behalf of its Affiliated Investment Accounts in a wide variety of investment opportunities globally. Morgan Stanley and its Affiliated Investment Accounts, to the extent consistent with applicable law and policies and procedures, will be permitted to invest in investment opportunities without making such opportunities available to a MSIM Advised Vehicle. Subject to the foregoing, Morgan Stanley may offer investments that fall into the investment objectives of an Affiliated Investment Account to such account or make such investment on its own behalf, even though such investment also falls within a MSIM Advised Vehicle's investment objectives. A fund may invest in opportunities that Morgan Stanley and/or one or more Affiliated Investment Accounts has declined, and vice versa. All of the foregoing may reduce the number of investment opportunities available to a MSIM Advised Vehicle and may create conflicts of interest in allocating investment opportunities. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to a MSIM Advised Vehicle's advantage. There can be no assurance that a MSIM Advised Vehicle will have an opportunity to participate in certain opportunities that fall within their investment objectives. The interests of Morgan Stanley in an investment or a company may present certain conflicts of interest with respect to an investment by a MSIM Advised Vehicle in the same investment or a MSIM Advised Vehicle's participation in a transaction with such company.

The decision on behalf of an MSIM Advised Vehicle as to when to initiate a purchase or sale transaction may differ, and be done for different reasons, than the decisions MSIM or its affiliates may take for Affiliated Investment Accounts on the same securities. This could create conflicts of interest, and it is possible that one or more accounts managed by MSIM will achieve investment results that are substantially more or less favorable than those results achieved by a MSIM Advised Vehicle.

To seek to reduce potential conflicts of interest and to attempt to allocate such investment opportunities in a fair and equitable manner, MSIM has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of MSIM, including the fund, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duties of MSIM. Each client of MSIM that is subject to the allocation policies and procedures, including each fund, is assigned an investment team and portfolio manager(s) by MSIM. The investment team and portfolio managers review investment opportunities and will decide with respect to the allocation of each opportunity considering various factors and in accordance with the allocation policies and procedures. The allocation policies and procedures are subject to change. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to the advantage of a MSIM Advised Vehicle.

It is possible that Morgan Stanley or an Affiliated Investment Account, including another MSIM Advised Vehicle, will invest in or advise (in the case of Morgan Stanley) a company that is or becomes a competitor of a company of which a MSIM Advised Vehicle holds an investment. Such investment could create a conflict between the fund, on the one hand, and Morgan Stanley or the Affiliated Investment Account, on the other hand. In such a situation, Morgan Stanley may also have a conflict in the allocation of its own resources to the portfolio investment. Furthermore, certain Affiliated Investment Accounts will be focused primarily on investing in other funds which may have strategies that overlap and/or directly conflict and compete with a MSIM Advised Vehicle.

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In addition, certain investment professionals who are involved in a MSIM Advised Vehicle's activities remain responsible for the investment activities of other Affiliated Investment Accounts managed by MSIM and its affiliates, and they will devote time to the management of such investments and other newly created Affiliated Investment Accounts (whether in the form of funds, separate accounts or other vehicles), as well as their own investments. In addition, in connection with the management of investments for other Affiliated Investment Accounts, members of Morgan Stanley and its affiliates may serve on the boards of directors of or advise companies which may compete with a MSIM Advised Vehicle's portfolio investments. Moreover, these Affiliated Investment Accounts managed by Morgan Stanley and its affiliates may pursue investment opportunities that may also be suitable for a MSIM Advised Vehicle.

It should be noted that Morgan Stanley may, directly or indirectly, make large investments in certain of its Affiliated Investment Accounts, and accordingly Morgan Stanley's investment in a MSIM Advised Vehicle may not be a determining factor in the outcome of any of the foregoing conflicts. Nothing herein restricts or in any way limits the activities of Morgan Stanley, including its ability to buy or sell interests in, or provide financing to, equity and/or debt instruments, funds or portfolio companies, for its own accounts or for the accounts of Affiliated Investment Accounts or other investment funds or clients in accordance with applicable law.

Different clients of MSIM and its affiliates, including a MSIM Advised Vehicle, may invest in (1) different classes of securities of the same issuer (including, without limitation, different parts of an issuer's capital structure), depending on the respective clients' investment objectives and policies and/or (2) the same class of securities of the same issuer while seeking different investment objectives or executing different investment strategies (such as long-term v. short-term investment horizons), and MSIM may face conflicts with respect to the interests involved. As a result, MSIM and its affiliates, at times, will seek to satisfy fiduciary obligations to certain clients owning one / the same class of securities of a particular issuer by pursuing or enforcing rights on behalf of those clients with respect to such (class of) securities, and those activities may have an adverse effect on another client which owns a different class of securities of such issuer. For example, if one client holds debt securities of an issuer and another client holds equity securities of the same issuer, if the issuer experiences financial or operational challenges, MSIM and its affiliates may seek a liquidation of the issuer on behalf of the client that holds the debt securities, whereas the client holding the equity securities may benefit from a reorganization of the issuer. Thus, in such situations, the actions taken by MSIM or its affiliates on behalf of one client can negatively impact securities held by another client. Alternatively, for example, if a client owns a security while seeking short-term capital appreciation that Adviser may vote proxies or engage with the issuer (as applicable) in pursuit of that goal – which could negatively impact clients who hold the same security but are seeking long-term capital appreciation. These conflicts also exist as between MSIM's clients, including a MSIM Advised Vehicle, and the Affiliated Investment Accounts managed by MSIM's investment adviser affiliates.

In addition, in certain circumstances, MSIM restricts, limits or reduces the amount of the fund's investment, or restricts the type of governance or voting rights it acquires or exercises, where the fund (potentially together with Morgan Stanley) exceeds a certain ownership interest, or possesses certain degrees of voting or control or has other interests.

The Adviser and its affiliates may give advice and recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, a MSIM Advised Vehicle even though such other clients' investment objectives may be similar to those of the fund and MSIM may make decisions for a MSIM Advised Vehicle that may be more beneficial to one type of shareholder than another.

The Adviser and its affiliates manage long and short portfolios. The simultaneous management of long and short portfolios creates conflicts of interest in portfolio management and trading in that opposite directional positions may be taken in client accounts, including client accounts managed by the same investment team, and creates risks such as: (i) the risk that short sale activity could adversely affect the market value of long positions in one or more portfolios (and vice versa) and (ii) the risks associated with the trading desk receiving opposing orders in the same security simultaneously. The Adviser and its affiliates have adopted policies and procedures that are reasonably designed to mitigate these conflicts. In certain circumstances, MSIM invests on behalf of itself in securities and other instruments that would be appropriate for, held by, or may fall within the investment guidelines of its clients, including a MSIM Advised Vehicle. At times, MSIM may give advice or take action for its own accounts that differs from, conflicts with, or is adverse to advice given or action taken for any client.

From time to time, conflicts also arise due to the fact that certain securities or instruments may be held in some client accounts, including a MSIM Advised Vehicle, but not in others, or that client accounts may have different amounts of holdings in certain securities or instruments. In addition, due to differences in the investment strategies or restrictions among client accounts, MSIM may take action with respect to one account that differs from the action taken with respect to another account. In some cases, a client account may compensate MSIM based on the performance of the securities held by that account or pay a higher overall fee rate. The existence of such a performance based fee or higher fee rates may create additional conflicts of interest for MSIM in the allocation of management time, resources and investment opportunities. The Adviser has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern MSIM's trading practices, including, among other things, the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.

In addition, at times an investment team will give advice or take action with respect to the investments of one or more clients that is not given or taken with respect to other clients with similar investment programs, objectives, and strategies. Accordingly, clients with similar strategies

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will not always hold the same securities or instruments or achieve the same performance. The Adviser's investment teams also advise clients with conflicting programs, objectives or strategies. These conflicts also exist as between MSIM's clients, including the fund, and the Affiliated Investment Accounts managed by MSIM's investment adviser affiliates.

From time to time, MSIM or its affiliates may provide opportunities to Affiliated Investment Accounts (including potentially a MSIM Advised Vehicle) or other clients to make investments in companies (such as in equity, debt or other securities issued by companies) or to engage in transactions involving companies (such as refinancing, restructuring or other transactions) in which certain Affiliated Investment Accounts (including potentially a MSIM Advised Vehicle) or other clients have already invested. These investments can create conflicts of interest, including those associated with the assets of a MSIM Advised Vehicle potentially providing value to, or otherwise supporting the investments of, other Affiliated Investment Accounts or other clients and potentially diluting or otherwise adversely affecting a MSIM Advised Vehicle previously invested in the company.

Morgan Stanley and its affiliates maintain separate trading desks that operate independently of each other and do not share information with MSIM. The Morgan Stanley and affiliate trading desks may compete against MSIM trading desks when implementing buy and sell transactions, possibly causing certain Affiliated Investment Accounts (including potentially an MSIM Advised Vehicle) to pay more or receive less for a security than other Affiliated Investment Accounts.

**Investments by Separate Investment Departments.** For MSIM and certain of its investment adviser affiliates, the entities and individuals that provide investment-related services can differ by client, investment function, or business line (each, an "Investment Department"). Nonetheless, Investment Departments (with certain exceptions) can engage in discussions and share information and resources with another Investment Department (or a team within the other Investment Department) regarding investment-related matters. The sharing of information and resources between the Investment Departments is designed to further increase the knowledge and effectiveness of each Investment Department. However, an investment team's decisions as to the use of shared research and participation in discussions with another Investment Department could adversely impact a client. Certain investment teams within one Investment Department could make investment decisions and execute trades together with investment teams within other Investment Departments. Other investment teams make investment decisions and execute trades independently. This could cause the quality and price of execution, and the performance of investments and accounts, to vary. Internal policies and procedures set forth the guidelines under which securities and securities trades can be crossed, aggregated, and coordinated between accounts serviced by different Investment Departments. Internal policies and procedures take into consideration a variety of factors, including the primary market in which such security trades. If a security or securities trade is ineligible for crossing, aggregation, or other coordinated trading, then each Investment Department will execute such trades independently of the other.

**Morgan Stanley Trading and Principal Investing Activities.** Notwithstanding anything to the contrary herein, Morgan Stanley will generally conduct its sales and trading businesses, publish research and analysis, and render investment advice without regard for a MSIM Advised Vehicle's holdings, although these activities could have an adverse impact on the value of one or more of the fund's investments, or could cause Morgan Stanley to have an interest in one or more portfolio investments that is different from and potentially adverse to that of a MSIM Advised Vehicle. Furthermore, from time to time, MSIM or its affiliates may invest "seed" capital in a MSIM Advised Vehicle, typically to enable the fund to commence investment operations and/or achieve sufficient scale, as further described below. The Adviser and its affiliates may hedge such seed capital exposure by investing in derivatives or other instruments expected to produce offsetting exposure. Such hedging transactions, if any, would occur outside of a MSIM Advised Vehicle.

Morgan Stanley's sales and trading, financing and principal investing businesses (whether or not specifically identified as such, and including Morgan Stanley's trading and principal investing businesses) will not be required to offer any investment opportunities to a MSIM Advised Vehicle. These businesses may encompass, among other things, principal trading activities as well as principal investing.

Morgan Stanley's sales and trading, financing and principal investing businesses have acquired or invested in, and in the future may acquire or invest in, minority and/or majority control positions in equity or debt instruments of diverse public and/or private companies. Such activities may put Morgan Stanley in a position to exercise contractual, voting or creditor rights, or management or other control with respect to securities or loans of portfolio investments or other issuers, and in these instances Morgan Stanley may, in its discretion and subject to applicable law, act to protect its own interests or interests of clients, and not a MSIM Advised Vehicle's interests.

Subject to the limitations of applicable law, a MSIM Advised Vehicle may purchase from or sell assets to, or make investments in, companies in which Morgan Stanley has or may acquire an interest, including as an owner, creditor or counterparty.

**Morgan Stanley's Investment Banking and Other Commercial Activities.** Morgan Stanley advises clients on a variety of mergers, acquisitions, restructuring, bankruptcy and financing transactions. Morgan Stanley may act as an advisor to clients, including other investment funds that may compete with a MSIM Advised Vehicle and with respect to investments that a MSIM Advised Vehicle may hold. Morgan Stanley may give advice and take action with respect to any of its clients or proprietary accounts that may differ from the advice given, or may involve an action of a different timing or nature than the action taken, by a MSIM Advised Vehicle. Morgan Stanley may give advice and provide recommendations to persons competing with a MSIM Advised Vehicle and/or any of a MSIM Advised Vehicle's investments that are contrary to the fund's best interests and/or the best interests of any of its investments.

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Morgan Stanley could be engaged in financial advising, whether on the buy-side or sell-side, or in financing or lending assignments that could result in Morgan Stanley's determining in its discretion or being required to act exclusively on behalf of one or more third parties, which could limit a MSIM Advised Vehicle's ability to transact with respect to one or more existing or potential investments. Morgan Stanley may have relationships with third-party funds, companies or investors who may have invested in or may look to invest in portfolio companies, and there could be conflicts between a MSIM Advised Vehicle's best interests, on the one hand, and the interests of a Morgan Stanley client or counterparty, on the other hand.

To the extent that Morgan Stanley advises companies in financial restructurings outside of, prior to or after filing for protection under Chapter 11 of the U.S. Bankruptcy Code or similar laws in other jurisdictions, MSIM's flexibility in making investments in such restructurings on a MSIM Advised Vehicle's behalf, or participating on steering committees and other committees in connection with existing investments, may be limited.

Morgan Stanley could provide investment banking services to competitors of portfolio companies, as well as to private equity and/or private credit funds; such activities may present Morgan Stanley with a conflict of interest vis-a-vis a MSIM Advised Vehicle's investment and may also result in a conflict in respect of the allocation of investment banking resources to portfolio companies.

To the extent permitted by applicable law, Morgan Stanley may provide a broad range of financial services to companies in which a MSIM Advised Vehicle invests, including strategic and financial advisory services, interim acquisition financing and other lending and underwriting or placement of securities, and Morgan Stanley generally will be paid fees (that may include warrants or other securities) for such services. Morgan Stanley will not share any of the foregoing interest, fees and other compensation received by it (including, for the avoidance of doubt, amounts received by MSIM) with a MSIM Advised Vehicle, and any advisory fees payable will not be reduced thereby.

Morgan Stanley may be engaged to act as a financial advisor to a company in connection with the sale of such company, or subsidiaries or divisions thereof, may represent potential buyers of businesses through its mergers and acquisition activities and may provide lending and other related financing services in connection with such transactions. Morgan Stanley's compensation for such activities is usually based upon realized consideration and is usually contingent, in substantial part, upon the closing of the transaction. Under these circumstances, a MSIM Advised Vehicle may be precluded from participating in a transaction with or relating to the company being sold or participating in any financing activity related to merger or acquisition.

The involvement or presence of Morgan Stanley in the investment banking and other commercial activities described above (or the financial markets more broadly) may restrict or otherwise limit investment opportunities that may otherwise be available to the fund. For example, issuers may hire and compensate Morgan Stanley to provide underwriting, financial advisory, placement agency, brokerage services or other services and, because of limitations imposed by applicable law and regulation, a MSIM Advised Vehicle may be prohibited from buying or selling securities issued by those issuers or participating in related transactions or otherwise limited in its ability to engage in such investments.

In addition, in situations where MSIM is required to aggregate its positions with those of other Morgan Stanley business units for position limit calculations, MSIM may have to refrain from making investments due to the positions held by other Morgan Stanley business units or their clients. There may be other situations where MSIM refrains from making an investment or refrains from taking certain actions related to the management of such investment due to, among other reasons, additional disclosure obligations, regulatory requirements, policies, and reputational risk, or MSIM may limit purchases or sales of securities in respect of which Morgan Stanley is engaged in an underwriting or other distribution capacity.

**Morgan Stanley's Marketing Activities.** Morgan Stanley is engaged in the business of underwriting, syndicating, brokering, administering, servicing, arranging and advising on the distribution of a wide variety of securities and other investments in which a MSIM Advised Vehicle may invest. Subject to the restrictions of the 1940 Act, including Sections 10(f) and 17(e) thereof, a MSIM Advised Vehicle may invest in transactions in which Morgan Stanley acts as underwriter, placement agent, syndicator, broker, administrative agent, servicer, advisor, arranger or structuring agent and receives fees or other compensation from the sponsors of such products or securities. Any fees earned by Morgan Stanley in such capacity will not be shared with MSIM or the fund. Certain conflicts of interest, in addition to the receipt of fees or other compensation, would be inherent in these transactions. Moreover, the interests of one of Morgan Stanley's clients with respect to an issuer of securities in which a MSIM Advised Vehicle has an investment may be adverse to MSIM's or a MSIM Advised Vehicle's best interests. In conducting the foregoing activities, Morgan Stanley will be acting for its other clients and will have no obligation to act in MSIM's or a MSIM Advised Vehicle's best interests. Due to the restrictions of the 1940 Act, a MSIM Advised Vehicle may be restricted from participating in certain transactions in which Morgan Stanley acts as underwriter, placement agent, syndicator, broker, administrative agent, servicer, advisor, arranger or structuring agent, including transactions that would otherwise be beneficial to the fund.

**Client Relationships.** Morgan Stanley has existing and potential relationships with a significant number of corporations, institutions and individuals. In providing services to its clients, Morgan Stanley may face conflicts of interest with respect to activities recommended to or performed for such clients, on the one hand, and a MSIM Advised Vehicle, its shareholders or the entities in which the fund invests, on the other hand. In addition, these client relationships may present conflicts of interest in determining whether to offer certain investment opportunities to a MSIM Advised Vehicle.

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In acting as principal or in providing advisory and other services to its other clients, Morgan Stanley may engage in or recommend activities with respect to a particular matter that conflict with or are different from activities engaged in or recommended by MSIM on a MSIM Advised Vehicle's behalf.

**Principal Investments.** There may be situations in which a MSIM Advised Vehicle's interests may conflict with the interests of one or more general accounts of Morgan Stanley and its affiliates or accounts managed by Morgan Stanley or its affiliates. This may occur because these accounts hold public and private debt and equity securities of many issuers which may be or become portfolio companies, or from whom portfolio companies may be acquired.

**Transactions with Portfolio Companies of Affiliated Investment Accounts.** The companies in which a MSIM Advised Vehicle may invest may be counterparties to or participants in agreements, transactions or other arrangements with portfolio companies or other entities of portfolio investments of Affiliated Investment Accounts (for example, a company in which a MSIM Advised Vehicle invests may retain a company in which an Affiliated Investment Account invests to provide services or may acquire an asset from such company or vice versa). Certain of these agreements, transactions and arrangements involve fees, servicing payments, rebates and/or other benefits to Morgan Stanley or its affiliates. For example, portfolio entities may, including at the encouragement of Morgan Stanley, enter into agreements regarding group procurement and/or vendor discounts. Morgan Stanley and its affiliates may also participate in these agreements and may realize better pricing or discounts as a result of the participation of portfolio entities. To the extent permitted by applicable law, certain of these agreements may provide for commissions or similar payments and/or discounts or rebates to be paid to a portfolio entity of an Affiliated Investment Account, and such payments or discounts or rebates may also be made directly to Morgan Stanley or its affiliates. Under these arrangements, a particular portfolio company or other entity may benefit to a greater degree than the other participants, and MSIM Advised Vehicles, investment vehicles and accounts (which may or may not include a MSIM Advised Vehicle) that own an interest in such entity will receive a greater relative benefit from the arrangements than MSIM Advised Vehicles, investment vehicles or accounts that do not own an interest therein. Fees and compensation received by portfolio companies of Affiliated Investment Accounts in relation to the foregoing will not be shared with a MSIM Advised Vehicle or offset advisory fees payable.

**Investments in Portfolio Investments of Other Funds**. To the extent permitted by applicable law, when a MSIM Advised Vehicle invests in certain companies or other entities, other funds affiliated with MSIM may have made or may be making an investment in such companies or other entities. Other funds that have been or may be managed by MSIM may invest in the companies or other entities in which a MSIM Advised Vehicle has made an investment. Under such circumstances, a MSIM Advised Vehicle and such other funds may have conflicts of interest (e.g., over the terms, exit strategies and related matters, including the exercise of remedies of their respective investments). If the interests held by a MSIM Advised Vehicle are different from (or take priority over) those held by such other funds, MSIM may be required to make a selection at the time of conflicts between the interests held by such other funds and the interests held by a MSIM Advised Vehicle.

**Investments in Other MSIM Advised Vehicles or Affiliated Investment Accounts.** To the extent permitted by applicable law, a MSIM Advised Vehicle may invest in a fund affiliated with MSIM or its affiliates or a fund advised by MSIM or its affiliates. In connection with any such investments, an investing fund, to the extent permitted by the 1940 Act, will pay all advisory, administrative and/or Rule 12b-1 fees applicable to the investment. To the extent consistent with applicable law, certain MSIM Advised Vehicles that invest in other funds managed by MSIM or its affiliates may pay advisory fees to MSIM or its affiliates that are not reduced by any fees payable by such other funds to MSIM or its affiliates as manager of such other funds (i.e., there may be fees and expenses involved in making any such investment, which would not arise in connection with the direct allocation of assets by investors in MSIM Advised Vehicles to such other funds). In such circumstances, as well as in all other circumstances in which MSIM receives any fees or other compensation in any form relating to the provision of services, no accounting or repayment to MSIM Advised Vehicles will be required.

The Affiliated Investment Accounts (including MSIM Advised Vehicles) may, individually or in the aggregate, own a substantial percentage of a MSIM Advised Vehicle. Further, MSIM, its affiliates, or another entity (i.e., a seed investor) may invest in MSIM Advised Vehicles at or near the establishment of such MSIM Advised Vehicles, which may facilitate MSIM Advised Vehicles achieving a specified size or scale. The Adviser and/or its affiliates may make payments to an investor that contributes seed capital to a MSIM Advised Vehicle. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached, and will be made from the assets of MSIM and/or such affiliates (and not the applicable fund). Seed investors may contribute all or a majority of the assets in a MSIM Advised Vehicle. There is a risk that such seed investors may redeem their investments in the fund, particularly after payments from MSIM and/or its affiliates have ceased. Such redemptions could negatively impact a MSIM Advised Vehicle's liquidity, expenses and market price of its shares, as applicable.

**Allocation of Expenses.** Expenses may be incurred that are attributable to a MSIM Advised Vehicle and one or more other Affiliated Investment Accounts (including in connection with issuers in which a MSIM Advised Vehicle and such other Affiliated Investment Accounts have overlapping investments). The allocation of such expenses among such entities raises potential conflicts of interest. The Adviser and its affiliates intend to allocate such common expenses among a MSIM Advised Vehicle and any such other Affiliated Investment Accounts on a pro rata basis or in such other manner as MSIM deems to be fair and equitable or in such other manner as may be required by applicable law.

**Transactions with Affiliates.** The Adviser and any investment sub-adviser might purchase securities from underwriters or placement agents in which a Morgan Stanley affiliate is a member of a syndicate or selling group, as a result of which an affiliate might benefit from the

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purchase through receipt of a fee or otherwise. Neither MSIM nor any investment sub-adviser will purchase securities on behalf of a MSIM Advised Vehicle from an affiliate that is acting as a manager of a syndicate or selling group. Purchases by MSIM on behalf of a MSIM Advised Vehicle from an affiliate acting as a placement agent must meet the requirements of applicable law. Furthermore, Morgan Stanley may face conflicts of interest when a MSIM Advised Vehicle uses service providers affiliated with Morgan Stanley because Morgan Stanley receives greater overall fees when they are used.

**Valuation of MSIM Advised Vehicles' Investments.** MSIM performs certain valuation services related to securities and other assets held by MSIM Advised Vehicles and performs such services in accordance with its valuation policies. The Adviser will face a conflict with respect to valuation of MSIM Advised Vehicles' investments generally because of the effect of such valuations on MSIM's fees and other compensation and performance of MSIM Advised Vehicles.

**Proxy Voting by MSIM.** MSIM has implemented processes designed to prevent conflicts of interest from influencing proxy voting decisions that it makes on behalf of MSIM Advised Vehicles and to help ensure that such decisions are made in accordance with its fiduciary obligations to its clients. Notwithstanding such proxy voting processes, proxy voting decisions made by MSIM in respect of securities held by MSIM Advised Vehicles may benefit the interests of Morgan Stanley and/or accounts other than MSIM Advised Vehicles. Further, MSIM may make different proxy voting decisions in respect of the same security held by clients with different investment objectives or strategies.

**Potential Conflict of Interest Related to Use of Sub-Advisers and Delegates.** To the extent MSIM to an engages affiliated sub-advisers or delegates for a MSIM Advised Vehicle, MSIM generally expects to compensate the sub-adviser or delegate out of the advisory fee it receives from the MSIM Advised Vehicle, which creates an incentive for MSIM to select affiliated sub-adviser(s) or delegate(s). In addition, a sub-adviser or delegate may have interests and relationships that create actual or potential conflicts of interest related to their management of a MSIM Advised Vehicle assets allocated to or managed by the sub-adviser. These conflicts may be similar to or different from the conflicts described herein related to Morgan Stanley and its investment advisory affiliates. For additional information about potential conflicts of interest for each sub-adviser(s) can be found in the relevant sub-adviser's Form ADV. A copy of Part 1 and Part 2 of a sub-adviser's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov).

**Electronic Communication Networks and Alternative Trading Systems.** MSIM's affiliate(s) have ownership interests in and/or board seats on electronic communication networks ("ECNs") or other alternative trading systems ("ATSs"). In certain instances, MSIM's affiliate(s) could be deemed to control one or more of such ECNs or ATSs based on the level of such ownership interests and whether such affiliates are represented on the board of such ECNs or ATSs. Consistent with its fiduciary obligation to seek best execution, MSIM may, from time to time, directly or indirectly, effect client trades through ECNs or other ATSs in which the Firm's affiliates have or could acquire an interest or board seat. These affiliates might receive an indirect economic benefit based upon their ownership in the ECNs or other ATSs. MSIM will, directly or indirectly, execute through an ECN or other ATSs in which an affiliate has an interest only in situations where Morgan Stanley or the broker dealer through whom it is accessing the ECN or ATS reasonably believes such transaction will be in the best interest of its clients and the requirements of applicable law have been satisfied.

**General Process for Potential Conflicts.** All of the transactions described above involve the potential for conflicts of interest between MSIM, related persons of MSIM and/or their clients. The Advisers Act of 1940, as amended, the Investment Company Act of 1940, as amended, and the Employee Retirement Income Security Act of 1974 impose certain requirements designed to decrease the possibility of conflicts of interest between an investment adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. In addition, MSIM has instituted policies and procedures designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law. MSIM seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the overriding best interests of the client.

**Compensation** 

**Portfolio Manager Compensation Structure** 

Morgan Stanley's compensation structure is based on a total reward system of base salary and incentive compensation, which is paid either in the form of cash bonus, or for employees meeting the specified deferred compensation eligibility threshold, partially as a cash bonus and partially as mandatory deferred compensation. Deferred compensation granted to Investment Management employees are generally granted as a mix of deferred cash awards under the Investment Management Alignment Plan (IMAP) and equity-based awards in the form of stock units. The portion of incentive compensation granted in the form of a deferred compensation award and the terms of such awards are determined annually by the Compensation, Management Development and Succession Committee of the Morgan Stanley Board of Directors.

*<u>Base salary compensation</u>.* Generally, portfolio managers receive base salary compensation based on the level of their position with the Adviser.

*<u>Incentive compensation</u>.* In addition to base compensation, portfolio managers may receive discretionary year-end compensation.

Incentive compensation may include:

• Cash Bonus.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Deferred Compensation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A mandatory program that defers a portion of incentive compensation into restricted stock units or other awards based on Morgan Stanley common stock or other plans that are subject to vesting and other conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IMAP is a cash-based deferred compensation plan designed to increase the alignment of participants' interests with the interests of the Advisor's clients. For eligible employees, a portion of their deferred compensation is mandatorily deferred into IMAP on an annual basis. Awards granted under IMAP are notionally invested in referenced funds available pursuant to the plan, which are funds advised by MSIM and its affiliates that are investment advisers. Portfolio managers are required to notionally invest a minimum of 40% of their account balance in the designated funds that they manage and are included in the IMAP notional investment fund menu.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deferred compensation awards are typically subject to vesting over a multi-year period and are subject to cancellation through the payment date for competition, cause (i.e., any act or omission that constitutes a breach of obligation to the Company, including failure to comply with internal compliance, ethics or risk management standards, and failure or refusal to perform duties satisfactorily, including supervisory and management duties), disclosure of proprietary information, and solicitation of employees or clients. Awards are also subject to clawback through the payment date if an employee's act or omission (including with respect to direct supervisory responsibilities) causes a restatement of the Firm's consolidated financial results, constitutes a violation of the Firm's global risk management principles, policies and standards, or causes a loss of revenue associated with a position on which the employee was paid and the employee operated outside of internal control policies.

MSIM compensates employees based on principles of pay-for-performance, market competitiveness and risk management. Eligibility for, and the amount of any, discretionary compensation is subject to a multi-dimensional process. Specifically, consideration is given to one or more of the following factors, which can vary by portfolio management team and circumstances:

• Revenue and profitability of the business and/or each fund/account managed by the portfolio manager

• Revenue and profitability of the Firm

• Return on equity and risk factors of both the business units and Morgan Stanley

• Assets managed by the portfolio manager

• External market conditions

• New business development and business sustainability

• Contribution to client objectives

• Team, product and/or MSIM and its affiliates that are investment advisers performance

• The pre-tax investment performance of the funds/accounts managed by the portfolio manager (which may, in certain cases, be measured against the applicable benchmark(s) and/or peer group(s) over one, three and five-year periods)

• Individual contribution and performance

Further, the Firm's Global Incentive Compensation Discretion Policy requires compensation managers to consider only legitimate, business related factors when exercising discretion in determining variable incentive compensation, including adherence to Morgan Stanley's core values, conduct, disciplinary actions in the current performance year, risk management and risk outcomes.

**Other Accounts Managed by the Portfolio Managers** 

Because the portfolio managers may manage assets for other investment companies, pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals), there may be an incentive to favor one client over another resulting in conflicts of interest. For instance, the Adviser and/or Sub- Advisers may receive fees from certain accounts that are higher than the fee it receives from the fund, or it may receive a performance-based fee on certain accounts. In those instances, the portfolio managers may have an incentive to favor the higher and/or performance-based fee accounts over the fund. In addition, a conflict of interest could exist to the extent the Adviser and/or Sub-Advisers have proprietary investments in certain accounts, where portfolio managers have personal investments in certain accounts or when certain accounts are investment options in the Adviser's and/or Sub-Advisers' employee benefits and/or deferred compensation plans. The portfolio manager may have an incentive to favor these accounts over others. If the Adviser and/or Sub-Advisers manage accounts that engage in short sales of securities of the type in which the fund invests, the Adviser and/or Sub-Advisers could be seen as harming the performance of the fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall. The Adviser and/or Sub-Advisers have adopted trade allocation and other policies and procedures that they believe are reasonably designed to address these and other conflicts of interest.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

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***PineBridge Investments LLC ("PineBridge")***

**Transamerica Inflation Opportunities** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Robert A. Vanden Assem, CFA | 5 | $1.69 billion | 11 | $3.19 billion | 18 | $6.16 billion |
| Roberto Coronado | 2 | $353 million | 3 | $1.05 billion | 3 | $134 million |
| Gunter H. Seeger | 2 | $353 million | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Robert A. Vanden Assem, CFA | 0 | $0 | 0 | $0 | 3 | $849 million |
| Roberto Coronado | 0 | $0 | 0 | $0 | 0 | $0 |
| Gunter H. Seeger | 0 | $0 | 0 | $0 | 0 | $0 |

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**Transamerica Large Core ESG** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Sheedsa Ali, CFA | 2 | $5.27 billion | 3 | $551 million | 8 | $1.88 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Sheedsa Ali, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

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**Transamerica Strategic Income** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Peter Hu, CFA | 2 | $374 million | 35 | $2.01 billion | 7 | $5.25 billion |
| Michael J. Kelly, CFA | 2 | $374 million | 42 | $3.32 billion | 10 | $5.60 billion |
| Steven Oh, CFA | 1 | $207 million | 15 | $3.72 billion | 7 | $1.45 billion |
| Robert A. Vanden Assem, CFA | 5 | $1.59 billion | 11 | $3.19 billion | 18 | $6.16 billion |
| Roberto Coronado | 2 | $222 million | 3 | $1.05 billion | 3 | $134 million |
| Gunter H. Seeger | 2 | $222 million | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Peter Hu, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Michael J. Kelly, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Steven Oh, CFA | 1 | $207 million | 0 | $0 | 0 | $0 |
| Robert A. Vanden Assem, CFA | 0 | $0 | 0 | $0 | 3 | $849 million |
| Roberto Coronado | 0 | $0 | 0 | $0 | 0 | $0 |
| Gunter H. Seeger | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Conflict of Interest** 

PineBridge recognizes that it may be subject to a conflict of interest with respect to allocations of investment opportunities and transactions among its clients. To mitigate these conflicts, PineBridge's policies and procedures seek to provide that investment decisions are made in accordance with the fiduciary duties owed to such accounts and without consideration of PineBridge's economic, investment or other financial interests. Personal securities transactions by an employee may raise a potential conflict of interest when an employee trades in a security that is considered for purchase or sale by a client, or recommended for purchase or sale by an employee to a client, in that the employee may be able to personally benefit from prior knowledge of transactions for a client by trading in a personal account. PineBridge has policies to address potential conflicts of interest when its employees buy or sell securities also bought or sold for clients. Under certain circumstances, conflicts may arise in cases where different clients of PineBridge invest in different parts of a single issuer's capital structure, including circumstances in which one or more PineBridge clients may own private securities or obligations of an issuer and other PineBridge clients may own public securities of the same issuer. Such conflicts of interest will be discussed and resolved on a case-by-case basis and will take into consideration the interest of the relevant clients, the circumstances giving rise to the conflict, and applicable regulations. For a more detailed discussion of conflicts of interest, please refer to PineBridge Investments LLC's Form ADV Part 2.

------

**Compensation** 

PineBridge's compensation philosophy is one of differentiation, alignment, and pay-for-performance with annual incentive compensation varying based on individual, team and firm performance. In addition to a base salary, which is consistent with regional market levels for the retention of superior staff, professionals' incentives are as follows:

Bonus compensation for professionals is based on a discretionary plan combined with the overall performance of the firm. The discretionary bonus incentive plan consists of a cash bonus paid annually, with bonus amounts over a certain threshold deferred on a sliding scale, ranging between 20-50%; these deferrals vest in one-third increments over a 3-year period. Key Portfolio Managers participate in our Portfolio Aligned Bonus Program whereby one third of their unvested cash bonus deferral earns a market rate of interest, one-third tracks the performance of their key funds, and one third tracks the PineBridge Multi-Asset strategy managed by multiple PineBridge investment teams to encourage cross investment team collaboration. In addition to the cash bonus deferral plan, key individuals also participate in the firm's Long-term Incentive Program, granted in the form of Performance Units; the Long-Term Incentive Performance Unit Plan vests on a 3-year cliff vesting schedule.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

------

***Ranger Investment Management, L.P. ("Ranger")*** 

**Transamerica Small Cap Growth** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| W. Conrad Doenges | 4 | $123.52 million | 2 | $65.31 million | 15 | $1.32 billion |
| Andrew Hill | 4 | $123.52 million | 2 | $65.31 million | 15 | $1.32 billion |
| Joseph LaBate | 4 | $123.52 million | 2 | $65.31 million | 15 | $1.32 billion |
| Brown McCullough | 4 | $123.52 million | 2 | $65.31 million | 15 | $1.32 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| W. Conrad Doenges | 0 | $0 | 0 | $0 | 0 | $0 |
| Andrew Hill | 0 | $0 | 0 | $0 | 0 | $0 |
| Joseph LaBate | 0 | $0 | 0 | $0 | 0 | $0 |
| Brown McCullough | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Conflicts of Interest** 

Ranger recognizes that there are conflicts of interests which are common to the investment industry and/or specific to Ranger, and implements policies and procedures which seek to mitigate such conflicts.

As a fiduciary, Ranger has an affirmative duty to act in the best interests of its clients and to make full and fair disclosure of material facts, particularly where Ranger's interests may conflict with those of its clients. Ranger's compliance program requires each employee to act with integrity, competence, diligence, respect, and in an ethical manner when dealing with current and prospective clients, other employees and colleagues in the investment profession, and other participants in the global capital markets. Ranger expects employees to place the interests of clients above their own personal interest and to avoid any actual or potential conflicts of interest.

**Multiple Clients** 

Ranger manages client accounts other than Transamerica Small Cap Growth. An inherent conflict to an advisor managing more than one client account is the potential for one client to receive less time, attention or investment opportunity than another client with either more assets under management or a more lucrative fee structure. Ranger's compliance program addresses this potential conflict by requiring that orders for securities are aggregated and allocated on a pro rata basis in accordance with each account's investment guidelines as determined exclusively by Ranger's portfolio manager or his designee. Differences in allocation proportions may occur due to tax considerations, avoidance of odd lots or de minimis numbers of shares, and investment strategies of the accounts. In order to verify compliance with these policies and procedures, Ranger conducts regular reviews of the order allocation process.

As a general matter, Ranger believes that aggregation and pro rata allocation of orders for multiple client accounts is consistent with its duty to seek best execution for its clients. However, in any case in which Ranger believes that aggregation and pro rata allocation of a client order is not consistent with its duty to seek best execution, it will not affect the transaction on an aggregated basis.

**Personal Trading** 

Potential conflicts of interest may exist with respect to the personal trading activities of an advisor's employees in relation to trading on behalf of such advisor's clients. An employee trading securities in his or her account prior to trading the same security on behalf of clients (commonly known as "front-running") is an example of such a conflict. To mitigate this conflict, Ranger requires employees to adhere to certain personal trading procedures overseen by the compliance team. For example, employees are required to receive pre-clearance from the Chief Compliance Officer ("CCO") or other designated officer prior to engaging in securities transactions in their personal accounts. All employees of Ranger are considered "Access Persons". Access Persons are prohibited from front running client accounts and/or acting upon inside information. Under no circumstance may an Employee, or family member living in the Employee's household, or any account over which an Employee has control, benefit at the expense of investors or the Firm. With the exception of certain types of securities, Access Persons and family members living in their household are prohibited from making direct purchases or short sales of individual company equity securities which would result in direct or indirect beneficial ownership. Employees and family members may be permitted to sell securities they currently hold or may hold in the future (whether as the result of gift, bequest, other similar transfer, or acquired prior to employment), subject to pre-approval by the CCO or designee as outlined by the Pre-Clearance Procedures.

The pre-approval process, which includes the verification of adherence and record keeping is facilitated through the use of specific compliance software and includes regular monitoring and risk-based testing procedures conducted by the compliance team.

------

**Soft Dollars** 

Ranger seeks to employ a soft dollar policy that falls within the safe harbor established by Section 28(e) of the Securities Exchange Act of 1934. Ranger's use of soft dollar credits to pay for research and brokerage products or services might otherwise be borne by Ranger. Accordingly, there is a potential conflict of interest between a client's interests in obtaining best execution and Ranger's receipt of and payment for research through brokerage allocations as described above. To the extent Ranger obtains brokerage and research services that it otherwise would acquire at its own expense, Ranger may have incentive to place a greater volume of transactions or pay higher commissions than would otherwise be the case.

Research services, as that term is used in Section 28(e)(3), may include both services generated internally by a broker's own research staff and services obtained by the broker from a third-party research firm. The research services obtained may include a broad variety of financial and related information and services, including written or oral research and information relating to the economy, industries or industry segments, a specific company or group of companies, software or written financial data, electronic or other quotations or market information systems, financial or economic programs or seminars, or other similar services or information Ranger believes enhances its advisory functions and services. The soft dollar research Ranger obtains normally benefits many accounts rather than just the one(s) for which the order is being executed, and Ranger may not use all research in connection with the account(s) which paid commissions to the broker providing the research.

Generally, Ranger will attempt to place portfolio transactions with broker dealers who, in its opinion, provide the best combination of price and execution (including brokerage commissions). However, Ranger may pay a broker dealer a commission for effecting a transaction in excess of commission charged by another broker or dealer as long as Ranger makes a good faith determination that the amount of commission is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer.

To mitigate potential conflict of interest posed by soft dollar usage, Ranger implements compliance procedures to actively monitor soft dollar usage in context to its best execution policy. In addition, Ranger maintains an internal allocation procedure to identify those brokers who provided it with research and execution services that Ranger considers useful to its investment decision-making process.

**Compensation** 

Ranger's portfolio managers are equity principals of the Firm and are entitled to participate in the profitability of the Firm. The portfolio managers are generally also entitled to a salary and a variable annual bonus.

Bonuses are a function of Ranger's revenues, asset growth, how well the overall portfolio has performed, a portfolio manager's contribution to the client service function, input to the investment process, willingness to work in a team environment, and such portfolio manager's individual performance in comparison to comparable sectors of the Russell 2000 Growth Index.

Portfolio managers are also compensated indirectly through benefit programs such as 401(k) matching and fully paid healthcare packages.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

------

***Sands Capital Management, LLC ("Sands Capital")*** 

**Transamerica International Focus** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Danielle J. Menichella, CFA | 1 | $110.5 million | 6 | $3.7 billion | 9 | $462.1 million |
| Michael F. Raab, CFA | 0 | $0 | 5 | $3.9 billion | 3 | $35.1 million |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Danielle J. Menichella, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Michael F. Raab, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Conflicts of Interest** 

Because portfolio managers may manage multiple accounts for multiple clients, conflicts of interest may arise in connection with the portfolio managers' management of the fund's investments on the one hand and the investments of other clients on the other hand. For example, conflicts of interest could result from a portfolio manager's management of multiple accounts for multiple clients, the execution and allocation of investment opportunities, the use of brokerage commission to obtain research, and personal trading by firm employees. Sands Capital has addressed these conflicts by developing policies and procedures it believes are reasonably designed to treat all clients in a fair and equitable manner over time. Sands Capital's policies and procedures address such issues as execution of portfolio transactions, aggregation, and allocation of trades, directed brokerage, and the use of brokerage commissions. Additionally, Sands Capital maintains a Code of Ethics and Insider Trading Policies and Procedures that address rules on personal trading and insider information.

For a more detailed description of potential conflicts of interest, please refer to the language from Sands Capital's ADV Part 2A.

**Compensation** 

Compensation for Sands Capital's investment professionals is comprised of a salary competitive in the industry, an annual qualitative bonus based on subjective review of the employees' overall contribution, and a standard profit-sharing plan and 401(k) plan. Additional incentives include equity participation. The investment professionals also participate in an investment results bonus. The investment results bonus is calculated from the pre-tax performance variance of the Sands Capital composite returns and their respective benchmarks over 1, 3, and 5 year periods, weighted towards the 3 and 5 year results.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

------

***Systematic Financial Management, L.P. ("Systematic")*** 

**Transamerica Small Cap Value** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Kenneth W. Burgess, CFA | 2 | $472 million | 2 | $86 million | 178 | $3.12 billion |
| Rick Plummer, CFA | 2 | $472 million | 2 | $86 million | 178 | $3.12 billion |
| W. Ryan Wick, CFA | 2 | $472 million | 2 | $86 million | 178 | $3.12 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Kenneth W. Burgess, CFA | 0 | $0 | 0 | $0 | 1 | $217 million |
| Rick Plummer, CFA | 0 | $0 | 0 | $0 | 1 | $217 million |
| W. Ryan Wick, CFA | 0 | $0 | 0 | $0 | 1 | $217 million |

---

**Transamerica Small/Mid Cap Value** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Kenneth W. Burgess, CFA | 2 | $302 million | 2 | $86 million | 178 | $3.12 billion |
| Rick Plummer, CFA | 2 | $302 million | 2 | $86 million | 178 | $3.12 billion |
| W. Ryan Wick, CFA | 2 | $302 million | 2 | $86 million | 178 | $3.12 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Kenneth W. Burgess, CFA | 0 | $0 | 0 | $0 | 1 | $217 million |
| Rick Plummer, CFA | 0 | $0 | 0 | $0 | 1 | $217 million |
| W. Ryan Wick, CFA | 0 | $0 | 0 | $0 | 1 | $217 million |

---

**Conflict of Interest** 

Portfolio managers of Systematic Financial Management, LP ("Systematic") oversee the investment of various types of accounts in the same strategy, such as mutual funds, pooled investment vehicles and separate accounts for individuals and institutions. The simultaneous management of these diverse accounts and specific client circumstances may create perceived conflicts of interest related to differences in the investment management fees charged and unequal time and attention devoted to certain accounts. However, Systematic recognizes its affirmative duty to treat all accounts fairly and equitably over time and maintains a series of controls in furtherance of this goal.

Generally, portfolio managers apply investment decisions to all accounts utilizing a particular strategy on a pro rata basis, while also accounting for varying client circumstances, including client objectives and preferences, instructions, restrictions, account size, cash availability and current specific needs. Nevertheless, during the normal course of managing assets for multiple clients of different types and asset levels, portfolio managers may encounter conflicts of interest that could, if not properly addressed, be harmful to one or more of our clients. Those of a material nature that are encountered most frequently involve, without limitation, investment security selection, employee personal securities trading, proxy voting and the allocation of investment opportunities. To mitigate these potential conflicts and ensure its clients are not negatively impacted by the adverse actions of Systematic or its employees, Systematic has implemented a series of policies and procedures that are overseen by compliance professionals and, in Systematic's view, reasonably designed to prevent and detect conflicts.

For example, Systematic's Code of Ethics restricts employees' personal securities trading, forbids employees from giving, soliciting or accepting inappropriate gifts and entertainment and requires employees to receive explicit approval prior to serving as a board member or officer of a public company or rendering outside investment advice. Additionally, to effectively remove conflicts of interest related to voting proxies for accounts that have delegated such authority to Systematic, Systematic has a Proxy Voting Policy that provides for an independent third-party proxy voting agent, which agent's pre-determined voting policy guidelines Systematic has adopted. Systematic's Allocation and Aggregation and Trade Error Correction policies similarly seek to reduce potential conflicts of interest by promoting the fair and equitable allocation of investment opportunities among client accounts over time and the consistent resolution of trading errors.

Notably, Affiliated Managers Group, Inc. (NYSE: AMG), a publicly traded asset management company, holds its equity interest in Systematic through its holding companies Titan NJ LP Holdings LLC and Titan NJ GP Holdings, Inc. Systematic operates independently as a separate, autonomous affiliate of AMG, which has equity investments in a group of investment management firms including Systematic. The AMG Affiliates do not formulate advice for Systematic's clients and do not, in Systematic's view, present any potential conflict of interest with Systematic's clients.

------

**Compensation** 

The compensation package for portfolio managers Kenneth W. Burgess, CFA, Rick Plummer, CFA and W. Ryan Wick, CFA consists of a fixed base salary and a share of Systematic's revenues. Total compensation is influenced by Systematic's overall revenues and therefore is based in part on the aggregate performance of all of Systematic's portfolios. Portfolio managers are not compensated solely on the basis of the performance of, or the value of assets held in, any product managed by Systematic. Moreover, the portfolio managers are provided with a benefits package, including health insurance, and participation in a company 401(K) plan, comparable to that received by other Systematic employees.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

------

***Thompson, Siegel & Walmsley LLC ("TSW")*** 

**Transamerica Emerging Markets Equity** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Elliott W. Jones, CFA | 1 | $4.8 million | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Elliott W. Jones, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica International Equity** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Brandon H. Harrell, CFA | 5 | $2.82 billion | 4 | $1.74 billion | 11 | $4.03 billion |
| Stedman D. Oakey, CFA | 5 | $2.82 billion | 4 | $1.74 billion | 11 | $4.03 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Brandon H. Harrell, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Stedman D. Oakey, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica International Small Cap Value** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Brandon H. Harrell, CFA | 5 | $6.35 billion | 4 | $1.74 billion | 11 | $4.03 billion |
| Stedman D. Oakey, CFA | 5 | $6.35 billion | 4 | $1.74 billion | 11 | $4.03 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Brandon H. Harrell, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Stedman D. Oakey, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica Mid Cap Value Opportunities** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| R. Michael Creager, CFA | 4 | $1.89 billion | 1 | $134.7 million | 17 | $1.44 billion |
| Brett P. Hawkins, CFA | 5 | $1.12 billion | 3 | $224.5 million | 28 | $2.25 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| R. Michael Creager, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Brett P. Hawkins, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica Multi-Asset Income** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| William M. Bellamy, CFA | 2 | $87.3 million | 0 | $0 | 24 | $142.3 million |
| David McMackin, CFA | 2 | $87.3 million | 0 | $0 | 24 | $142.3 million |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| William M. Bellamy, CFA | 0 | $0 | 0 | $0 | 0 | $0  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled** <br> **Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled** <br> **Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| David McMackin, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica Small/Mid Cap Value** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| R. Michael Creager, CFA | 4 | $1.89 billion | 1 | $134.7 million | 17 | $1.44 billion |
| Brett P. Hawkins, CFA | 5 | $1.61 billion | 3 | $224.5 million | 28 | $2.25 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| R. Michael Creager, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Brett P. Hawkins, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Conflict of Interest** 

TSW seeks to minimize actual or potential conflicts of interest that may arise from its management of the fund and management of non-fund accounts. TSW has designed and implemented policies and procedures to address (although may not eliminate) potential conflicts of interest, including, among others, performance based fees; hedge funds; aggregation, allocation, and best execution or orders; TSW's Code of Ethics which requires personnel to act solely in the best interest of their clients and imposes certain restrictions on the ability of Access Persons to engage in personal securities transactions for their own account(s), and procedures to ensure soft dollar arrangements meet the necessary requirements of Section 28(e) of the Securities Exchange Act of 1934. TSW seeks to treat all clients fairly and to put clients' interests first.

**Compensation** 

TSW's compensation strategy is to provide competitive base salaries commensurate with an individual's responsibility and provide incentive bonus awards that may significantly exceed base salary. Annually, the TSW Compensation Committee is responsible for determining the discretionary bonuses, utilizing an analytical and qualitative assessment process. While it is not a formulaic decision, factors used to determine compensation include: overall firm success, investment team performance and individual contribution. A portion of the bonus (up to 35%) may be deferred into TSW Funds, Perpetual stock, or a combination of the two.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s), except as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Range of Securities Owned** | **Fund** |
| Brandon H. Harrell, CFA | Over $1,000,000 | Transamerica International Equity |
| R. Michael Creager, CFA | $10001 - $50000 | Transamerica Mid Cap Value Opportunities |
| Brett P. Hawkins, CFA | Over $1,000,000 | Transamerica Mid Cap Value Opportunities |
| William M. Bellamy, CFA | Over $1,000,000 | Transamerica Multi-Asset Income |
| Brandon H. Harrell, CFA | Over $1,000,000 | Transamerica International Small Cap Value |
| Stedman D. Oakey, CFA | Over $1,000,000 | Transamerica International Small Cap Value |

---

------

***Wellington Management Company LLP ("Wellington Management")*** 

**Transamerica Large Growth** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Douglas McLane, CFA | 9 | $23.47 billion | 13 | $2.81 billion | 13 | $4.62 billion |
| David Siegle, CFA | 9 | $23.47 billion | 10 | $2.07 billion | 13 | $4.62 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Douglas McLane, CFA | 3 | $702.58 million | 2 | $503.32 million | 0 | $0 |
| David Siegle, CFA | 2 | $503.32 million | 0 | $0 | 0 | $0 |

---

**Transamerica Mid Cap Growth** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Timothy N. Manning | 2 | $3.87 billion | 6 | $3.68 billion | 4 | $4.03 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Timothy N. Manning | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica US Growth** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Douglas McLane, CFA | 9 | $23.47 billion | 13 | $2.81 billion | 13 | $4.62 billion |
| David Siegle, CFA | 9 | $23.47 billion | 10 | $2.07 billion | 13 | $4.62 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Douglas McLane, CFA | 3 | $702.58 million | 2 | $503.32 million | 0 | $0 |
| David Siegle, CFA | 2 | $503.32 million | 0 | $0 | 0 | $0 |

---

**Conflict of Interest** 

Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions, such as pension funds, insurance companies, foundations, or separately managed account programs sponsored by financial intermediaries), bank common trust accounts, and hedge funds. The fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the fund ("Portfolio Managers") generally manage accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations and risk profiles that differ from those of the fund. The Portfolio Managers make investment decisions for each account, including the fund, based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, the Portfolio Managers may purchase or sell securities, including IPOs, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the fund and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the fund.

The Portfolio Managers or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the fund, or make investment decisions that are similar to those made for the fund, both of which have the potential to adversely impact the fund depending on market conditions. For example, the Portfolio Managers may purchase a security in one account while appropriately selling that same security in another account. Similarly, the Portfolio Managers may purchase the same security for the fund and one or more other accounts at or about the same time. In those instances the other accounts will have access to their respective holdings prior to the public disclosure of the fund's holdings. In addition, some of these accounts have fee structures, including performance fees, which are or have the potential to be higher, in some cases significantly higher, than the fees Wellington Management receives for managing the fund. Messrs. Manning, McLane and Siegle also manage accounts which pay performance allocations to Wellington Management or its affiliates. Because incentive payments paid by Wellington Management to the Portfolio Managers are tied to revenues earned by Wellington Management and, where noted, to the performance achieved by the manager in

------

each account, the incentives associated with any given account may be significantly higher or lower than those associated with other accounts managed by the Portfolio Managers. Finally, the Portfolio Managers may hold shares or investments in the other pooled investment vehicles and/or other accounts identified above.

Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of IPOs, and compliance with the firm's Code of Ethics, and places additional investment restrictions on investment professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

**Compensation** 

Wellington Management receives a fee based on the assets under management of each fund as set forth in the Investment Sub-advisory Agreement between Wellington Management and TAM on behalf of the fund. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to the fund. The following information relates to the fiscal year ended October 31, 2025. Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of the fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the fund (the "Portfolio Managers") includes a base salary and incentive components. The base salary for each Portfolio Manager who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. The base salary for each other Portfolio Manager is determined by the Portfolio Manager's experience and performance in his role as Portfolio Manager. Base salaries for Wellington Management's employees are reviewed annually and may be adjusted based on the recommendation of a Portfolio Manager's manager, using guidelines established by Wellington Management's Compensation Committee, which has final oversight responsibility for base salaries of employees of the firm. Each Portfolio Manager is eligible to receive an incentive payment based on the revenues earned by Wellington Management from the fund managed by the Portfolio Manager and generally each other account managed by such Portfolio Manager. Each Portfolio Manager's incentive payment relating to the relevant fund is linked to the gross pre-tax performance of a representative account managed by the Portfolio Manager compared to the benchmark index and/or peer group identified below over one, three and five year periods, with an emphasis on five year results. Wellington Management applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rates may differ) to other accounts managed by the Portfolio Managers, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an investment professional can, and typically do, represent a significant portion of an investment professional's overall compensation; incentive compensation varies significantly by individual and can vary significantly from year to year.

The Portfolio Managers may also be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Messrs. Manning and McLane are Partners.

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp; **Benchmark Index and/or Peer Group**<br> **for Incentive Period**<br>|
| Transamerica Large Growth | Russell 1000<sup>®</sup> Growth Index |
| Transamerica Mid Cap Growth | Russell Midcap Growth<sup>®</sup> Index |
| Transamerica US Growth | Russell 1000<sup>®</sup> Growth Index |

---

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s), except as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Range of Securities Owned** | **Fund** |
| Douglas McLane, CFA | $500001 – $1000000 | Transamerica US Growth |

---

------

**Appendix C – Securities Lending Activities** 

(for the fiscal year ended October 31, 2025)

---

| | |
|:---|:---|
| **Transamerica Bond** | **Transamerica Bond** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $699973.89 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $8171.41 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $5099.82 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $613046.66 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $626317.89 |
| Net income from securities lending activities | &nbsp;&nbsp; $73656.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Capital Growth** | **Transamerica Capital Growth** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $807390.88 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $15951.45 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $5319.43 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $642559.00 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $663829.88 |
| Net income from securities lending activities | &nbsp;&nbsp; $143561.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Core Bond** | **Transamerica Core Bond** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $233088.82 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $3562.94 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $1610.38 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $195878.50 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $201051.82 |
| Net income from securities lending activities | &nbsp;&nbsp; $32037.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $286412.74 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $4101.34 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $2133.01 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $243284.39 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $249518.74 |
| Net income from securities lending activities | &nbsp;&nbsp; $36894.00 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Emerging Markets Equity** | **Transamerica Emerging Markets Equity** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $35236.42 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $2211.42 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $177.62 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $12919.38 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $15308.42 |
| Net income from securities lending activities | &nbsp;&nbsp; $19928.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $81153.38 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $4598.84 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $378.11 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $34784.43 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $39761.38 |
| Net income from securities lending activities | &nbsp;&nbsp; $41392.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Floating Rate** | **Transamerica Floating Rate** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $54134.95 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $905.63 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $404.18 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $44677.14 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $45986.95 |
| Net income from securities lending activities | &nbsp;&nbsp; $8148.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica High Yield Bond** | **Transamerica High Yield Bond** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $5130539.10 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $124779.53 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $35893.69 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $3847036.88 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $4007710.10 |
| Net income from securities lending activities | &nbsp;&nbsp; $1122829.00 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica High Yield Muni** | **Transamerica High Yield Muni** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $49.95 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $4.95 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| &nbsp;&nbsp; $0.00 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $0.00 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $4.95 |
| Net income from securities lending activities | &nbsp;&nbsp; $45.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $57387.34 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $698.06 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $422.07 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $50052.21 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $51172.34 |
| Net income from securities lending activities | &nbsp;&nbsp; $6215.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica International Equity** | **Transamerica International Equity** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $1247106.78 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $45600.04 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $6672.75 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $784414.99 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $836687.78 |
| Net income from securities lending activities | &nbsp;&nbsp; $410419.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica International Focus** | **Transamerica International Focus** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $86547.11 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $3085.92 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $488.15 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $55199.04 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $58773.11 |
| Net income from securities lending activities | &nbsp;&nbsp; $27774.00 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica International Small Cap Value** | **Transamerica International Small Cap Value** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $263418.36 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $14752.79 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $1251.96 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $114570.61 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $130575.36 |
| Net income from securities lending activities | &nbsp;&nbsp; $132843.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica International Stock** | **Transamerica International Stock** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $150614.66 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $4005.36 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $795.67 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $92776.63 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $97577.66 |
| Net income from securities lending activities | &nbsp;&nbsp; $53037.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Large Core ESG** | **Transamerica Large Core ESG** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $4398.75 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $45.78 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $32.75 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $3908.22 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $3986.75 |
| Net income from securities lending activities | &nbsp;&nbsp; $412.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Large Growth** | **Transamerica Large Growth** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $53742.02 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $693.50 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $379.33 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $46417.19 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $47490.02 |
| Net income from securities lending activities | &nbsp;&nbsp; $6252.00 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Long Credit** | **Transamerica Long Credit** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $248264.19 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $2803.67 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $1845.46 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $218400.06 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $223049.19 |
| Net income from securities lending activities | &nbsp;&nbsp; $25215.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $386.01 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $8.95 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| &nbsp;&nbsp; $2.45 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $294.61 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $306.01 |
| Net income from securities lending activities | &nbsp;&nbsp; $80.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $149375.84 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $3701.10 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $889.02 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $111484.72 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $116074.84 |
| Net income from securities lending activities | &nbsp;&nbsp; $33301.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $1256199.24 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $21198.58 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $8981.98 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $1035246.68 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $1065427.24 |
| Net income from securities lending activities | &nbsp;&nbsp; $190772.00 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $53483.23 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $787.08 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $367.89 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $45248.26 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $46403.23 |
| Net income from securities lending activities | &nbsp;&nbsp; $7080.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $399275.02 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $8199.79 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $2807.25 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $314473.98 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $325481.02 |
| Net income from securities lending activities | &nbsp;&nbsp; $73794.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $19658.21 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $672.09 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $104.90 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $12829.22 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $13606.21 |
| Net income from securities lending activities | &nbsp;&nbsp; $6052.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Small Cap Value** | **Transamerica Small Cap Value** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $28639.81 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $2706.65 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $65.63 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $1489.53 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $4261.81 |
| Net income from securities lending activities | &nbsp;&nbsp; $24378.00 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $162833.52 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $10457.67 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $636.51 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $57596.34 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $68690.52 |
| Net income from securities lending activities | &nbsp;&nbsp; $94143.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Strategic Income** | **Transamerica Strategic Income** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $272977.00 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $5174.75 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $2035.84 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $219188.41 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $226399.00 |
| Net income from securities lending activities | &nbsp;&nbsp; $46578.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $32662.76 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $1145.43 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in <br> the revenue split<br>| &nbsp;&nbsp; $174.05 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $21023.28 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $22342.76 |
| Net income from securities lending activities | &nbsp;&nbsp; $10320.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica UltraShort Bond** | **Transamerica UltraShort Bond** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $52.88 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $0.38 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| &nbsp;&nbsp; $0.40 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $49.10 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $49.88 |
| Net income from securities lending activities | &nbsp;&nbsp; $3.00 |

---

------

Transamerica Funds

Statement of Additional Information

**March 1, 2026** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp; **Class R**<br> **Ticker**<br>| &nbsp;&nbsp;&nbsp; **Class R4**<br> **Ticker**<br>| &nbsp;&nbsp;&nbsp; **Class I3**<br> **Ticker**<br>|
| Transamerica Asset Allocation Intermediate Horizon | TAARX | TAAFX | - |
| Transamerica Asset Allocation Long Horizon | TALRX | TALFX | - |
| Transamerica Asset Allocation Short Horizon | TSHRX | TSHFX | - |
| Transamerica Balanced II | TBLRX\* | TBLFX | TBLTX |
| Transamerica Bond | TAADX | - | - |
| Transamerica Capital Growth | TAAEX | - | - |
| Transamerica Core Bond | TMBRX | TMBFX | TMBTX |
| Transamerica Emerging Markets Equity | TEORX\* | TEOPX\* | - |
| Transamerica Government Money Market<sup>1</sup> <br>| - | TFGXX | TGTXX |
| Transamerica High Yield Bond | TAHRX | TAHFX | TAHTX |
| Transamerica Inflation Opportunities | TIODX | TIOEX | TIOBX |
| Transamerica International Equity | TRWRX | TRWFX | TRWTX |
| Transamerica Large Core ESG | TLARX | TLAFX | TLATX |
| Transamerica Large Growth | TGWRX | TGWFX | TGWTX |
| Transamerica Large Value Opportunities | TLORX | TLOFX | TLOTX |
| Transamerica Mid Cap Growth | TMIRX | TMIFX | TMITX |
| Transamerica Mid Cap Value Opportunities | TOTRX | TOTFX | TOTTX |
| Transamerica Multi-Managed Balanced | TAAHX | - | - |
| Transamerica Short-Term Bond | TAASX | TAAUX | TAAQX |
| Transamerica Small Cap Growth | TSPRX | TSPFX | TSPTX |
| Transamerica Small Cap Value | TRSLX | TSLFX | TSLTX |

---

<sup>1</sup>Class R2: TGRXX

Each of the funds listed above is a series of Transamerica Funds. Each fund with "–" listed for a share class above indicates that share class is not a share class of the fund.

\* This class of the fund is not currently offered.

This Statement of Additional Information ("SAI") is not a prospectus, and should be read in conjunction with the funds' prospectus dated March 1, 2026, as it may be supplemented or revised from time to time.

This SAI is incorporated by reference in its entirety into the prospectus. The prospectus and this SAI may be obtained free of charge by writing or calling the funds at the below address or toll-free telephone number. This SAI sets forth information that may be of interest to shareholders, but that is not necessarily included in the prospectus. Additional information about the funds' investments is available in the funds' Annual and Semi-Annual Reports to shareholders and in Form N-CSR, which may be obtained free of charge by writing or calling the funds at the below address or telephone number. The [funds' financial statements](https://www.sec.gov/ix?doc=/Archives/edgar/data/787623/000119312526004640/d66697dncsr.htm) are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Investment Manager: Transamerica Asset Management, Inc.** 

1801 California Street, Suite 5200

Denver, CO 80202

Customer Service (888) 233-4339 (toll free)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**TABLE OF CONTENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Page** |
| [General Description of the Trust and the Funds](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_1) | 1 |
| [Investment Objectives, Policies, Practices and Associated Risk Factors](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_1) | 1 |
| [Investment Policies](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_1) | 1 |
| [Additional Information Regarding Investment Practices](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_4) | 4 |
| [Portfolio Turnover](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_36) | 36 |
| [Disclosure of Portfolio Holdings](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_36) | 36 |
| [Management of the Trust](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_39) | 39 |
| [Board Members and Officers](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_39) | 39 |
| [Trustee Ownership of Equity Securities](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_46) | 46 |
| [Trustee Compensation](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_47) | 47 |
| [Shareholder Communication Procedures with the Board of Trustees](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_48) | 48 |
| [Code of Ethics](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_48) | 48 |
| [Proxy Voting Policies and Procedures](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_48) | 48 |
| [Investment Management and Other Services](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_48) | 48 |
| [The Investment Manager](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_48) | 48 |
| [Conflicts of Interest](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_54) | 54 |
| [Sub-Advisers](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_58) | 58 |
| [Portfolio Manager Information](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_61) | 61 |
| [Transfer Agent](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_61) | 61 |
| [Custodian](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_61) | 61 |
| [Securities Lending Activities](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_61) | 61 |
| [Independent Registered Public Accounting Firm](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_62) | 62 |
| [Distributor and Distribution Plan](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_62) | 62 |
| [Purchase, Redemption and Pricing of Shares](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_63) | 63 |
| [Purchase of Shares](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_63) | 63 |
| [Redemption of Shares](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_64) | 64 |
| [Net Asset Valuation ("NAV") Determination](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_65) | 65 |
| [Brokerage](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_66) | 66 |
| [Principal Shareholders and Control Persons](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_72) | 72 |
| [Further Information About the Trust and the Funds](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_98) | 98 |
| [Dividends and Other Distributions](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_100) | 100 |
| [Taxes](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_100) | 100 |
| [Financial Statements](#xx_ecba1227-9769-41c1-b2ed-bb2802a2f8e9_107) | 107 |
| [Appendix A – Proxy Voting Policies](#xx_008c6cc2-2265-443c-96f8-c81a37a1d92a_1) | A-1 |
| [Appendix B – Portfolio Managers](#xx_5547e916-4aca-4341-9bdb-ff2d6d316e73_1) | B-1 |
| [Appendix C – Securities Lending Activities](#xx_d7b7ecea-e546-46d2-8459-358fb29b79c3_1) | C-1 |

---

------

**General Description of the Trust and the Funds** 

Transamerica Funds (the "Trust") is an open-end management investment company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Shares of the Trust are currently divided into separate series (each a "fund" or together, the "funds") described herein. Each fund offers one or more classes. The Trust may create additional series and classes from time to time.

The Trust was organized as a Delaware statutory trust on February 25, 2005. Prior to March 1, 2008, the Trust's name was Transamerica IDEX Mutual Funds. The Trust is the successor to a Massachusetts business trust named Transamerica IDEX Mutual Funds.

Each fund is classified as diversified under the 1940 Act.

Transamerica Asset Management, Inc. ("TAM" or the "Investment Manager") is the investment manager for each fund.

During the last five years, the names of certain funds have changed as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Fund Name History** |
| Transamerica Asset Allocation Intermediate Horizon | N/A |
| Transamerica Asset Allocation Long Horizon | N/A |
| Transamerica Asset Allocation Short Horizon | N/A |
| Transamerica Balanced II | N/A |
| Transamerica Bond | N/A |
| Transamerica Capital Growth | N/A |
| Transamerica Core Bond | &nbsp;&nbsp; Transamerica Intermediate Bond was renamed Transamerica Core Bond <br> on November 1, 2022.<br>|
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; Transamerica Emerging Markets Opportunities was renamed <br> Transamerica Emerging Markets Equity on August 30, 2024.<br>|
| Transamerica Government Money Market | N/A |
| Transamerica High Yield Bond | N/A |
| Transamerica Inflation Opportunities | N/A |
| Transamerica International Equity | N/A |
| Transamerica Large Core ESG | &nbsp;&nbsp; Transamerica Large Core was renamed Transamerica Large Core ESG on March 1, <br> 2023.<br>|
| Transamerica Large Growth | N/A |
| Transamerica Large Value Opportunities | N/A |
| Transamerica Mid Cap Growth | N/A |
| Transamerica Mid Cap Value Opportunities | N/A |
| Transamerica Multi-Managed Balanced | N/A |
| Transamerica Short-Term Bond | N/A |
| Transamerica Small Cap Growth | N/A |
| Transamerica Small Cap Value | N/A |

---

**Investment Objectives, Policies, Practices and Associated Risk Factors** 

The investment objective of each fund and the strategies each fund employs to achieve its objective are described in each fund's prospectus. There can be no assurance that a fund will achieve its objective.

As indicated in each prospectus in the sections entitled "More on Each Fund's Strategies and Investments" and "Features and Policies - Additional Information," each fund's investment objective and, unless otherwise noted in the prospectus or in this SAI, its investment policies and techniques may be changed by the funds' Board of Trustees (the "Board") without approval of shareholders. A change in the investment objective or policies of a fund may result in the fund having an investment objective or policies different from those which a shareholder deemed appropriate at the time of investment.

**Investment Policies** 

**Fundamental Investment Policies** 

Fundamental investment policies of each fund may not be changed without the vote of a majority of the outstanding voting securities of the fund, defined under the 1940 Act as the lesser of (a) 67% or more of the voting securities of the fund present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities of the fund are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of the fund.

Each fund has adopted the following fundamental policies:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Borrowing** 

The fund may not borrow money, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction.

**2. Underwriting Securities** 

The fund may not engage in the business of underwriting the securities of other issuers except as permitted by the 1940 Act.

**3. Making Loans** 

The fund may make loans only as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.

**4. Senior Securities** 

The fund may not issue any senior security, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted from time to time by regulatory authority having jurisdiction.

**5. Real Estate** 

The fund may not purchase or sell real estate except as permitted by the 1940 Act.

**6. Commodities** 

The fund may not purchase physical commodities or contracts relating to physical commodities, except as permitted from time to time under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction.

**7. Concentration of Investments** 

The fund may not make any investment if, as a result, the fund's investments will be concentrated in any one industry, as the relevant terms are used in the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

Solely for purposes of the above fundamental investment policies, the "1940 Act" shall mean the Investment Company Act of 1940 and the rules and regulations thereunder, all as amended from time to time, or other successor law governing the regulation of investment companies, or interpretations or modifications thereof by the U.S. Securities and Exchange Commission (the "SEC"), SEC staff or other authority, or exemptive or other relief or permission from the SEC, SEC staff or other authority.

**Additional Information about Fundamental Investment Policies** 

The following provides additional information about each fund's fundamental investment policies. This information does not form part of the funds' fundamental investment policies.

With respect to the fundamental policy relating to borrowing money set forth in (1) above, the 1940 Act permits a fund to borrow money in amounts of up to one-third of the fund's total assets from banks for any purpose, and to borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes (the fund's total assets include the amounts being borrowed). To limit the risks attendant to borrowing, the 1940 Act requires the fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the fund's total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. In accordance with Rule 18f-4 under the 1940 Act, when a fund engages in reverse repurchase agreements and similar financing transactions, the fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions as "derivative transactions" under Rule 18f-4 and comply with Rule 18f-4 with respect to such transactions.

With respect to the fundamental policy relating to underwriting set forth in (2) above, the 1940 Act does not prohibit a fund from engaging in the underwriting business or from underwriting the securities of other issuers; in fact, the 1940 Act permits a fund to have underwriting commitments of up to 25% of its assets under certain circumstances. Those circumstances currently are that the amount of the fund's underwriting commitments, when added to the value of the fund's investments in issuers where the fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. A fund engaging in transactions involving the acquisition or disposition of portfolio securities may be considered to be an underwriter under the Securities Act of 1933, as amended (the "1933 Act"). Under the 1933 Act, an underwriter may be liable for material omissions or misstatements in an issuer's registration statement or prospectus. Securities purchased from an issuer and not registered for sale under the 1933 Act are considered restricted securities. If these securities are registered under the 1933 Act, they may then be eligible for sale but participating in the sale may subject the seller to underwriter liability. Although it is not believed that the application of the 1933 Act provisions described above would cause a fund to be engaged in the business of underwriting, the policy in (2) above will be interpreted not to prevent the fund from engaging in transactions involving the acquisition or disposition of portfolio securities, regardless of whether the fund may be considered to be an underwriter under the 1933 Act.

With respect to the fundamental policy relating to lending set forth in (3) above, the 1940 Act does not prohibit a fund from making loans; however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets. Each fund will be permitted by this policy to make loans of money, including to other funds, portfolio securities or other assets. Each fund has obtained exemptive relief from the SEC to make short term loans to other Transamerica funds through a credit facility in order to satisfy redemption requests or to

------

cover unanticipated cash shortfalls; as discussed below under "Additional Information - Interfund Lending". The conditions of the SEC exemptive order permitting interfund lending are designed to minimize the risks associated with interfund lending, however no lending activity is without risk.

With respect to the fundamental policy relating to issuing senior securities set forth in (4) above, "senior securities" are defined as fund obligations that have a priority over the fund's shares with respect to the payment of dividends or the distribution of fund assets. The 1940 Act prohibits a fund from issuing senior securities, except that the fund may borrow money in amounts of up to one-third of the fund's total assets from banks for any purpose. A fund also may borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes, and these borrowings are not considered senior securities. The issuance of senior securities by a fund can increase the speculative character of the fund's outstanding shares through leveraging.

With respect to the fundamental policy relating to real estate set forth in (5) above, the 1940 Act does not prohibit a fund from owning real estate; however, a fund is limited in the amount of illiquid assets it may purchase. To the extent that investments in real estate are considered illiquid, rules under the 1940 Act generally limit a fund's purchases of illiquid investments to 15% of net assets. The policy in (5) above will be interpreted not to prevent a fund from investing in real estate-related companies, companies whose businesses consist in whole or in part of investing in real estate, mortgage-backed securities ("MBS") instruments (like mortgages) that are secured by real estate or interests therein, or real estate investment trust securities. Investing in real estate may involve risks, including that real estate is generally considered illiquid and may be difficult to value and sell. In addition, owners of real estate may be subject to various liabilities, including environmental liabilities.

With respect to the fundamental policy relating to commodities set forth in (6) above, the 1940 Act does not prohibit a fund from owning commodities, whether physical commodities and contracts related to physical commodities (such as oil or grains and related futures contracts), or financial commodities and contracts related to financial commodities (such as currencies and, possibly, currency futures). However, a fund is limited in the amount of illiquid assets it may purchase. To the extent that investments in commodities are considered illiquid, rules under the 1940 Act generally limit a fund's purchases of illiquid investments to 15% of net assets.

With respect to the fundamental policy relating to concentration set forth in (7) above, the 1940 Act does not define what constitutes "concentration" in an industry. The SEC staff has taken the position that investment of 25% or more of a fund's total assets in one or more issuers conducting their principal activities in the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration could change in the future. The policy in (7) above will be interpreted to refer to concentration as that term may be interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following: securities of the U.S. government and its agencies or instrumentalities; tax-exempt securities of state, territory, possession or municipal governments and their authorities, agencies, instrumentalities or political subdivisions (excluding private activity municipal securities backed principally by non-governmental issuers); and repurchase agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be considered to be members of any industry. There also will be no limit on investment in issuers based solely on their domicile in a single jurisdiction or country as an issuer's domicile will not be considered an industry for purposes of the policy. A type of investment (e.g., equity securities, fixed-income securities, investment companies, etc.) will not be considered to be an industry under the policy. The policy also will be interpreted to give broad authority to a fund as to how to reasonably classify issuers within or among industries. For purposes of determining compliance with its concentration policy, each fund will consider the holdings of any underlying Transamerica-sponsored mutual funds in which the fund invests. The funds intend to comply with the SEC staff's view that securities issued by a foreign government constitute a single industry for purposes of calculating applicable limits on concentration.

The funds' fundamental policies are written and will be interpreted broadly. For example, the policies will be interpreted to refer to the 1940 Act and the related rules as they are in effect from time to time, and to interpretations and modifications of or relating to the 1940 Act by the SEC, its staff and others as they are given from time to time. When a policy provides that an investment practice may be conducted as permitted by the 1940 Act, the practice will be considered to be permitted if either the 1940 Act permits the practice or the 1940 Act does not prohibit the practice.

Except for the fundamental policy on borrowing set forth in (1) above, if any percentage restriction described above is complied with at the time of an investment, a later increase or decrease in the percentage resulting from a change in values or assets will not constitute a violation of such restriction.

The investment practices described above involve risks. Please see your fund's prospectus(es) and this SAI for a description of certain of these risks.

**Non-Fundamental Policies** 

The funds have adopted the following non-fundamental policies, which may be changed by the Board of the Trust without shareholder approval.

**1.** **Illiquid investments (all funds)** 

No fund may purchase any investment if, as a result, more than 15% of its net assets (5% of total assets with respect to Transamerica Government Money Market) would be invested in illiquid investments.

**2.** **Purchasing securities on margin (all funds)** 

------

No fund may purchase securities on margin except to obtain such short-term credits as are necessary for the clearance of transactions, provided that margin payments and other deposits made in connection with transactions in options, futures contracts, swaps, forward contracts and other derivative instruments shall not constitute purchasing securities on margin.

**3.** **Underlying funds in funds-of-funds investment limitation (applicable funds: each fund in which Transamerica Asset Allocation Intermediate Horizon, Transamerica Asset Allocation Long Horizon and Transamerica Asset Allocation Short Horizon may invest as indicated in the "List and Description of Certain Underlying Funds" section of the prospectus)** 

No fund may acquire any securities of registered open-end investment companies or registered unit investment trusts in reliance on the provisions of Section 12(d)(1)(F) or Section 12(d)(1)(G) of the Investment Company Act of 1940, as amended. This policy does not prevent a fund from investing in securities of registered open-end investment companies or registered unit investment trusts in reliance on any other provision of applicable law or regulation.

**Additional Information Regarding Investment Practices**

Each fund's principal investment strategies are set forth in its prospectus. This section further explains policies and strategies that may be utilized by the funds.

Please refer to each fund's prospectus and investment restrictions for the policies and strategies pertinent to a particular fund.

Unless otherwise indicated, all limitations applicable to fund investments (as stated in the prospectus and elsewhere in this SAI) apply only at the time a transaction is entered into. If a percentage limitation is complied with at the time of an investment, any subsequent change in percentage resulting from a change in values or assets, or a change in credit quality, will not constitute a violation of that limitation. There is no limit on the ability of a fund to make any type of investment or to invest in any type of security, except as expressly stated in the prospectus(es) or in this SAI or as imposed by law. Derivative instruments are taken into account when determining compliance with a fund's 80% policy and any other investment limitations expressed as a percentage of assets.

**Debt Securities and Fixed-Income Investing** 

Debt securities include securities such as corporate bonds and debentures; commercial paper; trust preferreds, debt securities issued by the U.S. government, its agencies and instrumentalities; or foreign governments; asset-backed securities; collateralized-mortgage obligations ("CMOs"); zero coupon bonds; floating rate, inverse floating rate and index obligations; "strips"; structured notes; and pay-in-kind and step securities.

Fixed-income investing is the purchase of a debt security that maintains a level of income that does not change, at least for some period of time. When a debt security is purchased, the fund owns "debt" and becomes a creditor to the company or government.

Consistent with its investment policies, a fund may invest in debt securities, which may be referred to as fixed-income instruments. These may include securities issued by the U.S. government, its agencies or government-sponsored enterprises; corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper; mortgage-backed and other asset-backed securities; inflation-indexed bonds issued both by governments and corporations; structured notes, including hybrid or "indexed" securities, event-linked bonds and loan participations; delayed funding loans and revolving credit facilities; bank certificates of deposit ("CDs"), fixed time deposits and bankers' acceptances; repurchase agreements and reverse repurchase agreements; debt securities issued by state or local governments and their agencies, authorities and other government-sponsored enterprises; obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and obligations of international agencies or supranational entities. Consistent with its investment policies, a fund may invest in derivatives based on fixed-income instruments.

Generally, a fund uses the terms "debt security," "bond," "fixed-income instrument" and "fixed-income security" interchangeably, and these terms are interpreted broadly by a fund and include instruments that are intended to provide one or more of the characteristics of a direct investment in one or more debt securities. As new debt securities are developed, a fund may invest in those securities as well.

**Maturity and Duration:** The maturity of a fixed-income security is a measure of the time remaining until the final payment on the security is due. For simple fixed-income securities, duration indicates the average time at which the security's cash flows are to be received. For simple fixed-income securities with interest payments occurring prior to the payment of principal, duration is always less than maturity. For example, a current coupon bullet bond with a maturity of 3.5 years will have a duration of approximately three years. In general, the lower the stated or coupon rate of interest of a fixed-income security, the closer its duration will be to its final maturity; conversely, the higher the stated or coupon rate of interest of a fixed-income security, the shorter its duration will be compared to its final maturity. The determination of duration becomes more complex when fixed-income securities with features like floating coupon payments, optionality, prepayments, and structuring are evaluated. There are differing methodologies for computing effective duration prevailing in the industry. As a result, different investors may estimate duration differently.

Debt and fixed-income securities share three principal risks. First, the level of interest income generated by a fund's fixed-income investments may decline due to a decrease in market interest rates. If rates decline, when a fund's fixed-income securities mature or are sold, they may be replaced by lower-yielding investments. Second, the values of fixed-income securities fluctuate with changes in interest rates. A decrease in interest rates will generally result in an increase in the value of a fund's fixed-income investments. Conversely, during periods of rising interest rates, the value of a fund's fixed-income investments will generally decline. However, a change in interest rates will not have

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the same impact on all fixed rate securities. For example, the magnitude of these fluctuations will generally be greater when a fund's duration or average maturity is longer. Third, certain fixed-income securities are subject to credit risk, which is the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is unable to pay.

**Mortgage-Backed Securities** 

Mortgage-backed securities may be issued or guaranteed by the U.S. government, its agencies or instrumentalities, or private issuers such as banks, insurance companies, and savings and loans. Some of these securities, such as Government National Mortgage Association ("GNMA") certificates, are backed by the full faith and credit of the U.S. Treasury while others, such as Federal Home Loan Mortgage Corporation ("Freddie Mac") and Federal National Mortgage Association ("Fannie Mae") certificates, are not. The U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, but there can be no assurance that it will support these or other government-sponsored entities in the future.

Mortgage-backed securities represent interests in a pool of mortgages. Principal and interest payments made on the mortgages in the underlying mortgage pool are passed through to the fund. These securities are often subject to more rapid repayment than their stated maturity dates would indicate as a result of principal prepayments on the underlying loans. This can result in significantly greater price and yield volatility than with traditional fixed-income securities. During periods of declining interest rates, prepayments can be expected to accelerate which will shorten these securities' weighted average life and may lower their return. Conversely, in a rising interest rate environment, a declining prepayment rate will extend the weighted average life of these securities which generally would cause their values to fluctuate more widely in response to changes in interest rates.

The value of these securities also may change because of changes in the market's perception of the creditworthiness of the federal agency or private institution that issued or guarantees them. In addition, the mortgage securities market in general may be adversely affected by changes in governmental regulation or tax policies.

Mortgage-backed securities that are issued or guaranteed by the U.S. government, its agencies or instrumentalities, are not subject to a fund's industry concentration restrictions, by virtue of the exclusion from that test available to all U.S. government securities. In the case of privately issued mortgage-related securities, a fund may take the position that mortgage-related securities do not represent interests in any particular "industry" or group of industries.

As noted above, there are a number of important differences among the agencies and instrumentalities of the U.S. government that issue mortgage related securities and among the securities that they issue. Mortgage-related securities issued by GNMA include GNMA Mortgage Pass-Through Certificates (also known as "Ginnie Maes") which are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the U.S. GNMA is a wholly owned U.S. government corporation within the Department of Housing and Urban Development. GNMA certificates also are supported by the authority of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae include Fannie Mae Guaranteed Mortgage Pass-Through Certificates (also known as "Fannie Maes") which are solely the obligations of Fannie Mae and are not backed by or entitled to the full faith and credit of the U.S. Fannie Mae is a government-sponsored organization owned entirely by private stockholders. Fannie Maes are guaranteed as to the timely payment of the principal and interest by Fannie Mae. Mortgage-related securities issued by Freddie Mac include Freddie Mac Mortgage Participation Certificates (also known as "Freddie Macs" or "PCs"). Freddie Mac is a corporate instrumentality of the U.S., created pursuant to an act of Congress, which is owned entirely by Federal Home Loan Banks. Freddie Macs are not guaranteed by the U.S. or by any Federal Home Loan Banks and do not constitute a debt or obligation of the U.S. or of any Federal Home Loan Bank. Freddie Macs entitle the holder to the timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac guarantees either ultimate collection or the timely payment of all principal payments on the underlying mortgage loans. When Freddie Mac does not guarantee timely payment of principal, Freddie Mac may remit the amount due on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but in no event later than one year after it becomes payable.

CMOs, which are debt obligations collateralized by mortgage loans or mortgage pass-through securities, provide the holder with a specified interest in the cash flow of a pool of underlying mortgages or other mortgage-backed securities. Issuers of CMOs frequently elect to be taxed as pass-through entities known as real estate mortgage investment conduits. CMOs are issued in multiple classes, each with a specified fixed or floating interest rate and a final distribution date. The relative payment rights of the various CMO classes may be structured in many ways. In most cases, however, payments of principal are applied to the CMO classes in the order of their respective stated maturities, so that no principal payments will be made on a CMO class until all other classes having an earlier stated maturity date are paid in full. The classes may include accrual certificates (also known as "Z-Bonds"), which only accrue interest at a specified rate until other specified classes have been retired and are converted thereafter to interest-paying securities. They may also include planned amortization classes which generally require, within certain limits, that specified amounts of principal be applied on each payment date, and generally exhibit less yield and market volatility than other classes. In many cases, CMOs are issued or guaranteed by the U.S. government or its agencies or instrumentalities or may be collateralized by a fund of mortgages or mortgage-related securities guaranteed by such an agency or instrumentality. Certain CMOs in which a fund may invest are not guaranteed by the U.S. government or its agencies or instrumentalities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS may be issued by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

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SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a fund's yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a fund may fail to recoup some or all of its initial investment in these securities even if the security is in one of the highest rating categories.

The repayment of certain mortgage-related securities depends primarily on the cash collections received from the issuer's underlying asset portfolio and, in certain cases, the issuer's ability to issue replacement securities (such as asset-backed commercial paper). As a result, a fund could experience losses in the event of credit or market value deterioration in the issuer's underlying portfolio, mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations of maturing securities, or the issuer's inability to issue new or replacement securities. This is also true for other asset-backed securities. Upon the occurrence of certain triggering events or defaults, the investors in a security held by a fund may become the holders of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. If mortgage-backed securities or asset-backed securities are bought at a discount, however, both scheduled payments of principal and unscheduled prepayments will increase current and total returns and will accelerate the recognition of income.

Unlike mortgage-backed securities issued or guaranteed by the U.S. government or one of its sponsored entities, mortgage-backed securities issued by private issuers do not have a government or government-sponsored entity guarantee, but may have credit enhancement provided by external entities such as banks or financial institutions or achieved through the structuring of the transaction itself. Examples of such credit support arising out of the structure of the transaction include the issue of senior and subordinated securities (e.g., the issuance of securities by a special purpose vehicle in multiple classes or "tranches," with one or more classes being senior to other subordinated classes as to the payment of principal and interest, with the result that defaults on the underlying mortgage loans are borne first by the holders of the subordinated class); creation of "reserve funds" (in which case cash or investments, sometimes funded from a portion of the payments on the underlying mortgage loans, are held in reserve against future losses); and "over-collateralization" (in which case the scheduled payments on, or the principal amount of, the underlying mortgage loans exceeds that required to make payment of the securities and pay any servicing or other fees). However, there can be no guarantee that credit enhancements, if any, will be sufficient to prevent losses in the event of defaults on the underlying mortgage loans. A fund may also buy mortgage-backed securities without insurance or guarantees.

If a fund purchases subordinated mortgage-backed securities, the payments of principal and interest on the fund's subordinated securities generally will be made only after payments are made to the holders of securities senior to the fund's securities. Therefore, if there are defaults on the underlying mortgage loans, a fund will be less likely to receive payments of principal and interest, and will be more likely to suffer a loss. Privately issued mortgage-backed securities are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, mortgage-backed securities held in a fund may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans.

In addition, mortgage-backed securities that are issued by private issuers are not subject to the underwriting requirements for the underlying mortgages that are applicable to those mortgage-backed securities that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage-backed securities may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored mortgage-backed securities and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon rates and maturities of the underlying mortgage loans in a private-label mortgage-backed securities pool may vary to a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans. For these reasons, the loans underlying these securities have had, in many cases, higher default rates than those loans that meet government underwriting requirements.

The risk of non-payment is greater for mortgage-backed securities that are backed by mortgage pools that contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage payments by holders of adjustable rate mortgages.

A fund may invest in mortgage-related securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, and by private issuers entities, provided, however, that to the extent that a fund purchases mortgage-related securities from such issuers which may, solely for purposes of the 1940 Act, be deemed to be investment companies, the fund's investment in such securities will be subject to the limitations on its investment in investment company securities.

**Asset-Backed Securities** 

Asset-backed securities are generally issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pool of assets, or as debt instruments, which are generally issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. The pool of assets generally represents the obligations of a number of different parties.

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Asset-backed securities have many of the same characteristics and risks as the mortgage-backed securities described above, except that asset-backed securities may be backed by non-real-estate loans, leases or receivables such as auto, credit card or home equity loans.

Non-mortgage asset-backed securities are not issued or guaranteed by the U.S. government or its agencies or government-sponsored entities; however, the payment of principal and interest on such obligations may be guaranteed up to certain amounts and for a certain time period by a letter of credit issued by a financial institution (such as a bank or insurance company) which may be affiliated or unaffiliated with the issuers of such securities. In addition, such securities generally will have remaining estimated lives at the time of purchase of five years or less.

Asset-backed securities frequently carry credit protection in the form of extra collateral, subordinated certificates, cash reserve accounts, letters of credit or other enhancements. For example, payments of principal and interest may be guaranteed up to certain amounts and for a certain time period by a letter of credit or other enhancement issued by a financial institution. Assets that have been used to back asset-backed securities include motor vehicle installment sales contracts or installment loans secured by motor vehicles, and receivables from revolving credit (credit card) agreements. Other types of asset-backed securities include those that represent interest in pools of corporate bonds (such as collateralized bond obligations or "CBOs"), bank loans (such as collateralized loan obligations or "CLOs") and other debt obligations (such as collateralized debt obligations or "CDOs").

Asset-backed security values may also be affected by factors such as changes in interest rates, the availability of information concerning the pool and its structure, the creditworthiness of the servicing agent for the loan pool, the originator of the loans, or the financial institution providing any credit enhancement and the exhaustion of any credit enhancement. The risks of investing in asset-backed securities depend upon payment of the underlying loans by the individual borrowers (i.e., the backing asset). In its capacity as purchaser of an asset-backed security, a fund would generally have no recourse to the entity that originated the loans in the event of default by the borrower. If a letter of credit or other form of credit enhancement is exhausted or otherwise unavailable, holders of asset-backed securities may experience delays in payments or losses if the full amounts due on underlying assets are not realized. Asset-backed securities may also present certain additional risks related to the particular type of collateral. For example, credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. Asset-backed securities are also subject to prepayment risk, which may shorten the weighted average life of such securities and may lower their return. In addition, asset backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Asset-backed securities may be subject to greater risk of default during periods of economic downturn than other securities, which could result in possible losses to a fund. In addition, the secondary market for asset-backed securities may not be as liquid as the market for other securities which may result in a fund's experiencing difficulty in selling or valuing asset-backed securities.

**Corporate Debt Securities** 

Corporate debt securities exist in great variety, differing from one another in quality, maturity, and call or other provisions. Lower-grade bonds, whether rated or unrated, usually offer higher interest income, but also carry increased risk of default. Corporate bonds may be secured or unsecured, senior to or subordinated to other debt of the issuer, and, occasionally, may be guaranteed by another entity. In addition, they may carry other features, such as those described under "Convertible Securities" and "Variable or Floating Rate Securities," or have special features such as the right of the holder to shorten or lengthen the maturity of a given debt instrument, rights to purchase additional securities, rights to elect from among two or more currencies in which to receive interest or principal payments, or provisions permitting the holder to participate in earnings of the issuer or to participate in the value of some specified commodity, financial index, or other measure of value.

**Commercial Paper** 

Commercial paper refers to short-term unsecured promissory notes issued by commercial and industrial corporations to finance their current operations. Commercial paper may be issued at a discount and redeemed at par, or issued at par with interest added at maturity. The interest or discount rate depends on general interest rates, the credit standing of the issuer, and the maturity of the note, and generally moves in tandem with rates on large CDs and Treasury bills. An established secondary market exists for commercial paper, particularly that of stronger issuers which are rated by Moody's Investors Service ("Moody's") and Standard & Poor's Rating Group ("S&P"). Investments in commercial paper are subject to the risks that general interest rates will rise, that the credit standing or rating of the issuer will fall, or that the secondary market in the issuer's notes will become too limited to permit their liquidation at a reasonable price.

Commercial paper includes asset-backed commercial paper ("ABCP") that is issued by structured investment vehicles or other conduits. These conduits may be sponsored by mortgage companies, investment banking firms, finance companies, hedge funds, private equity firms and special purpose finance entities. ABCP typically refers to a debt security with an original term to maturity of up to 270 days, the payment of which is supported by cash flows from underlying assets, or one or more liquidity or credit support providers, or both. Assets backing ABCP, which may be included in revolving pools of assets with large numbers of obligors, include credit card, car loan and other consumer receivables and home or commercial mortgages, including subprime mortgages. The repayment of ABCP issued by a conduit depends primarily on the cash collections received from the conduit's underlying asset portfolio and the conduit's ability to issue new ABCP. Therefore, there could be losses to a fund investing in ABCP in the event of credit or market value deterioration in the conduit's underlying portfolio, mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations of maturing ABCP, or the

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conduit's inability to issue new ABCP. To protect investors from these risks, ABCP programs may be structured with various protections, such as credit enhancement, liquidity support, and commercial paper stop-issuance and wind-down triggers. However, there can be no guarantee that these protections will be sufficient to prevent losses to investors in ABCP.

Some ABCP programs provide for an extension of the maturity date of the ABCP if, on the related maturity date, the conduit is unable to access sufficient liquidity through the issue of additional ABCP. This may delay the sale of the underlying collateral, and a fund may incur a loss if the value of the collateral deteriorates during the extension period. Alternatively, if collateral for ABCP deteriorates in value, the collateral may be required to be sold at inopportune times or at prices insufficient to repay the principal and interest on the ABCP. ABCP programs may provide for the issuance of subordinated notes as an additional form of credit enhancement. The subordinated notes are typically of a lower credit quality and have a higher risk of default. A fund purchasing these subordinated notes will therefore have a higher likelihood of loss than investors in the senior notes.

**Bank Obligations** 

Bank obligations include dollar-denominated CDs, time deposits and bankers' acceptances and other short-term debt obligations issued by domestic banks, foreign subsidiaries or foreign branches of domestic banks, domestic and foreign branches of foreign banks, domestic savings and loan associations and other banking institutions. CDs are short-term, unsecured, negotiable obligations of commercial banks. Time deposits are non-negotiable deposits maintained in banks for specified periods of time at stated interest rates. Bankers' acceptances are negotiable time drafts drawn on commercial banks usually in connection with international transactions.

Domestic commercial banks organized under federal law are supervised and examined by the Comptroller of the Currency and are required to be members of the Federal Reserve System and to be insured by the Federal Deposit Insurance Corporation ("FDIC"). Domestic banks organized under state law are supervised and examined by state banking authorities, but are members of the Federal Reserve System only if they elect to join. Most state institutions are insured by the FDIC (although such insurance may not be of material benefit to a fund, depending upon the principal amount of obligations of each held by the fund) and are subject to federal examination and to a substantial body of federal law and regulation. As a result of federal and state laws and regulations, domestic banks are, among other things, generally required to maintain specified levels of reserves and are subject to other supervision and regulation designed to promote financial soundness. However, not all of such laws and regulations apply to the foreign branches of domestic banks.

Obligations of foreign branches and subsidiaries of domestic banks and foreign branches of foreign banks, such as CDs and time deposits, may be general obligations of the parent bank in addition to the issuing branch, or may be limited by the terms of a specific obligation and governmental regulation. Such obligations are subject to different risks than are those of domestic banks or domestic branches of foreign banks. These risks include foreign economic and political developments, foreign governmental restrictions that may adversely affect payment of principal and interest on the obligations, foreign exchange controls and foreign withholding and other taxes on interest income. Foreign branches of domestic banks and foreign branches of foreign banks are not necessarily subject to the same or similar regulatory requirements that apply to domestic banks, such as mandatory reserve requirements, loan limitations and accounting, auditing and financial recordkeeping requirements. In addition, less information may be publicly available about a foreign branch of a domestic bank or about a foreign bank than about a domestic bank.

Obligations of domestic branches of foreign banks may be general obligations of the parent bank, in addition to the issuing branch, or may be limited by the terms of a specific obligation and by state and federal regulation as well as governmental action in the country in which the foreign bank has its head office. A domestic branch of a foreign bank with assets in excess of $1 billion may or may not be subject to reserve requirements imposed by the Federal Reserve System or by the state in which the branch is located if the branch is licensed in that state. In addition, branches licensed by the Comptroller of the Currency and branches licensed by certain states ("State Branches") may or may not be required to: (i) pledge to the regulator, by depositing assets with a designated bank within the state; and (ii) maintain assets within the state in an amount equal to a specified percentage of the aggregate amount of liabilities of the foreign bank payable at or through all of its agencies or branches within the state. The deposits of State Branches may not necessarily be insured by the FDIC. In addition, there may be less publicly available information about a domestic branch of a foreign bank than about a domestic bank.

**Bank Capital Securities:** Bank capital securities are issued by banks to help fulfill their regulatory capital requirements. There are two common types of bank capital: Tier I and Tier II. Bank capital is generally, but not always, of investment grade quality. Tier I securities often take the form of trust preferred securities. Tier II securities are commonly thought of as hybrids of debt and preferred stock, are often perpetual (with no maturity date), callable and, under certain conditions, allow for the issuer bank to withhold payment of interest until a later date.

**Collateralized Debt Obligations** 

Collateralized debt obligations ("CDOs") include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust or other special purpose entity ("SPE") which is typically backed by a diversified pool of fixed-income securities (which may include high-risk, below-investment-grade securities). A CLO is a trust or other SPE that is typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Although certain CDOs may receive credit enhancement in the form of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be present, and may fail to protect a fund against the risk of loss on default of the collateral. Certain CDOs may use derivatives contracts to create "synthetic" exposure to assets rather than holding such assets directly. CDOs may charge management fees and administrative expenses, which are in addition to those of a fund.

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For both CBOs and CLOs, the cashflows from the SPE are split into two or more portions, called tranches, which vary in risk and yield. The riskier portions are the residual, equity, and subordinate tranches, which bear some or all of the risk of default by the bonds or loans in the trust, and therefore protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically has higher ratings and lower yields than its underlying securities, and can be rated investment grade. Despite the protection from the riskier tranches, senior CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default, the total loss of the riskier tranches due to losses in the collateral, market anticipation of defaults, fraud by the trust, the illiquidity of CBO or CLO securities, and investor aversion to CBO or CLO securities as a class. Interest on certain tranches of a CDO may be paid in kind (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments.

The risks of an investment in a CDO depend largely on the type of underlying collateral securities and the tranche of the CDO in which a fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by a fund as illiquid investments. However, an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the risks typically associated with fixed-income securities discussed elsewhere in this SAI and a fund's prospectus (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the collateral may decline in value or default; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) the CDO's manager may perform poorly.

**Zero Coupon, Step Coupon, Deferred Payment, Stripped and Pay-In-Kind Securities** 

Zero coupon bonds are issued and traded at a discount from their face values. They do not entitle the holder to any periodic payment of interest prior to maturity. Step coupon bonds are issued and trade at a discount from their face values and pay coupon interest. The coupon rate typically is low for an initial period and then increases to a higher coupon rate thereafter. Deferred payment securities are securities that remain zero coupon securities until a predetermined date, at which time the stated coupon rate becomes effective and interest becomes payable at regular intervals. The discount from the face amount or par value depends on the time remaining until cash payments begin, prevailing interest rates, liquidity of the security and the perceived credit quality of the issuer. Stripped securities are securities that are stripped of their interest after the securities are issued, but otherwise are comparable to zero coupon bonds. Pay-in-kind securities may pay all or a portion of their interest or dividends in the form of additional securities. Upon maturity, the holder is entitled to receive the aggregate par value of the securities.

Federal income tax law requires holders of zero coupon, step coupon and deferred payment securities to report the portion of the original issue discount on such securities that accrues that year as interest income, even if prior to the receipt of the corresponding cash payment. In order to avoid a fund-level tax, a fund must distribute each year substantially all of its taxable income, including original issue discount accrued on zero coupon, step coupon or deferred payment securities. Because a fund may not receive full or even any cash payments on a current basis in respect of accrued original-issue discount on zero coupon, step coupon or deferred payment securities, in some years a fund may have to distribute cash obtained from other sources in order to satisfy those distribution requirements. A fund might obtain such cash from selling other fund holdings. These actions may reduce the assets to which a fund's expenses could be allocated and may reduce the rate of return for the fund. In some circumstances, such sales might be necessary in order to satisfy cash distribution requirements even though investment considerations might otherwise make it undesirable for the fund to sell the securities at the time.

Generally, the market prices of zero coupon, step coupon, deferred payment, stripped and pay-in-kind securities are more volatile than the prices of securities that pay interest periodically and in cash and are likely to respond to changes in interest rates to a greater degree than other types of debt securities having similar maturities and credit quality. Investments in zero coupon and step coupon bonds may be more speculative and subject to greater fluctuations in value because of changes in interest rates than bonds that pay interest currently.

**Repurchase Agreements** 

In a repurchase agreement, a fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date within a number of days (usually not more than seven) from the date of purchase. The resale price reflects the purchase price plus an agreed-upon incremental amount which typically is unrelated to the coupon rate or maturity of the purchased security and represents compensation to the seller for use of the purchased security. A repurchase agreement involves the obligation of the seller to pay the agreed-upon price, which obligation is in effect secured by the value (at least equal to the amount of the agreed-upon resale price and marked-to-market daily) of the underlying security or collateral. All repurchase agreements entered into by a fund are fully collateralized at all times during the period of the agreement.

Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, a fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. Repurchase agreements involve risks in the event of default or insolvency of the other party, including possible delays or restrictions upon a fund's ability to dispose of the underlying securities, the risk of a possible decline in the value of the underlying securities during the period in which the fund seeks to assert its right to them, the risk of incurring expenses associated with asserting those rights and the risk of losing all or part of the income from the agreement.

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A fund may, together with other registered investment companies managed by the fund's sub-adviser or its affiliates, transfer uninvested cash balances into a single joint account, the daily aggregate balance of which will be invested in one or more repurchase agreements, including tri-party subcustody repurchase arrangements.

**Convertible Securities** 

Convertible securities are fixed-income securities that may be converted at either a stated price or stated rate into underlying shares of common stock. Convertible securities have general characteristics similar to both fixed-income and equity securities. Although to a lesser extent than with fixed-income securities generally, the market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying common stocks and, therefore, also will react to variations in the general market for equity securities. A significant feature of convertible securities is that as the market price of the underlying common stock declines, convertible securities tend to trade increasingly on a yield basis, and so they may not experience market value declines to the same extent as the underlying common stock. When the market price of the underlying common stock increases, the prices of the convertible securities tend to rise as a reflection of the value of the underlying common stock.

As fixed-income securities, convertible securities provide for a stream of income. The yields on convertible securities generally are higher than those of common stocks. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. However, a convertible security offers the potential for capital appreciation through the conversion feature, enabling the holder to benefit from increases in the market price of the underlying common stock.

Convertible securities generally are subordinated to other similar but non-convertible securities of the same issuer, although convertible bonds, as corporate debt obligations, enjoy seniority in right of payment to all equity securities, and convertible preferred stock is senior to common stock of the same issuer. Because of the subordination feature, however, convertible securities typically have lower ratings than similar non-convertible securities.

DECS ("Dividend Enhanced Convertible Stock," or "Debt Exchangeable for Common Stock" when-issued as a debt security) offer a substantial dividend advantage with the possibility of unlimited upside potential if the price of the underlying common stock exceeds a certain level. DECS convert to common stock at maturity. The amount received is dependent on the price of the common stock at the time of maturity. DECS contain two call options at different strike prices. The DECS participate with the common stock up to the first call price. They are effectively capped at that point unless the common stock rises above a second price point, at which time they participate with unlimited upside potential.

PERCS ("Preferred Equity Redeemable Stock," convert into an equity issue that pays a high cash dividend, has a cap price and mandatory conversion to common stock at maturity) offer a substantial dividend advantage, but have capital appreciation potential limited to a predetermined level. PERCS are less risky and less volatile than the underlying common stock because their superior income mitigates declines when the common stock falls, while the cap price limits gains when the common stock rises.

In evaluating investment in a convertible security, primary emphasis will be given to the attractiveness of the underlying common stock. The convertible debt securities in which a fund may invest are subject to the same rating criteria as the fund's investment in non-convertible debt securities.

A fund will limit its holdings of convertible debt securities to those that, at the time of purchase, are rated at least B- by S&P or B3 by Moody's or B- by Fitch, Inc., or, if not rated by S&P, Moody's or Fitch, are of equivalent investment quality as determined by the sub-adviser.

**High Yield Securities** 

Debt securities rated below investment grade (lower than Baa as determined by Moody's, lower than BBB as determined by S&P or Fitch, Inc.) or, if unrated, determined to be below investment grade by a fund's sub-adviser, are commonly referred to as "lower grade debt securities" or "junk bonds." Generally, such securities offer a higher current yield than is offered by higher rated securities, but also are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. The market values of certain of these securities also tend to be more sensitive to individual corporate developments and changes in economic conditions than higher quality bonds. In addition, medium and lower rated securities and comparable unrated securities generally present a higher degree of credit risk. Lower grade debt securities generally are unsecured and frequently subordinated to the prior payment of senior indebtedness. In addition, the market value of securities in lower rated categories is more volatile than that of higher quality securities, and the markets in which medium and lower rated securities are traded are more limited than those in which higher rated securities are traded. The existence of limited markets may make it more difficult for a fund to obtain accurate market quotations for purposes of valuing its securities and calculating its net asset value. Moreover, the lack of a liquid trading market may restrict the availability of securities

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for a fund to purchase and may also have the effect of limiting the ability of a fund to sell securities at their fair value either to meet redemption requests or to respond to changes in the economy or the financial markets. These liquidity constraints may be exacerbated during periods of market stress.

Lower rated debt securities also present risks based on payment expectations. If an issuer calls the obligation for redemption, a fund may have to replace the security with a lower yielding security, resulting in a decreased return for investors. Also, the principal value of bonds moves inversely with movements in interest rates; in the event of rising interest rates, the value of the securities held by a fund may decline more than a fund consisting of higher rated securities. If a fund experiences unexpected net redemptions, it may be forced to sell its higher rated bonds, resulting in a decline in the overall credit quality of the securities held by the fund and increasing the exposure of the fund to the risks of lower rated securities.

Subsequent to its purchase by a fund, an issuer of securities may cease to be rated or its rating may be reduced below the minimum required for purchase by a fund. Neither event will require sale of these securities by a fund, but a sub-adviser will consider the event in determining whether the fund should continue to hold the security.

Except for certain funds, a fund's investments in convertible debt securities and other high-yield, non-convertible debt securities rated below investment grade will comprise less than 35% of the fund's net assets. Debt securities rated below the four highest categories are not considered "investment-grade" obligations.

**Distressed Debt Securities** 

Distressed debt securities are debt securities that are purchased in the secondary market and are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or interest at the time of acquisition by a fund or are rated in the lower rating categories (Ca or lower by Moody's and CC or lower by S&P) or which, if unrated, are in the judgment of a sub-adviser of equivalent quality. Investment in distressed debt securities is speculative and involves significant risk. The risks associated with high-yield securities are heightened by investing in distressed debt securities.

A fund will generally make such investments only when the fund's sub-adviser believes it is reasonably likely that the issuer of the distressed debt securities will make an exchange offer or will be the subject of a plan of reorganization pursuant to which the fund will receive new securities (e.g., equity securities). However, there can be no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In addition, a significant period of time may pass between the time at which a fund makes its investment in distressed debt securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is unlikely that the fund will receive any interest payments on the distressed debt securities, the fund will be subject to significant uncertainty as to whether or not the exchange offer or plan will be completed and the fund may be required to bear certain extraordinary expenses to protect or recover its investment. Even if an exchange offer is made or plan of reorganization is adopted with respect to the distressed debt securities held by a fund, there can be no assurance that the securities or other assets received by the fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover, any securities received by the fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of a fund's participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt securities, the fund may be restricted from disposing of such securities.

**Defaulted Securities** 

Defaulted securities are debt securities on which the issuer is not currently making interest payments. Generally, a fund will invest in defaulted securities only when its sub-adviser believes, based upon analysis of the financial condition, results of operations and economic outlook of an issuer, that there is potential for resumption of income payments, that the securities offer an unusual opportunity for capital appreciation or that other advantageous developments appear likely in the future. Notwithstanding a sub-adviser's belief as to the resumption of income payments, however, the purchase of any security on which payment of interest or dividends is suspended involves a high degree of risk. Such risk includes, among other things, the following:

Investments in securities that are in default involve a high degree of financial and market risks that can result in substantial, or at times even total, losses. Issuers of defaulted securities may have substantial capital needs and may become involved in bankruptcy or reorganization proceedings. Among the problems involved in investments in such issuers is the fact that it may be difficult to obtain information about the condition of such issuers. The market prices of such securities also are subject to abrupt and erratic movements and above average price volatility, and the spread between the bid and asked prices of such securities may be greater than normally expected.

A fund will limit holdings of any such securities to amounts that its sub-adviser (if applicable) believes could be readily sold, and its holdings of such securities would, in any event, be limited so as not to limit the fund's ability to readily dispose of securities to meet redemptions.

**Structured Notes and Related Instruments** 

"Structured" notes and other related instruments are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an "embedded index"), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets, such as indexes reflecting bonds. Structured instruments may be issued by corporations, including banks, as well as by governmental agencies and frequently are assembled in the form of medium-term notes, but a variety of forms is available and may be used in particular circumstances. The terms of such structured instruments normally provide that their principal and/or interest payments are to be adjusted upwards or downwards (but ordinarily not below zero) to

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reflect changes in the embedded index while the instruments are outstanding. As a result, the interest and/or principal payments that may be made on a structured product may vary widely, depending on a variety of factors, including the volatility of the embedded index and the effect of changes in the embedded index on principal and/or interest payments. The rate of return on structured notes may be determined by applying a multiplier to the performance or differential performance of the referenced index(es) or other asset(s). Application of a multiplier involves leverage that will serve to magnify the potential for gain and the risk of loss. Investment in indexed securities and structured notes involves certain risks, including the credit risk of the issuer and the normal risks of price changes in response to changes in interest rates. Further, in the case of certain indexed securities or structured notes, a decline in the reference instrument may cause the interest rate to be reduced to zero, and any further declines in the reference instrument may then reduce the principal amount payable on maturity. Finally, these securities may be less liquid than other types of securities, and may be more volatile than their underlying reference instruments.

**U.S. Government Securities** 

U.S. government obligations generally include direct obligations of the U.S. Treasury (such as U.S. Treasury bills, notes, and bonds) and obligations issued or guaranteed by U.S. government agencies or instrumentalities. Examples of the types of U.S. government securities that a fund may hold include the Federal Housing Administration, Small Business Administration, General Services Administration, Federal Farm Credit Banks, Federal Intermediate Credit Banks, and Maritime Administration. U.S. government securities may be supported by the full faith and credit of the U.S. government (such as securities of the Small Business Administration); by the right of the issuer to borrow from the U.S. Treasury (such as securities of the Federal Home Loan Bank); by the discretionary authority of the U.S. government to purchase the agency's obligations (such as securities of Fannie Mae); or only by the credit of the issuing agency.

Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities. Such an event could lead to significant disruptions in U.S. and global markets. In recent years, government shutdowns and debt ceiling tensions and changes to sovereign credit outlooks have contributed to increased market volatility in U.S. government obligations.

Examples of agencies and instrumentalities which may not always receive financial support from the U.S. government are: Federal Land Banks; Central Bank for Cooperatives; Federal Intermediate Credit Banks; Federal Home Loan Banks; Farmers Home Administration; Freddie Mac; and Fannie Mae.

Obligations guaranteed by U.S. government agencies or government-sponsored entities include issues by non-government-sponsored entities (like financial institutions) that carry direct guarantees from U.S. government agencies. In the case of obligations not backed by the full faith and credit of the U.S., a fund must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the U.S. government itself in the event the agency or instrumentality does not meet its commitments. Neither the U.S. government nor any of its agencies or instrumentalities guarantees the market value of the securities they issue. Therefore, the market value of such securities will fluctuate in response to changes in interest rates.

**Variable and Floating Rate Securities** 

Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate.

The interest rate on a floating rate debt instrument (a "floater") is a variable rate which is tied to another interest rate, such as a corporate bond index or Treasury bill rate. The interest rate on a floater resets periodically, typically every six months. Because of the interest rate reset feature, floaters may provide a fund with a certain degree of protection against rising interest rates, although a fund will participate in any declines in interest rates as well. A credit spread trade is an investment position relating to a difference in the prices or interest rates of two bonds or other securities or currencies, where the value of the investment position is determined by movements in the difference between the prices or interest rates, as the case may be, of the respective securities or currencies.

The interest rate on an inverse floating rate debt instrument (an "inverse floater") resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floating rate security may exhibit greater price volatility than a fixed rate obligation of similar credit quality.

A floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher degree of leverage inherent in some floaters is associated with greater volatility in their market values.

Such instruments may include variable amount master demand notes that permit the indebtedness thereunder to vary in addition to providing for periodic adjustments in the interest rate. The absence of an active secondary market with respect to particular variable and floating rate instruments could make it difficult for a fund to dispose of a variable or floating rate note if the issuer defaulted on its payment obligation or during periods that a fund is not entitled to exercise its demand rights, and a fund could, for these or other reasons, suffer a loss with respect to such instruments. In determining average-weighted portfolio maturity, an instrument will be deemed to have a maturity equal to either the period remaining until the next interest rate adjustment or the time a fund involved can recover payment of principal as specified in the instrument, depending on the type of instrument involved.

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Variable rate master demand notes are unsecured commercial paper instruments that permit the indebtedness thereunder to vary and provide for periodic adjustment in the interest rate. Because variable rate master demand notes are direct lending arrangements between a fund and the issuer, they are not normally traded.

Although no active secondary market may exist for these notes, a fund may demand payment of principal and accrued interest at any time or may resell the note to a third party. While the notes are not typically rated by credit rating agencies, issuers of variable rate master demand notes must satisfy a sub-adviser that the ratings are within, or equivalent to, the two highest ratings of commercial paper.

In addition, when purchasing variable rate master demand notes, a sub-adviser will consider the earning power, cash flows, and other liquidity ratios of the issuers of the notes and will continuously monitor their financial status and ability to meet payment on demand.

In the event an issuer of a variable rate master demand note defaulted on its payment obligations, a fund might be unable to dispose of the note because of the absence of a secondary market and could, for this or other reasons, suffer a loss to the extent of the default.

**Municipal Securities** 

Municipal securities generally include debt obligations (bonds, notes or commercial paper) issued by or on behalf of any of the 50 states and their political subdivisions, agencies and public authorities, certain other governmental issuers (such as Puerto Rico, the U.S. Virgin Islands and Guam) or other qualifying issuers, participation or other interests in these securities and other related investments. A shareholder in a fund will generally exclude from gross income its allocable share of the interest the fund receives on municipal securities.

Municipal securities are issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, such as airports, bridges, highways, housing, hospitals, mass transportation, schools, streets, water and sewer works, gas, and electric utilities. They may also be issued to refund outstanding obligations, to obtain funds for general operating expenses, or to obtain funds to loan to other public institutions and facilities and in anticipation of the receipt of revenue or the issuance of other obligations.

The two principal classifications of municipal securities are "general obligation" securities and "limited obligation" or "revenue" securities. General obligation securities are secured by a municipal issuer's pledge of its full faith, credit, and taxing power for the payment of principal and interest. Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the repayment of principal when due is affected by the issuer's maintenance of its tax base. Revenue securities are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source. Accordingly, the timely payment of interest and the repayment of principal in accordance with the terms of the revenue security is a function of the economic viability of the facility or revenue source. Revenue securities include private activity bonds (described below) which are not payable from the unrestricted revenues of the issuer. Consequently, the credit quality of private activity bonds is usually directly related to the credit standing of the corporate user of the facility involved. Municipal securities may also include "moral obligation" bonds, which are normally issued by special purpose public authorities. If the issuer of moral obligation bonds is unable to meet its debt service obligations from current revenues, it may draw on a reserve fund the restoration of which is a moral commitment but not a legal obligation of the state or municipality which created the issuer.

**Private Activity Bonds:** Private activity bonds are issued by or on behalf of public authorities to provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing construction of privately operated industrial facilities, such as warehouse, office, plant and storage facilities and environmental and pollution control facilities. Such bonds are secured primarily by revenues derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a parent company or otherwise secured. Private activity bonds generally are not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, repayment of such bonds generally depends on the revenue of a private entity. The continued ability of an entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by many factors, including the size of the entity, its capital structure, demand for its products or services, competition, general economic conditions, government regulation and the entity's dependence on revenues for the operation of the particular facility being financed.

Interest income on certain types of private activity bonds issued after August 7, 1986 to finance non-governmental activities is a specific tax preference item for purposes of the federal alternative minimum tax ("AMT") applicable to individuals. Subsequent federal legislation has modified AMT applicability from time to time. Investors should consult current tax rules governing private activity bond AMT treatment. Non-corporate investors may be subject to a federal AMT to the extent that the fund derives interest from private activity bonds.

**Industrial Development Bonds:** Industrial development bonds ("IDBs") are issued by public authorities to obtain funds to provide financing for privately-operated facilities for business and manufacturing, housing, sports, convention or trade show facilities, airport, mass transit, port and parking facilities, air or water pollution control facilities, and certain facilities for water supply, gas, electricity or sewerage or solid waste disposal. Although IDBs are issued by municipal authorities, the payment of principal and interest on IDBs is dependent solely on the ability of the user of the facilities financed by the bonds to meet its financial obligations and the pledge, if any, of the real and personal property being financed as security for such payments. IDBs are considered municipal securities if the interest paid is exempt from regular federal income tax. Interest earned on IDBs may be subject to the federal AMT applicable to individuals.

**Municipal Notes:** Municipal notes are short-term debt obligations issued by municipalities which normally have a maturity at the time of issuance of six months to three years. Such notes include tax anticipation notes, bond anticipation notes, revenue anticipation notes and project notes. Notes sold in anticipation of collection of taxes, a bond sale or receipt of other revenues are normally obligations of the issuing municipality or agency.

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**Municipal Commercial Paper:** Municipal commercial paper is short-term debt obligations issued by municipalities. Although done so infrequently, municipal commercial paper may be issued at a discount (sometimes referred to as Short-Term Discount Notes). These obligations are issued to meet seasonal working capital needs of a municipality or interim construction financing and are paid from a municipality's general revenues or refinanced with long-term debt. The availability of municipal commercial paper may be limited at times and can fluctuate with market liquidity conditions.

**Participation Interests:** A participation interest in municipal obligations (such as private activity bonds and municipal lease obligations) gives a fund an undivided interest in the municipal obligation in the proportion that the fund's participation interest bears to the total principal amount of the municipal obligation. Participation interests in municipal obligations may be backed by an irrevocable letter of credit or guarantee of, or a right to put to, a bank (which may be the bank issuing the participation interest, a bank issuing a confirming letter of credit to that of the issuing bank, or a bank serving as agent of the issuing bank with respect to the possible repurchase of the participation interest) or insurance policy of an insurance company. A fund has the right to sell the participation interest back to the institution or draw on the letter of credit or insurance after a specified period of notice, for all or any part of the full principal amount of the fund's participation in the security, plus accrued interest. Purchase of a participation interest may involve the risk that a fund will not be deemed to be the owner of the underlying municipal obligation for purposes of the ability to claim tax exemption of interest paid on that municipal obligation.

**Variable Rate Obligations:** The interest rate payable on a variable rate municipal obligation is adjusted either at predetermined periodic intervals or whenever there is a change in the market rate of interest upon which the interest rate payable is based. A variable rate obligation may include a demand feature pursuant to which a fund would have the right to demand prepayment of the principal amount of the obligation prior to its stated maturity. The issuer of the variable rate obligation may retain the right to prepay the principal amount prior to maturity.

**Municipal Lease Obligations:** Municipal lease obligations may take the form of a lease, an installment purchase or a conditional sales contract. Municipal lease obligations are issued by state and local governments and authorities to acquire land, equipment and facilities such as state and municipal vehicles, telecommunications and computer equipment, and other capital assets. Interest payments on qualifying municipal leases are exempt from federal income taxes. A fund may purchase these obligations directly, or it may purchase participation interests in such obligations. Municipal leases are generally subject to greater risks than general obligation or revenue bonds. State laws set forth requirements that states or municipalities must meet in order to issue municipal obligations; and such obligations may contain a covenant by the issuer to budget for, appropriate, and make payments due under the obligation. However, certain municipal lease obligations may contain "non-appropriation" clauses which provide that the issuer is not obligated to make payments on the obligation in future years unless funds have been appropriated for this purpose each year. Accordingly, such obligations are subject to "non-appropriation" risk. While municipal leases are secured by the underlying capital asset, it may be difficult to dispose of such assets in the event of non-appropriation or other default.

**Tax-Exempt Commercial Paper:** Tax-exempt commercial paper is a short-term obligation with a stated maturity of 270 days or less. It is issued by state and local governments or their agencies to finance seasonal working capital needs or as short term financing in anticipation of longer term financing. While tax-exempt commercial paper is intended to be repaid from general revenues or refinanced, it frequently is backed by a letter of credit, lending arrangement, note repurchase agreement or other credit facility agreement offered by a bank or financial institution.

**Custodial Receipts and Certificates:** Custodial receipts or certificates underwritten by securities dealers or banks evidence ownership of future interest payments, principal payments or both on certain municipal obligations. The underwriter of these certificates or receipts typically purchases municipal obligations and deposits the obligations in an irrevocable trust or custodial account with a custodian bank, which then issues receipts or certificates that evidence ownership of the periodic unmatured coupon payments and the final principal payment on the obligations. Although under the terms of a custodial receipt, a fund would be typically authorized to assert its rights directly against the issuer of the underlying obligation, a fund could be required to assert through the custodian bank those rights as may exist against the underlying issuer. Thus, in the event the underlying issuer fails to pay principal and/or interest when due, the fund may be subject to delays, expenses and risks that are greater than those that would have been involved if the fund had purchased

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a direct obligation of the issuer. In addition, in the event that the trust or custodial account in which the underlying security has been deposited is determined to be an association taxable as a corporation, instead of a non-taxable entity, the yield on the underlying security would be reduced in recognition of any taxes paid.

**Stand-By Commitments:** Under a stand-by commitment a dealer agrees to purchase, at the fund's option, specified municipal obligations held by the fund at a specified price and, in this respect, stand-by commitments are comparable to put options. A stand-by commitment entitles the holder to achieve same day settlement and to receive an exercise price equal to the amortized cost of the underlying security plus accrued interest, if any, at the time of exercise. The fund will be subject to credit risk with respect to an institution providing a stand-by commitment and a decline in the credit quality of the institution could cause losses to the fund.

**Tender Option Bonds:** A tender option bond is a municipal bond (generally held pursuant to a custodial arrangement) having a relatively long maturity and bearing interest at a fixed rate substantially higher than prevailing short-term tax-exempt rates, that has been coupled with the agreement of a third party, such as a financial institution, pursuant to which such institution grants the security holders the option, at periodic intervals, to tender their securities to the institution and receive the face value thereof. As consideration for providing the option, the institution generally receives periodic fees equal to the difference between the municipal bond's fixed coupon rate and the rate, as determined by a remarketing or similar agent, that would cause the securities, coupled with the tender option, to trade at par. Thus, after payment of this fee, the security holder would effectively hold a demand obligation that bears interest at the prevailing short-term tax-exempt rate.

**Loan Participations and Assignments** 

Loan participations typically represent direct participation in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. A fund may participate in such syndications, or can buy part of a loan, becoming a lender. A fund's investment in a loan participation typically will result in the fund having a contractual relationship only with the lender and not with the borrower. A fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing a participation, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any right of set-off against the borrower, and the fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, a fund may be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, a fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. Some loans may be secured in whole or in part by assets or other collateral. In other cases, loans may be unsecured or may become undersecured by declines in the value of assets or other collateral securing such loan.

When a fund purchases a loan assignment from lenders, it will acquire direct rights against the borrowers on the loan. Because assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights and obligations acquired by a fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender.

Certain of the participations or assignments acquired by a fund may involve unfunded commitments of the lenders or revolving credit facilities under which a borrower may from time to time borrow and repay amounts up to the maximum amount of the facility. In such cases, the fund would have an obligation to advance its portion of such additional borrowings upon the terms specified in the loan documentation. A fund may acquire loans of borrowers that are experiencing, or are more likely to experience, financial difficulty, including loans of borrowers that have filed for bankruptcy protection. Although loans in which a fund may invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower's obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of bankruptcy of a borrower, a fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan.

Because there is no liquid market for commercial loans, the funds anticipate that such securities could be sold only to a limited number of institutional investors. The lack of a liquid secondary market may have an adverse impact on the value of such securities and a fund's ability to dispose of particular assignments or participations when necessary to meet redemptions of fund shares, to meet the fund's liquidity needs or when necessary in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. The lack of a liquid secondary market also may make it more difficult for a fund to assign a value to those securities for purposes of valuing the fund's investments and calculating its net asset value.

Investments in loans through a direct assignment of the financial institution's interests with respect to the loan may involve additional risks to a fund. For example, if a loan is foreclosed, a fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under certain legal theories of lender liability, a fund could be held liable as co-lender. It is unclear whether loans and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. In the absence of definitive regulatory guidance, a fund relies on its sub-adviser's research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the fund.

**Subordinated Securities** 

Subordinated securities are subordinated or "junior" to more senior securities of the issuer, or which represent interests in pools of such subordinated or junior securities. Such securities may include so-called "high yield" or "junk" bonds (i.e., bonds that are rated below investment grade by a rating agency or that are determined by a fund's sub-adviser to be of equivalent quality) and preferred stock. Under the

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terms of subordinated securities, payments that would otherwise be made to their holders may be required to be made to the holders of more senior securities, and/or the subordinated or junior securities may have junior liens, if they have any rights at all, in any collateral (meaning proceeds of the collateral are required to be paid first to the holders of more senior securities). As a result, subordinated or junior securities will be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer.

**Participation Interests** 

A participation interest gives a fund an undivided interest in the security in the proportion that the fund's participation interest bears to the total principal amount of the security. These instruments may have fixed, floating or variable rates of interest, with remaining maturities of 13 months or less. If the participation interest is unrated, or has been given a rating below that which is permissible for purchase by a fund, the participation interest will be backed by an irrevocable letter of credit or guarantee of a bank, or the payment obligation otherwise will be collateralized by U.S. government securities, or, in the case of unrated participation interests, the fund's sub-adviser must have determined that the instrument is of comparable quality to those instruments in which the fund may invest. For certain participation interests, a fund will have the right to demand payment, on not more than seven days' notice, for all or any part of the fund's participation interest in the security, plus accrued interest. As to these instruments, a fund intends to exercise its right to demand payment only upon a default under the terms of the security, as needed to provide liquidity to meet redemptions, or to maintain or improve the quality of its portfolio.

**Unsecured Promissory Notes** 

A fund also may purchase unsecured promissory notes which are not readily marketable and have not been registered under the 1933 Act, provided such investments are consistent with the fund's investment objective.

**Guaranteed Investment Contracts** 

A fund may invest in guaranteed investment contracts ("GICs") issued by insurance companies. Pursuant to such contracts, a fund makes cash contributions to a deposit portfolio of the insurance company's general account. The insurance company then credits to the portfolio guaranteed interest. The GICs provide that this guaranteed interest will not be less than a certain minimum rate. The insurance company may assess periodic charges against a GIC for expenses and service costs allocable to it, and the charges will be deducted from the value of the deposit portfolio. Because a fund may not receive the principal amount of a GIC from the insurance company on seven days' notice or less, the GIC is considered an illiquid investment. In determining average weighted portfolio maturity, a GIC will be deemed to have a maturity equal to the longer of the period of time remaining until the next readjustment of the guaranteed interest rate or the period of time remaining until the principal amount can be recovered from the issuer through demand.

**Credit-Linked Securities** 

Credit-linked securities are issued by a limited purpose trust or other vehicle that, in turn, invests in a basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order to provide exposure to certain high yield or other fixed-income markets. For example, a fund may invest in credit-linked securities as a cash management tool in order to gain exposure to the high yield markets and/or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, investments in credit-linked securities represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the trust's receipt of payments from, and the trust's potential obligations to, the counterparties to the derivative instruments and other securities in which the trust invests. For instance, the trust may sell one or more credit default swaps, under which the trust would receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the trust would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. This, in turn, would reduce the amount of income and principal that a fund would receive as an investor in the trust. A fund's investments in these instruments are indirectly subject to the risks associated with derivative instruments, including, among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. It is expected that the securities will be exempt from registration under the 1933 Act. Accordingly, there may be no established trading market for the securities and they may constitute illiquid investments.

Certain issuers of structured products may be deemed to be investment companies as defined in the 1940 Act. As a result, a fund's investments in these structured products may be subject to limits applicable to investments in investment companies and may be subject to restrictions contained in the 1940 Act and certain rules thereunder.

**Event-Linked Bonds** 

A fund may invest a portion of its net assets in "event-linked bonds," which are fixed-income securities for which the return of principal and payment of interest is contingent on the non-occurrence of specific "trigger" event, such as a hurricane, earthquake, or other physical or weather-related phenomenon. Some event-linked bonds are commonly referred to as "catastrophe bonds." If a trigger event causes losses exceeding a specific amount in the geographic region and time period specified in a bond, a fund investing in the bond may lose a portion or all of its principal invested in the bond. If no trigger event occurs, the fund will recover its principal plus interest. For some event-linked bonds, the trigger event or losses may be based on company-wide losses, index-portfolio losses, industry indices, or readings of scientific instruments rather than specified actual losses. Often the event-linked bonds provide for extensions of maturity that are mandatory, or optional at the discretion of the issuer, in order to process and audit loss claims in those cases where a trigger event has, or possibly has,

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occurred. An extension of maturity may increase volatility. In addition to the specified trigger events, event-linked bonds also may expose a fund to certain unanticipated risks including but not limited to issuer risk, credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, liquidity risk, and adverse tax consequences.

**Equity Securities and Related Investments** 

Equity securities, such as common stock, generally represent an ownership interest in a company. While equity securities have historically generated higher average returns than fixed-income securities, equity securities have also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of a particular equity security held by a fund. Also, the prices of equity securities, particularly common stocks, are sensitive to general movements in the stock market. A drop in the stock market may depress the price of equity securities held by a fund.

Holders of equity securities are not creditors of the issuer. As such, if an issuer liquidates, holders of equity securities are entitled to their pro rata share of the issuer's assets, if any, after creditors (including the holders of fixed-income securities and senior equity securities) are paid.

There may be little trading in the secondary market for particular equity securities, which may adversely affect a fund's ability to value accurately or dispose of such equity securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of equity securities.

**Common Stocks:** Common stocks are the most prevalent type of equity security. Common stockholders receive the residual value of the issuer's earnings and assets after the issuer pays its creditors and any preferred stockholders. As a result, changes in an issuer's earnings directly influence the value of its common stock.

**Preferred Stocks:** A fund may purchase preferred stock. Preferred stock pays dividends at a specified rate and has preference over common stock in the payment of dividends and the liquidation of an issuer's assets but is junior to the debt securities of the issuer in those same respects. Preferred stock generally pays quarterly dividends. Preferred stocks may differ in many of their provisions. Among the features that differentiate preferred stocks from one another are the dividend rights, which may be cumulative or non-cumulative and participating or non-participating, redemption provisions, and voting rights. Such features will establish the income return and may affect the prospects for capital appreciation or risks of capital loss.

The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in an issuer's creditworthiness than are the prices of debt securities. Shareholders of preferred stock may suffer a loss of value if dividends are not paid. Under ordinary circumstances, preferred stock does not carry voting rights.

**Investments in Initial Public Offerings:** A fund may invest in initial public offerings of equity securities. The market for such securities may be more volatile and entail greater risk of loss than investments in more established companies. Investments in initial public offerings may represent a significant portion of a fund's investment performance. A fund cannot assure that investments in initial public offerings will continue to be available to the fund or, if available, will result in positive investment performance. In addition, as a fund's portfolio grows in size, the impact of investments in initial public offerings on the overall performance of the fund is likely to decrease.

**Warrants and Rights** 

A fund may invest in warrants and rights. A warrant is a type of security that entitles the holder to buy a given number of common stock at a specified price, usually higher than the market price at the time of issuance, for a period of years or to perpetuity. The purchaser of a warrant expects the market price of the security will exceed the purchase price of the warrant plus the exercise price of the warrant, thus resulting in a profit. Of course, because the market price may never exceed the exercise price before the expiration date of the warrant, the purchaser of the warrant risks the loss of the entire purchase price of the warrant. In contrast, rights, which also represent the right to buy common shares, normally have a subscription price lower than the current market value of the common stock and are offered during a set subscription period.

Warrants and rights are subject to the same market risks as common stocks, but may be more volatile in price. An investment in warrants or rights may be considered speculative. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities and a warrant or right ceases to have value if it is not exercised prior to its expiration date.

**Derivatives** 

The following investments are subject to limitations as set forth in each fund's investment restrictions and policies.

A fund may utilize options, futures contracts (sometimes referred to as "futures"), options on futures contracts, forward contracts, swaps (including total return swaps, some of which may be known as contracts for difference), swaps on futures contracts, caps, floors, collars, indexed securities, various mortgage-related obligations, structured or synthetic financial instruments and other derivative instruments (collectively, "Financial Instruments"). A fund may use Financial Instruments for any purpose, including as a substitute for other investments, to attempt to enhance its portfolio's return or yield and to alter the investment characteristics of its portfolio (including to attempt to mitigate risk of loss in some fashion, or "hedge"). A fund may choose not to make use of derivatives for a variety of reasons, and no assurance can be given that any derivatives strategy employed will be successful.

The U.S. government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. Rule 18f-4 under the 1940 Act governs a fund's use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by the fund. Rule 18f-4 under the 1940 Act permits a fund to

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enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if the fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Rule 18f-4 requires a fund that invests in Derivatives Transactions above a specified amount to adopt and implement a derivatives risk management program administered by a derivatives risk manager that is appointed by and overseen by the fund's Board, and comply with an outer limit on fund leverage risk based on value at risk. A fund that uses Derivative Transactions in a limited amount is considered a "limited derivatives user," as defined by Rule 18f-4, and is not subject to the full requirements of Rule 18f-4, but must adopt and implement policies and procedures reasonably designed to manage the fund's derivatives risk. Funds are subject to reporting and recordkeeping requirements regarding their derivatives use.

The requirements of Rule 18f-4 may limit a fund's ability to engage in derivatives transactions as part of its investment strategies. These requirements may also increase the cost of a fund's investments and cost of doing business, which could adversely affect the value of a fund's investments and/or the performance of a fund. The rule also may not be effective to limit a fund's risk of loss. In particular, measurements of value at risk rely on historical data and may not accurately measure the degree of risk reflected in a fund's derivatives or other investments. There may be additional regulation of the use of derivatives by registered investment companies, such as the funds, which could significantly affect their use. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation and coverage framework arising from prior SEC guidance for covering derivatives and similar instruments. A fund may still segregate cash or other liquid or other assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties.

The use of Financial Instruments may be limited by applicable law and any applicable regulations of the SEC, the Commodity Futures Trading Commission (the "CFTC"), or the exchanges on which some Financial Instruments may be traded. (Note, however, that some Financial Instruments that a fund may use may not be listed on any exchange and may not be regulated by the SEC or the CFTC.) In addition, a fund's ability to use Financial Instruments may be limited by tax considerations.

In addition to the instruments and strategies discussed in this section, a sub-adviser may discover additional opportunities in connection with Financial Instruments and other similar or related techniques. These opportunities may become available as a sub-adviser develops new techniques, as regulatory authorities broaden the range of permitted transactions and as new Financial Instruments or other techniques are developed. A sub-adviser may utilize these opportunities and techniques to the extent that they are consistent with a fund's investment objective and permitted by its investment limitations and applicable regulatory authorities. These opportunities and techniques may involve risks different from or in addition to those summarized herein.

This discussion is not intended to limit a fund's investment flexibility, unless such a limitation is expressly stated, and therefore will be construed by a fund as broadly as possible. Statements concerning what a fund may do are not intended to limit any other activity. Also, as with any investment or investment technique, even when the prospectus or this discussion indicates that a fund may engage in an activity, it may not actually do so for a variety of reasons, including cost considerations.

The use of Financial Instruments involves special considerations and risks, certain of which are summarized below, and may result in losses to a fund. In general, the use of Financial Instruments may increase the volatility of a fund and may involve a small investment of cash relative to the magnitude of the risk or exposure assumed. Even a small investment in derivatives may magnify or otherwise increase investment losses to a fund. As noted above, there can be no assurance that any derivatives strategy will succeed.

• Financial Instruments are subject to the risk that the market value of the derivative itself or the market value of underlying instruments will change in a way adverse to a fund's interest. Many Financial Instruments are complex, and successful use of them depends in part upon the sub-adviser's ability to forecast correctly future market trends and other financial or economic factors or the value of the underlying security, index, interest rate, currency or other instrument or measure. Even if a sub-adviser's forecasts are correct, other factors may cause distortions or dislocations in the markets that result in unsuccessful transactions. Financial Instruments may behave in unexpected ways, especially in abnormal or volatile market conditions.

• A fund may segregate cash or other liquid assets to cover the funding of its obligations under Financial Instruments or make margin payments when it takes positions in Financial Instruments involving obligations to third parties. Assets that are segregated or used as cover, margin or collateral may be required to be in the form of cash or liquid securities, and typically may not be sold while the position

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in the Financial Instrument is open unless they are replaced with other appropriate assets. If markets move against a fund's position, the fund may be required to maintain or post additional assets and may have to dispose of existing investments to obtain assets acceptable as collateral or margin. This may prevent it from pursuing its investment objective. Assets that are segregated or used as cover, margin or collateral typically are invested, and these investments are subject to risk and may result in losses to a fund. These losses may be substantial, and may be in addition to losses incurred by using the Financial Instrument in question. If a fund is unable to close out its positions, it may be required to continue to maintain such assets or accounts or make such payments until the positions expire or mature, and the fund will continue to be subject to investment risk on the assets. In addition, a fund may not be able to recover the full amount of its margin from an intermediary if that intermediary were to experience financial difficulty. Segregation, cover, margin and collateral requirements may impair a fund's ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so, or require the fund to sell a portfolio security or close out a derivatives position at a disadvantageous time or price.

• A fund's ability to close out or unwind a position in a Financial Instrument prior to expiration or maturity depends on the existence of a liquid market or, in the absence of such a market, the ability and willingness of the other party to the transaction (the "counterparty") to enter into a transaction closing out the position. If there is no market or a fund is not successful in its negotiations, a fund may not be able to sell or unwind the derivative position at a particular time or at an anticipated price. This may also be the case if the counterparty to the Financial Instrument becomes insolvent. A fund may be required to make delivery of portfolio securities or other assets underlying a Financial Instrument in order to close out a position or to sell portfolio securities or assets at a disadvantageous time or price in order to obtain cash to close out the position. While the position remains open, a fund continues to be subject to investment risk on the Financial Instrument. A fund may or may not be able to take other actions or enter into other transactions, including hedging transactions, to limit or reduce its exposure to the Financial Instrument.

• Certain Financial Instruments transactions may have a leveraging effect on a fund, and adverse changes in the value of the underlying security, index, interest rate, currency or other instrument or measure can result in losses substantially greater than the amount invested in the Financial Instrument itself. When a fund engages in transactions that have a leveraging effect, the value of the fund is likely to be more volatile and all other risks also are likely to be compounded. This is because leverage generally magnifies the effect of any increase or decrease in the value of an asset and creates investment risk with respect to a larger pool of assets than a fund would otherwise have. Certain Financial Instruments have the potential for unlimited loss, regardless of the size of the initial investment.

• Many Financial Instruments may be difficult to value, which may result in increased payment requirements to counterparties or a loss of value to a fund.

• Liquidity risk exists when a particular Financial Instrument is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid, a fund may be unable to initiate a transaction or liquidate a position at an advantageous time or price. Certain Financial Instruments, including certain over-the-counter (or "OTC") options and swaps, may be considered illiquid and therefore subject to a fund's limitation on illiquid investments.

• In a hedging transaction there may be imperfect correlation, or even no correlation, between the identity, price or price movements of a Financial Instrument and the identity, price or price movements of the investments being hedged. This lack of correlation may cause the hedge to be unsuccessful and may result in a fund incurring substantial losses and/or not achieving anticipated gains. Even if the strategy works as intended, a fund might have been in a better position had it not attempted to hedge at all.

• Financial Instruments used for non-hedging purposes may result in losses which would not be offset by increases in the value of portfolio holdings or declines in the cost of securities or other assets to be acquired. In the event that a fund uses a Financial Instrument as an alternative to purchasing or selling other investments or in order to obtain desired exposure to an index or market, the fund will be exposed to the same risks as are incurred in purchasing or selling the other investments directly, as well as the risks of the transaction itself.

• Certain Financial Instruments involve the risk of loss resulting from the insolvency or bankruptcy of the counterparty or the failure by the counterparty to make required payments or otherwise comply with the terms of the contract. In the event of default by a counterparty, a fund may have contractual remedies pursuant to the agreements related to the transaction, which may be limited by applicable law in the case of the counterparty's bankruptcy.

• Financial Instruments involve operational risk. There may be incomplete or erroneous documentation or inadequate collateral or margin, or transactions may fail to settle. For Financial Instruments not guaranteed by an exchange or clearinghouse, a fund may have only contractual remedies in the event of a counterparty default, and there may be delays, costs or disagreements as to the meaning of contractual terms and litigation, in enforcing those remedies.

• Certain Financial Instruments transactions, including certain options, swaps, forward contracts, and certain options on foreign currencies, are entered into directly by the counterparties and/or through financial institutions acting as market makers ("OTC derivatives"), rather than being traded on exchanges or in markets registered with the CFTC or the SEC. Many of the protections afforded to exchange participants will not be available to participants in OTC derivatives transactions. For example, OTC derivatives transactions are not subject to the guarantee of an exchange, and only OTC derivatives that are either required to be cleared or submitted voluntarily for clearing to a clearinghouse will enjoy the protections that central clearing provides against default by the original counterparty to the trade. In an OTC derivatives transaction that is not cleared, the fund bears the risk of default by its counterparty. In a

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cleared derivatives transaction, the fund is instead exposed to the risk of default of the clearinghouse and the risk of default of the broker through which it has entered into the transaction. Information available on counterparty creditworthiness may be incomplete or outdated, thus reducing the ability to anticipate counterparty defaults.

• Swap contracts involve special risks. Swaps may in some cases be illiquid. In the absence of a central exchange or market for swap transactions, they may be difficult to trade or value, especially in the event of market disruptions. The Dodd-Frank Act established a comprehensive new regulatory framework for swaps. Under this framework, regulation of the swap market is divided between the SEC and the CFTC. The SEC and CFTC have approved a number of rules and interpretations as part of the establishment of this regulatory regime. It is possible that developments in the swap market, including additional regulations, could adversely affect a fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Credit default swaps involve additional risks. For example, credit default swaps increase credit risk since a fund has exposure to both the issuer of the referenced obligation (typically a debt obligation) and the counterparty to the credit default swap.

• Certain derivatives, such as interest rate swaps and credit default swaps that are based on an index, are required under applicable law to be cleared by a regulated clearinghouse. Swaps subject to this requirement are typically submitted for clearing through brokerage firms that are members of the clearinghouse. A fund would establish an account with a brokerage firm to facilitate clearing such a swap, and the clearinghouse would become the fund's counterparty. A brokerage firm would guarantee the fund's performance on the swap to the clearinghouse. The fund would be exposed to the credit risk of the clearinghouse and the brokerage firm that holds the cleared swap. The brokerage firm also would impose margin requirements with respect to open cleared swap positions held by the fund, and the brokerage firm would be able to require termination of those positions in certain circumstances. These margin requirements and termination provisions may adversely affect the fund's ability to trade cleared swaps. In addition, the fund may not be able to recover the full amount of its margin from a brokerage firm if the firm were to go into bankruptcy. It is also possible that the fund would not be able to enter into a swap transaction that is required to be cleared if no clearinghouse will accept the swap for clearing.

• Swaps that are required to be cleared must be traded on a regulated execution facility or contract market that makes them available for trading. The transition from trading swaps bilaterally to trading them on such a facility or market may not result in swaps being easier to trade or value and may present certain execution risks if these facilities and markets do not operate properly. On-facility trading of swaps is also expected to lead to greater standardization of their terms. It is possible that a fund may not be able to enter into swaps that fully meet its investment needs, or that the costs of entering into customized swaps, including any applicable margin requirements, will be significant.

• Financial Instruments transactions conducted outside the U.S. may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures. Many of the risks of Financial Instruments transactions are also applicable to Financial Instruments used outside the U.S. Financial Instruments used outside the U.S. also are subject to the risks affecting foreign securities, currencies and other instruments.

• Financial Instruments involving currency are subject to additional risks. Currency related transactions may be negatively affected by government exchange controls, blockages, and manipulations. Exchange rates may be influenced by factors extrinsic to a country's economy. Also, there is no systematic reporting of last sale information with respect to foreign currencies. As a result, the information on which trading in currency derivatives is based may not be as complete as, and may be delayed beyond, comparable data for other transactions.

• Use of Financial Instruments involves transaction costs, which may be significant. Use of Financial Instruments also may increase the amount of taxable income to shareholders.

**Hedging:** As stated above, the term "hedging" often is used to describe a transaction or strategy that is intended to mitigate risk of loss in some fashion. Hedging strategies can be broadly categorized as "short hedges" and "long hedges." A short hedge is a purchase or sale of a Financial Instrument intended partially or fully to offset potential declines in the value of one or more investments held in a fund's portfolio. In a short hedge, a fund takes a position in a Financial Instrument whose price is expected to move in the opposite direction of the price of the investment being hedged.

Conversely, a long hedge is a purchase or sale of a Financial Instrument intended partially or fully to offset potential increases in the acquisition cost of one or more investments that a fund intends to acquire. Thus, in a long hedge, a fund takes a position in a Financial Instrument whose price is expected to move in the same direction as the price of the prospective investment being hedged. A long hedge is sometimes referred to as an anticipatory hedge. In an anticipatory hedge transaction, a fund does not own a corresponding security and, therefore, the transaction does not relate to the portfolio security that a fund owns. Rather, it relates to a security that a fund intends to acquire. If a fund does not complete the hedge by purchasing the security it anticipated purchasing, the effect on the fund's portfolio is the same as if the transaction were entered into for speculative purposes.

In hedging transactions, Financial Instruments on securities (such as options and/or futures) generally are used to attempt to hedge against price movements in one or more particular securities positions that a fund owns or intends to acquire. Financial Instruments on indices, in contrast, generally are used to attempt to hedge against price movements in market sectors in which a fund has invested or expects to invest. Financial Instruments on debt securities generally are used to hedge either individual securities or broad debt market sectors.

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**Options – Generally:** A call option gives the purchaser the right to buy, and obligates the writer to sell, the underlying investment at the agreed-upon price during the option period. A put option gives the purchaser the right to sell, and obligates the writer to buy, the underlying investment at the agreed-upon price during the option period. Purchasers of options pay an amount, known as a premium, to the option writer in exchange for the right under the option contract.

Exchange-traded options in the U.S. are issued by a clearing organization affiliated with the exchange on which the option is listed that, in effect, guarantees completion of every exchange-traded option transaction. In contrast, OTC options are contracts between a fund and its counterparty (usually a securities dealer or a bank) with no clearing organization guarantee. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options generally are established through negotiation with the other party to the option contract. When a fund purchases an OTC option, it relies on the counterparty from whom it purchased the option to make or take delivery of the underlying investment upon exercise of the option. Failure by the counterparty to do so would result in the loss of any premium paid by a fund as well as the loss of any expected benefit of the transaction.

Writing put or call options can enable a fund to enhance income or yield by reason of the premiums paid by the purchasers of such options. However, a fund may also suffer a loss. For example, if the market price of the security underlying a put option written by a fund declines to less than the exercise price of the option, minus the premium received, it can be expected that the option will be exercised and a fund would be required to purchase the security at more than its market value. If a security appreciates to a price higher than the exercise price of a call option written by a fund, it can be expected that the option will be exercised and a fund will be obligated to sell the security at less than its market value.

The value of an option position will reflect, among other things, the current market value of the underlying investment, the time remaining until expiration, the relationship of the exercise price to the market price of the underlying investment, the historical price volatility of the underlying investment and general market conditions. Options purchased by a fund that expire unexercised have no value, and the fund will realize a loss in the amount of the premium paid and any transaction costs. If an option written by a fund expires unexercised, the fund realizes a gain equal to the premium received at the time the option was written. Transaction costs must be included in these calculations.

A fund may effectively terminate its right or obligation under an option by entering into a closing transaction. For example, a fund may terminate its obligation under a call or put option that it had written by purchasing an identical call or put option; this is known as a closing purchase transaction. Conversely, a fund may terminate a position in a put or call option it had purchased by writing an identical put or call option; this is known as a closing sale transaction. Closing transactions permit a fund to realize profits or limit losses on an option position prior to its exercise or expiration. There can be no assurance that it will be possible for a fund to enter into any closing transaction.

A type of put that a fund may purchase is an "optional delivery standby commitment," which is entered into by parties selling debt securities to a fund. An optional delivery standby commitment gives a fund the right to sell the security back to the seller on specified terms. This right is provided as an inducement to purchase the security.

Transamerica High Yield Bond may not write covered put and call options or buy put and call options and warrants on securities that are traded on U.S. and foreign securities exchanges and over-the-counter.

**Options on Indices:** Puts and calls on indices are similar to puts and calls on securities (described above) or futures contracts (described below) except that all settlements are in cash and gain or loss depends on changes in the index in question rather than on price movements in individual securities or futures contracts. When a fund writes a call on an index, it receives a premium and agrees that, prior to the expiration date, the purchaser of the call, upon exercise of the call, will receive from a fund an amount of cash if the closing level of the index upon which the call is based is greater than the exercise price of the call. The amount of cash is equal to the difference between the closing price of the index and the exercise price of the call times a specified multiple ("multiplier"), which determines the total dollar value for each point of such difference. When a fund buys a call on an index, it pays a premium and has the same rights as to such call as are indicated above. When a fund buys a put on an index, it pays a premium and has the right, prior to the expiration date, to require the seller of the put, upon the fund's exercise of the put, to deliver to the fund an amount of cash if the closing level of the index upon which the put is based is less than the exercise price of the put, which amount of cash is determined by the multiplier, as described above for calls. When a fund writes a put on an index, it receives a premium and the purchaser of the put has the right, prior to the expiration date, to require the fund to deliver to it an amount of cash equal to the difference between the closing level of the index and exercise price times the multiplier if the closing level is less than the exercise price.

Options on indices may, depending on the circumstances, involve greater risk than options on securities. Because index options are settled in cash, when a fund writes a call on an index it may not be able to provide in advance for its potential settlement obligations by acquiring and holding the underlying securities.

**Futures Contracts and Options on Futures Contracts:** A financial futures contract sale creates an obligation by the seller to deliver the type of Financial Instrument or, in the case of index and similar futures, cash, called for in the contract in a specified delivery month for a stated price. A financial futures contract purchase creates an obligation by the purchaser to take delivery of the asset called for in the contract in a specified delivery month at a stated price. Options on futures give the purchaser the right to assume a position in a futures contract at the specified option exercise price at any time during the period of the option.

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Futures strategies can be used to change the duration of a fund's portfolio. If a sub-adviser wishes to shorten the duration of the fund's portfolio, a fund may sell a debt futures contract or a call option thereon, or purchase a put option on that futures contract. If a sub-adviser wishes to lengthen the duration of a fund's portfolio, the fund may buy a debt futures contract or a call option thereon, or sell a put option thereon.

Futures contracts may also be used for other purposes, such as to simulate full investment in underlying securities while retaining a cash balance for portfolio management purposes, as a substitute for direct investment in a security, to facilitate trading, to reduce transaction costs, or to seek higher investment returns when a futures contract or option is priced more attractively than the underlying security or index.

No price is paid upon entering into a futures contract. Instead, at the inception of a futures contract a fund is required to deposit "initial margin." Margin must also be deposited when writing a call or put option on a futures contract, in accordance with applicable exchange rules. Under certain circumstances, such as periods of high volatility, a fund may be required by an exchange to increase the level of its initial margin payment, and initial margin requirements might be increased generally in the future by regulatory action.

Subsequent "variation margin" payments are made to and from the futures broker daily as the value of the futures position varies, a process known as "marking-to-market." Daily variation margin calls could be substantial in the event of adverse price movements. If a fund has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a disadvantageous time or price.

Although some futures and options on futures call for making or taking delivery of the underlying securities, currencies or cash, generally those contracts are closed out prior to delivery by offsetting purchases or sales of matching futures or options (involving the same index, currency or underlying security and delivery month). If an offsetting purchase price is less than the original sale price, a fund realizes a gain, or if it is more, a fund realizes a loss. If an offsetting sale price is more than the original purchase price, a fund realizes a gain, or if it is less, a fund realizes a loss. A fund will also bear transaction costs for each contract, which will be included in these calculations. Positions in futures and options on futures may be closed only on an exchange or board of trade that provides a secondary market. However, there can be no assurance that a liquid secondary market will exist for a particular contract at a particular time. In such event, it may not be possible to close a futures contract or options position.

Under certain circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract or an option on a futures contract can vary from the previous day's settlement price; once that limit is reached, no trades may be made that day at a price beyond the limit. Daily price limits do not limit potential losses because prices could move to the daily limit for several consecutive days with little or no trading, thereby preventing liquidation of unfavorable positions.

If a fund were unable to liquidate a futures contract or an option on a futures position due to the absence of a liquid secondary market, the imposition of price limits or otherwise, it could incur substantial losses. A fund would continue to be subject to market risk with respect to the position. In addition, except in the case of purchased options, a fund would continue to be required to make daily variation margin payments and might be required to maintain the position being hedged by the future or option or to maintain cash or securities in a segregated account.

If an index future is used for hedging purposes the risk of imperfect correlation between movements in the price of index futures and movements in the price of the securities that are the subject of the hedge increases as the composition of a fund's portfolio diverges from the securities included in the applicable index. The price of the index futures may move more than or less than the price of the securities being hedged. To compensate for the imperfect correlation of movements in the price of the securities being hedged and movements in the price of the index futures, a fund may buy or sell index futures in a greater dollar amount than the dollar amount of the securities being hedged if the historical volatility of the prices of such securities being hedged is more than the historical volatility of the prices of the securities included in the index. It is also possible that, where a fund has sold index futures contracts to hedge against a decline in the market, the market may advance and the value of the securities held in the fund may decline. If this occurred, a fund would lose money on the futures contract and also experience a decline in value of its portfolio securities.

Where index futures are purchased to hedge against a possible increase in the price of securities before a fund is able to invest in them in an orderly fashion, it is possible that the market may decline instead. If a sub-adviser then concludes not to invest in them at that time because of concern as to possible further market decline or for other reasons, a fund will realize a loss on the futures contract that is not offset by a reduction in the price of the securities it had anticipated purchasing.

**Non-U.S. Currency Strategies:** A fund may invest in securities that are denominated in non-U.S. currencies and may engage in a variety of non-U.S. currency exchange transactions to protect against uncertainty in the level of future exchange rates or to earn additional income. A fund may use options and futures contracts, swaps and indexed notes relating to non-U.S. currencies and forward currency contracts to attempt to hedge against movements in the values of the non-U.S. currencies in which the fund's securities are denominated or to attempt to enhance income or yield. Currency hedges can protect against price movements in a security that a fund owns or intends to acquire that are attributable to changes in the value of the currency in which it is denominated. Such hedges do not, however, protect against price movements in the securities that are attributable to other causes.

The value of Financial Instruments on non-U.S. currencies depends on the value of the underlying currency relative to the U.S. dollar. Because non-U.S. currency transactions occurring in the interbank market might involve substantially larger amounts than those involved in the use of such Financial Instruments, a fund could be disadvantaged by having to deal in the odd lot market (generally consisting of transactions of less than $1 million) for the underlying non-U.S. currencies at prices that are less favorable than for round lots.

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There is no systematic reporting of last sale information for non-U.S. currencies or any regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis. Quotation information generally is representative of very large transactions in the interbank market and thus might not reflect odd-lot transactions where rates might be less favorable. The interbank market in non-U.S. currencies is a global, round-the-clock market. To the extent the U.S. options or futures markets are closed while the markets for the underlying currencies remain open, significant price and rate movements might take place in the underlying markets that cannot be reflected in the markets for the Financial Instruments until they reopen.

Settlement of transactions involving non-U.S. currencies might be required to take place within the country issuing the underlying currency. Thus, a fund might be required to accept or make delivery of the underlying non-U.S. currency in accordance with any U.S. or non-U.S. regulations regarding the maintenance of non-U.S. banking arrangements by U.S. residents and might be required to pay any fees, taxes and charges associated with such delivery assessed in the issuing country.

Generally, OTC non-U.S. currency options used by a fund are European-style options. This means that the option is only exercisable immediately prior to its expiration. This is in contrast to American-style options, which are exercisable at any time prior to the expiration date of the option.

**Forward Currency Contracts:** A fund may enter into forward currency contracts to purchase or sell non-U.S. currencies for a fixed amount of U.S. dollars or another non-U.S. currency. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days (term) from the date of the forward currency contract agreed upon by the parties, at a price set at the time of the forward currency contract. These forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers.

The cost to a fund of engaging in forward currency contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because forward currency contracts are usually entered into on a principal basis, no fees or commissions are involved. When a fund enters into a forward currency contract, it relies on the counterparty to make or take delivery of the underlying currency at the maturity of the contract. Failure by the counterparty to do so would result in the loss of any expected benefit of the transaction.

As is the case with futures contracts, parties to forward currency contracts can enter into offsetting closing transactions, similar to closing transactions on futures contracts, by selling or purchasing, respectively, an instrument identical to the instrument purchased or sold. Secondary markets generally do not exist for forward currency contracts, with the result that closing transactions generally can be made for forward currency contracts only by negotiating directly with the counterparty.

If a fund engages in a forward currency contract with respect to particular securities, the precise matching of forward currency contract amounts and the value of the securities involved generally will not be possible because the value of such securities, measured in the non-U.S. currency, will change after the forward currency contract has been established. Thus, a fund might need to purchase or sell non-U.S. currencies in the spot (cash) market to the extent such non-U.S. currencies are not covered by forward currency contracts.

**Swaps, Caps, Floors and Collars:** A fund may enter into swaps, caps, floors and collars to preserve a return or a spread on a particular investment or portion of its portfolio, to protect against any increase in the price of securities the fund anticipates purchasing at a later date, to attempt to enhance yield or total return, or as a substitute for other investments. A swap typically involves the exchange by a fund with another party of their respective commitments to pay or receive cash flows, e.g., an exchange of floating rate payments for fixed rate payments. The purchase of a cap entitles the purchaser, to the extent that a specified index exceeds a predetermined value, to receive payments on a notional principal amount from the party selling the cap. The purchase of a floor entitles the purchaser, to the extent that a specified index falls below a predetermined value, to receive payments on a notional principal amount from the party selling the floor. A collar combines elements of a cap and a floor.

Swap agreements, including caps, floors and collars, can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease the overall volatility of a fund's investments and its share price and yield because, and to the extent, these agreements affect a fund's exposure to long- or short-term interest rates, non-U.S. currency values, mortgage-backed or other security values, corporate borrowing rates or other factors such as security prices or inflation rates.

Swap agreements will tend to shift a fund's investment exposure from one type of investment to another. Caps and floors have an effect similar to buying or writing options.

If a counterparty's creditworthiness declines, the value of the agreement would be likely to decline, potentially resulting in losses.

A fund may enter into credit default swap contracts for investment purposes. As the seller in a credit default swap contract, a fund would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or a non-U.S. corporate issuer, on the debt obligation. In return, a fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, a fund would keep the stream of payments and would have no payment obligations. As the seller, a fund would be subject to investment exposure on the notional amount of the swap which may be significantly larger than a fund's cost to enter into the credit default swap.

A fund may purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio, in which case a fund would function as the counterparty referenced in the preceding paragraph. This would involve the risk that the investment may

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expire worthless and would only generate income in the event of an actual default by the issuer of the underlying obligation (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve credit risk – that the seller may fail to satisfy its payment obligations to a fund in the event of a default.

**Contracts for Difference:** A fund may enter into contracts for difference ("CFDs"). A CFD is a contract between two parties, typically described as "buyer" and "seller," stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value in the future. (If the difference is negative, then the buyer instead pays the seller.) In effect, CFDs are Financial Instruments that allow a fund to take synthetic long or synthetic short positions on underlying assets.

CFDs are subject to liquidity risk because the liquidity of the CFD is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its ﬁnancial obligations under the terms of the contract. To the extent that there is an imperfect correlation between the return on a fund's obligation to its counterparty under the CFD and the return on related assets in its portfolio, the CFD transaction may increase the fund's ﬁnancial risk. CFDs, like many other Financial Instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the fund to deposit additional sums to cover this, and this may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which the fund is liable. CFDs are not registered with the SEC or any U.S. regulator.

**Combined Positions:** A fund may purchase and write options in combination with each other, or in combination with other Financial Instruments, to adjust the risk and return characteristics of its overall position. Because combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

**Turnover:** A fund's derivatives activities may affect its turnover rate and brokerage commission payments. The exercise of calls or puts written by a fund, and the sale or purchase of futures contracts, may cause it to sell or purchase related investments, thus increasing its turnover rate. Once a fund has received an exercise notice on an option it has written, it cannot effect a closing transaction in order to terminate its obligation under the option and must deliver or receive the underlying securities at the exercise price. The exercise of puts purchased by a fund may also cause the sale of related investments, also increasing turnover; although such exercise is within a fund's control, holding a protective put might cause it to sell the related investments for reasons that would not exist in the absence of the put. A fund will pay a brokerage commission each time it buys or sells a put or call or purchases or sells a futures contract. Such commissions may be higher than those that would apply to direct purchases or sales. High turnover can result in increased transaction costs and tax liability for investors and may affect a fund's performance.

**Roll Timing:** A fund may engage in roll-timing strategies where the fund seeks to extend the expiration or maturity of a position, such as a forward contract, futures contract or to-be-announced ("TBA") transaction, on an underlying asset by closing out the position before expiration and contemporaneously opening a new position with respect to the same underlying asset that has substantially similar terms except for a later expiration date. Such "rolls" enable the fund to maintain continuous investment exposure to an underlying asset beyond the expiration of the initial position without delivery of the underlying asset.

**Foreign Securities**

The following investments are subject to limitations as set forth in each fund's investment restrictions and policies. A fund may invest in foreign securities through the purchase of securities of foreign issuers or of American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and Fiduciary Depositary Receipts ("FDRs") or other securities representing underlying shares of foreign companies.

The risks of investing in securities of non-U.S. issuers or issuers with significant exposure to non-U.S. markets may be related, among other things, to (i) differences in size, liquidity and volatility of, and the degree and manner of regulation of, the securities markets of certain non-U.S. markets compared to the securities markets in the U.S.; (ii) economic, political and social factors; and (iii) foreign exchange matters, such as restrictions on the repatriation of capital, fluctuations in exchange rates between the U.S. dollar and the currencies in which a fund's portfolio securities are quoted or denominated, exchange control regulations and costs associated with currency exchange. The political and economic structures in certain foreign countries, particularly emerging markets and frontier markets, may experience significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristic of more developed countries. Unanticipated political or social developments may affect the values of a fund's investments in such countries. The economies and securities and currency markets of many emerging markets have experienced significant disruption and declines. There can be no assurances that these economic and market disruptions will not continue or reoccur.

Securities of some foreign companies are less liquid, and their prices are more volatile, than securities of comparable domestic companies. Certain foreign countries are known to experience long delays between the trade and settlement dates of securities purchased or sold resulting in increased exposure of a fund to market and foreign exchange fluctuations brought about by such delays, and to the corresponding negative impact on fund liquidity.

The interest payable on a fund's foreign securities may be subject to foreign withholding taxes, which will reduce the fund's return on its investments. In addition, the operating expenses of a fund making such investments can be expected to be higher than those of an investment company investing exclusively in U.S. securities, since the costs of investing in foreign securities, such as custodial costs, valuation costs and communication costs, are higher than the costs of investing exclusively in U.S. securities.

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There may be less publicly available information about non-U.S. markets and issuers than is available with respect to U.S. securities and issuers. Non-U.S. companies generally are not subject to accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. The trading markets for most non-U.S. securities are generally less liquid and subject to greater price volatility than the markets for comparable securities in the U.S. The markets for securities in frontier markets and certain emerging markets are in the earliest stages of their development. Even the markets for relatively widely traded securities in certain non-U.S. markets, including emerging countries, may not be able to absorb, without price disruptions, a significant increase in trading volume or trades of a size customarily undertaken by institutional investors in the U.S. In addition, market making and arbitrage activities are generally less extensive in such markets, which may contribute to increased volatility and reduced liquidity. The less liquid a market, the more difficult it may be for a fund to accurately price its portfolio securities or to dispose of such securities at the times determined by a sub-adviser to be appropriate. The risks associated with reduced liquidity may be particularly acute in situations in which a fund's operations require cash, such as in order to meet redemptions and to pay its expenses.

A fund may invest in securities of emerging market and frontier market countries. Emerging market countries typically have economic and political systems that are less fully developed, and that can be expected to be less stable. Frontier market countries generally have smaller economies and even less developed capital markets than emerging markets countries. These securities may be U.S. dollar denominated or non-U.S. dollar denominated and include: (a) debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities, including Brady Bonds; (b) debt obligations of supranational entities; (c) debt obligations (including dollar and non-dollar denominated) and other debt securities of foreign corporate issuers; and (d) non-dollar denominated debt obligations of U.S. corporate issuers. A fund may also invest in securities denominated in currencies of emerging market or frontier market countries. There is no minimum rating criteria for a fund's investments in such securities.

Certain non-U.S. countries, including emerging markets and frontier markets, may be subject to a greater degree of economic, political and social instability. Such instability may result from, among other things: (i) authoritarian governments or military involvement in political and economic decision making; (ii) popular unrest associated with demands for improved economic, political and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; and (v) ethnic, religious and racial disaffection and conflict. Such economic, political and social instability could significantly disrupt the financial markets in such countries and the ability of the issuers in such countries to repay their obligations. In addition, it may be difficult for the fund to pursue claims against a foreign issuer in the courts of a foreign country. Investing in emerging countries also involves the risk of expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on repatriation of capital invested. In the event of such expropriation, nationalization or other confiscation in any emerging country, a fund could lose its entire investment in that country. Certain emerging market countries restrict or control foreign investment in their securities markets to varying degrees. These restrictions may limit a fund's investment in those markets and may increase the expenses of a fund. In addition, the repatriation of both investment income and capital from certain markets in the region is subject to restrictions such as the need for certain governmental consents. Even where there is no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects of a fund's operations. Economies in individual non-U.S. countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, currency valuation, capital reinvestment, resource self-sufficiency and balance of payments positions. Many non-U.S. countries have experienced substantial, and in some cases extremely high, rates of inflation. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, very negative effects on the economies and securities markets of certain emerging countries. Economies in emerging countries generally are dependent heavily upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been, and may continue to be, affected adversely and significantly by economic conditions in the countries with which they trade.

Custodian services and other costs relating to investment in international securities markets generally are more expensive than in the U.S. Such markets have settlement and clearance procedures that differ from those in the U.S. In certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. The inability of a fund to make intended securities purchases because of settlement problems could cause a fund to miss attractive investment opportunities. Inability to dispose of a portfolio security caused by settlement problems could result either in losses to a fund because of a subsequent decline in value of the portfolio security or could result in possible liability to the fund. In addition, security settlement and clearance procedures in some emerging countries may not fully protect a fund against loss or theft of its assets.

A fund may be subject to taxes, including withholding taxes imposed by certain non-U.S. countries on income (possibly including, in some cases, capital gains) earned with respect to the fund's investments in such countries. These taxes will reduce the return achieved by a fund. Treaties between the U.S. and such countries may reduce the otherwise applicable tax rates.

The value of the securities quoted or denominated in foreign currencies may be adversely affected by fluctuations in the relative currency exchange rates and by exchange control regulations. A fund's investment performance may be negatively affected by a devaluation of a currency in which the fund's investments are quoted or denominated. Further, a fund's investment performance may be significantly affected, either positively or negatively, by currency exchange rates because the U.S. dollar value of securities quoted or denominated in another currency will increase or decrease in response to changes in the value of such currency in relation to the U.S. dollar.

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The rate of exchange between the U.S. dollar and other currencies is determined by the forces of supply and demand in the foreign exchange markets. Changes in the exchange rate may result over time from the interaction of many factors directly or indirectly affecting economic conditions and political developments in other countries. Of particular importance are rates of inflation, interest rate levels, the balance of payments and the extent of government surpluses or deficits in the U.S. and the particular foreign country. All these factors are in turn sensitive to the monetary, fiscal and trade policies pursued by the governments of the U.S. and other foreign countries important to international trade and finance. Government intervention may also play a significant role. National governments rarely voluntarily allow their currencies to float freely in response to economic forces. Sovereign governments use a variety of techniques, such as intervention by a country's central bank or imposition of regulatory controls or taxes, to affect the exchange rates of their currencies.

To the extent a fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country.

**Chinese and Other Emerging Market Securities** 

Investments in China and other emerging market countries may be subject to significant economic, political and social instability. Markets in these countries are generally less developed and may have limited legal protections, less-established regulatory frameworks, and lower levels of transparency compared to more developed markets. China's economic health is largely dependent on exports, and may be dependent upon the economies of other Asian countries. Investments in Chinese and other Asian issuers could be adversely affected by changes in government policies, or trade or political disputes with major trading partners, including the U.S. China's growing trade surplus with the U.S. has contributed to trade disputes and the imposition of tariffs. The U.S. has also restricted the sale of certain goods to China. In addition, the U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China's economy. China's central government exercises significant control over China's economy and may intervene in the financial markets, such as by imposing trading restrictions, and investments in Chinese issuers could be adversely affected by changes in government policies. The Chinese economy could be adversely affected by supply chain disruptions. An economic slowdown in China could adversely affect economies of other emerging market countries that trade with China, as well as companies operating in those countries. Economies of Asian countries and Asian issuers could be adversely affected by regional security threats. In addition, China's long-running conflict over Taiwan's sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict that could adversely impact the economies of China and other Asian countries, disrupt supply chains, and severely affect global economies and markets.

Additionally, the Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, may, from time to time, be unable to inspect audit work papers of certain foreign issuers. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

**Japanese Securities** 

To the extent a fund invests a significant portion of its assets in companies domiciled in Japan or in securities quoted or denominated in the Japanese yen, the fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the Japanese economy. The Japanese economy is heavily dependent upon international trade, particularly with the U.S. and other Asian countries. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption. Japan's economic growth has historically been relatively low compared with its Asian neighbors and other major developed economies, and it may continue to experience low growth in the future. The Japanese economic growth rate could be impacted by Bank of Japan monetary policies, rising interest rates, tax increases, budget deficits, consumer confidence and volatility in the Japanese yen. Japan's economy has been adversely affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions of its trading partners. Japan's relations with neighboring countries, particularly China, North Korea, South Korea and Russia, have at times been strained due to territorial disputes, historical animosities, defense concerns and regional security issues. Most recently, the Japanese government has shown concern over the increased nuclear and military activity by North Korea. Strained relations may cause uncertainty in the Japanese markets and adversely affect the overall Japanese economy in times of crisis. China has become an important trading partner with Japan, yet the countries' political relationship has become strained. Should political tension increase, it could adversely affect the economy, especially the export sector, and destabilize the region as a whole. Economic growth in Japan is heavily dependent on continued growth in international trade, government support of the financial services sector, among other troubled sectors, and consistent government policy. The Japanese economy has been adversely affected by certain structural issues, including an aging population, significant non-performing loan portfolios at major financial institutions, substantial government deficits and low domestic consumption. In addition, Japan is located in a region that has historically been prone to natural disasters such as earthquakes, volcanic eruptions, typhoons and tsunamis, and is economically sensitive to environmental events. Any such event may negatively affect the securities of Japanese companies held by a fund.

**Taiwanese Securities** 

Investments in Taiwan are subject to legal, regulatory, political, currency, and economic risks that are unique to Taiwan, including risks associated with its ongoing tensions with China. The economy of Taiwan is heavily dependent on exports and key trading partners, including Japan, China, and the United States. Currency fluctuations, increasing competition from Asia's other emerging economies, spending reductions by key trading partners, and conditions that weaken demand for Taiwan's export products worldwide could have a negative impact

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on the Taiwanese economy as a whole. In addition, Taiwan lacks many natural resources. As such, any significant increase in commodity prices, worldwide shortages, or volatility in the commodities market could have an adverse effect on Taiwan's economy. The Chinese government is engaged in a longstanding dispute with Taiwan, and continually threatens invasion. Continued deterioration of the political and economic relations between the United States and China could exacerbate the tensions between China and Taiwan and cause China to act upon its threat of invasion. Such escalation could adversely affect Taiwan's economy, as well as the value of a fund.

**Russian Securities** 

Certain funds may invest directly in the securities of Russian issuers or may have indirect exposure to Russian securities through its investment in one or more funds with direct investments in Russia. Investment in those securities presents many of the same risks as investing in the securities of emerging country issuers, as described above. The social, political, legal, and operational risks of investing in Russian issuers, and of having assets held in custody within Russia, however, may be particularly pronounced relative to investments in more developed countries. Russia's system of share registration and custody creates certain risks of loss (including the risk of total loss) that are not normally associated with investments in other securities markets.

A risk with respect to direct investment in Russian securities results from the way in which ownership of shares of companies is normally recorded. Ownership of shares (except where shares are held through depositories that meet the requirements of the 1940 Act) is defined according to entries in the company's share register and normally evidenced by "share extracts" from the register or, in certain circumstances, by formal share certificates. However, there is no central registration system for shareholders and these services are carried out by the companies themselves or by registrars located throughout Russia. The share registrars are controlled by the issuer of the security, and investors are provided with few legal rights against such registrars. These registrars are not necessarily subject to effective state supervision, nor are they licensed with any governmental entity. It is possible for a fund to lose its registration through fraud, negligence, or even mere oversight. Each applicable fund will endeavor to ensure that its interest is appropriately recorded, which may involve a custodian or other agent inspecting the share register and obtaining extracts of share registers through regular confirmations. However, these extracts have no legal enforceability and it is possible that a subsequent illegal amendment or other fraudulent act may deprive a fund of its ownership rights or improperly dilute its interests. In addition, while applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a fund to enforce any rights it may have against the registrar or issuer of the securities in the event of a loss of share registration. Further, significant delays or problems may occur in registering the transfer of securities, which could cause a fund to incur losses due to a counterparty's failure to pay for securities the fund has delivered or the fund's inability to complete its contractual obligations because of theft or other reasons.

Also, although a Russian public enterprise having a certain minimum number of shareholders is required by law to contract out the maintenance of its shareholder register to an independent entity that meets certain criteria, this regulation has not always been strictly enforced in practice. Because of this lack of independence, management of a company may be able to exert considerable influence over who can purchase and sell the company's shares by illegally instructing the registrar to refuse to record transactions in the share register.

In addition, Russia's military invasion of Ukraine in February 2022 resulted in the U.S., other countries and certain international organizations levying broad economic sanctions against Russia. These sanctions froze certain Russian assets and prohibited, among other things, trading in certain Russian securities and doing business with specific Russian corporate entities, large financial institutions, officials and oligarchs. The sanctions also included the removal of some Russian banks from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), the electronic network that connects banks globally, and imposed restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. The U.S. and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also divested interests or otherwise curtailed business dealings with certain Russian businesses. In addition, certain index providers have removed Russian securities from their indices. These actions and any additional sanctions or other intergovernmental actions that may be undertaken against Russia or other countries that support Russia's military invasion in the future may result in the devaluation of Russian or other affected currencies, a downgrade in the sanctioned country's credit rating, and a decline in the value and liquidity of Russian securities and securities of issuers in other countries that support the invasion. In response to sanctions, the Russian Central Bank raised its interest rates and banned sales of local securities by foreigners. Russia may take additional countermeasures or retaliatory actions, which could further impair the value and liquidity of Russian securities and a fund's investments. The potential for wider conflict may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries affected by the invasion. In addition, the ability to price, buy, sell, receive, or deliver such securities is also affected due to these measures. For example, a fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions and/or countermeasures taken by Russia in response to the sanctions may require a fund to freeze its existing investments in companies operating in or having dealings with Russia or other sanctioned countries, which would prevent a fund from selling these investments, and the value of such investments held by a fund could be significantly impacted, which could lead to such investments being valued at zero. Any exposure that a fund may have to Russian counterparties or counterparties in other sanctioned countries also could negatively impact a fund's portfolio. The extent and duration of Russia's military actions, including any retaliatory measures that may be taken by Russia or others subject to sanctions (such as cyberattacks, export restrictions (e.g., natural gas), asset seizures, or military escalation elsewhere in Europe) are unpredictable and may result in significant market disruptions. These and any related events could significantly impact a fund's performance and the value of an investment in a fund even beyond any direct exposure a fund may have to Russian issuers or issuers in other countries affected by the invasion.

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**United Kingdom Securities** 

The United Kingdom (U.K.) has one of the largest economies in Europe, and the U.S. and other European countries are substantial trading partners of the U.K. As a result, the U.K.'s economy may be impacted by changes in the economic condition of the U.S., China and other European countries. The profitability of U.K. issuers may also be influenced by the economies of other European countries and economic and market regulations of the European Union (EU). For example, on January 31, 2020, the United Kingdom withdrew from the EU, commonly referred to as "Brexit." Following a transition period, the U.K.'s post-Brexit trade agreement with the EU passed into law in December 2020 and went into effect on January 1, 2021. The U.K. and EU reached an agreement on the terms of their future trading relationship; however, many aspects of the UK-EU trade relationship remain subject to further negotiation. The long-term economic, regulatory and market ramifications of the U.K.'s withdrawal from the EU remains unclear. The impact on the U.K. and European economies and the broader global economy could be significant, resulting in increased volatility and illiquidity, currency fluctuations, impacts on arrangements for trading and on other existing cross-border cooperation arrangements, and in potentially lower growth for companies in the U.K., Europe and globally, which could have an adverse effect on the value and performance of a fund's investments.

**ADRs, EDRs and GDRs:** A fund may purchase ADRs, American Depositary Debentures, American Depositary Notes, American Depositary Bonds, EDRs, GDRs and FDRs, or other securities representing underlying shares of foreign companies. ADRs are publicly traded on exchanges or OTC in the U.S. and are issued through "sponsored" or "unsponsored" arrangements. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depository's transaction fees, whereas under an unsponsored arrangement, the foreign issuer assumes no obligation and the depository's transaction fees are paid by the ADR holders. In addition, less information is available in the U.S. about an unsponsored ADR than about a sponsored ADR, and the financial information about a company may not be as reliable for an unsponsored ADR as it is for a sponsored ADR. A fund may invest in ADRs through both sponsored and unsponsored arrangements. EDRs and GDRs are securities that are typically issued by foreign banks or foreign trust companies, although U.S. banks or U.S. trust companies may issue them. EDRs and GDRs are structured similarly to the arrangements of ADRs. EDRs, in bearer form, are designed for use in European securities markets.

**Eurodollar or Yankee Obligations:** Eurodollar bank obligations are dollar denominated debt obligations issued outside the U.S. capital markets by foreign branches of U.S. banks and by foreign banks. Yankee obligations are dollar denominated obligations issued in the U.S. capital markets by foreign issuers. Eurodollar (and to a limited extent, Yankee) obligations are subject to certain sovereign risks. One such risk is the possibility that a foreign government might prevent dollar denominated funds from flowing across its borders. Other risks include: adverse political and economic developments in a foreign country; the extent and quality of government regulation of financial markets and institutions; the imposition of foreign withholding taxes; and expropriation or nationalization of foreign issuers.

**Sovereign Government and Supranational Debt:** A fund may invest in all types of debt securities of governmental issuers in all countries, including emerging markets. These sovereign debt securities may include: debt securities issued or guaranteed by governments, governmental agencies or instrumentalities and political subdivisions located in emerging market countries; debt securities issued by government owned, controlled or sponsored entities located in emerging market countries; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers; Brady Bonds, which are debt securities issued under the framework of the Brady Plan as a means for debtor nations to restructure their outstanding external indebtedness; participations in loans between emerging market governments and financial institutions; or debt securities issued by supranational entities such as the World Bank or the European Economic Community. A supranational entity is a bank, commission or company established or financially supported by the national governments of one or more countries to promote reconstruction or development.

Sovereign debt is subject to risks in addition to those relating to non-U.S. investments generally. As a sovereign entity, the issuing government may be immune from lawsuits in the event of its failure or refusal to pay the obligations when due. The debtor's willingness or ability to repay in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its non-U.S. reserves, the availability of sufficient non-U.S. exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward principal international lenders and the political constraints to which the sovereign debtor may be subject. Sovereign debtors may also be dependent on disbursements or assistance from foreign governments or multinational agencies, the country's access to trade and other international credits, and the country's balance of trade. Assistance may be dependent on a country's implementation of austerity measures and reforms, which measures may limit or be perceived to limit economic growth and recovery. Some sovereign debtors have rescheduled their debt payments, declared moratoria on payments or restructured their debt to effectively eliminate portions of it, and similar occurrences may happen in the future. There is no bankruptcy proceeding by which sovereign debt on which governmental entities have defaulted may be collected in whole or in part.

**Sector Focused Investments** 

To the extent a fund invests more heavily in a particular market sector (e.g., the consumer discretionary sector, the financial sector, etc.), the value of the fund's shares and its performance will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile and may also perform differently from the broader market or from each other. In addition, regulatory, economic, or market events that impact a particular sector may have a disproportionate effect on a fund's performance when compared to funds with more diversified sector exposure.

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**Other Investments**

**Illiquid Investments** 

Pursuant to Rule 22e-4 under the 1940 Act, a fund (other than a money market fund) may not acquire any "illiquid investment" if, immediately after the acquisition, the fund would have invested more than 15% of its net assets in illiquid investments that are assets. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may be difficult to value, and a fund may have difficulty disposing of such securities promptly. The funds (other than Transamerica Government Money Market) have implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4, and the Board has approved the designation of TAM to administer the liquidity risk management program and related procedures. Transamerica Government Money Market may invest up to 5% of its total assets in illiquid investments.

The sale of illiquid investments often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the OTC markets. A fund may be restricted in its ability to sell such securities at a time when a fund's sub-adviser deems it advisable to do so. In addition, in order to meet redemption requests, a fund may have to sell other assets, rather than such illiquid investments, at a time that is not advantageous.

Each fund monitors the portion of its total assets that are invested in illiquid investments on an ongoing basis, not only at the time of the investment in such securities.

**Investments in the Real Estate Industry and Real Estate Investment Trusts ("REITs")** 

REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. REITs are not taxed on income distributed to shareholders provided they comply with the applicable requirements of the Internal Revenue Code of 1986, as amended (the "Code"). Debt securities issued by REITs, for the most part, are general and unsecured obligations and are subject to risks associated with REITs.

Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. An equity REIT may be affected by changes in the value of the underlying properties owned by the REIT. A mortgage REIT may be affected by changes in interest rates and the ability of the issuers of its portfolio mortgages to repay their obligations. REITs are dependent upon the skills of their managers and are not diversified. REITs are generally dependent upon maintaining cash flows to repay borrowings and to make distributions to shareholders and are subject to the risk of default by lessees or borrowers. REITs whose underlying assets are concentrated in properties used by a particular industry, such as health care, are also subject to industry related risks.

REITs (especially mortgage REITs) are also subject to interest rate risk. When interest rates decline, the value of a REIT's investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed rate obligations can be expected to decline. If the REIT invests in adjustable rate mortgage loans the interest rates on which are reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest rates. This causes the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed rate obligations. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically, REITs have been more volatile in price than the larger capitalization stocks included in the S&P 500 Index.

Certain funds may invest in foreign real estate companies, which are similar to entities organized and operated as REITs in the U.S. Foreign real estate companies may be subject to laws, rules and regulations governing those entities and their failure to comply with those laws, rules and regulations could negatively impact the performance of those entities. In addition, investments in REITs and foreign real estate companies may involve duplication of management fees and certain other expenses, and a fund indirectly bears its proportionate share of any expenses paid by REITs and foreign real estate companies in which it invests.

**Commodities and Natural Resources** 

Commodities may include, among other things, oil, gas, timber, farm products, minerals, precious metals, for example, gold, silver, platinum, and palladium, and other natural resources. Certain funds may invest in companies (such as mining, dealing or transportation companies) with substantial exposure to, or instruments that result in exposure to, commodities markets. Commodities generally and particular commodities have, at times been subject to substantial price fluctuations over short periods of time and may be affected by unpredictable monetary and political policies such as currency devaluations or revaluations, economic and social conditions within a country, trade imbalances, or trade or currency restrictions between countries. The prices of commodities may be, however, less subject to local and company-specific factors than securities of individual companies. As a result, commodity prices may be more or less volatile in price than securities of companies engaged in commodity-related businesses. Investments in commodities can present concerns such as delivery, storage and maintenance, possible illiquidity, and the unavailability of accurate market valuations.

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**Commodity-Linked Investments** 

A fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investments in commodity-linked investments, including commodities futures contracts, commodity-linked derivatives, and commodity-linked notes. Real assets are assets such as oil, gas, industrial and precious metals, livestock, and agricultural or meat products, or other items that have tangible properties, as compared to stocks or bonds, which are financial instruments. The value of commodity-linked investments held by a fund may be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments.

The prices of commodity-linked investments may move in different directions than investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of course, there cannot be any guarantee that these investments will perform in that manner in the future, and at certain times the price movements of commodity-linked investments have been parallel to those of debt and equity securities. Commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with the prices of financial assets and thus may not provide overall fund diversification benefits. Under favorable economic conditions, a fund's commodity-linked investments may be expected to underperform an investment in traditional securities.

**Hybrid Instruments** 

Hybrid instruments combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Often these hybrid instruments are indexed to the price of a commodity, particular currency, or a domestic or foreign debt or equity securities index. Hybrid instruments may take a variety of forms, including, but not limited to, debt instruments with interest or principal payments or redemption terms determined by reference to the value of a currency or commodity or securities index at a future point in time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities with the conversion terms related to a particular commodity. Hybrid instruments may bear interest or pay dividends at below-market (or even relatively nominal) rates. Under certain conditions, the redemption value of such an instrument could be zero. Hybrid instruments are normally at the bottom of an issuer's debt capital structure. As such, they may be more sensitive to economic changes than more senior debt securities. These securities may also be viewed as more equity-like by the market when the issuer or its parent company experience financial problems. Hybrid instruments can have volatile prices and limited liquidity, and their use may not be successful.

**Trade Claims** 

Trade claims are non-securitized rights of payment arising from obligations that typically arise when vendors and suppliers extend credit to a company by offering payment terms for products and services. If the company files for bankruptcy, payments on these trade claims stop and the claims are subject to compromise along with the other debts of the company. Trade claims may be purchased directly from the creditor or through brokers. There is no guarantee that a debtor will ever be able to satisfy its trade claim obligations. Trade claims are speculative and are subject to the risks associated with low-quality obligations.

**Passive Foreign Investment Companies** 

Certain foreign entities called passive foreign investment companies have been the only or primary way to invest in certain countries. In addition to bearing their proportionate share of a fund's expenses (management fees and operating expenses), shareholders will also indirectly bear similar expenses of passive foreign investment companies in which the fund invests. Capital gains on the sale of such holdings are considered ordinary income regardless of how long the fund held its investment. In addition, the shareholders may be subject to corporate income tax and an interest charge on certain dividends and capital gains earned by a fund from these investments.

To avoid such tax and interest, a fund generally intends to treat these securities as sold on the last day of its fiscal year and recognize any gains for tax purposes at that time; deductions for losses are allowable only to the extent of any gains resulting from these deemed sales for prior taxable years. Such gains and losses will be treated as ordinary income.

**Master Limited Partnerships** 

Master Limited Partnership ("MLPs") are limited partnerships whose shares (or units) are listed and traded on a U.S. securities exchange, just like common stock. To qualify for tax treatment as a partnership, an MLP must receive at least 90% of its income from qualifying sources such as natural resource activities. Natural resource activities include the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner, which is generally a major energy company, investment fund or the management of the MLP, typically controls the MLP through a 2% general partner equity interest in the MLP plus common units and subordinated units. Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership's operations and management.

MLPs are typically structured such that common units have first priority to receive quarterly cash distributions up to an established minimum quarterly dividend ("MQD"). Common units also accrue arrearages in distributions to the extent the MQD is not paid. Once common units have been paid, subordinated units receive distributions of up to the MQD, but subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which

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maximizes value to unit holders. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where the general partner is receiving 50% of every incremental dollar paid to common and subordinated unit holders. By providing for incentive distributions the general partner is encouraged to streamline costs and acquire assets in order to grow the partnership, increase the partnership's cash flow, and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit all security holders of the MLP.

**MLP I-Shares** 

I-Shares represent an ownership interest issued by an affiliated party of an MLP. The MLP affiliate issuing the I-Shares is structured as a corporation for federal income tax purposes. I-Shares are traded on the New York Stock Exchange ("NYSE") and the NYSE AMEX. The MLP affiliate uses the proceeds from the sale of I-Shares to purchase limited partnership interests in the MLP in the form of i-units. i-units generally receive no allocations of income, gain, loss or deduction unless and until the MLP is liquidated. In addition, rather than receiving cash distributions, the MLP affiliate receives additional i-units based on a formula. Similarly, holders of I-Shares will receive additional I-Shares, in the same proportion as the MLP affiliates' receipt of i-units, rather than cash distributions. Distributions of additional i-units and of additional I-Shares generally are not taxable events for the MLP affiliate and the holder of the I-Shares, respectively. I-Shares themselves have limited voting rights which are similar to those applicable to MLP common units.

**Energy Infrastructure Companies** 

Companies engaged in the energy infrastructure sector principally include publicly-traded MLPs and limited liability companies taxed as partnerships, MLP affiliates, Canadian income trusts and their successor companies, pipeline companies, utilities, and other companies that derive a substantial portion of their revenues from operating or providing services in support of infrastructure assets such as pipelines, power transmission and petroleum and natural gas storage in the petroleum, natural gas and power generation industries (collectively, "Energy Infrastructure Companies").

Energy Infrastructure Companies may be directly affected by energy commodity prices, especially those Energy Infrastructure Companies which own the underlying energy commodity. Commodity prices fluctuate for several reasons, including changes in market and economic conditions, the impact of weather on demand, levels of domestic production and imported commodities, energy conservation, domestic and foreign governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems.

A decrease in the production or availability of natural gas, natural gas liquids, crude oil, coal or other energy commodities or a decrease in the volume of such commodities available for transportation, processing, storage or distribution may adversely impact the financial performance of Energy Infrastructure Companies. In addition, Energy Infrastructure Companies engaged in the production of natural gas, natural gas liquids, crude oil, refined petroleum products or coal are subject to the risk that their commodity reserves naturally deplete over time.

Energy Infrastructure Companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for products and services. Various governmental authorities have the power to enforce compliance with these regulations and the permits issued under them and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may adversely affect the financial performance of Energy Infrastructure Companies.

Natural disasters, such as hurricanes in the Gulf of Mexico, also may impact Energy Infrastructure Companies.

**Other Investment Companies** 

Subject to applicable statutory and regulatory limitations and any applicable non-fundamental investment policies, a fund may invest in shares of other investment companies, including shares of other mutual funds, closed-end funds, and unregistered investment companies. Pursuant to a statutory exemption or an exemptive rule adopted by the SEC, a fund may invest in other investment companies beyond the statutory limits prescribed by the 1940 Act. Rule 12d1-4 under the 1940 Act permits registered investment companies to invest in other registered investment companies beyond the limits in Section 12(d)(1), subject to certain conditions, including that the fund enter into a fund of funds investment agreement.

Investments in other investment companies are subject to the risk of the securities in which those investment companies invest. In addition, to the extent a fund invests in securities of other investment companies, fund shareholders would indirectly pay a portion of the operating costs of such companies in addition to the expenses of a fund's own operation. These costs include management, brokerage, shareholder servicing and other operational expenses.

Certain sub-advisers have received an exemptive order from the SEC permitting funds that are sub-advised by the sub-adviser to invest in affiliated registered money market funds and ETFs, and in an affiliated private investment company; provided however, that, among other limitations, in all cases the fund's aggregate investment of cash in shares of such investment companies shall not exceed 25% of its total assets at any time.

**Exchange-Traded Funds ("ETFs")** 

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ETFs are typically registered investment companies whose securities are traded over an exchange at their market price. ETFs generally represent a portfolio of securities designed to track a particular market index or other group of securities. Other ETFs are actively managed and seek to achieve a stated objective by investing in a portfolio of securities and other assets. A fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market pending the purchase of individual securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although the potential lack of liquidity of an ETF could result in it being more volatile. There is also a risk that the general level of securities prices may decline, thereby adversely affecting the value of ETFs invested in by a fund. Moreover, a fund's investments in index-based ETFs may not exactly match the performance of a direct investment in the respective indices or portfolios of securities to which they are intended to correspond due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Additionally, ETFs have management fees which increase their costs.

Unlike shares of typical mutual funds or unit investment trusts, shares of ETFs are designed to be traded throughout a trading day, bought and sold based on an exchange based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value. However, the investments held by most ETFs are publicly disclosed on each trading day, and an approximation of actual net asset value is typically disseminated throughout the trading day. Due in part to this transparency, the trading prices of ETFs tend to closely track the actual net asset value of the underlying holdings and a fund will generally gain or lose value depending on the performance of the holdings. A fund may invest in ETFs that are index-based ("passively managed") or actively managed. A sub-set of actively managed ETFs known as "semi-transparent ETFs" do not publicly disclose their holdings on each trading day. Actively managed ETFs, including semi-transparent ETFs, typically trade at larger discounts or premiums to actual net asset values than index-based ETFs. Gains or losses on a fund's investment in an ETF, however, will ultimately depend on the purchase and sale price of the ETF.

**Exchange-Traded Notes ("ETNs")** 

ETNs are generally notes representing debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and ETFs. An ETN's returns are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the specific asset, index or rate ("reference instrument") to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do not make periodic interest payments, and principal is not protected. ETNs are not registered or regulated as investment companies under the 1940 Act.

The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the performance of the reference instrument, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the loan still needs to be repaid.

Because the return on the ETN is dependent on the issuer's ability or willingness to meet its obligations, the value of the ETN may change due to a change in the issuer's credit rating, despite no change in the underlying reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the assets underlying the reference instrument that the ETN seeks to track.

There may be restrictions on a fund's right to redeem its investment in an ETN, which are generally meant to be held until maturity. The fund's decision to sell its ETN holdings may be limited by the availability of a secondary market. An investor in an ETN could lose some or all of the amount invested. The timing and character of income and gains derived from ETNs is under consideration by the U.S. Treasury and Internal Revenue Service (the "IRS") and may also be affected by future legislation.

**Dollar Roll Transactions** 

"Dollar roll" transactions consist of the sale by a fund to a bank or broker-dealer (the "counterparty") of Ginnie Mae certificates or other mortgage-backed securities together with a commitment to purchase from the counterparty similar, but not identical, securities at a future date. The counterparty receives all principal and interest payments, including prepayments, made on the security while it is the holder. A fund receives a fee from the counterparty as consideration for entering into the commitment to purchase. Dollar rolls may be renewed over a period of several months with a different repurchase price and a cash settlement made at each renewal without physical delivery of securities. Moreover, the transaction may be preceded by a firm commitment agreement pursuant to which a fund agrees to buy a security on a future date. A fund will not use such transactions for leveraging purposes.

The entry into dollar rolls involves potential risks of loss that are different from those related to the securities underlying the transactions. For example, if the counterparty becomes insolvent, a fund's right to purchase from the counterparty might be restricted. In addition, the value of such securities may change adversely before a fund is able to purchase them. Similarly, a fund may be required to purchase securities in connection with a dollar roll at a higher price than may otherwise be available on the open market. Since, as noted above, the counterparty is

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required to deliver a similar, but not identical, security to a fund, the security that the fund is required to buy under the dollar roll may be worth less than an identical security. Finally, there can be no assurance that a fund's use of the cash that it receives from a dollar roll will provide a return that exceeds the transaction costs.

**Short Sales** 

In short selling transactions, a fund sells a security it does not own in anticipation that the price of the security will decline. The fund must borrow the same security and deliver it to the buyer to complete the sale. The fund will incur a profit or a loss, depending upon whether the market price of the security decreases or increases between the date of the short sale and the date on which the fund must replace the borrowed security. Unlike taking a long position in a security by purchasing the security, where potential losses are limited to the purchase price, possible losses from short sales may, theoretically, be unlimited (e.g., if the price of a stock sold short rises) and a fund may be unable to replace a borrowed security sold short. A fund also may be unable to close out an established short position at an acceptable price and may have to sell long positions at disadvantageous times to cover its short positions.

Short sales also involve other costs. A fund may have to pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed securities to the lender of the securities. A fund secures its obligation to replace the borrowed security by depositing collateral with the lender or its custodian or qualified sub-custodian, usually in cash, U.S. government securities or other liquid securities similar to those borrowed. All short sales will be fully collateralized.

A fund may sell securities "short against the box." In short sales "against the box," the fund, at all times when the short position is open, owns an equal amount of the securities sold short or has the right to obtain, at no added cost, securities identical to those sold short. When selling short against the box, if the price of such securities were to increase rather than decrease, the fund would forgo the potential realization of the increased value of the shares sold short.

**International Agency Obligations** 

Bonds, notes or Eurobonds of international agencies include securities issued by the Asian Development Bank, the European Economic Community, and the European Investment Bank. A fund may also purchase obligations of the International Bank for Reconstruction and Development which, while technically not a U.S. government agency or instrumentality, has the right to borrow from the participating countries, including the U.S.

**When-Issued, Delayed Settlement and Forward Delivery Securities** 

Securities may be purchased and sold on a "when-issued," "delayed settlement" or "forward (delayed) delivery" basis. "When-issued" or "forward delivery" refers to securities whose terms are available, and for which a market exists, but which are not available for immediate delivery. When-issued or forward delivery transactions may be expected to occur a month or more before delivery is due.

A fund may engage in when-issued or forward delivery transactions to obtain what is considered to be an advantageous price and yield at the time of the transaction. When a fund engages in when-issued or forward delivery transactions, it will do so consistent with its investment objective and policies and not for the purpose of investment leverage (although leverage may result).

"Delayed settlement" is a term used to describe settlement of a securities transaction in the secondary market that will occur sometime in the future. No payment or delivery is made by a fund until it receives payment or delivery from the other party to any of the above transactions.

New issues of stocks and bonds, private placements and U.S. government securities may be sold in this manner.

At the time of settlement, the market value and/or the yield of the security may be more or less than the purchase price. A fund bears the risk of such market value fluctuations. These transactions also involve the risk that the other party to the transaction may default on its obligation to make payment or delivery. As a result, a fund may be delayed or prevented from completing the transaction and may incur additional costs as a consequence of the delay.

**Additional Information** 

**Temporary Defensive Position** 

At times a fund's sub-adviser may judge that conditions in the securities markets make pursuing the fund's typical investment strategy inconsistent with the best interest of its shareholders. At such times, a sub-adviser may temporarily use alternative strategies, primarily designed to reduce fluctuations in the value of the fund's assets. In implementing these defensive strategies, a fund may invest without limit in securities that a sub-adviser believes present less risk to a fund, including equity securities, debt and fixed-income securities, preferred stocks, U.S. government and agency obligations, cash or money market instruments, CDs, demand and time deposits, bankers' acceptance or other securities a sub-adviser considers consistent with such defensive strategies, such as, but not limited to, options, futures, warrants or swaps. During periods in which such strategies are used, the duration of a fund may diverge from the duration range for that fund disclosed in its prospectus (if applicable). It is impossible to predict when, or for how long, a fund will use these alternative strategies. As a result of using these alternative strategies, a fund may not achieve its investment objective.

**Borrowings** 

Certain funds participate in a syndicated, committed line of credit provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

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When a fund invests borrowing proceeds in other securities, the fund will bear the risk that the market value of the securities in which the proceeds are invested goes down and is insufficient to repay borrowed proceeds. Like other leveraging risks, this makes the value of an investment in a fund more volatile and increases the fund's overall investment exposure. In addition, if a fund's return on its investment of the borrowing proceeds does not equal or exceed the interest that a fund is obligated to pay under the terms of a borrowing, engaging in these transactions will lower the fund's return.

A fund may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to its borrowing obligations. This could adversely affect the portfolio managers' strategy and result in lower fund returns. Interest on any borrowings will be a fund expense and will reduce the value of a fund's shares.

A fund may borrow on a secured or on an unsecured basis. If a fund enters into a secured borrowing arrangement, a portion of the fund's assets will be used as collateral. During the term of the borrowing, the fund will remain at risk for any fluctuations in the market value of these assets in addition to any securities purchased with the proceeds of the loan. In addition, a fund may be unable to sell the collateral at a time when it would be advantageous to do so, which could adversely affect the portfolio managers' strategy and result in lower fund returns. The fund would also be subject to the risk that the lender may file for bankruptcy, become insolvent, or otherwise default on its obligations to return the collateral to the fund. In the event of a default by the lender, there may be delays, costs and risks of loss involved in a fund's exercising its rights with respect to the collateral or those rights may be limited by other contractual agreements or obligations or by applicable law.

The 1940 Act requires a fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this guideline would have the effect of limiting the amount that the fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund Lending** 

To satisfy redemption requests or to cover unanticipated cash shortfalls, a fund may enter into lending agreements ("Interfund Lending Agreements") under which the fund would lend money and borrow money for temporary purposes directly to and from another Transamerica fund through a credit facility ("Interfund Loan"), subject to meeting the conditions of an SEC exemptive order granted to TAM and the Trust permitting such interfund lending. All Interfund Loans will consist only of uninvested cash reserves that the fund otherwise would invest in repurchase agreements or other short-term instruments.

If a fund has outstanding borrowings, any Interfund Loans to the fund (a) will be at an interest rate equal to or lower than any outstanding bank loan, (b) will be secured at least on an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding bank loan that requires collateral, (c) will have a maturity no longer than any outstanding bank loan (and in any event not over seven days), and (d) will provide that, if an event of default occurs under any agreement evidencing an outstanding bank loan to the fund, the event of default will automatically (without need for action or notice by the lending fund) constitute an immediate event of default under the Interfund Lending Agreement entitling the lending fund to call the Interfund Loan (and exercise all rights with respect to any collateral) and that such call will be made if the lending bank exercises its right to call its loan under its agreement with the borrowing fund.

A fund may make an unsecured borrowing through the credit facility if its outstanding borrowings from all sources immediately after the interfund borrowing total 10% or less of its total assets; provided, that if the fund has a secured loan outstanding from any other lender, including but not limited to another Transamerica fund, the fund's interfund borrowing will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding loan that requires collateral. If a fund's total outstanding borrowings immediately after an interfund borrowing would be greater than 10% of its total assets, the fund may borrow through the credit facility on a secured basis only. A fund may not borrow through the credit facility nor from any other source if its total outstanding borrowings immediately after the interfund borrowing would be more than 33 <sup>1</sup>∕3% of its total assets.

No fund may lend to another fund through the interfund lending credit facility if the loan would cause its aggregate outstanding loans through the credit facility to exceed 15% of the lending fund's net assets at the time of the loan. A fund's Interfund Loans to any one fund shall not exceed 5% of the lending fund's net assets. The duration of Interfund Loans is limited to the time required to receive payment for securities sold, but in no event more than seven days. Loans effected within seven days of each other will be treated as separate loan transactions for purposes of this condition. Each Interfund Loan may be called on one business day's notice by a lending fund and may be repaid on any day by a borrowing fund.

The limitations detailed above and the other conditions of the SEC exemptive order permitting interfund lending are designed to minimize the risks associated with interfund lending for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case the fund may have to borrow from a bank at higher rates (if such borrowing is available) or sell securities at a loss if an Interfund Loan were not available from another fund. A delay in repayment to a lending fund could result in a lost opportunity or additional lending costs.

**Reverse Repurchase Agreements** 

A reverse repurchase agreement has the characteristics of a secured borrowing and creates leverage. In a reverse repurchase transaction, a fund sells a portfolio instrument to another person, such as a financial institution or broker/dealer, in return for cash. At the same time, a fund

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agrees to repurchase the instrument at an agreed-upon time and at a price that is greater than the amount of cash that the fund received when it sold the instrument, representing the equivalent of an interest payment by the fund for the use of the cash. During the term of the transaction, a fund will continue to receive any principal and interest payments (or the equivalent thereof) on the underlying instruments.

A fund may engage in reverse repurchase agreements as a means of raising cash to satisfy redemption requests or for other temporary or emergency purposes. Unless otherwise limited in its prospectus or this SAI, a fund may also engage in reverse repurchase agreements to the extent permitted by its fundamental investment policies in order to raise additional cash to be invested by the fund's portfolio managers in other securities or instruments in an effort to increase the fund's investment returns.

During the term of the transaction, a fund will remain at risk for any fluctuations in the market value of the instruments subject to the reverse repurchase agreement as if it had not entered into the transaction. When a fund reinvests the proceeds of a reverse repurchase agreement in other securities, the fund will bear the risk that the market value of the securities in which the proceeds are invested goes down and is insufficient to satisfy the fund's obligations under the reverse repurchase agreement. Like other leveraging risks, this makes the value of an investment in a fund more volatile and increases the fund's overall investment exposure. This could also result in the fund having to dispose of investments at inopportune times and at disadvantageous amounts. In addition, if a fund's return on its investment of the proceeds of the reverse repurchase agreement does not equal or exceed the implied interest that it is obligated to pay under the reverse repurchase agreement, engaging in the transaction will lower the fund's return.

When a fund enters into a reverse repurchase agreement, it is subject to the risk that the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the fund. In the event of a default by the counterparty, there may be delays, costs and risks of loss involved in a fund's exercising its rights under the agreement, or those rights may be limited by other contractual agreements or obligations or by applicable law.

In addition, a fund may be unable to sell the instruments subject to the reverse repurchase agreement at a time when it would be advantageous to do so, or may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to its obligations under a reverse repurchase agreement. This could adversely affect the portfolio managers' strategy and result in losses.

Rule 18f-4 under the 1940 Act permits a fund to enter into reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the fund either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the aggregate, or (ii) treats such transactions as "derivatives transactions" under Rule 18f-4. See "Derivatives."

**Lending** 

Consistent with applicable regulatory requirements and the limitations as set forth in each fund's investment restrictions and policies, a fund may lend portfolio securities to brokers, dealers and other financial organizations meeting capital and other credit requirements or other criteria established by the Board. Loans of securities will be secured continuously by collateral in cash or U.S. government or agency securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received by a fund will be invested in high quality short-term instruments, or in one or more funds maintained by the lending agent for the purpose of investing cash collateral. During the term of the loan, a fund will continue to have investment risk with respect to the security loaned, as well as risk with respect to the investment of the cash collateral. Either party has the right to terminate a loan at any time on customary industry settlement notice (which will not usually exceed three business days). During the existence of a loan, a fund will continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and, with respect to cash collateral, will receive any income generated by the fund's investment of the collateral (subject to a rebate payable to the borrower and a percentage of the income payable to the lending agent). Where the borrower provides a fund with collateral other than cash, the borrower is also obligated to pay the fund a fee for use of the borrowed securities. A fund does not have the right to vote any securities having voting rights during the existence of the loan, but would retain the right to call the loan in anticipation of an important vote to be taken among holders of the securities or of the giving or withholding of their consent on a material matter affecting the investment. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in the collateral should the borrower fail financially. In addition, a fund could suffer loss if the loan terminates and the fund is forced to liquidate investments at a loss in order to return the cash collateral to the buyer.

**Voluntary Actions** 

From time to time, a fund may voluntarily participate in actions (for example, rights offerings, conversion privileges, exchange offers, credit event settlements, etc.) where the issuer or counterparty offers securities or instruments to holders or counterparties, such as a fund, and the acquisition is determined to be beneficial to fund shareholders ("Voluntary Action"). Notwithstanding any percentage investment limitation listed under this section or any percentage investment limitation of the 1940 Act or rules thereunder, if a fund has the opportunity to acquire a permitted security or instrument through a Voluntary Action, and the fund will exceed a percentage investment limitation following the acquisition, it will not constitute a violation if, after announcement of the offering, but prior to the receipt of the securities or instruments, the fund sells an offsetting amount of assets that are subject to the investment limitation in question at least equal to the value of the securities or instruments to be acquired.

**Cybersecurity** 

With the increased use of technologies to conduct business, a fund is susceptible to operational, information security and related risks through breaches in cybersecurity. In general, a breach in cybersecurity can result from deliberate attacks or unintentional events. Cyber

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attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Geopolitical tensions may increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the fund's systems. Cyber incidents affecting a fund's investment manager, sub-adviser and other service providers (including, but not limited to, fund accountants, custodians, transfer agents and financial intermediaries) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with a fund's ability to calculate its NAV, impediments to trading, the inability of fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, litigation costs, reputational damage, reimbursement or other compensation or remediation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which a fund invests, counterparties with which a fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers for fund shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While a fund's service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been adequately identified or prepared for and that an attack may not be detected. Furthermore, a fund cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect the fund or its shareholders. Cybersecurity risks may also impact issuers of securities in which the fund invests, which may cause the fund's investments in such issuers to lose value. A fund and its shareholders could be negatively impacted as a result.

**Portfolio Turnover** 

Portfolio turnover rate is, in general, the percentage calculated by taking the lesser of purchases or sales of portfolio securities (excluding short-term securities) for a year and dividing it by the monthly average of the market value of such securities held during the year.

Changes in security holdings are made by a fund's investment manager or sub-adviser when it is deemed necessary. Such changes may result from: liquidity needs; securities having reached a price or yield objective; anticipated changes in interest rates or the credit standing of an issuer; or developments not foreseen at the time of the investment decision.

The investment manager or a sub-adviser may engage in a significant number of short-term transactions if such investing serves a fund's objective. The rate of portfolio turnover will not be a limiting factor when such short-term investing is considered appropriate. Increased turnover results in higher brokerage costs or mark-up charges for a fund; these charges are ultimately borne by the shareholders.

In computing the portfolio turnover rate, securities whose maturities or expiration dates at the time of acquisition are one year or less are excluded. Subject to this exclusion, the turnover rate for a fund is calculated by dividing (a) the lesser of purchases or sales of portfolio securities for the fiscal year by (b) the monthly average of portfolio securities owned by the fund during the fiscal year.

There are no fixed limitations regarding the portfolio turnover rates of the funds. Portfolio turnover rates are expected to fluctuate under constantly changing economic conditions and market circumstances. Higher turnover rates tend to result in higher brokerage fees. Securities initially satisfying the basic policies and objective of a fund may be disposed of when they are no longer deemed suitable.

The following funds had a significant variation in their portfolio turnover rates over the fiscal years ended October 31, 2024 and October 31, 2025:

Transamerica Asset Allocation Intermediate Horizon saw a high volume of redemptions in 2025 resulting in a large reduction in net assets, leading to a higher turnover rate for the year 2025.

Transamerica Asset Allocation Long Horizon saw a high volume of redemptions in 2025 resulting in a large reduction in net assets, leading to a higher turnover rate for the year 2025.

Transamerica Asset Allocation Short Horizon saw a high volume of redemptions in 2025 resulting in a large reduction in net assets, leading to a higher turnover rate for the year 2025.

Transamerica Capital Growth saw an increase in trading in 2025 due to dynamic market conditions, leading to a higher turnover rate for the year 2025.

Transamerica Small Cap Value underwent a sub-adviser change in August 2024, leading to a higher turnover rate for 2024.

Historical turnover rates are included in the Financial Highlights tables in the prospectus.

**Disclosure of Portfolio Holdings** 

It is the policy of the funds to protect the confidentiality of their portfolio holdings and prevent the selective disclosure of non-public information about portfolio holdings. The funds' service providers are required to comply with this policy. No non-public information concerning the portfolio holdings of the funds may be disclosed to any unaffiliated third party, except as provided below. The Board has adopted formal procedures governing compliance with these policies.

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The funds believe the policy is in the best interests of each fund and its shareholders and that it strikes an appropriate balance between the desire of investors for information about the funds' portfolio holdings and the need to protect the funds from potentially harmful disclosures. Any conflicts of interest between the interests of fund shareholders and those of TAM or its affiliates are addressed in a manner that places the interests of fund shareholders first.

Information concerning the funds' holdings is available via the funds' website at: www.transamerica.com/investments/mutual-funds. The funds generally make publicly available their complete portfolio holdings no sooner than 15 days after month-end. Such information generally remains on the website for 6 months, or as otherwise consistent with applicable regulations.

The funds' semi-annual reports and annual reports contain a complete listing of each fund's holdings as of the end of the fund's second and fourth fiscal quarters. This information is also available in reports filed with the SEC at the SEC's website at https://www.sec.gov. Each fiscal quarter, each non-money market fund will file with the SEC a complete schedule of its monthly portfolio holdings on "Form N-PORT", with quarter-end disclosures being made public 60 days after the end of each fiscal quarter. The Form N-PORT is also available, free of charge, on the EDGAR database on the SEC's website at https://www.sec.gov.

TAM serves as investment adviser to TAM-sponsored ETFs that have investment objectives, strategies and portfolio holdings that are substantially similar to or overlap with those of certain funds, and those ETFs are required to publicly disclose portfolio holdings each business day. As a result, it is possible that other market participants may use such information for their own benefit, which could negatively impact the funds' execution of purchase and sale transactions.

Transamerica Government Money Market files monthly a schedule of portfolio holdings with the SEC on Form N-MFP. The information filed on Form N-MFP is made available to the public by the SEC 60 days after the end of the month to which the information pertains. A schedule of portfolio holdings for Transamerica Government Money Market is posted each month to the fund's website at https://www.transamerica.com/mutual-fund/transamerica-government-money-market/iatxx/893961755 in accordance with Rule 2a-7(h)(10) under the 1940 Act. The Form N-PORT and the Form N-MFP are also available, free of charge, on the EDGAR database on the SEC's website at https://www.sec.gov.

In addition, the funds may release via the funds' website at www.transamerica.com/investments/mutual-funds the following information concerning a fund before disclosure of the fund's full portfolio holdings is made publicly available:

• **Top Ten Holdings –** A fund's top ten holdings and the total percentage of the fund such aggregate holdings represent.

• **Sector Holdings –** A fund's sector information and the total percentage of the fund held in each sector.

• **Other Portfolio Characteristic Data –** Any other analytical data with respect to a fund that does not identify any specific portfolio holdings.

• **Funds of ETFs and Funds of Funds –** For any fund whose investments (other than cash alternatives) consist solely of shares of ETFs and/or other funds, no sooner than 10 days after the end of a month the names of the ETFs or funds held as of the end of that month and the percentage of the fund's net assets held in each ETF or fund as of the end of that month.

Mutual fund rating and ranking organizations such as FactSet, Lipper, Inc. and Morningstar, Inc., or consultants and/or other financial industry institutions such as Bloomberg L.P., and eVestment may request a complete list of non-public portfolio holdings in order to rank or rate a fund or to assess the risks of a fund or otherwise and/or to produce related performance attribution statistics. Similarly, an intermediary may be provided with non-public portfolio holdings in order to allow the intermediary to prepare the portfolio holdings information for shareholders on a timely basis. Portfolio holdings information released to these parties is the same portfolio holdings posted to the funds' website each month and is subject to the guidelines discussed below. Pursuant to the policy, TAM may disclose a complete list of each fund's holdings to any person on a monthly basis after the holdings are posted to the funds' website, usually 15 days after month-end.

The funds may also from time to time provide or make available to third parties upon request specific fund level performance attribution information and statistics. Third parties may include fund shareholders or prospective fund shareholders, members of the press, consultants, and ratings and ranking organizations. Nonexclusive examples of performance attribution information and statistics may include (i) the allocation of the fund's holdings and other investment positions among various asset classes, sectors, industries, and countries, (ii) the characteristics of the stock and bond components of the fund's holdings and other investment positions, (iii) the attribution of fund returns by asset class, sector, industry, and country, (iv) performance attribution and other summary and statistical information that does not include identification of specific portfolio holdings (prior to such holdings becoming public), and (v) the volatility characteristics of the fund.

TAM's Operational Risk Committee may approve a request for fund level performance attribution and statistics as long as (i) such disclosure does not enable the receiving party to recreate the complete or partial portfolio holdings of any fund prior to such fund's public disclosure of its portfolio holdings and (ii) TAM has made a good faith determination that the requested information is not material given the particular facts and circumstances. TAM may deny any request for performance attribution information and other statistical information about a fund made by any person, and may do so for any reason or for no reason.

Disclosure of non-public portfolio holdings information for a fund may only be provided pursuant to the guidelines below.

- Non-public portfolio holdings information may be provided at any time (and as frequently as daily) to the funds' service providers, counterparties, and others who generally need access to such information in the performance of their contractual duties and responsibilities providing services to a fund for a legitimate business purpose, where such vendor or service provider is subject to a duty of confidentiality,

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including a duty to prohibit the vendor from sharing non-public information with an unauthorized source or trading upon any non-public information provided by TAM on behalf of a fund. These entities, parties, and persons include, but are not limited to: TAM, the sub-advisers, custodian, administrator, sub-administrator, transfer agent, sub-transfer agent, executing broker-dealers/counterparties in connection with the purchase or sale of securities or requests for price quotations or bids on one or more securities (including transition managers), research and analytics providers, securities lending agent, financial printer, banks, proxy voting services, pricing service vendors, regulatory authorities, independent public accountants, attorneys, and the funds' officers and trustees, subject to a duty of confidentiality with respect to any portfolio holdings information. In addition, certain of the funds' sub-advisers utilize middle- and back-office providers to fulfill their contractual duties and responsibilities to the funds. The disclosure of non-public portfolio holdings information to such third parties generally will be subject to a requirement, by explicit agreement or by virtue of their respective duties to the funds, that those third parties maintain the confidentiality of such information.

- TAM receives non-public portfolio holdings information to assist in the selection of underlying funds for certain Transamerica asset allocation funds.

- Non-public portfolio holdings information for certain funds may be disclosed to the risk assessment department of Transamerica insurance companies solely to allow them to hedge their obligations under variable annuity and life products. Each applicable Transamerica insurance company has signed a confidentiality agreement.

- A fund may provide non-public portfolio holdings information to (i) third parties that calculate information derived from portfolio holdings for use by TAM, a sub-adviser, or their affiliates, and (ii) an investment adviser or sub-adviser, trustee, or their agents, or a potential replacement sub-adviser for a fund, to whom portfolio holdings are disclosed for proposal or due diligence purposes, prior to Board approval and implementation. Each individual request is reviewed by TAM's Operational Risk Committee which must find, in its sole discretion that, based on the specific facts and circumstances, the disclosure appears unlikely to be harmful to the applicable fund(s). Entities receiving this information must have in place control mechanisms to reasonably ensure or otherwise agree that (a) the portfolio holdings information will be kept confidential, (b) no employee shall use the information to effect trading or for their personal benefit, and (c) the nature and type of information that they, in turn, may disclose to third parties is limited. TAM relies primarily on the existence of non-disclosure agreements and/or control mechanisms when determining that disclosure is not likely to be harmful to a fund. Nothing in this section should be construed as requiring TAM's Operational Risk Committee's review of the disclosure of material, non-public holdings information, as described above, once Board approval of a proposed fund merger, acquisition, or sub-adviser change has been received.

- In addition to those set out above, as of December 31, 2025, the following entities receive information about the funds' securities holdings pursuant to an ongoing arrangement with the funds in connection with services provided to the funds:

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| | | |
|:---|:---|:---|
| <u>Recipient</u> | <u>Purpose</u> | <u>Frequency</u> |
| Bloomberg LP | &nbsp;&nbsp; Statistical ranking, rating, and/or performance <br> attribution analysis and pricing<br>| Daily |
| Broadridge | &nbsp;&nbsp; Print vendor for shareholder documents, proxy <br> solicitor/tabulator, 15(c) analysis<br>| Daily |
| CAPIS | Trade execution analysis | Daily |
| ComplySci | Code of Ethics monitoring | Daily |
| eVestment Alliance, LLC | Institutional sales and RFP opportunities | Quarterly |
| FXTransparency | Trade execution analysis | Quarterly |
| ICE Data Services | Pricing | Daily |
| &nbsp;&nbsp; Institutional Shareholder <br> Services Inc.<br>| Proxy voting services | Quarterly |
| &nbsp;&nbsp; Investment Company <br> Institute<br>| Holdings Information on Form N-PORT | Quarterly |
| JPMorgan Pricing Direct | Pricing | Daily |
| KPMG Taiwan | Provide tax services for market in Taiwan | As necessary |
| Lipper, Inc. | Statistical ranking and rating | Monthly |
| &nbsp;&nbsp; London Stock Exchange <br> Group<br>| Pricing | Daily |
| Morningstar LLC | &nbsp;&nbsp; Statistical ranking, rating, and/or performance <br> attribution analysis<br>| Daily |
| &nbsp;&nbsp; PricewaterhouseCoopers <br> Private Limited<br>| Provide tax services for market in India | As necessary |
| R.R. Donnelly | Financial reporting | Monthly |
| S&P Global | Pricing | Daily |
| truView | Risk and liquidity management analytics | Daily |
| WTax | Foreign tax reclaim services | As necessary |

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TAM, its affiliates, the funds, the funds' sub-advisers and the funds' other service providers will not enter into any arrangements from which they derive compensation for the disclosure of non-public portfolio holdings information.

Subject to such departures as TAM believes reasonable and consistent with reasonably protecting the confidentiality of the portfolio holdings information, each confidentiality agreement should provide that, among other things: the portfolio holdings information is the confidential property of the funds (and their service providers, if applicable) and may not be shared or used directly or indirectly for any purpose except as expressly provided in the confidentiality agreement. The recipient of the portfolio holdings information agrees to limit access to the portfolio holdings information to its employees (and agents) who, on a need to know basis, are (1) authorized to have access to the portfolio holdings information and (2) subject to a duty of confidentiality, including duties not to share the non-public information with an unauthorized source and not to trade on non-public information. Upon written request, the recipient agrees to promptly return or destroy, as directed, the portfolio holdings information.

The funds (or their authorized service providers) may disclose portfolio holdings information before its public disclosure based on the criteria described above. The frequency with which such information may be disclosed, and the length of the lag, if any, between the disclosure date of the information and the date on which the information is publicly disclosed, varies based on the terms of the applicable confidentiality agreement. The funds currently provide portfolio holdings information to the third parties listed herein at the stated frequency as part of ongoing arrangements that include the release of portfolio holdings information in accordance with the policy.

The Trust's Chief Compliance Officer ("CCO") or his/her delegate may, on a case-by-case basis, impose additional restrictions on the dissemination of portfolio holdings information or waive certain requirements. Any exceptions to the policy must be consistent with the purposes of the policy. The CCO reports to the Board material compliance violations of the funds' policies and procedures on disclosure of portfolio holdings.

In addition, separate account and unregistered product clients of TAM, the sub-advisers of the funds, or their respective affiliates generally have access to information regarding the portfolio holdings of their own accounts. Prospective clients may also have access to representative portfolio holdings. These clients and prospective clients are not subject to the portfolio holdings disclosure policies described above. Some of these separate accounts and unregistered product clients have substantially similar or identical investment objectives and strategies to certain funds, and therefore may have substantially similar or nearly identical portfolio holdings as those funds.

Certain information in the above section may not apply to all of the funds managed by TAM.

There can be no assurance that the funds' policy with respect to disclosure of portfolio holdings will prevent the misuse of such information by individuals and firms that receive such information.

**Commodity Exchange Act Registration** 

The funds are operated by the Investment Manager pursuant to an exclusion from registration as a "commodity pool operator" ("CPO") under the Commodity Exchange Act ("CEA"), and therefore, are not subject to registration or regulation with respect to such funds under the CEA. The funds are limited in their ability to enter into commodity interests positions subject to CFTC jurisdiction.

**Management of the Trust** 

Each of the funds is supervised by the Board.

**Board Members and Officers** 

The members of the Board ("Board Members") and executive officers of the Trust are listed below.

"Interested Board Member" means a Board Member who may be deemed an "interested person" (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as "Interested Trustees." "Independent Board Member" means a Board Member who is not an "interested person" (as defined under the 1940 Act) of the Trust and may also be referred to herein as an "Independent Trustee."

The Board is responsible for overseeing the management and operations of the funds. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund's assets by the investment manager and its respective sub-adviser(s).

The funds are among the funds managed and sponsored by TAM (collectively, "Transamerica Fund Family"). The Transamerica Fund Family consists of (i) Transamerica Funds ("TF") and (ii) Transamerica Series Trust ("TST"). The Transamerica Fund Family consists of 95 funds as of the date of this SAI.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202.

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The Board Members, their year of birth, their positions with the Trust, and their principal occupations for at least the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)**<br> **Held with**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length**<br> **of Time**<br> **Served\***<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Funds in**<br> **Complex**<br> **Overseen**<br> **by Board**<br> **Member**<br>| **Other**<br> **Directorships Held**<br> **By Board Member** <br> **During Past Five** <br> **Years**<br>|
| **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** |
| &nbsp;&nbsp; Marijn P. Smit<br> (1973)<br>| Chairman of<br> the Board, <br> President and<br> Chief Executive<br> Officer<br>| Since 2014 | Chairman of the Board, President and Chief <br> Executive Officer, TF and TST (2014 – <br> present);<br> President and Chief Executive Officer, <br> Transamerica Asset Allocation Variable <br> Funds ("TAAVF") (2014 – 2023);<br> Chairman of the Board, Transamerica ETF <br> Trust ("TET") (2017 – 2022), President and <br> Chief Executive Officer, TET (2017 – <br> 2024);<br> Chairman of the Board, President and Chief <br> Executive Officer, Transamerica Partners <br> Portfolio ("TPP"), Transamerica Partners <br> Funds Group ("TPFG") and Transamerica <br> Partners Funds Group II ("TPFG II") (2014 <br> – 2018);<br> Director, Chairman of the Board, President <br> and Chief Executive Officer, Transamerica <br> Asset Management, Inc. ("TAM") (2014 - <br> present) and Transamerica Fund Services, <br> Inc. ("TFS") (2014 – 2023); Director, <br> Chairman of the Board and Executive Vice <br> President, TFS (2023 – present);<br> Senior Vice President, Transamerica <br> Retirement Solutions LLC (2012 - 2020); <br> Trust Officer, Transamerica Trust Company <br> (formerly, Massachusetts Fidelity Trust <br> Company) (2014 - 2021);<br> President, Investment Solutions, <br> Transamerica Investments & Retirement <br> (2014 – 2016);<br> Vice President, Transamerica Life Insurance <br> Company (2010 – 2016);<br> Vice President, Transamerica Premier Life <br> Insurance Company (2010 – 2016);<br> Senior Vice President, Transamerica <br> Financial Life Insurance Company (2013 – <br> 2016);<br> Senior Vice President, Transamerica <br> Retirement Advisors, Inc. (2013 – 2016);<br> President and Director, Transamerica Stable <br> Value Solutions, Inc. (2010 – 2016).<br>| 95 | Director, Transamerica <br> Trust Company <br> (formerly, Massachusetts <br> Fidelity Trust Company) <br> (2014 - 2021); <br> Director, Aegon Global <br> Funds (2016 - 2022); <br> Director, Transamerica <br> Stable Value Solutions, <br> Inc. (October 2023 – <br> present)<br>|
| &nbsp;&nbsp; Kent Callahan<br> (1960)<br>| Board Member | Since 2023 | Board Member, TF and TST (September <br> 2023 - present); <br> Founder and Chief Executive Officer, <br> Shamrock Solutions, LLC (May 2023 - <br> present); <br> Vice Chairman, Transamerica Workplace <br> Solutions (June 2022 - December 2022); <br> President and Chief Executive Officer, <br> Transamerica Workplace Solutions (2020 – <br> 2022); and Senior Managing Director, <br> Transamerica Workplace Solutions (2019 – <br> 2020); <br> President and Chief Executive Officer, <br> Transamerica Latin America Operations <br> (2016 – 2019).<br>| 95 | N/A  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)**<br> **Held with**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length**<br> **of Time**<br> **Served\***<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Funds in**<br> **Complex**<br> **Overseen**<br> **by Board**<br> **Member**<br>| **Other**<br> **Directorships Held**<br> **By Board Member** <br> **During Past Five** <br> **Years**<br>|
| **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** |
| &nbsp;&nbsp; Sandra N. Bane<br> (1952)<br>| Board Member | Since 2008 | Retired (1999 – present);<br> Board Member, TF and TST (2008 – <br> present);<br> Board Member, TAAVF (2008 – 2023);<br> Board Member, TPP, TPFG and TPFG II <br> (2008 – 2018);<br> Partner, KPMG (1975 – 1999).<br>| 95 | Big 5 Sporting Goods <br> (2002 – 2021); <br> Southern Company Gas <br> (energy services holding <br> company) (2008 – <br> present)<br>|
| &nbsp;&nbsp; Leo J. Hill<br> (1956)<br>| Lead Independent<br> Board Member<br>| Since 2002 | Principal, Advisor Network Solutions, LLC <br> (business consulting) (2006 – present);<br> Board Member, TST (2001 – present);<br> Board Member, TF (2002 – present);<br> Board Member, TAAVF (2007 – 2023);<br> Board Member, TPP, TPFG and TPFG II <br> (2007 – 2018);<br> Market President, Nations Bank of Sun <br> Coast Florida (1998 – 1999);<br> Chairman, President and Chief Executive <br> Officer, Barnett Banks of Treasure Coast <br> Florida (1994 – 1998);<br> Executive Vice President and Senior Credit <br> Officer, Barnett Banks of Jacksonville, <br> Florida (1991 – 1994);<br> Senior Vice President and Senior Loan <br> Administration Officer, Wachovia Bank of <br> Georgia (1976 – 1991).<br>| 95 | Ameris Bancorp (2013 – <br> present);<br> Ameris Bank (2013 – <br> present)<br>|
| &nbsp;&nbsp; Kathleen T. Ives<br> (1965)<br>| Board Member | Since 2021 | Board Member, TF and TST (2021 – <br> present);<br> Board Member, TAAVF (2021 – 2023);<br> Senior Vice President & Director of Internal <br> Audit (2011-2019), Senior Vice President & <br> Deputy General Counsel (2008 – 2011), OFI <br> Global Asset Management, Inc.<br>| 95 | Junior Achievement <br> Rocky Mountain <br> (non-profit organization) <br> (2013 – present); <br> Institute of Internal <br> Auditors, Denver <br> Chapter (audit <br> organization) (2017 – <br> 2021)<br>|
| &nbsp;&nbsp; Lauriann C. Kloppenburg<br> (1960)<br>| Board Member | Since 2021 | Board Member, TF and TST (2021 – <br> present);<br> Board Member, TAAVF (2021 – 2023); <br> Investment Committee Member, 1911 <br> Office, LLC (family office) (2017 – <br> Present);<br> Student Fund Advisory Board Member, <br> Champlain College (2016 – present);<br> Executive in Residence, Champlain College <br> (2016 – 2024);<br> Executive in Residence, Bentley University <br> (2015 – 2017); <br> Chief Strategy Officer (2012 – 2013), Chief <br> Investment Officer – Equity Group (2004 – <br> 2012), Loomis Sayles & Company, L.P.<br>| 95 | Trustees of Donations to <br> the Protestant Episcopal <br> Church (non-profit <br> organization) (2010 – <br> 2022); <br> Forte Foundation <br> (non-profit organization) <br> (2016 – present); <br> Board Member, Adams <br> Funds (investment <br> companies) (2017 – <br> present)<br>|
| &nbsp;&nbsp; Fredric A. Nelson III<br> (1957)<br>| Board Member | Since 2017 | Board Member, TF and TST (2017 – <br> present);<br> Co-Owner, Annapolis Sailing School (2014 <br> – present);<br> Board Member, TAAVF (2017 – 2023);<br> Board Member, TPP, TPFG and TPFG II <br> (2017 – 2018);<br> Chief Investment Officer ("CIO"), <br> Commonfund (2011 – 2015);<br> Vice Chairman, CIO, ING Investment <br> Management Americas (2003 – 2009);<br> Managing Director, Head of U.S. Equity, JP<br>| 95 | Annapolis Sailing <br> School (2014 – present); <br> Global Index Group <br> ("GIG") (2016 – 2023) <br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)**<br> **Held with**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length**<br> **of Time**<br> **Served\***<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Funds in**<br> **Complex**<br> **Overseen**<br> **by Board**<br> **Member**<br>| **Other**<br> **Directorships Held**<br> **By Board Member** <br> **During Past Five** <br> **Years**<br>|
| **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** |
| &nbsp;&nbsp; Fredric A. Nelson III <br> *(continued)*<br>|  |  | Morgan Investment Management (1994 – <br> 2003);<br> Managing Director, Head of Global <br> Quantitative Investments Group, Bankers <br> Trust Global Investment Management (1981 <br> – 1994).<br>|  |  |
| &nbsp;&nbsp; John E. Pelletier<br> (1964)<br>| Board Member | Since 2017 | Board Member, TF and TST (2017 – <br> present);<br> Board Member, TAAVF (2017 – 2023);<br> Board Member, TPP, TPFG and TPFG II <br> (2017 – 2018);<br> Director, Center for Financial Literacy, <br> Champlain College (2010 – present);<br> Co-Chair, Vermont Financial Literacy <br> Commission with Vermont State Treasurer <br> (2015 – 2018);<br> Chairman, Vermont Universal Children's <br> Higher Education Savings Account Program <br> Advisory Committee (2015 – 2021);<br> Founder and Principal, Sterling Valley <br> Consulting LLC (a financial services <br> consulting firm) (2009 – 2017);<br> Chief Legal Officer, Eaton Vance Corp. <br> (2007 – 2008);<br> Executive Vice President and Chief <br> Operating Officer (2004 - 2007), General <br> Counsel (1997 – 2004), Natixis Global <br> Associates.<br>| 95 | Independent Director, <br> The Sentinel Funds and <br> Sentinel Variable <br> Products Trust (2013 – <br> 2017)<br>|
| &nbsp;&nbsp; Kevin A. Simonoff<br> (1973)<br>| Board Member | Since 2026 | Board Member, TF and TST (January 2026 <br> – present);<br> Founder & Chief Executive Officer, <br> ThreeTree Advisory LLC (January 2026 – <br> present); <br> President & Chief Executive Officer, Voya <br> Funds (2023-2024);<br> Chief Strategy & Transformation Officer <br> (2022-2024),<br> Head of Business Management (2019-2022), <br> Voya Investment Management; Board <br> Member, Voya Investment Management <br> (UK) and Voya Investment Management <br> Services (UK) Ltd (2018-2023).<br>| 95 | Sound Point Alternative <br> Income Fund Board <br> Director (2025 – <br> present); <br> McIntire Alumni <br> Advisory Board Member <br> (2024 – present), UVA <br> McIntire School of <br> Commerce<br>|
| &nbsp;&nbsp; John W. Waechter<br> (1952)<br>| Board Member | Since 2005 | Partner, Englander Fischer (2016 – present) <br> (law firm);<br> Board Member, TST (2004 – present);<br> Board Member, TF (2005 – present);<br> Board Member, TAAVF (2007 – 2023);<br> Board Member, TPP, TPFG and TPFG II <br> (2007 – 2018).<br>| 95 | Board Member, <br> Operation PAR, Inc. <br> (non-profit organization) <br> (2008 – present); <br> Board Member, Boley <br> PAR, Inc. (non-profit <br> organization) (2016 - <br> present) <br> Board Member, <br> Remember Honor <br> Support, Inc. (non-profit <br> organization)<br> (2013 - 2020);<br> Board Member, WRH <br> Income Properties, Inc. <br> and WRH Properties, <br> Inc. and affiliates (real <br> estate) (2014 - present)<br>|

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\*

Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust's Declaration of Trust.

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**Officers** 

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position** | **Term of Office**<br> **and Length of**<br> **Time Served\***<br>| **Principal Occupation(s) or Employment**<br> **During Past Five Years**<br>|
| &nbsp;&nbsp; Marijn P. Smit<br> (1973)<br>| Chairman of the Board, President <br> and Chief Executive Officer<br>| Since 2014 | See Interested Board Members Table Above. |
| &nbsp;&nbsp; Joshua Durham<br> (1973)<br>| Vice President and Chief <br> Operating Officer<br>| Since 2022 | Vice President and Chief Operating Officer, TF and TST (2022 – <br> present); <br> Interim Treasurer, TF and TST (2024 – 2025);<br> Vice President and Chief Operating Officer, TAAVF (2022 – <br> 2023);<br> Director, Senior Vice President, and Chief Operating Officer, TAM <br> (2022 - present) and TFS (2022 – 2023); <br> Director, President and Chief Executive Officer, TFS (2023 – <br> present);<br> Vice President, Transamerica Casualty Insurance Company (2016 <br> – 2022);<br> Vice President (2004 – 2007 and 2012 – 2022) and Responsible <br> Officer (2017 – 2022), Transamerica Financial Life Insurance <br> Company;<br> Vice President (2004 – 2007 and 2010 – 2022) and Responsible <br> Officer (2016 – 2022), Transamerica Life Insurance Company;<br> Chief Administrative Officer (2014 – 2016) and Senior Vice <br> President (2009 – 2020), Transamerica Stable Value Solutions Inc.;<br> Vice President, Transamerica Premier Life Insurance Company <br> (2010 – 2020);<br> Vice President, Transamerica Advisors Life Insurance Company <br> (2016 – 2019); <br> Vice President, TAG Resources, LLC (2022); <br> Vice President, Transamerica Retirement Solutions, LLC (2017 – <br> 2022).<br>|
| &nbsp;&nbsp; Dennis P. Gallagher<br> (1970)<br>| Chief Legal Officer and <br> Secretary<br>| Since 2021; <br> 2006 – 2014<br>| Chief Legal Officer and Secretary, TF and TST (2021 – present <br> and 2006 - 2014); <br> Chief Legal Officer and Secretary, TAAVF (2021 – 2023 and 2006 <br> - 2014); <br> Chief Legal Officer and Assistant Secretary, TAM (2022 – <br> present); <br> Lead Attorney, TAM (2017 – 2021); <br> Chief Legal Officer, Latin American Operations and International <br> Funds (2014 – 2022); <br> Director, Senior Vice President, General Counsel, Operations and <br> Secretary, TAM (2006 – 2014); <br> Director, Senior Vice President, General Counsel, Chief <br> Administrative Officer and Secretary, TFS (2006 – 2014);<br> Chairman of the Board, Aegon Global Funds (2013 – 2022); <br> Board Member, Mongeral Aegon Seguros e Previdencia SA (2017 <br> – 2022); <br> Assistant Secretary, TF, TST, TET and TAAVF (2019); <br> Vice President, General Counsel and Secretary, TPP, TPFG and <br> TPFG II (2007 – 2014); <br> Assistant Vice President, Transamerica Capital, LLC ("TCL") <br> (2007 – 2014); <br> Lead Attorney, Transamerica Stable Value Solutions. Inc. (2024 - <br> 2025).<br>|
| &nbsp;&nbsp; James E. Goundrey<br> (1977)<br>| Assistant Secretary | Since 2024 | Assistant Secretary, TF and TST (2024 – present); <br> Assistant General Counsel, TAM (2022 – present); <br> Associate General Counsel, Edward D. Jones & Co. (2019 – 2022); <br> Vice President and Senior Counsel, State Street Investment <br> Management (formerly, State Street Global Advisors) (2015-2019).<br>|
| &nbsp;&nbsp; Byron D. Hittle<br> (1974)<br>| Chief Compliance Officer | Since 2025 | Chief Compliance Officer, TF and TST (2025 – present);<br> Executive Director (2025) and Managing Counsel (2017 – 2025), <br> Assistant Vice President, Senior Legal Counsel (2012 – 2016), <br> Legal Counsel (2008 – 2011), Janus Henderson Investors.<br>|
| Molly Possehl | Anti-Money Laundering Officer | Since 2019 | Anti-Money Laundering Officer, TF and TST (2019 – present);  |

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position** | **Term of Office**<br> **and Length of**<br> **Time Served\***<br>| **Principal Occupation(s) or Employment**<br> **During Past Five Years**<br>|
| &nbsp;&nbsp; Molly Possehl <br> *(continued)(1978)*<br>|  |  | Anti-Money Laundering Officer, TET (2019-2024);<br> Anti-Money Laundering Officer, TAAVF (2019 – 2023);<br> Anti-Money Laundering Compliance Officer and Fraud Officer, <br> Transamerica Life Insurance Company/Aegon USA (2015 – <br> present); <br> Senior Director, Compliance, Transamerica Life Insurance <br> Company (2021 – present);<br> Assistant General Counsel, Transamerica Life Insurance <br> Company/Aegon USA (2013 – 2021).<br>|
| &nbsp;&nbsp; Kari Seabrands<br> (1969)<br>| Treasurer | Since 2025 | Treasurer, TF and TST (2025 – present); <br> Senior Director, Fund Administration, TAM (2025 – present);<br> Senior Director, Head of Global Fund Services, Russell <br> Investments (2023 – 2025); <br> Treasurer, Chief Accounting Officer and Chief Financial Officer, <br> Russell Investment Company ("RIC"), Russell Investment Funds <br> ("RIF"), Russell Investments Exchange Traded Funds, Russell <br> Investments Strategic Credit Fund and Russell Investment New <br> Economy Infrastructure Fund (2023 – 2025);<br> Director, Russell Investments Financial Services, LLC and Russell <br> Investments Fund Services, LLC (2023 – 2025); <br> Director, Fund Administration, Russell Investments (2012 – 2023) <br> Assistant Treasurer, RIC and RIF (2012 – 2023).<br>|

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Elected and serves at the pleasure of the Board of the Trust.

If an officer has held offices for different funds for different periods of time, the earliest applicable date is shown. No officer of the Trust, except for the Chief Compliance Officer, receives any compensation from the Trust.

The Board believes that each Board Member's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Board Members lead to the conclusion that the Board possesses the requisite skills and attributes. The Board believes that the Board Members' ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with TAM, the sub-advisers, other services providers, counsel and independent auditors, and to exercise effective business judgment in the performance of their duties, support this conclusion. The following sets forth information about each Board Member's specific experience, qualifications, attributes and/or skills that serve as the basis for the person's continued service in that capacity: Ms. Bane has experience as a certified public accountant and as a board member of multiple organizations; Mr. Callahan has financial services industry experience as an executive and consultant with various TAM affiliates and other entities; Mr. Hill has financial and entrepreneurial experience as an executive, owner and consultant as well as experience as a board member of multiple organizations; Ms. Ives has audit, securities industry, compliance and legal experience, including as a fund executive; Ms. Kloppenburg has investment management experience as an executive and experience as a board member of multiple organizations; Mr. Nelson has investment management experience as well as other business, securities industry and fund executive experience; Mr. Pelletier has securities industry and fund legal and operations experience, entrepreneurial experience as an executive, owner and consultant, and board experience; Mr. Simonoff has securities industry and investment management experience, including as a fund executive; Mr. Smit has investment management and insurance experience as an executive and in leadership roles with TAM and affiliated entities; and Mr. Waechter has experience as a certified public accountant and a board member of multiple organizations as well as securities industry, compliance and legal experience. References to the qualifications, attributes and skills of Board Members does not constitute an assertion by the Board or any individual Board Member that a Board Member has any special expertise or experience that would impose any greater responsibility or liability on such Board Member than would exist otherwise.

Mr. Smit, an Interested Board Member, serves as Chairman of the Board. Independent Board Members constitute more than 75% of the Board. The Board currently believes that its leadership structure, including an interested Chairman and a Lead Independent Board Member, is appropriate and is in the best interests of the funds and their shareholders, and that its committees, as further described below, help ensure that the funds have effective and independent governance and oversight. The Board believes that an interested Chairman has a professional interest in the quality of the services provided to the funds and that the Chairman is best equipped to provide oversight of such services on a day-to-day basis because of TAM's sponsorship of the funds and TAM's ongoing monitoring of the investment sub-advisers that manage the assets of each fund.

The Independent Board Members determined that it was appropriate to appoint a Lead Independent Board Member to facilitate communication among the Independent Board Members and with management. Accordingly, the Independent Board Members have appointed Mr. Hill to serve as Lead Independent Board Member. Among other responsibilities, the Lead Independent Board Member coordinates with management, the committee chairs, and the other Independent Board Members regarding review of agendas for board and committee meetings; serves as chair of meetings of the Independent Board Members; and, in consultation with the other Independent Board Members and as requested or appropriate, communicates with management, counsel, third party service providers and others on behalf of the Independent Board Members.

The Board believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Board Members from management. The Independent Board Members also believe that they can effectively act independently without having an Independent

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Board Member act as Chairman. Among other reasons, this belief is based on the fact that they have appointed a Lead Independent Board Member, the Independent Board Members represent over 75% of the Board, and as further described below, Independent Board Members chair and comprise both of the Board's committees.

**Board Committees** 

The Board has two standing committees: the Audit Committee and Nominating Committee. Both the Audit Committee and Nominating Committee are chaired by an Independent Board Member and composed of all of the Independent Board Members. Ms. Bane serves as the Audit Committee Chairperson and Ms. Ives serves as the Nominating Committee Chairperson. Through the funds' board committees, the Independent Board Members consider and address important matters involving the funds, including those presenting conflicts or potential conflicts of interest for management, and they believe they can act independently and effectively.

The Audit Committee, among other things, oversees the accounting and reporting policies and practices and internal controls of the Trust, oversees the quality and integrity of the financial statements of the Trust, approves, prior to appointment, the engagement of the Trust's independent registered public accounting firm, reviews and evaluates the independent registered public accounting firm's qualifications, independence and performance, and approves the compensation of the independent registered public accounting firm.

The Audit Committee also approves all audit and permissible non-audit services provided to each fund by the independent registered public accounting firm and all permissible non-audit services provided by each fund's independent registered public accounting firm to TAM and any affiliated service providers if the engagement relates directly to each fund's operations and financial reporting.

The Nominating Committee is a forum for identifying, considering, selecting and nominating, or recommending for nomination by the Board, candidates to fill vacancies on the Board. In assessing the qualifications of a potential candidate for membership on the Board, the Nominating Committee may consider the candidate's potential contribution to the operation of the Board and its committees, and such other factors as it may deem relevant. The Nominating Committee will consider diversity in identifying potential candidates, including race, gender, differences of viewpoint, professional experience and skill, as well as such other individual qualities and attributes as it may deem relevant.

When addressing vacancies, the Nominating Committee sets any standards or qualifications for service on the Board and may consider nominees recommended by any source it deems appropriate, including from management or shareholders. Shareholders who wish to recommend a nominee should send recommendations to the Trust's Secretary that include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board Members. A recommendation must be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders or appointed. The Nominating Committee will consider all submissions meeting the applicable requirements stated herein that are received by December 31 of the most recently completed calendar year. The Nominating Committee also identifies potential nominees through its network of contacts and may also engage, if it deems appropriate, a professional search firm.

**Risk Oversight** 

Through its oversight of the management and operations of the funds, the Board also has a risk oversight function, which includes (without limitation) the following: (i) requesting and reviewing reports on the operations of the funds; (ii) reviewing compliance reports and approving compliance policies and procedures of the funds and their service providers; (iii) meeting with management to consider areas of risk and to seek assurances that adequate resources are available to address risks; (iv) meeting with service providers, including fund auditors, to review fund activities; and (v) meeting with the Chief Compliance Officer and other officers of the funds and their service providers to receive information about compliance, and risk assessment and management matters. Such oversight is exercised primarily through the Board and its Audit Committee but, on an ad hoc basis, also can be exercised by the Independent Board Members during executive sessions.

The Board recognizes that not all risks that may affect the funds can be identified in advance, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the funds' goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. The funds' day-to-day investment management and business affairs are carried out by or through TAM, its affiliates, the sub-advisers and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the funds' and each other in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's risk management oversight is inherently subject to limitations. Some risks may be beyond the reasonable control of the Board, the funds, TAM, its affiliates, the sub-advisers or other service providers.

**Additional Information about the Committees of the Board** 

Both the Audit Committee and Nominating Committee are composed of all of the Independent Board Members. For the fiscal year ended October 31, 2025, the Audit Committee met 3 times and the Nominating Committee met 3 times.

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**Trustee Ownership of Equity Securities** 

The tables below give the dollar range of shares of the funds, as well as the aggregate dollar range of shares of all funds/portfolios in the Transamerica Fund Family, owned by each current Trustee as of December 31, 2025.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Interested Trustees** | **Interested Trustees** |  |  |  |  |  |  |  |  |
|  | **Marijn P. Smit** | **Kent Callahan** | **Sandra N.** <br> **Bane**<br>| **Leo J. Hill** | **Kathleen T.** <br> **Ives**<br>| **Lauriann C.** <br> **Kloppenburg**<br>| **Fredric A.** <br> **Nelson III**<br>| **John E.** <br> **Pelletier**<br>| **Kevin A.** <br> **Simonoff\***<br>| **John W.** <br> **Waechter**<br>|
| &nbsp;&nbsp; Transamerica Asset Allocation <br> Intermediate Horizon<br>|  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Asset Allocation <br> Long Horizon<br>|  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Asset Allocation <br> Short Horizon<br>|  |  |  |  |  |  |  |  |  |  |
| Transamerica Balanced II |  |  |  |  |  |  |  |  |  |  |
| Transamerica Bond |  |  |  |  |  |  | Over $100,000 |  |  | $10001 – <br> $50000<br>|
| Transamerica Capital Growth |  |  |  |  |  |  |  |  |  |  |
| Transamerica Core Bond |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Emerging Markets <br> Equity<br>|  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Government Money <br> Market<br>|  |  | Over $100,000 |  |  |  |  |  | $50001 – <br> $100000<br>|  |
| Transamerica High Yield Bond |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Inflation <br> Opportunities<br>|  |  |  |  |  | Over $100,000 |  |  |  |  |
| Transamerica International Equity |  | Over $100,000 |  |  | Over $100,000 |  |  |  |  | Over $100,000 |
| Transamerica Large Core ESG |  |  |  |  |  |  |  |  |  |  |
| Transamerica Large Growth |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Large Value <br> Opportunities<br>|  |  |  |  |  |  |  |  |  |  |
| Transamerica Mid Cap Growth |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities<br>|  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Transamerica Multi-Managed <br> Balanced<br>|  |  | Over $100,000 | Over $100,000 |  |  | $50001 – <br> $100000<br>| Over $100,000 |  |  |
| Transamerica Short-Term Bond |  |  |  |  |  |  |  |  |  |  |
| Transamerica Small Cap Growth |  |  |  |  |  |  |  |  |  |  |
| Transamerica Small Cap Value |  |  |  |  |  |  |  |  |  |  |

---

\* As of January 1, 2026

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Fund Family** | **Transamerica Fund Family** |
| **Trustee** | &nbsp;&nbsp; **Aggregate Dollar** <br> **Range of Equity** <br> **Securities**<br>|
| Interested Trustees |  |
| Marijn P. Smit | $1 - $10000 |
| Kent Callahan | Over $100,000 |
| Independent Trustees |  |
| Sandra N. Bane | Over $100,000 |
| Leo J. Hill | Over $100,000 |
| Kathleen T. Ives | Over $100,000 |
| Lauriann C. Kloppenburg | Over $100,000 |
| Fredric A. Nelson III | Over $100,000 |
| John E. Pelletier | Over $100,000 |
| Kevin A. Simonoff\* | $50001 - $100000 |
| John W. Waechter | Over $100,000 |

---

\* As of January 1, 2026

As of December 31, 2025, none of the Independent Board Members or their immediate family members owned beneficially or of record any securities of the Investment Manager, sub-advisers or Distributor of the funds, or in a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Investment Manager, sub-advisers or Distributor of the funds.

**Trustee Compensation** 

As of January 1, 2026, the Independent Board Members receive a base retainer of $395,000 from the funds/portfolios of Transamerica Funds and TST.

The Trust pays a pro rata share of these fees allocable to each series of the Trust based on the relative assets of the series.

As of January 1, 2026, the Lead Independent Trustee of the Board receives an additional retainer of $88,000 per year; and the Audit Committee Chairperson receives an additional retainer of $38,000 per year. The Trust also pays a pro rata share allocable to each series of Transamerica Funds based on the relative assets of the series for the Lead Independent Trustee and Audit Committee Chairperson retainers.

Any fees and expenses paid to an Interested Board Member and officers are paid by TAM or an affiliate and not by the Trust or any series, except that the compensation of the Chief Compliance Officer is paid as provided in the next sentence. A portion of the compensation of the Chief Compliance Officer is paid by TAM or an affiliate; the remaining portion is allocated ratably, based on relative net assets, among the mutual funds sponsored by TAM, including the series of the Trust.

**Compensation Table**

The following table provides compensation amounts paid by the funds to the Independent Trustees for the fiscal year ended October 31, 2025. Interested Trustees are not compensated by the funds. Messrs. Callahan and Smit are compensated for their Board service by TAM or an affiliate of TAM.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person, Position** | **Aggregate** <br> **Compensation from** <br> **the Trust**<br>| **Pension or Retirement** <br> **Benefits Accrued as** <br> **Part of Funds** <br> **Expenses**<sup>(a)</sup> <br>| **Estimated Annual** <br> **Benefits Upon** <br> **Retirement**<sup>(a)</sup> <br>| **Total Compensation** <br> **from the Transamerica** <br> **Fund Family** <br> **(including the Trust)**<sup>(b)</sup> <br>|
| Sandra N. Bane, Trustee | $163871 | N/A | N/A | $411800 |
| Leo J. Hill, Trustee | $184753 | N/A | N/A | $464400 |
| Kathleen T. Ives, Trustee | $152368 | N/A | N/A | $383000 |
| Lauriann C. Kloppenburg, Trustee | $152368 | N/A | N/A | $383000 |
| Fredric A. Nelson III, Trustee | $152368 | N/A | N/A | $383000 |
| John E. Pelletier, Trustee | $152368 | N/A | N/A | $383000 |
| Patricia L. Sawyer, Trustee<sup>(c)</sup> | $164145 | N/A | N/A | $412600 |
| Kevin A. Simonoff<sup>(d)</sup> | N/A | N/A | N/A | N/A |
| John W. Waechter, Trustee | $155108 | N/A | N/A | $390000 |

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(a) The Trust has no plan or other arrangement pursuant to which the Trustees receive pension or retirement benefits.

(b) Compensation expenses are allocated pro rata based on the relative net assets of each fund included in the Transamerica Fund Family.

(c) Effective as of December 31, 2025, Ms. Sawyer retired as a Board Member.

(d) Information is not shown for Mr. Simonoff as he became a Board Member on January 1, 2026.

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**Shareholder Communication Procedures with the Board of Trustees** 

The Board of the Trust has adopted these procedures by which shareholders of the Trust may send written communications to the Board. Shareholders may mail written communications to the Board, addressed to the care of the Secretary of the Trust ("Secretary"), as follows:

Board of Trustees

Transamerica Funds

c/o Secretary

1801 California Street, Suite 5200

Denver, CO 80202

Each shareholder communication must (i) be in writing and be signed by the shareholder, (ii) identify the underlying series of the Trust to which it relates, and (iii) identify the class (if applicable) held by the shareholder. The Secretary is responsible for collecting, reviewing and organizing all properly submitted shareholder communications. Usually, with respect to each properly submitted shareholder communication, the Secretary shall either (i) provide a copy of the communication to the Board at the next regularly scheduled Board meeting or (ii) if the Secretary determines that the communication requires more immediate attention, forward the communication to the Board promptly after receipt. The Secretary may, in good faith, determine that a shareholder communication should not be provided to the Board because the communication (i) does not reasonably relate to a series of the Trust or its operation, management, activities, policies, service providers, Board, officers, shareholders or other matters relating to an investment in the Trust, or (ii) is ministerial in nature (such as a request for Trust literature, share data or financial information). These Procedures shall not apply to (i) any communication from an officer or Trustee of the Trust, (ii) any communication from an employee or agent of the Trust, unless such communication is made solely in such employee's or agent's capacity as a shareholder, (iii) any shareholder proposal submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 ("Exchange Act") or any communication made in connection with such a proposal, or (iv) any communication that reasonably may be considered to be a complaint regarding the Trust or shareholder services, which complaint shall instead be promptly forwarded to the Trust's Chief Compliance Officer. The Trustees are not required to attend the Trust's shareholder meetings, if any, or to otherwise make themselves available to shareholders for communications, other than pursuant to these Procedures.

**Code of Ethics** 

The Trust, TAM, each sub-adviser and TCL have each adopted a Code of Ethics as required by applicable law, which is designed to prevent affiliated persons of the Trust, TAM, each sub-adviser and TCL from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the funds (which may also be held by persons subject to a code of ethics). There can be no assurance that the codes of ethics will be effective in preventing such activities.

Pursuant to Rule 17j-1 under the 1940 Act, the funds, TAM, the sub-advisers and the distributor each have adopted a code of ethics that permits their personnel to invest in securities for their own accounts, including securities that may be purchased or held by a fund. All personnel must place the interests of clients first, must not act upon non-public information, must not take inappropriate advantage of their positions, and are required to fulfill their fiduciary obligations. All personal securities transactions by employees must adhere to the requirements of the codes of ethics and must be conducted in such a manner as to avoid any actual or potential conflict of interest, the appearance of such a conflict, or the abuse of an employee's position of trust and responsibility.

**Proxy Voting Policies and Procedures** 

TAM exercises voting discretion for the Asset Allocation Funds. The proxy voting policies and procedures of the respective sub-advisers are used to determine how to vote proxies relating to securities held by the remainder of the funds. The proxy voting policies and procedures of the funds, TAM and the sub-advisers are attached hereto as Appendix A.

TAM's proxy voting policy and procedures address material conflicts of interest that may arise between TAM or its affiliates and the funds by: (i) providing for voting in accordance with the recommendation of an independent third party or the Board; (ii) voting shares in the same proportion as the vote of all of the other holders of a fund's shares; or (iii) obtaining the consent of the Board (or a Board Committee) with full disclosure of the conflict.

The Trust files SEC Form N-PX, with the complete proxy voting records of the funds for the 12 months ended June 30th, no later than August 31st of each year. The information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2025 is available upon request, without charge, on (1) on the following website at https://www.transamerica.com/financial-pro/investments/prospectus; and (2) on the SEC's website at https://www.sec.gov.

**Investment Management and Other Services** 

**The Investment Manager** 

TAM serves as the investment manager for the funds. The Trust has entered into an Investment Management Agreement ("Management Agreement"), on behalf of each fund with TAM. TAM, located at 1801 California Street, Suite 5200, Denver, CO 80202, provides continuous and regular investment management services to the funds. TAM supervises each respective fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to each fund.

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TAM is responsible for all aspects of the day-to-day management of the Transamerica Asset Allocation Horizon funds. For each of the other funds, TAM currently acts as a "manager of managers" and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of any such fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of each fund and its investment strategy and the ongoing review and evaluation of that investment strategy including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for each fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the funds' investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the funds' Board, participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the funds; oversight of other service providers to the funds, such as the custodian, the transfer agent, the funds' independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the funds; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services.

TAM's investment management services also include the provision of supervisory and administrative services to each fund. These services include performing certain administrative services for the funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the funds by State Street, to whom TAM has outsourced the provision of certain services as described below; to the extent agreed upon by TAM and the funds from time to time, monitoring and verifying the custodian's daily calculation of net asset values; shareholder relations functions; compliance services; valuation services; assisting in due diligence and in oversight and monitoring of certain activities of sub-advisers and certain aspects of fund investments; assisting with fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the funds' custodian and dividend disbursing agent and monitoring their services to the funds; assisting the funds in preparing reports to shareholders; acting as liaison with the funds' independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of Trustees and committees of Trustees; assisting in the preparation of regular communications with the Trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the funds.

TAM is directly owned by Transamerica Life Insurance Company (77%) ("TLIC") and AUSA Holding, LLC (23%) ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Transamerica Corporation (DE) is owned by Aegon International B.V., which is owned by Aegon Ltd, a Bermuda exempted company with liability limited by shares (formerly, Aegon N.V., a Netherlands corporation) and a publicly traded international insurance group.

**Management Agreement** 

TAM has agreed, under each fund's Management Agreement, to regularly provide the fund with investment management services, including management, supervision and investment research and advice, and to furnish a continuous investment program for the fund's portfolio of securities and other investments consistent with the fund's investment objectives, policies and restrictions, as stated in the fund's prospectus and SAI. TAM also provides supervisory and administrative services to each fund, as well as services incidental to the foregoing services. TAM is permitted to enter into contracts with sub-advisers, subject to the Board's approval. TAM has entered into sub-advisory agreements, as described below.

As compensation for services performed, each fund pays TAM a fee computed daily at an annual rate of the fund's average daily net assets as described below. TAM bears all expenses incurred by it in the performance of its duties under each fund's Management Agreement. A fund bears all expenses not expressly assumed by TAM incurred in the operation of the fund and the offering of its shares.

The Management Agreement for a fund will terminate, unless sooner terminated as set forth therein, two years from its effective date, and will continue in effect from year to year thereafter, if continuance is specifically approved at least annually by (i) the vote of a majority of the Board Members who are not parties thereto or interested persons of any party thereto, cast in person at a meeting called for the purpose of voting on the approval of the terms of renewal, and by (ii) either the Board or the affirmative vote of a majority of the outstanding voting securities of that fund.

Each Management Agreement provides that TAM may render services to others. Under each fund's Management Agreement, TAM assumes no responsibility other than to render the services called for by the Management Agreement in good faith, and TAM and its affiliates will not

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be liable for any error of judgment or mistake of law, or for any loss arising out of any investment or for any act or omission in the execution of securities transactions for the fund or in the performance of its other services thereunder. TAM and its affiliates are not protected, however, against any liability to a fund to which TAM or an affiliate would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the Management Agreement.

Each Management Agreement provides that it may be terminated with respect to any fund at any time, without the payment of any penalty, upon 60 days' written notice to TAM, or by TAM upon 60 days' written notice to the fund. A fund may effect termination by action of the Board or by vote of a majority of the outstanding voting securities of the fund, accompanied by appropriate notice. The Management Agreement terminates automatically in the event of its "assignment" (as defined in the 1940 Act).

TAM has outsourced the provision of certain specific administrative services to State Street. State Street performs back office services to support TAM, including furnishing financial and performance information about the funds for inclusion in regulatory filings and Trustee and shareholder reports; preparing drafts of regulatory filings, Trustee materials, tax returns, and reports and budgets; tax testing; and maintaining books and records. TAM pays certain fees and expenses for sub-administration services to State Street. The funds pay certain fees and expenses to State Street for sub-administration services which are not covered by the Management Agreement with TAM or management fees payable thereunder. State Street's address is One Congress Street, Boston, MA 02114.

**Investment Manager Compensation** 

TAM receives compensation calculated daily and paid monthly from the funds, at the annual rates indicated below. TAM pays the sub-advisers their sub-advisory fees out of its management fees.

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| | |
|:---|:---|
| **Fund Name** | **Percentage of Average Daily Net Assets** |
| Transamerica Asset Allocation Intermediate Horizon | 0.12% |
| Transamerica Asset Allocation Long Horizon | 0.12% |
| Transamerica Asset Allocation Short Horizon | 0.12% |
| Transamerica Balanced II | 0.48% |
| Transamerica Bond | &nbsp;&nbsp; 0.41% of the first $500 million<br> 0.39% over $500 million up to $1 billion<br> 0.38% over $1 billion up to $1.5 billion<br> 0.375% in excess of $1.5 billion<br>|
| Transamerica Capital Growth | &nbsp;&nbsp; 0.6825% of the first $1.5 billion<br> 0.6415% over $1.5 billion up to $3 billion<br> 0.59% over $3 billion up to $4 billion<br> 0.575% over $4 billion up to $5 billion<br> 0.55% in excess of $5 billion<br>|
| Transamerica Core Bond | &nbsp;&nbsp; 0.38% of the first $2 billion<br> 0.365% over $2 billion up to $3.5 billion<br> 0.36% over $3.5 billion up to $5 billion<br> 0.355% in excess of $5 billion<br>|
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; 0.79% of the first $250 million<br> 0.75% over $250 million up to $500 million<br> 0.70% in excess of $500 million<br>|
| Transamerica Government Money Market | &nbsp;&nbsp; 0.24% of the first $1 billion<br> 0.22% over $1 billion up to $3 billion<br> 0.21% in excess of $3 billion<br>|
| Transamerica High Yield Bond | &nbsp;&nbsp; 0.554% of the first $1.25 billion<br> 0.544% over $1.25 billion up to $2 billion<br> 0.52% in excess of $2 billion<br>|
| Transamerica Inflation Opportunities | &nbsp;&nbsp; 0.38% of the first $500 million<br> 0.375% over $500 million up to $750 million<br> 0.37% in excess of $750 million<br>|
| Transamerica International Equity | &nbsp;&nbsp; 0.77% of the first $250 million<br> 0.74% over $250 million up to $1 billion<br> 0.72% over $1 billion up to $2 billion<br> 0.69% over $2 billion up to $6 billion<br> 0.68% over $6 billion up to $8 billion<br> 0.66% in excess of $8 billion<br>|
| Transamerica Large Core ESG | &nbsp;&nbsp; 0.45% of the first $250 million<br> 0.44% over $250 million up to $750 million<br> 0.43% in excess of $750 million <br>|

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| | |
|:---|:---|
| **Fund Name** | **Percentage of Average Daily Net Assets** |
| Transamerica Large Growth | &nbsp;&nbsp; 0.65% of the first $1 billion<br> 0.635% over $1 billion up to $1.5 billion<br> 0.615% over $1.5 billion up to $2 billion<br> 0.605% over $2 billion up to $3 billion<br> 0.59% over $3 billion up to $4 billion<br> 0.575% over $4 billion up to $5 billion<br> 0.57% over $5 billion up to $7 billion<br> 0.55% in excess of $7 billion<br>|
| Transamerica Large Value Opportunities | &nbsp;&nbsp; 0.45% of the first $250 million<br> 0.44% over $250 million up to $750 million<br> 0.43% in excess of $750 million<br>|
| Transamerica Mid Cap Growth | &nbsp;&nbsp; 0.705% of the first $200 million<br> 0.685% over $200 million up to $1 billion<br> 0.670% in excess of $1 billion<br>|
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; 0.695% of the first $750 million<br> 0.6925% over $750 million up to $1.5 billion<br> 0.65% over $1.5 billion up to $2 billion<br> 0.63% in excess of $2 billion<br>|
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; 0.61% of the first $500 million<br> 0.59% over $500 million up to $1 billion<br> 0.56% over $1 billion up to $1.5 billion<br> 0.55% over $1.5 billion up to $2 billion<br> 0.52% over $2 billion up to $5 billion<br> 0.50% in excess of $5 billion<br>|
| Transamerica Short-Term Bond | &nbsp;&nbsp; 0.42% of the first $250 million<br> 0.39% over $250 million up to $500 million<br> 0.37% over $500 million up to $1 billion<br> 0.36% in excess of $1 billion<br>|
| Transamerica Small Cap Growth | &nbsp;&nbsp; 0.87% of the first $300 million<br> 0.83% in excess of $300 million<br>|
| Transamerica Small Cap Value | &nbsp;&nbsp; 0.80% of the first $300 million<br> 0.75% over $300 million up to $800 million<br> 0.71% in excess of $800 million<br>|

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The following tables set forth the total amounts the funds paid to TAM (after waivers/expense reimbursements and recapture), Fees Waived/Expenses Reimbursed by TAM to the funds, and Amounts Recaptured by TAM from the funds, if any, for the last three fiscal years.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Management Fees (after** <br> **waivers/expense reimbursements and recapture)** | **Management Fees (after** <br> **waivers/expense reimbursements and recapture)** | **Management Fees (after** <br> **waivers/expense reimbursements and recapture)** | **Fees** <br> **Waived/Expenses Reimbursed** | **Fees** <br> **Waived/Expenses Reimbursed** | **Fees** <br> **Waived/Expenses Reimbursed** |
|  | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Transamerica Asset Allocation Intermediate Horizon | &nbsp;&nbsp; $70029 | &nbsp;&nbsp; $233630 | &nbsp;&nbsp; $238763 | &nbsp;&nbsp; $14021 | &nbsp;&nbsp; $46974 | &nbsp;&nbsp; $48244 |
| Transamerica Asset Allocation Long Horizon | &nbsp;&nbsp; $74665 | &nbsp;&nbsp; $151554 | &nbsp;&nbsp; $149091 | &nbsp;&nbsp; $14991 | &nbsp;&nbsp; $30586 | &nbsp;&nbsp; $30343 |
| Transamerica Asset Allocation Short Horizon | &nbsp;&nbsp; $16228 | &nbsp;&nbsp; $75694 | &nbsp;&nbsp; $80640 | &nbsp;&nbsp; $3247 | &nbsp;&nbsp; $15161 | &nbsp;&nbsp; $16165 |
| Transamerica Balanced II | &nbsp;&nbsp; $278424 | &nbsp;&nbsp; $518799 | &nbsp;&nbsp; $496388 | &nbsp;&nbsp; $96047 | &nbsp;&nbsp; $7554 | &nbsp;&nbsp; $0 |
| Transamerica Bond | &nbsp;&nbsp; $8573014 | &nbsp;&nbsp; $7889026 | &nbsp;&nbsp; $5536139 | &nbsp;&nbsp; $533202 | &nbsp;&nbsp; $479538 | &nbsp;&nbsp; $390479 |
| Transamerica Capital Growth | &nbsp;&nbsp; $10473900 | &nbsp;&nbsp; $8915338 | &nbsp;&nbsp; $9616665 | &nbsp;&nbsp; $61052 | &nbsp;&nbsp; $304810 | &nbsp;&nbsp; $544183 |
| Transamerica Core Bond | &nbsp;&nbsp; $6594814 | &nbsp;&nbsp; $8210118 | &nbsp;&nbsp; $9040886 | &nbsp;&nbsp; $35012 | &nbsp;&nbsp; $26866 | &nbsp;&nbsp; $29540 |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; $1110500 | &nbsp;&nbsp; $2520355 | &nbsp;&nbsp; $6025482 | &nbsp;&nbsp; $198756 | &nbsp;&nbsp; $183302 | &nbsp;&nbsp; $4761 |
| Transamerica Government Money Market | &nbsp;&nbsp; $510647 | &nbsp;&nbsp; $1076699 | &nbsp;&nbsp; $1310667 | &nbsp;&nbsp; $146201 | &nbsp;&nbsp; $50346 | &nbsp;&nbsp; $38832 |
| Transamerica High Yield Bond | &nbsp;&nbsp; $6620552 | &nbsp;&nbsp; $7928860 | &nbsp;&nbsp; $7179047 | &nbsp;&nbsp; $13610 | &nbsp;&nbsp; $6427 | &nbsp;&nbsp; $7252 |
| Transamerica Inflation Opportunities | &nbsp;&nbsp; $543202 | &nbsp;&nbsp; $678428 | &nbsp;&nbsp; $531376 | &nbsp;&nbsp; $21621 | &nbsp;&nbsp; $14777 | &nbsp;&nbsp; $118780 |
| Transamerica International Equity | &nbsp;&nbsp; $30526558 | &nbsp;&nbsp; $31541001 | &nbsp;&nbsp; $32298590 | &nbsp;&nbsp; $213544 | &nbsp;&nbsp; $796798 | &nbsp;&nbsp; $782191 |
| Transamerica Large Core ESG | &nbsp;&nbsp; $756241 | &nbsp;&nbsp; $881484 | &nbsp;&nbsp; $707766 | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $96 | &nbsp;&nbsp; $138370 |
| Transamerica Large Growth | &nbsp;&nbsp; $2481662 | &nbsp;&nbsp; $3010058 | &nbsp;&nbsp; $2791053 | &nbsp;&nbsp; $295 | &nbsp;&nbsp; $2635 | &nbsp;&nbsp; $7914 |
| Transamerica Large Value Opportunities | &nbsp;&nbsp; $1147962 | &nbsp;&nbsp; $1451574 | &nbsp;&nbsp; $1442418 | &nbsp;&nbsp; $8023 | &nbsp;&nbsp; $824 | &nbsp;&nbsp; $3669 |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; $1004490 | &nbsp;&nbsp; $1871149 | &nbsp;&nbsp; $2503681 | &nbsp;&nbsp; $59410 | &nbsp;&nbsp; $721 | &nbsp;&nbsp; $604 |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; $7206521 | &nbsp;&nbsp; $9115899 | &nbsp;&nbsp; $9487580 | &nbsp;&nbsp; $43459 | &nbsp;&nbsp; $56707 | &nbsp;&nbsp; $72574 |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; $8244307 | &nbsp;&nbsp; $7332588 | &nbsp;&nbsp; $6568758 | &nbsp;&nbsp; $2875 | &nbsp;&nbsp; $1567 | &nbsp;&nbsp; $0 |
| Transamerica Short-Term Bond | &nbsp;&nbsp; $12358371 | &nbsp;&nbsp; $11586531 | &nbsp;&nbsp; $12875625 | &nbsp;&nbsp; $4693 | &nbsp;&nbsp; $5121 | &nbsp;&nbsp; $4071 |
| Transamerica Small Cap Growth | &nbsp;&nbsp; $737050 | &nbsp;&nbsp; $1240689 | &nbsp;&nbsp; $1256820 | &nbsp;&nbsp; $112616 | &nbsp;&nbsp; $38117 | &nbsp;&nbsp; $44495 |
| Transamerica Small Cap Value | &nbsp;&nbsp; $548083 | &nbsp;&nbsp; $883075 | &nbsp;&nbsp; $2811743 | &nbsp;&nbsp; $183613 | &nbsp;&nbsp; $121539 | &nbsp;&nbsp; $32766 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Amounts Recaptured** | **Amounts Recaptured** | **Amounts Recaptured** |
|  | **2025** | **2024** | **2023** |
| Transamerica Asset Allocation Intermediate Horizon | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $0 |
| Transamerica Asset Allocation Long Horizon | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $0 |
| Transamerica Asset Allocation Short Horizon | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $0 |
| Transamerica Balanced II | &nbsp;&nbsp; $11550 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Bond | &nbsp;&nbsp; $8463 | &nbsp;&nbsp; $7561 | &nbsp;&nbsp; $19612 |
| Transamerica Capital Growth | &nbsp;&nbsp; $161992 | &nbsp;&nbsp; $54167 | &nbsp;&nbsp; $58667 |
| Transamerica Core Bond | &nbsp;&nbsp; $1459 | &nbsp;&nbsp; $1126 | &nbsp;&nbsp; $1451 |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; $171953 | &nbsp;&nbsp; $67876 | &nbsp;&nbsp; $2375 |
| Transamerica Government Money Market | &nbsp;&nbsp; $5090 | &nbsp;&nbsp; $93062 | &nbsp;&nbsp; $202105 |
| Transamerica High Yield Bond | &nbsp;&nbsp; $11446 | &nbsp;&nbsp; $4033 | &nbsp;&nbsp; $6520 |
| Transamerica Inflation Opportunities<sup>\*</sup> | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $13381 | &nbsp;&nbsp; $15606 |
| Transamerica International Equity | &nbsp;&nbsp; $39690 | &nbsp;&nbsp; $133787 | &nbsp;&nbsp; $0 |
| Transamerica Large Core ESG | &nbsp;&nbsp; $203 | &nbsp;&nbsp; $33625 | &nbsp;&nbsp; $91731 |
| Transamerica Large Growth | &nbsp;&nbsp; $49 | &nbsp;&nbsp; $114 | &nbsp;&nbsp; $1276 |
| Transamerica Large Value Opportunities | &nbsp;&nbsp; $1363 | &nbsp;&nbsp; $495 | &nbsp;&nbsp; $3300 |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; $21634 | &nbsp;&nbsp; $377 | &nbsp;&nbsp; $67 |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; $10376 | &nbsp;&nbsp; $7666 | &nbsp;&nbsp; $8774 |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; 24 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Transamerica Short-Term Bond | &nbsp;&nbsp; $274 | &nbsp;&nbsp; $311 | &nbsp;&nbsp; $322 |
| Transamerica Small Cap Growth | &nbsp;&nbsp; $14689 | &nbsp;&nbsp; $3097 | &nbsp;&nbsp; $11860 |
| Transamerica Small Cap Value | &nbsp;&nbsp; $14716 | &nbsp;&nbsp; $20766 | &nbsp;&nbsp; $32413 |

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\* Certain of these amounts have been reimbursed to the fund.

**Expense Limitation**

TAM has entered into an expense limitation agreement with the Trust on behalf of certain funds, pursuant to which TAM has agreed to implement an expense cap to limit the ordinary operating expenses of one or more share classes of those funds. The expense caps and waived fees and/or reimbursed expenses exclude, as applicable, unless otherwise noted in the prospectus, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, and other expenses not incurred in the ordinary course of the relevant fund's business. TAM is permitted to recapture amounts waived and/or reimbursed to a class of a fund during the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class, but only if, after such recapture, the class's expense ratio does not exceed the current expense cap or any other lower limit then in effect for the class. These recapture arrangements may be limited or terminated under certain circumstances. The expense limitation agreement continues automatically for one-year terms unless TAM provides written notice to the Trust prior to the end of the then-current term. In addition, the agreement will terminate automatically upon termination of the Management Agreement.

In addition, TAM or any of its affiliates, in addition to any contractual expense limitation arrangements in effect from time to time, may voluntarily waive fees and/or reimburse expenses of one or more classes of Transamerica Government Money Market to such level(s) as the Trust's officers may reasonably determine from time to time in an effort to prevent the fund's yield from falling below zero. Any such waiver or expense reimbursement may be discontinued by TAM or its affiliates at any time. TAM is entitled to reimbursement by the applicable class(es) of the fund of any amounts so waived and/or reimbursed by TAM or any of its affiliates during the previous 36 months so long as the reimbursement does not cause the class's effective daily yield to be negative. Any reimbursement of amounts voluntarily waived and/or reimbursed may result in the class's expenses exceeding the contractual expense cap for the class. TAM or its affiliates may request that financial intermediaries reduce or waive amounts payable to those intermediaries with respect to services rendered to Transamerica Government Money Market or its shareholders, and those reductions or waivers may reduce the amounts waived and/or reimbursed by TAM under the contractual and/or voluntary waiver arrangements with respect to the fund. There is no guarantee that Transamerica Government Money Market will be able to prevent a negative yield.

The current expense caps for the applicable share classes of the relevant funds are listed in the table set forth below. Each expense limitation arrangement cannot be terminated prior to its stated expiration date without the Board of Trustees' consent.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Expense Cap Class R** | **Expense Cap Class R4** | **Expense Cap Class I3** | &nbsp;&nbsp; **Expiration Date of** <br> **Expense Cap**<br>|
| Transamerica Asset Allocation Intermediate Horizon | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Asset Allocation Long Horizon | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Asset Allocation Short Horizon | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Balanced II | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.63% | March 1, 2027 |
| Transamerica Bond | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Capital Growth | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Core Bond | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.46% | March 1, 2027  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Expense Cap Class R** | **Expense Cap Class R4** | **Expense Cap Class I3** | &nbsp;&nbsp; **Expiration Date of** <br> **Expense Cap**<br>|
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Government Money Market<sup>1\*</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.38% | March 1, 2027 |
| Transamerica High Yield Bond | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.65% | March 1, 2027 |
| Transamerica Inflation Opportunities<sup>\*\*</sup> | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.53% | March 1, 2027 |
| Transamerica International Equity | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 0.80% | March 1, 2027 |
| Transamerica Large Core ESG | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.57% | March 1, 2027 |
| Transamerica Large Growth | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.74% | March 1, 2027 |
| Transamerica Large Value Opportunities | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.65% | March 1, 2027 |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.82% | March 1, 2027 |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.79% | March 1, 2027 |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | March 1, 2027 |
| Transamerica Short-Term Bond | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.46% | March 1, 2027 |
| Transamerica Small Cap Growth | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.00% | March 1, 2027 |
| Transamerica Small Cap Value | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 0.89% | March 1, 2027 |

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<sup>1</sup> Transamerica Government Money Market Class R2: 0.69%

<sup>\*</sup> TAM may voluntarily waive fees and/or reimburse expenses of a class in an effort to prevent the class's yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. TAM is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative.

<sup>\*\*</sup> TAM has contractually agreed not to recapture from any class of the fund any amounts previously waived or reimbursed by TAM through March 1, 2027.

**Conflicts of Interest** 

TAM, an indirect wholly owned subsidiary of Aegon Ltd. and part of Aegon Asset Management ("AAM"), and its affiliates, directors, officers, employees and personnel (collectively, for purposes of this section, "Transamerica"), including the entities and personnel who may be involved in the management, operations or distribution of the funds, are engaged in a variety of businesses and have interests other than those related to managing the funds. Transamerica is a diversified global financial services company with many lines of business providing a wide range of financial services to a sizeable and diversified client base. The broad range of activities and interests of Transamerica gives rise to actual and potential conflicts of interest that could affect the funds and their shareholders.

Certain actual and potential conflicts of interest are described below. This is not, and is not intended to be, a complete enumeration or description of all the actual and potential conflicts that Transamerica has now or may have in the future. Additional or unanticipated conflicts of interest may arise from time to time in the ordinary course of Transamerica's various businesses.

TAM and the funds have adopted practices, policies and procedures that are intended to identify, manage and, where possible, mitigate conflicts of interest. There is no assurance, however, that these practices, policies and procedures will be effective, and these practices, policies and procedures may limit or restrict the funds' investment activities and adversely affect their performance.

***Activities on Behalf of Other Funds and Accounts*** 

Transamerica manages or advises other funds and products in addition to the funds, including Transamerica's own accounts, accounts in which Transamerica or its personnel have an interest, and other investment vehicles (collectively, the "Other Accounts"). In some cases, Transamerica oversees sub-advisers who provide day-to-day investment advice and recommendations with respect to the Other Accounts, and in other cases Transamerica itself performs all aspects of the day-to-day management. Certain Other Accounts have investment objectives similar to, the same as or opposite to those of the funds and/or engage in transactions in the same types of securities or other instruments, sectors or strategies as the funds. This creates potential conflicts and could affect the prices and availability of the securities and instruments in which a fund seeks to invest, particularly in circumstances where the availability or liquidity of such investment opportunities is limited, and could have an adverse impact on the fund's performance. Other Accounts may buy or sell positions while the funds are undertaking the same or a differing, including potentially opposite, strategy, which could disadvantage the funds. A position taken by Transamerica, on behalf of one or more Other Accounts, may be contrary to a position taken on behalf of a fund or may be adverse to a company or issuer in which the fund has invested. A fund on the one hand, and Transamerica or Other Accounts, on the other hand, may vote differently on matters affecting, or take or refrain from taking different actions with respect to, the same security, which are disadvantageous to the fund. The results of the investment activities of a fund may differ significantly from the results achieved for other funds and Other Accounts. Transamerica may give advice, and take action, with respect to any current or future funds or Other Accounts that may compete or conflict with advice TAM may give to, or actions TAM may take for, a particular fund. Transamerica may receive more compensation with respect to certain other funds and Other Accounts than that received with respect to a fund. TAM does not receive performance-based compensation in respect of its investment management services rendered to the funds, but Transamerica may receive compensation based on the performance of certain Other Accounts. The simultaneous management of funds or Other Accounts that pay greater fees or other compensation than a fund creates a conflict of interest as Transamerica has an incentive to favor those funds or Other Accounts with the potential to receive greater fees when allocating resources, services, functions or investment opportunities among the funds and Other Accounts. Transamerica personnel may have greater economic and other interests in certain other funds or Other Accounts promoted or managed by such personnel as compared to a

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particular fund. TAM has developed allocation policies and procedures that provide that TAM's personnel making portfolio decisions for the funds and Other Accounts will make investment decisions for, and allocate investment opportunities among, such funds and Other Accounts consistent with TAM's fiduciary obligations.

***Selection of Service Providers*** 

TAM and certain of its affiliates provide services including investment management, administration, investment sub-advisory, shareholder servicing, distribution, and transfer agency services to the funds and Other Accounts and earn fees from these relationships. TAM and its affiliates face conflicts of interest when the funds and Other Accounts select affiliated service providers because TAM and/or its affiliates receive greater compensation when they are used. Although these fees are generally based on asset levels, the fees are not directly contingent on fund performance and TAM and its affiliates as service providers will still receive significant compensation from the funds and Other Accounts even if shareholders lose money. The service providers recommended by TAM may charge different rates to different recipients based on the specific services provided, the personnel providing the services, the complexity of the services provided or other factors. As a result, the rates paid with respect to these service providers by a fund, on the one hand, may be more or less favorable than the rates paid by Transamerica or Other Accounts, on the other hand.

As part of AAM, TAM is aligned under AAM. The affiliated sub-advisers to certain funds are also part of AAM and report to AAM. This reporting structure presents actual and potential conflicts of interest and may influence TAM's selection and retention of affiliated sub-advisers for the funds, and incentivize TAM personnel to recommend that an affiliated sub-adviser be selected or retained for a fund.

The funds expect to engage unaffiliated service providers (including attorneys and consultants) that in certain cases also provide services to Transamerica or Other Accounts or that hire Transamerica to provide services to the service providers' clients. These service providers may have business, financial or other relationships with Transamerica (including its personnel), which may influence TAM's recommendation of these service providers for the funds.

***Sales Incentives and Relationships*** 

Transamerica and other financial service providers have conflicts associated with their promotion of the funds or other dealings with the funds that would create incentives for them to promote the funds. Transamerica will directly or indirectly receive a portion of the fees and/or commissions charged to the funds or their shareholders. Transamerica will also benefit from increased amounts of assets under management. These compensation matters create a financial incentive on the part of Transamerica to highlight, feature or recommend the funds over Other Accounts or other products or to effect transactions differently in the funds as compared to Other Accounts or other products. Transamerica has an interest in increasing fund assets, including in circumstances when that may not be in the funds' or their shareholders' interests.

Transamerica and its personnel have relationships (both involving and not involving the funds) with distributors, consultants and others who sell or recommend the funds or Other Accounts. Such distributors, consultants and other parties may receive compensation from Transamerica and/or the funds or Other Accounts in connection with such relationships. Those parties (or their affiliates) in certain cases act as sub-adviser or other service provider to the funds or Other Accounts. As a result of these relationships, distributors, consultants and other parties have conflicts that create incentives for them to promote the funds or Other Accounts, and TAM has a disincentive to recommend the termination of applicable sub-advisers and other service providers.

Transamerica and/or the funds' sub-advisers (or their affiliates), out of their past profits and other available sources, provide cash payments or non-cash compensation to brokers and other financial intermediaries to promote the distribution of the funds and Other Accounts or the variable insurance contracts that invest in certain Other Accounts. These arrangements are sometimes referred to as "revenue sharing" arrangements. The amount of revenue sharing payments is substantial and may be substantial to any given recipient. The presence of these payments and the basis on which an intermediary compensates its registered representatives or salespersons may create an incentive for a particular intermediary, registered representative or salesperson to highlight, feature or recommend the funds, the Other Accounts or variable insurance contracts that invest in the Other Accounts, at least in part, based on the level of compensation paid. Revenue sharing payments benefit Transamerica to the extent the payments result in more assets being invested in the funds, Other Accounts or the variable insurance contracts that invest in the Other Accounts on which fees are being charged. Certain fund sub-advisers (or their affiliates) make revenue sharing payments to Transamerica in connection with investments by holders of variable insurance contracts and other retirement products in funds advised by the sub-adviser (or its affiliates) that are offered in Transamerica insurance and retirement products. Certain sub-advisers (or their affiliates) have funds that are offered in these products which make Rule 12b-1 and/or other payments to Transamerica. Certain fund sub-advisers (or their affiliates) also make other revenue sharing payments to Transamerica, including for their participation in functions, events and meetings sponsored by Transamerica. These payments present certain conflicts of interest and provide a disincentive for TAM to recommend the termination of such sub-advisers.

***Transamerica Insurance Companies*** 

Certain Other Accounts are offered as investment options through variable insurance contracts offered and sold by Transamerica insurance companies, and some of these Other Accounts are structured as funds of funds which invest in certain of the funds. The performance of the applicable funds and Other Accounts impacts Transamerica's financial exposure under guarantees that the Transamerica insurance companies provide as issuers of the variable insurance contracts. TAM's investment decisions and the design of these funds and Other Accounts,

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including the strategies the funds and Other Accounts utilize, may be influenced by these factors. For example, a fund or Other Account being managed or designed in a more conservative fashion may help reduce potential losses and/or mitigate financial risks to the Transamerica insurance companies that provide the guarantees, and facilitate the provision of those guaranteed benefits, including by making more predictable the costs of the guarantees, by reducing the capital needed to provide them and/or by making it easier for the Transamerica insurance companies to hedge their obligations under the variable insurance contracts.

Certain non-public portfolio holdings and certain analytical information and algorithm and trade data concerning certain funds and Other Accounts is disclosed to the Transamerica insurance companies solely to allow them to hedge their obligations under the variable insurance contracts. This information may only be provided in accordance with procedures approved by the funds' Board of Trustees governing the sharing of such information with the Transamerica insurance companies.

***Transamerica Asset Allocation Funds*** 

TAM serves as investment manager to Transamerica funds of funds and is subject to conflicts of interest concerning these funds. TAM is responsible for all aspects of the day-to-day investment advice and management for certain funds and Other Accounts that operate as funds of funds. For certain other funds and Other Accounts that operate as funds of funds, TAM has hired a sub-adviser and benefits when the sub-adviser allocates the fund of funds' or Other Accounts' assets to an affiliated fund or Other Account. TAM has established an investment program for certain funds and Other Accounts that operate as funds of funds whereby all or a substantial portion of the fund of funds' assets are invested in affiliated funds and/or Other Accounts. This means that TAM does not consider unaffiliated funds as underlying investment options for these funds and Other Accounts, even if unaffiliated funds have better investment performance or lower total expenses. TAM will receive more revenue when it or a sub-adviser selects an affiliated fund rather than an unaffiliated fund for inclusion in a fund of funds. This conflict provides an incentive for TAM to include affiliated funds as investment options for funds of funds and, when making the underlying fund selections, to cause investments by funds of funds in affiliated funds that may perform less well or have higher total expenses than unaffiliated funds. The inclusion of affiliated funds will also permit TAM and/or the sub-adviser to make increased revenue sharing payments, including to Transamerica. TAM has an incentive for a fund or Other Account's assets to be allocated to those underlying funds or Other Accounts for which the net management fees payable to TAM are higher than the fees payable by other underlying funds or Other Accounts or to those underlying funds or Other Accounts for which an affiliate of TAM serves as the sub-adviser. TAM also has an incentive for a fund or Other Account's assets to be allocated to subscale underlying funds or Other Accounts to provide scale and reduce amounts waived and/or reimbursed by TAM to maintain applicable expense caps. Sub-advisers to certain funds of funds also have conflicts of interest in allocating the funds of funds' assets among underlying funds and/or Other Accounts, including where the sub-adviser (or its affiliate) acts as investment adviser or sub-adviser to available underlying funds and/or Other Accounts. TAM Compliance monitors allocation changes by the funds of funds.

***Investments in Transamerica Funds*** 

TAM manages or advises funds and Other Accounts which may, individually or in the aggregate, own a substantial amount of a fund. Further, TAM and/or its affiliates may invest in a fund at or near the establishment of the fund, which may facilitate the fund achieving a specified size or scale. Seed investors may contribute all or a majority of the assets in a fund. There is a risk that such seed investors may redeem their investments in a fund, and such redemptions could have a significant negative impact on the fund, including on its liquidity and expenses.

***Fund Structuring and Changes*** 

TAM may have a financial incentive to implement certain changes to the funds or Other Accounts. For example, TAM may, from time to time, recommend a change in sub-adviser or the combination of two or more funds. Transamerica will benefit to the extent that an affiliated sub-adviser replaces an unaffiliated sub-adviser or additional assets are combined into a fund or Other Account having a higher net management fee payable to TAM and/or that is sub-advised by an affiliate of TAM. TAM will also benefit to the extent that it replaces a sub-adviser with a new sub-adviser with a lower sub-advisory fee, or where the change reduces amounts waived and/or reimbursed by TAM to maintain applicable expense caps, or where the change facilitates hedging of Transamerica insurance companies' obligations under guarantees relating to variable insurance contracts. TAM personnel may also be incentivized to recommend changes to the funds that result in additional assets being sub-advised by an affiliated sub-adviser. Any recommendation to the funds' Board of Trustees concerning the appointment of or continued service of an affiliated sub-adviser for a fund, or a fund combination, is subject to TAM's fiduciary duty to act in the best interests of a fund and its shareholders. Moreover, TAM's "manager of managers" exemptive order from the SEC requires fund shareholder approval of any sub-advisory agreement appointing an affiliated sub-adviser as the sub-adviser to a fund (in the case of a new fund, the initial sole shareholder of the fund, typically an affiliate of Transamerica, may provide this approval).

***Sub-Advisory Fee Discount Arrangements*** 

The aggregation of assets of multiple funds and/or Other Accounts for purposes of calculating breakpoints or discounts in sub-advisory fees based on the level of assets allocated to a sub-adviser across funds and/or Other Accounts or otherwise, as applicable, give rise to actual and/or potential conflicts of interest that could disadvantage the funds and their shareholders. The aggregation of assets or other discounts creates an incentive for TAM to select and retain sub-advisers, or allocate additional assets to a sub-adviser, where the selection or allocation may serve to lower a sub-advisory fee and possibly increase the management fee retained by TAM on a fund. It also provides a disincentive

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for TAM to recommend the termination of a sub-adviser from a fund if the termination will cause the sub-advisory fee payable by TAM to increase on a fund and/or Other Account that aggregates its assets with the fund or if the assets of the fund are counted as part of a sub-advisory fee discount arrangement.

***Valuation of Investments*** 

TAM has been designated as the funds' valuation designee with responsibility for fair valuation subject to oversight by the funds' Board of Trustees. TAM's service as valuation designee is expressly permitted by applicable regulations. TAM performs such valuation services in accordance with joint valuation policies and procedures of the funds and TAM. TAM may value an identical asset differently than a Transamerica affiliate. This is particularly the case in respect of difficult-to-value assets. TAM faces a conflict with respect to valuations generally because of their effect on TAM's fees and other compensation. Valuation decisions by TAM may also result in improved performance of the funds or Other Accounts.

***Allocation of Fund Expenses*** 

From time to time, TAM will be required to decide whether certain fees, costs and expenses should be borne by a fund, on the one hand, or TAM on the other hand, and/or whether certain fees, costs and expenses should be allocated between or among funds and/or other parties. TAM is faced with a conflict when allocating fees, costs and expenses. Typically, certain expenses will be the obligation of one particular fund and will be borne by that fund; however, in some instances, expenses will be allocated among multiple funds and/or entities. TAM will make allocation determinations in a fair and reasonable manner using its good faith judgment, notwithstanding its interest (if any) in the allocation.

***Potential Limitations and Restrictions on Investment Transactions*** 

TAM may restrict or limit investment decisions and activities on behalf of the funds in various circumstances. These circumstances include instances where TAM is in receipt of confidential or material non-public information, or where a fund, individually or together with other Transamerica funds or accounts, exceeds certain ownership, voting or control thresholds. Restrictions or limitations on the ability to execute investment transactions could have an adverse impact on a fund.

***Other Relationships and Benefits*** 

Transamerica has existing and may have potential future other business dealings or relationships with current or proposed sub-advisers or other fund service providers (or their affiliates) recommended by TAM. Such other business dealings or relationships present conflicts of interest that could influence TAM's selection and retention or termination of sub-advisers or service providers. For example, TAM has an incentive to hire as a sub-adviser or other service provider an entity with which TAM or one or more of its affiliates have, or would like to have, significant or other business dealings or arrangements, and TAM has a disincentive to recommend the termination of such a sub-adviser or service provider when doing so could be adverse to Transamerica's relationships or other business dealings with such parties.

TAM and/or its affiliates also derive ancillary benefits from providing investment management, administration, investment sub-advisory, shareholder servicing, distribution, and transfer agency services to the funds and Other Accounts. Providing such services to the funds and Other Accounts may enhance TAM's and/or its affiliates' relationships with various parties, facilitate additional business development, and enable TAM and/or its affiliates to obtain additional business and generate additional revenue.

***Sub-Advisers*** 

The range of activities, services and interests of a sub-adviser gives rise to actual and/or potential conflicts of interest that could disadvantage a fund and its shareholders. Such conflicts of interest are in some cases similar to and in other cases different from or supplement those described above relating to Transamerica. Among other things, a sub-adviser's portfolio managers may manage multiple funds and accounts for multiple clients. In addition to one or more funds, these funds and accounts may include, for example, other mutual funds, separate accounts, collective trusts and offshore funds. Managing multiple funds and accounts gives rise to actual or potential conflicts of interest, including, for example, conflicts among investment strategies, conflicts in the allocation of limited investment opportunities, and conflicts in the aggregation and allocation of securities trades. A sub-adviser's portfolio managers may also manage funds or accounts with different fee rates and/or fee structures, including performance-based fee arrangements. Differences in fee arrangements create an incentive for a portfolio manager to favor higher-fee funds or accounts. A sub-adviser may limit or restrict its investment decisions and activities on behalf of a fund in various circumstances, including as a result of information held by the sub-adviser or applicable regulatory requirements. A sub-adviser and/or their respective affiliates also may derive ancillary benefits from providing investment sub-advisory services to a fund and providing such services to a fund may enhance the sub-adviser's and/or applicable affiliate(s)' relationships with various parties, facilitate additional business development, and enable the sub-adviser and/or affiliate to obtain additional business and generate additional revenue. Please see Appendix B for a further discussion of sub-adviser conflicts of interest.

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**Sub-Advisers** 

Each sub-adviser listed below serves, pursuant to a sub-advisory agreement between TAM and such sub-adviser, as sub-adviser to the applicable fund. Pursuant to the sub-advisory agreements, each sub-adviser carries out and effectuates the investment strategy designed for the funds by TAM. Subject to review by TAM and the Board, the sub-advisers are responsible for providing day-to-day investment advice and recommendations for the fund(s) TAM assigns to them and for making decisions to buy, sell or hold a particular security. Each sub-adviser bears all of its expenses in connection with the performance of its services under its sub-advisory agreement such as compensating its officers and employees connected with investment and economic research, trading and investment management of the respective fund(s) and furnishing them office space.

Each sub-advisory agreement will terminate, unless sooner terminated as set forth therein, two years from its effective date, and will continue in effect from year to year thereafter, if continuance is specifically approved at least annually by (i) the vote of a majority of the Board Members who are not parties thereto or interested persons of any party thereto, cast in person at a meeting called for the purpose of voting on the approval of the terms of renewal, and by (ii) either the Board or the affirmative vote of a majority of the outstanding voting securities of the particular fund.

Each of the sub-advisers also serves as investment adviser or sub-adviser to other funds and/or private accounts that may have investment objectives identical or similar to those of the funds. Securities frequently meet the investment objectives of one or all of these funds, the other funds and the private accounts. In such cases, a sub-adviser's decision to recommend a purchase to one fund or account rather than another is based on a number of factors as set forth in the sub-advisers' allocation procedures. The determining factors in most cases are the amounts available for investment by each fund or account, the amount of securities of the issuer then outstanding, the value of those securities and the market for them. Another factor considered in the investment recommendations is other investments which each fund or account presently has in a particular industry.

It is possible that at times identical securities will be held by more than one fund or account. However, positions in the same issue may vary and the length of time that any fund or account may choose to hold its investment in the same issue may likewise vary. To the extent that more than one of the funds or private accounts served by a sub-adviser seeks to acquire or sell the same security at about the same time, either the price obtained by the funds or the amount of securities that may be purchased or sold by a fund at one time may be adversely affected. On the other hand, if the same securities are bought or sold at the same time by more than one fund or account, the resulting participation in volume transactions could produce better executions for the funds. In the event more than one fund or account purchases or sells the same security on a given date, the purchase and sale transactions are allocated among the fund(s), the other funds and the private accounts in a manner believed by the sub-advisers to be equitable to each.

Each sub-adviser is a registered investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act"). Certain sub-advisers have entered into participating affiliate agreements with certain of their affiliates pursuant to which those affiliates provide services, such as investment advisory and trading services, to the sub-advisers.

Aegon USA Investment Management, LLC, located at 6300 C Street SW, Cedar Rapids, IA 52499, is a registered investment adviser. Aegon USA Investment Management, LLC is a wholly owned, indirect subsidiary of Aegon Ltd, a Bermuda exempted company with liability limited by shares (formerly, Aegon N.V., a Netherlands corporation), and a publicly traded international insurance group, and is an affiliate of TAM.

**Sub-Advisory Fees** 

TAM, not the funds, is responsible for paying the sub-advisers for their services, and sub-advisory fees are TAM's expense. As a matter of administrative convenience, sub-advisory fees may be deducted directly from a fund's bank account, in which case payment to TAM of the management fee would be net of amounts paid to the applicable sub-adviser.

Each sub-adviser receives monthly compensation from TAM at the annual rate of a specified percentage, indicated below, of the applicable fund's average daily net assets:

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| | | |
|:---|:---|:---|
| **Fund** | **Sub-Adviser** | **Sub-Advisory Fees** |
| Transamerica Balanced II | Aegon USA Investment Management, LLC<sup>(1)</sup> <br>| &nbsp;&nbsp; 0.12% of the first $1 billion<br> 0.05% in excess of $1 billion<br>|
| Transamerica Balanced II | J.P. Morgan Investment Management Inc.<sup>(2)</sup> <br>| &nbsp;&nbsp; 0.15% of the first $2 billion<br> 0.13% over $2 billion up to $3 billion<br> 0.12% over $3 billion up to $4 billion<br> 0.11% in excess of $4 billion<br>|
| Transamerica Bond<sup>(3)</sup> <br>| Aegon USA Investment Management, LLC | &nbsp;&nbsp; 0.12% of the first $250 million<br> 0.10% over $250 million up to $500 million<br> 0.08% over $500 million up to $1 billion<br> 0.075% in excess of $1 billion <br>|

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| | | |
|:---|:---|:---|
| **Fund** | **Sub-Adviser** | **Sub-Advisory Fees** |
| Transamerica Capital Growth<sup>(4)</sup> <br>| Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; 0.25% of the first $1.5 billion<br> 0.23% over $1.5 billion up to $3 billion<br> 0.20% in excess of $3 billion<br>|
| Transamerica Core Bond<sup>(1)</sup> <br>| Aegon USA Investment Management, LLC | &nbsp;&nbsp; 0.12% of the first $1 billion<br> 0.05% in excess of $1 billion<br>|
| Transamerica Emerging Markets Equity<sup>(5)</sup> <br>| Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; 0.40% of the first $250 million<br> 0.33% in excess of $250 million<br>|
| Transamerica Government Money Market | BlackRock Investment Management, LLC | 0.024% |
| Transamerica High Yield Bond<sup>(6)</sup> <br>| Aegon USA Investment Management, LLC | &nbsp;&nbsp; 0.35% of the first $20 million<br> 0.24% over $20 million up to $40 million<br> 0.19% over $40 million up to $125 million<br> 0.14% in excess of $125 million<br>|
| Transamerica Inflation Opportunities <sup>(7)</sup> <br>| PineBridge Investments LLC | &nbsp;&nbsp; 0.15% of the first $100 million<br> 0.10% over $100 million up to $250 million<br> 0.05% in excess of $250 million<br>|
| Transamerica International Equity<sup>(8)</sup> <br>| Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; 0.30% of the first $1 billion<br> 0.28% over $1 billion up to $2 billion<br> 0.265% in excess of $2 billion<br>|
| Transamerica Large Core ESG<sup>(9)</sup> <br>| PineBridge Investments LLC | &nbsp;&nbsp; 0.10% of the first $250 million<br> 0.09% over $250 million up to $500 million<br> 0.08% in excess of $500 million<br>|
| Transamerica Large Growth | Morgan Stanley Investment Management Inc.<sup>(4)</sup> <br>| &nbsp;&nbsp; 0.25% of the first $1.5 billion<br> 0.23% over $1.5 billion up to $3 billion<br> 0.20% in excess of $3 billion<br>|
| Transamerica Large Growth | Wellington Management Company LLP<sup>(10)</sup> <br>| &nbsp;&nbsp; 0.18% of the first $500 million<br> 0.17% over $500 million up to $1 billion<br> 0.16% over $1 billion up to $2 billion<br> 0.15% in excess of $2 billion<br>|
| Transamerica Large Value Opportunities<sup>(9)</sup> <br>| PineBridge Investments LLC | &nbsp;&nbsp; 0.10% of the first $250 million<br> 0.09% over $250 million up to $500 million<br> 0.08% in excess of $500 million<br>|
| Transamerica Mid Cap Growth<sup>(11)</sup> <br>| Wellington Management Company LLP | &nbsp;&nbsp; 0.33% of the first $200 million<br> 0.31% in excess of $200 million<br>|
| Transamerica Mid Cap Value Opportunities<sup>(12)</sup> <br>| Thompson, Siegel & Walmsley LLC | &nbsp;&nbsp; 0.275% of the first $750 million<br> 0.27% over $750 million up to $1.5 billion<br> 0.265% over $1.5 billion up to $2 billion<br> 0.26% in excess of $2 billion<br>|
| Transamerica Multi-Managed Balanced | Aegon USA Investment Management, LLC<sup>(1)</sup> <br>| &nbsp;&nbsp; 0.12% of the first $1 billion<br> 0.05% in excess of $1 billion<br>|
| Transamerica Multi-Managed Balanced | J.P. Morgan Investment Management Inc.<sup>(2)</sup> <br>| &nbsp;&nbsp; 0.15% of the first $2 billion<br> 0.13% over $2 billion up to $3 billion<br> 0.12% over $3 billion up to $4 billion<br> 0.11% in excess of $4 billion<br>|
| Transamerica Short-Term Bond<sup>(13)</sup> <br>| Aegon USA Investment Management, LLC | &nbsp;&nbsp; 0.19% of the first $250 million<br> 0.16% over $250 million up to $500 million<br> 0.14% over $500 million up to $1 billion<br> 0.13% in excess of $1 billion<br>|
| Transamerica Small Cap Growth<sup>(14)</sup> <br>| Ranger Investment Management, L.P. | &nbsp;&nbsp; 0.415% of the first $300 million<br> 0.375% in excess of $300 million<br>|
| Transamerica Small Cap Value<sup>(15)</sup> <br>| Systematic Financial Management, L.P. | &nbsp;&nbsp; 0.45% of the first $100 million<br> 0.40% over $100 million up to $350 million<br> 0.35% over $350 million up to $1 billion<br> 0.30% in excess of $1 billion<br>|

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<sup>(1)</sup> The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Core Bond and Transamerica Aegon Core Bond VP, and the portion of assets of Transamerica Balanced II, Transamerica Multi-Managed Balanced and Transamerica Multi-Managed Balanced VP that are sub-advised by Aegon USA Investment Management, LLC ("AUIM"). Also included are the portion of assets of Balanced Ret Opt and Bond Ret Opt, each a separately managed account of Transamerica Life Insurance Company that are advised by AUIM.

<sup>(2)</sup> The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica JPMorgan Enhanced Index VP and AEGON Balanced Retirement Opportunities plus the assets of Transamerica Balanced II, Transamerica Multi-Managed Balanced and Transamerica Multi-Managed Balanced VP allocated to J.P. Morgan Investment Management Inc. by TAM from time to time. Effective May 1, 2020, the sub-adviser agreed to voluntarily waive a portion of its sub-advisory fee (as a percentage of net assets) when the assets of these mandates, in the aggregate, exceed a specified level. This waiver is voluntary and may be discontinued by the sub-adviser upon obtaining consent from TAM.

<sup>(3)</sup> The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Bond and Transamerica Aegon Bond VP.

<sup>(4)</sup> The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Capital Growth; the portion of the assets of Transamerica Large Growth that are sub-advised by Morgan Stanley Investment Management Inc. ("Morgan Stanley"); Transamerica Morgan Stanley

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Capital Growth VP, a series of Transamerica Series Trust; Morgan Stanley Growth Retirement Option, a separately managed account of Transamerica Life Insurance Company that is advised by Morgan Stanley; and Transamerica Large Cap Growth CIT, a series of Great Grey Trust (formerly, Wilmington Trust) Collective Investment Trust that is sub-advised by Morgan Stanley.

<sup>(5)</sup> Effective August 30, 2024, the sub-adviser agreed to voluntarily waive a portion of its sub-advisory fee (as a percentage of net assets) when the assets of Transamerica Emerging Markets Equity, Transamerica International Small Cap Value and Transamerica Multi-Asset Income, in the aggregate, exceed a specified level. This waiver is voluntary and may be discontinued by the sub-adviser upon obtaining consent from TAM.

<sup>(6)</sup> The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica High Yield Bond and Transamerica Aegon High Yield Bond VP.

<sup>(7)</sup> The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Inflation Opportunities and Transamerica PineBridge Inflation Opportunities VP.

<sup>(8)</sup> The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica International Equity and Transamerica TSW International Equity VP.

<sup>(9)</sup> The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Large Core ESG and Transamerica Large Value Opportunities.

<sup>(10)</sup> The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica US Growth and the portion of the assets of Transamerica Large Growth that are sub-advised by Wellington Management Company LLP ("Wellington"), each a series of Transamerica Funds, Transamerica WMC US Growth VP, a series of Transamerica Series Trust, WMC Core Equity and Disciplined US Growth Equity, each separately managed accounts of Transamerica Life Insurance Company that are advised by Wellington and Transamerica Large Cap Growth CIT, a series of Great Grey Trust (formerly, Wilmington Trust) Collective Investment Trust that is sub-advised by Wellington. Effective August 2, 2019, the sub-adviser agreed to voluntarily waive a portion of its sub-advisory fee (as a percentage of net assets) when the assets of these mandates, in the aggregate, exceed a specified level. This waiver is voluntary and may be discontinued by the sub-adviser upon obtaining consent from TAM.

<sup>(11)</sup> The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Mid Cap Growth and Transamerica Mid Cap Growth CIT, a series of Great Grey Trust (formerly, Wilmington Trust) Collective Investment Trust that is sub-advised by Wellington.

<sup>(12)</sup> The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Mid Cap Value Opportunities and the portion of the assets of Transamerica Small/Mid Cap Value that are sub-advised by Thompson, Siegel & Walmsley LLC ("TSW"), each a series of Transamerica Funds; and Transamerica TSW Mid Cap Value Opportunities VP and the portion of the assets of Transamerica Small/Mid Cap Value VP that are sub-advised by TSW, each a series of Transamerica Series Trust. Effective May 1, 2024, TSW has agreed to voluntarily waive a portion of its sub-advisory fee (as a percentage of net assets) when the assets of these mandates, in the aggregate, exceed a specified level. This waiver is voluntary and may be discontinued by the sub-adviser upon obtaining consent from TAM.

<sup>(13)</sup> The sub-adviser voluntarily agreed to waive a portion of its sub-advisory fees when the assets of the mandate exceed a specified level. This waiver is voluntary and may be discontinued by the sub-adviser upon obtaining consent from TAM.

<sup>(14)</sup> The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Small Cap Growth and Transamerica Small Cap Growth CIT, a series of Great Grey Trust (formerly, Wilmington Trust) Collective Investment Trust that is sub-advised by Ranger Investment Management, L.P.

<sup>(15)</sup> The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Small Cap Value, the portions of the assets sub-advised by Systematic Financial Management, L.P. ("Systematic") for Transamerica Small/Mid Cap Value and Transamerica Small/Mid Cap Value VP, and Transamerica Small Cap Value CIT, a series of Great Grey Trust (formerly, Wilmington Trust) Collective Investment Trust that is sub-advised by Systematic.

The following table sets forth the total amounts of sub-advisory fee paid by TAM, on behalf of a fund, to each sub-adviser for the last three fiscal years.

"N/A" in the table below indicates that the fund was not in operation or did not have a sub-adviser during the relevant fiscal year and, accordingly, no sub-advisory fees are shown.

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| | | | |
|:---|:---|:---|:---|
|  | **Sub-Advisory Fees Paid**<br> **(Net of Fees Reimbursed)** | **Sub-Advisory Fees Paid**<br> **(Net of Fees Reimbursed)** | **Sub-Advisory Fees Paid**<br> **(Net of Fees Reimbursed)** |
| **Fund Name** | **2025** | **2024** | **2023** |
| Transamerica Asset Allocation Intermediate Horizon | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Transamerica Asset Allocation Long Horizon | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Transamerica Asset Allocation Short Horizon | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Transamerica Balanced II | &nbsp;&nbsp; $66597 | &nbsp;&nbsp; $96239 | &nbsp;&nbsp; $92116 |
| Transamerica Bond | &nbsp;&nbsp; $1875910 | &nbsp;&nbsp; $1713420 | &nbsp;&nbsp; $1217103 |
| Transamerica Capital Growth | &nbsp;&nbsp; $3718216 | &nbsp;&nbsp; $3301675 | &nbsp;&nbsp; $3665428 |
| Transamerica Core Bond | &nbsp;&nbsp; $1234277 | &nbsp;&nbsp; $1491069 | &nbsp;&nbsp; $1619271 |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; $506550 | &nbsp;&nbsp; $1097089 | &nbsp;&nbsp; $2689497 |
| Transamerica Government Money Market | &nbsp;&nbsp; $65134 | &nbsp;&nbsp; $103448 | &nbsp;&nbsp; $114739 |
| Transamerica High Yield Bond | &nbsp;&nbsp; $1758463 | &nbsp;&nbsp; $2095761 | &nbsp;&nbsp; $1904907 |
| Transamerica Inflation Opportunities | &nbsp;&nbsp; $177544 | &nbsp;&nbsp; $196134 | &nbsp;&nbsp; $302515 |
| Transamerica International Equity | &nbsp;&nbsp; $11927397 | &nbsp;&nbsp; $12517530 | &nbsp;&nbsp; $12850611 |
| Transamerica Large Core ESG | &nbsp;&nbsp; $160835 | &nbsp;&nbsp; $178204 | &nbsp;&nbsp; $159388 |
| Transamerica Large Growth | &nbsp;&nbsp; $747438 | &nbsp;&nbsp; $906582 | &nbsp;&nbsp; $863643 |
| Transamerica Large Value Opportunities | &nbsp;&nbsp; $245750 | &nbsp;&nbsp; $306703 | &nbsp;&nbsp; $306340 |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; $486712 | &nbsp;&nbsp; $863257 | &nbsp;&nbsp; $1149985 |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; $2558814 | &nbsp;&nbsp; $3396905 | &nbsp;&nbsp; $3696756 |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; $1235556 | &nbsp;&nbsp; $1087759 | &nbsp;&nbsp; $984371 |
| Transamerica Short-Term Bond | &nbsp;&nbsp; $2959848 | &nbsp;&nbsp; $2790977 | &nbsp;&nbsp; $3101375 |
| Transamerica Small Cap Growth | &nbsp;&nbsp; $398062 | &nbsp;&nbsp; $608815 | &nbsp;&nbsp; $615085 |
| Transamerica Small Cap Value | &nbsp;&nbsp; $347717 | &nbsp;&nbsp; $447947 | &nbsp;&nbsp; $1243319 |

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**Transamerica Emerging Markets Equity** 

On August 30, 2024, TAM hired Thompson, Siegel &Walmsley LLC as sub-adviser to the fund to furnish day-to-day investment advice and recommendations. Prior to August 30, 2024,Wellington Management Company LLP ("Wellington") served as sub-adviser to the fund. Wellington was paid $1,018,376 for the fiscal year ended October 31, 2024.

**Transamerica Small Cap Value** 

On August 30, 2024, TAM hired Systematic Financial Management, L.P. as sub-adviser to the fund to furnish day-to-day investment advice and recommendations. Prior to August 30, 2024, Peregrine Capital Management, LLC ("Peregrine") served as sub-adviser to the fund. Peregrine was paid $373,178 for the fiscal year ended October 31, 2024.

**Portfolio Manager Information** 

Information regarding other accounts for which any portfolio manager is primarily responsible for the day-to-day investment advice and management or recommendations, a description of any material conflict of interest that may arise in connection with the portfolio manager's management of the fund's investments, the structure of, and method used to determine, the compensation of each portfolio manager and the dollar range of equity securities in the fund beneficially owned by each portfolio manager are provided in Appendix B of this SAI.

**Transfer Agent**

TFS serves as the transfer agent, withholding agent and dividend disbursing agent for each fund. As transfer agent, TFS maintains an account for each shareholder of a fund and performs other transfer agency functions. TFS has outsourced the provision of certain transfer agency services to SS&C Global Investor & Distribution, located at 2000 Crown Colony Drive, Quincy, MA 02169.

Class R2 shares pay sub-transfer agency fees to financial intermediaries (including affiliates of TAM) that provide sub-transfer agency, recordkeeping and/or shareholder services to shareholder accounts in lieu of TFS providing such services. The other share classes do not pay sub-transfer agency fees directly, but TFS may use its available resources to pay for sub-transfer agency services for any share class, including those that pay sub-transfer agency fees directly.

Each share class pays the following transfer agency fees and, as applicable, sub-transfer agency fees:

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| | |
|:---|:---|
| Class R\* |  |
| Open Account\*\* | $27.00 per account |
| Class I3, R4\* |  |
| Asset Fee to TFS | 0.75 bps |
| Class R2\* |  |
| Sub-Transfer Agent and Omnibus Intermediary Fees | $11.00 per account |

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\*Applicable out-of-pocket expenses, including, but not limited to, quarterly shareholder statements and postage, will be charged directly to the funds.

\*\*

Open Accounts include direct accounts and underlying beneficial owner accounts maintained by third parties.

Transaction requests should be mailed to Transamerica Funds, P.O. Box 219945, Kansas City, MO 64121-9945 or Transamerica Funds, 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 (for overnight mail).

**Custodian** 

State Street, located at One Congress Street, Boston, MA 02114, serves as the Trust's custodian.

State Street, among other things, maintains a custody account or accounts in the name of each fund, receives and delivers all assets for the funds upon purchase and upon sale or maturity, collects and receives all income and other payments and distributions on account of the assets of the funds and makes disbursements on behalf of the funds. State Street neither determines the funds' investment policies nor decides which securities the funds will buy or sell. For its services, State Street receives a monthly fee based upon the daily average market value of securities held in custody and also receives securities transaction charges, including out-of-pocket expenses. The funds may also periodically enter into arrangements with other qualified custodians with respect to certain types of securities or other transactions such as repurchase agreements or derivatives transactions. State Street also acts as the funds' securities lending agent and receives a share of the income generated by such activities.

**Securities Lending Activities** 

The dollar amounts of income and fees and compensation paid to all service providers (including fees paid to State Street as securities lending agent and for cash collateral management) related to those funds that engaged in securities lending activities during the most recent fiscal year are provided in Appendix C of this SAI. The securities lending agent's fees will be calculated on, and deducted from, the securities lending revenues of the applicable funds.

To the extent a fund engaged in securities lending activities, the services provided by State Street as securities lending agent would include: selection of securities to be loaned; locating borrowers and establishing a schedule of borrowers with whom the funds may engage in

------

securities lending transactions; negotiation of loan terms; monitoring daily the value of the loaned securities and collateral; requiring additional collateral as necessary; investing cash collateral in accordance with the funds' instructions; marking to market non-cash collateral; maintaining custody of non-cash collateral; recordkeeping and account servicing; monitoring dividend activity and material proxy votes relating to loaned securities; transferring loaned securities; recalling loaned securities in accordance with the funds' instructions; and arranging for return of loaned securities to the fund at loan termination.

**Independent Registered Public Accounting Firm** 

Ernst & Young LLP, located at 200 Clarendon Street, Boston, MA 02116, serves as the Trust's independent registered public accounting firm, and provides audit services and tax return review services.

**Distributor and Distribution Plan** 

**Distributor** 

Under the Underwriting Agreement, TCL (the "Distributor"), located at 1801 California Street, Suite 5200, Denver, CO 80202, is appointed as principal underwriter and distributor in connection with the offering and sale of shares of each fund. TCL is an affiliate of TAM. TCL offers the shares on an agency or "best efforts" basis under which a fund issues only the number of shares actually sold. Shares of each fund are continuously offered by TCL.

The Underwriting Agreement is renewable from year to year with respect to a fund if approved (a) by the Board or by a vote of a majority of the fund's outstanding voting securities, and (b) by the affirmative vote of a majority of Trustees who are not parties to such agreement or interested persons of any party by votes cast in person at a meeting called for such purpose.

The Underwriting Agreement is terminable with respect to any fund without penalty by the Board or by vote of a majority of the outstanding voting securities of the fund, or by TCL, on not less than 60 days' written notice to the other party (unless the notice period is waived by mutual consent). The Underwriting Agreement will automatically and immediately terminate in the event of its assignment.

Class R, Class R2, Class R4 and Class I3 shares of each fund do not charge an initial sales charge or a contingent deferred sales charge.

**Distribution Plan** 

The Trust has adopted a distribution plan ("12b-1 Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act applicable to Class R, Class R2 and Class R4 shares of the funds, as applicable. Class I3 shares are not subject to distribution and/or service fees.

The 12b-1 Distribution Plan permits each applicable class of a fund to pay fees to TCL and others as compensation for their services, not as reimbursement for specific expenses incurred. The fees paid under the 12b-1 Distribution Plan are not tied directly to expenses incurred by TCL (or others) so the amount of the fees paid by a class during any year may be more or less than actual expenses incurred by TCL (or others). This type of distribution fee arrangement is characterized by the staff of the SEC as a "compensation" plan (in contrast to "reimbursement" arrangements by which a distributor's payments are directly linked to its expenses). Thus, even if the expenses incurred by TCL (or others) exceed the fees provided for by the 12b-1 Distribution Plan, the class would not be obligated to pay more than those fees and, if the expenses incurred by TCL (or others) are less than the fees paid to them, they will retain those fees and realize a profit. Under the 12b-1 Distribution Plan, a class may pay the fees to the Distributor and others until the 12b-1 Distribution Plan with respect to that class is terminated or not renewed.

The 12b-1 Distribution Plan will remain in effect for successive one year periods, so long as such continuance is approved annually by vote of the Board, including a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of the 12b-1 Distribution Plan or in any agreements related to the 12b-1 Distribution Plan, cast in person at a meeting called for the purpose of voting on such continuance.

The 12b-1 Distribution Plan may be amended by vote of the Trustees, including a majority of the Independent Trustees of the fund that have no direct or indirect financial interest in the operation of the 12b-1 Distribution Plan or any agreement relating thereto, cast in person at a meeting called for that purpose. Any amendment of the 12b-1 Distribution Plan that would materially increase the costs to a class requires approval by a majority of the outstanding voting securities of that class.

A 12b-1 Distribution Plan may be terminated as to a class of a fund at any time by vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of the 12b-1 Distribution Plan or in any agreements related to the 12b-1 Distribution Plan, or by vote of a majority of the outstanding voting securities of the applicable class.

Under the 12b-1 Distribution Plan for Class R shares, a fund may pay TCL and/or financial intermediaries annual distribution and service fees of up to 0.50% of the average daily net assets of the fund's Class R shares. For Class R2 and Class R4 shares, a fund may pay TCL and/or financial intermediaries annual distribution and service fees of up to 0.25% of the average daily net assets of the fund's Class R2 and Class R4 shares.

Because the applicable classes pay these fees out of their assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Financial intermediaries that receive distribution and/or service fees may in turn pay and/or reimburse all or a portion of these fees to their customers. Each prospectus contains a description of distribution and service fees payable under the 12b-1 Distribution Plan with respect to the shares offered in that prospectus.

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TCL may use the fees payable under the 12b-1 Distribution Plan as it deems appropriate to pay for activities or expenses primarily intended to result in the sale of Class R, Class R2 or Class R4 shares, or in personal service to and/or maintenance of these shareholder accounts.

More specifically, these fees may be used by TCL or a financial intermediary for expenses related to a fund, including: costs of printing and distributing the fund prospectuses, statements of additional information and reports to prospective investors in the fund; advertising expenses and costs involved in preparing, printing and distributing sales literature pertaining to the fund and reports for persons other than existing shareholders; an allocation of overhead and other branch office distribution-related expenses of TCL or a financial intermediary; payments made to, and expenses of, TCL or a financial intermediary and other persons who provide support or personal services to shareholders in connection with the distribution of the fund's shares; and interest-related expenses, or the cost of capital associated with, the financing of any of the foregoing. In the case of funds or classes of shares that are closed to new investors or investments, TCL also may use the fees payable under the 12b-1 Distribution Plan to make payments to financial intermediaries for services to and for maintenance of existing shareholder accounts and/or as compensation for past sales and distribution efforts. Fees paid pursuant to the 12b-1 Distribution Plan are intended to benefit each applicable fund by contributing to the growth of the fund's assets, which may reduce the fund's expense ratio by spreading fixed costs over a larger asset base and allow the fund to achieve lower portfolio transaction costs and better prices by purchasing larger blocks of securities.

**Distribution Fees Paid Under the 12b-1 Distribution Plan** 

The table below shows the total dollar amounts paid by the Class R, Class R2 and Class R4 shares included in this SAI for each fund, as applicable, to the Distributor for the last fiscal year. The funds may offer other share classes in a separate SAI.

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| | |
|:---|:---|
| **Fund** | **2025** |
| Transamerica Asset Allocation Intermediate Horizon | &nbsp;&nbsp; $349885 |
| Transamerica Asset Allocation Long Horizon | &nbsp;&nbsp; $372157 |
| Transamerica Asset Allocation Short Horizon | &nbsp;&nbsp; $81113 |
| Transamerica Balanced II | &nbsp;&nbsp; $140532 |
| Transamerica Bond | &nbsp;&nbsp; $1679 |
| Transamerica Capital Growth | &nbsp;&nbsp; $61 |
| Transamerica Core Bond | &nbsp;&nbsp; $393655 |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; $0 |
| Transamerica Government Money Market | &nbsp;&nbsp; $260953 |
| Transamerica High Yield Bond | &nbsp;&nbsp; $103814 |
| Transamerica Inflation Opportunities | &nbsp;&nbsp; $20665 |
| Transamerica International Equity | &nbsp;&nbsp; $105203 |
| Transamerica Large Core ESG | &nbsp;&nbsp; $229268 |
| Transamerica Large Growth | &nbsp;&nbsp; $537776 |
| Transamerica Large Value Opportunities | &nbsp;&nbsp; $264097 |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; $60274 |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; $269947 |
| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; $12554 |
| Transamerica Short-Term Bond | &nbsp;&nbsp; $97745 |
| Transamerica Small Cap Growth | &nbsp;&nbsp; $33258 |
| Transamerica Small Cap Value | &nbsp;&nbsp; $17949 |

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**Purchase, Redemption and Pricing of Shares**

**Shareholder Accounts** 

Detailed information about general procedures for Shareholder Accounts and specific types of accounts is set forth in each fund's prospectus.

**Purchase of Shares** 

**Class I3, Class R, Class R2 and Class R4 Shares** 

As stated in the prospectuses, the funds currently offer investors a choice of eleven classes of shares: Class A, Class C, Class I, Class I2, Class I3, Class R, Class R2, Class R3, Class R4, Class R6 and Class T shares. Not all Transamerica Funds offer all classes of shares.

Class I3 shares are intended for purchase by certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts.

This SAI references the Class R shares offered by the funds listed on the cover page of the SAI. Class R shares of certain other series of the Trust are discussed in a separate SAI.

Class R shares of Transamerica Government Money Market were renamed Class R2 shares on October 13, 2017. Effective March 31, 2021, Transamerica Government Money Market is closed to most new investors. The following investors may continue to purchase shares of the

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fund: existing fund investors, investors exchanging shares of another Transamerica fund for shares in the same class of the fund, asset allocation funds and other investment products in which the fund is currently an underlying investment option, retirement plans in which the fund is a plan option, any plan that is or becomes a part of a multiple plan exchange recordkeeping platform that includes the fund as a plan option, and current and former trustees of the fund. Transamerica Government Money Market will remain closed until further notice. The fund reserves the right to modify the foregoing terms of the closure at any time and to accept or reject any investment for any reason.

Class R and Class R2 shares are intended for purchase by participants in certain retirement plans as described in the prospectus. Class R and Class R2 shares are generally intended for purchase by smaller retirement plan clients of Transamerica Retirement Solutions, LLC. Class R and Class R2 shares are only offered through 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined benefit plans and non-qualified deferred compensation plans (eligible retirement plans). Class R and Class R2 shares are available only to eligible retirement plans where either Class R or Class R2 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

Class R4 shares are generally intended for purchase by larger retirement plan clients of Transamerica Retirement Solutions, LLC. As stated in the prospectus, Class R4 shares of the applicable funds are intended for purchase by participants in certain retirement plans described below and under the following conditions:

• 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans and non-qualified deferred compensation plans (eligible retirement plans).

• Class R4 shares are available only to eligible retirement plans where Class R4 shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

The plan's record-keeper or financial service firm serving as an intermediary must have an agreement with Transamerica Funds or its agents to utilize Class R4 shares in certain investment products or programs.

Shareholders whose investments are transferred from one class of shares of a Transamerica fund to another class of shares of the same Transamerica fund for administrative or eligibility reasons also may qualify for a waiver or reduction of sales charges and/or redemption charges in connection with the exchange.

Each fund reserves the right to make additional exceptions or otherwise to modify the foregoing policies at any time.

Information regarding sales charges can be found (free of charge) on the Transamerica Funds website at https:www.transamerica.com/resource-center?rc_primary_topics=investing. Select "Guide to Choosing a Share Class."

**Redemption of Shares** 

Shareholders may redeem their shares at any time at a price equal to the net asset value per share next determined following receipt of a valid redemption order by the transfer agent, in proper form. Payment will normally be sent within two business days of the receipt of a redemption request in good order, but in any event within seven days, regardless of the method a fund uses to make such payment (e.g., check, wire or electronic funds transfer (ACH)). However, redemption payments may be delayed up to ten calendar days if the shares being redeemed were recently purchased by check or electronic funds transfer. The value of shares on redemption may be more or less than the shareholder's cost, depending upon the market value of the fund's net assets at the time of redemption.

Shares will normally be redeemed for cash, although each fund retains the right to wholly or partly redeem its shares in kind, under unusual circumstances (such as adverse or unstable market, economic, or political conditions), in an effort to protect the interests of the remaining shareholders by the delivery of securities selected from its assets at its discretion. Transamerica Funds has, however, elected to be governed by Rule 18f-1 under the 1940 Act pursuant to which a fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of the net asset value of a fund during any 90-day period for any one shareholder. Should redemptions by any shareholder exceed such limitation, the fund will have the option of redeeming the excess in cash or in kind. On the same redemption date, some shareholders may be paid in whole or in part in securities (which may differ among those shareholders), while other shareholders may be paid entirely in cash. The disposal of the securities received in-kind by redeeming shareholders may be subject to brokerage costs and, until sold, such securities remain subject to market risk and liquidity risk, including the risk that such securities are or become difficult to sell. If the fund pays your redemption with illiquid or less liquid securities, you will bear the risk of not being able to sell such securities. The method of valuing securities used to make redemptions in kind will be the same as the method of valuing portfolio securities described under "Net Asset Value Determination," and such valuation will be made as of the same time the redemption price is determined. The funds may pay redemption proceeds with cash obtained through short-term borrowing arrangements, if available.

Redemption of shares may be suspended, or the date of payment may be postponed, whenever: (1) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (except for holidays and weekends); (2) the SEC permits such suspension and so orders; or (3) an emergency exists as determined by the SEC so that disposal of securities and determination of net asset value is not reasonably practicable.

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**Share Conversion** 

If you hold Class R, Class R2, Class R4 or Class I3 shares and are eligible for purchase of Class I shares (as described in the Class I prospectus), you may be eligible to convert your shares to Class I shares of the same fund, subject to the discretion of Transamerica Fund Services, Inc. to permit or reject such a conversion. Please contact your financial adviser or Customer Service for conversion requirements and instructions.

**Net Asset Valuation ("NAV") Determination**

**How Share Price Is Determined** 

The price at which shares are purchased or redeemed is the NAV, plus any applicable sales charge, that is next calculated following receipt and acceptance of a purchase order in good order or receipt of a redemption order in good order by the fund, an authorized intermediary, or the mail processing center located in Kansas City, Missouri.

**When Share Price Is Determined** 

The NAV of each fund (or class thereof) is determined on each day the NYSE is open for business as of the scheduled close of regular trading (normally 4:00 p.m. Eastern time). If the NYSE closes at another time, each fund will calculate a NAV for each class of shares as of the scheduled closing time. The NAV is not determined on days when the NYSE is closed (generally New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving and Christmas). Foreign securities may trade in their primary markets on weekends or other days when a fund does not price its shares (therefore, the value of a fund's foreign securities may change on days when shareholders will not be able to buy or sell shares of the funds). These securities will be valued pursuant to the funds' Pricing and Valuation procedures for such securities.

Purchase orders received in good order and accepted, and redemption orders received in good order, as of the scheduled close of regular trading of the NYSE, usually 4:00 p.m. Eastern Time, receive the NAV determined as of the close of the NYSE that day. Purchase and redemption requests received after the NYSE is closed receive the NAV determined as of the close of the NYSE the next day the NYSE is open.

**How NAV Is Calculated** 

The NAV of each fund (or class thereof) is calculated by taking the value of its net assets (which may include realized and unrealized capital gain and income) and dividing by the number of shares of the fund (or class) that are then outstanding.

The value of a fund's securities and other assets for purposes of determining the fund's NAV is determined pursuant to valuation procedures of the funds and TAM. TAM has been designated as the funds' valuation designee with responsibility for fair valuation subject to oversight by the funds' Board. TAM has formed a valuation committee to assist with its designated responsibilities as valuation designee (the "Valuation Committee").

*For funds other than Transamerica Government Money Market:* In general, securities and other investments are valued based on prices at the close of regular trading on the NYSE.

Equity securities, swaps, and options listed or traded on securities exchanges (except for the securities traded on NASDAQ/NMS), including ETFs, dollar-denominated foreign securities and ADRs, are normally valued at the closing price on the exchange or system where the security is principally traded. With respect to securities traded on the NASDAQ/NMS, such closing price will generally be the NASDAQ Official Closing Price ("NOCP").

The market price for debt obligations (except short-term obligations that will mature in 60 days or less) and for swaps that are not traded on a securities exchange is generally the price supplied by an independent third-party pricing service, which may use market prices or quotations or a variety of fair value techniques and methodologies to identify the market value of the security or instrument.

Short-term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment's fair value.

Foreign securities are generally priced as described above for the particular type of security (*i.e.*, equity securities or debt securities). The prices for foreign securities are converted from the local currency into U.S. dollars using current exchange rates.

Market quotations for securities prices may be obtained from automated pricing services.

Shares of open-end funds (other than ETF shares) are generally valued at the NAV reported by that investment company.

ETF shares are normally valued at the most recent sale price or official closing price on the exchange on which they are traded.

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When an authorized pricing service does not provide a price or the price provided is believed by the Valuation Committee to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. When such a price or quotation for a security is not readily available, or is believed by the Valuation Committee to be unreliable, then the Valuation Committee will fair value such fund investment, in good faith, in accordance with fair valuation procedures.

The types of securities for which such fair value pricing may be required include, but are not limited to: foreign securities, where a significant event occurs after the close of the foreign market on which such security principally trades that is likely to have changed the value of such security, or the closing value is otherwise deemed unreliable; securities of an issuer that has entered into a restructuring; securities whose trading has been halted or suspended; fixed-income securities that have gone into default and for which there is no current market value quotation; and securities that are restricted as to transfer or resale. The funds use a fair value model developed by an independent third party pricing service to price foreign equity securities on days when there is a certain percentage change in the value of a domestic equity security index, as such percentage may be determined by TAM from time to time.

Valuing securities in accordance with fair valuation procedures involves greater reliance on judgment than valuing securities based on readily available market quotations. The Valuation Committee makes fair value determinations in good faith in accordance with the valuation procedures. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service. There can be no assurance that a fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the fund determines its NAV.

The prices that a fund uses may differ from the amounts that would be realized if the investments were sold and the differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility.

*For Transamerica Government Money Market:* The fund generally values its securities using the amortized cost method. This valuation method assumes a steady rate of amortization of any premium or discount from the date of purchase until the maturity of each security. This valuation method is designed to permit a money market fund to maintain a constant net asset value of $1.00 per share, but there is no guarantee that it will do so.

**Brokerage** 

Subject to policies established by the Board and TAM, the sub-advisers are responsible for placement of the funds' securities transactions. In placing orders, it is the policy of a fund to seek to obtain the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions as described below. In seeking the most favorable price and execution, TAM or the sub-adviser, as applicable, having in mind the fund's best interests, considers all factors it deems relevant, including: the size of the transaction; the nature of the market for the security; the amount of the commission; the timing of the transaction taking into account market prices and trends; the reputation, experience and financial stability of the broker-dealer involved and the quality of service rendered by the broker-dealer in that or other transactions; trade confidentiality including anonymity; and research products and services provided, which include: (i) furnishing advice, either directly or through publications or writings, as to the value of securities, the advisability of purchasing or selling specific securities and the availability of securities or purchasers or sellers of securities and (ii) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends and portfolio strategy and products and other services (such as third party publications, reports and analyses, and computer and electronic access, equipment, software, information and accessories) that assist each sub-adviser in carrying out its responsibilities.

Decisions as to the selection of broker-dealers and the assignment of fund brokerage business for a fund and negotiation of its commission rates are made by TAM or the sub-adviser, as applicable, whose policy is to seek to obtain "best execution" (prompt and reliable execution at the most favorable security price) of all fund transactions. In doing so, a fund may pay higher commission rates than the lowest available when its sub-adviser believes it is reasonable to do so in light of the value of the brokerage and research services provided by the broker effecting the transaction, as discussed below.

There is generally no stated commission in the case of fixed-income securities and other securities traded on a principal basis in the over-the-counter markets, but the price paid by a fund usually includes an undisclosed dealer commission or mark-up. In underwritten offerings, the price paid by a fund includes a disclosed, fixed commission or discount retained by the underwriter or dealer. Transactions on U.S. stock exchanges and other agency transactions involve the payment by a fund of negotiated brokerage commissions. Such commissions vary among different brokers. Also, a particular broker may charge different commissions according to such factors as the difficulty and size of the transaction. Transactions in foreign securities generally involve the payment of fixed brokerage commissions, which are generally higher than those in the U.S.

It has for many years been a common practice in the investment advisory business for advisers of investment companies and other institutional investors to receive research and brokerage products and services (together, "services") from broker-dealers that execute portfolio transactions for the clients of such advisers. Consistent with this practice, the sub-advisers may receive services from many broker-dealers with which the sub-advisers place the fund's portfolio transactions. These services, which in some cases may also be

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purchased for cash, may include, among other things, such items as general economic and security market reviews, industry and company reviews, evaluations of securities, recommendations as to the purchase and sale of securities, and services related to the execution of securities transactions. The services obtained through brokers or dealers will be in addition to, and not in lieu of, the services required to be performed by a sub-adviser. The expenses of a sub-adviser will not necessarily be reduced as a result of the receipt of such supplemental information. A sub-adviser may use such services in servicing other accounts in addition to the respective fund. Conversely, services provided to a sub-adviser by broker-dealers in connection with trades executed on behalf of other clients of the sub-adviser may be useful to the sub-adviser in managing the fund, although not all of these services may be necessarily useful and of value to the sub-adviser in managing such other clients. The receipt of such services enables a sub-adviser to avoid the additional expenses that might otherwise be incurred if it were to attempt to develop comparable information through its own staff.

In reliance on the "safe harbor" provided by Section 28(e) of the Exchange Act and the SEC's interpretive guidance thereunder, a sub-adviser may cause a fund to pay a broker-dealer that provides "brokerage and research services" (as defined for purposes of Section 28(e)) to the sub-adviser an amount of commission for effecting a securities transaction for the fund in excess of the commission that another broker-dealer would have charged for effecting that transaction if the sub-adviser determines in good faith that the commission is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer. If a sub-adviser determines that any research product or service has a mixed use, such that it also serves functions that do not assist in the investment decision-making process, the sub-adviser will allocate the costs of such service or product accordingly. The portion of the product or service that a sub-adviser determines will assist it in the investment decision-making process may be paid for in brokerage commission dollars. Such allocation may create a conflict of interest for the sub-adviser. Conversely, such supplemental information obtained by the placement of business for a sub-adviser will be considered by and may be useful to the sub-adviser in carrying out its obligations to a fund.

Under the Markets in Financial Instruments Directive II ("EU MiFID II"), investment firms in the European Union ("EU") and under EU MiFID II as it forms part of the domestic law of the United Kingdom ("UK") ("UK MiFID II"), investment firms in the UK or subject to such law, including certain sub-advisers to the funds, may only pay for research from brokers and dealers directly out of their own resources or by establishing "research payment accounts" for each client, rather than through client commissions. Such payments for research must be unbundled from payments for execution. EU MiFID II and UK MiFID II limit the use of soft dollars by sub-advisers located in the EU and UK, respectively, and in certain circumstances may result in sub-advisers reducing the use of soft dollars as to certain groups of clients or as to all clients.

A sub-adviser may place transactions for the purchase or sale of portfolio securities with affiliates of TAM or the sub-adviser. A sub-adviser may place transactions with a broker-dealer that is an affiliate of TAM or the sub-adviser where, in the judgment of the sub-adviser, such firm will be able to obtain a price and execution at least as favorable as other qualified broker-dealers. Pursuant to rules of the SEC, a broker-dealer that is an affiliate of TAM or the sub-adviser may receive and retain compensation for effecting portfolio transactions for the fund on a securities exchange if the commissions paid to such an affiliated broker-dealer by the fund do not exceed "usual and customary brokerage commissions." The rules define "usual and customary" commissions to include amounts that are "reasonable and fair compared to the commission, fee or other remuneration received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time."

A sub-adviser to a fund, to the extent consistent with the best execution and with TAM's usual commission rate policies and practices, may place security transactions with broker/dealers with which the Trust has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the funds. In no event will commissions paid by a fund be used to pay expenses that would otherwise be borne by any other fund in the Trust, or by any other party. These commissions are not used for promoting or selling fund shares or otherwise related to the distribution of fund shares.

Securities held by a fund may also be held by other separate accounts, mutual funds or other accounts for which TAM or a sub-adviser serves as an adviser, or held by TAM or a sub-adviser for their own accounts. Because of different investment objectives or other factors, a particular security may be bought by TAM or a sub-adviser for one or more clients when one or more clients are selling the same security. If purchases or sales of securities for a fund or other entities for which they act as investment adviser or for their advisory clients arise for consideration at or about the same time, transactions in such securities will be made, insofar as feasible, for the respective entities and clients in a manner deemed equitable to all. To the extent that transactions on behalf of more than one client of TAM or a sub-adviser during the same period may increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse effect on price.

On occasions when TAM or a sub-adviser deems the purchase or sale of a security to be in the best interests of a fund as well as other accounts or companies, it may to the extent permitted by applicable laws and regulations, but will not be obligated to, aggregate the securities to be sold or purchased for the fund with those to be sold or purchased for such other accounts or companies in order to obtain favorable execution. In that event, allocation of the securities purchased or sold, as well as the expenses incurred in the transaction, will be made by TAM or the sub-adviser in the manner it considers to be most equitable and consistent with its fiduciary obligations to the fund and to such other accounts or companies. In some cases this procedure may adversely affect the size of the position obtainable for a fund and/or could have a detrimental effect on the price or volume of a security so far as a fund is concerned.

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The Board of the Trust reviews on a quarterly basis the brokerage placement practices of each sub-adviser on behalf of the funds, and reviews the prices and commissions, if any, paid by the funds to determine if they were reasonable.

**Brokerage Commissions Paid** 

The following funds paid the aggregate brokerage commissions indicated for the last three fiscal years:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Brokerage Commissions Paid**<br> **(including affiliated commissions)** | **Brokerage Commissions Paid**<br> **(including affiliated commissions)** | **Brokerage Commissions Paid**<br> **(including affiliated commissions)** | **Brokerage Commissions Paid**<br> **(including affiliated commissions)** | **Brokerage Commissions Paid**<br> **(including affiliated commissions)** | **Brokerage Commissions Paid**<br> **(including affiliated commissions)** | **Affiliated Brokerage** <br> **Commissions Paid** | **Affiliated Brokerage** <br> **Commissions Paid** | **Affiliated Brokerage** <br> **Commissions Paid** | **Affiliated Brokerage** <br> **Commissions Paid** | **Affiliated Brokerage** <br> **Commissions Paid** | **Affiliated Brokerage** <br> **Commissions Paid** |
|  | **2025($)** | **2025(%)^** | **2024($)** | **2024(%)^** | **2023($)** | **2023(%)^** | **2025($)** | **2025(%)\*** | **2024($)** | **2024(%)\*** | **2023($)** | **2023(%)\*** |
| Transamerica Asset Allocation Intermediate Horizon | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Asset Allocation Long Horizon | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Asset Allocation Short Horizon | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Balanced II | $5638 | 0.12% | $6999 | 0.11% | $7262 | 0.11% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Bond | $0.00 | 0.00% | $0.00 | 0.00% | $6 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Capital Growth | $619422 | 12.89% | $387063 | 6.35% | $446946 | 6.97% | $0.00 | 0.00% | $0.00 | 0.00% | $2998 | 0.67% |
| Transamerica Core Bond | $0.00 | 0.00% | $797 | 0.01% | $868 | 0.01% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Emerging Markets Equity | $128894 | 2.68% | $583539 | 9.58% | $1032258 | 16.10% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Government Money Market | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica High Yield Bond | $90 | 0.00% | $0.00 | 0.00% | $2000 | 0.03% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Inflation Opportunities | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica International Equity | $1278816 | 26.61% | $1205432 | 19.79% | $1321531 | 20.61% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Large Core ESG | $58161 | 1.21% | $70325 | 1.15% | $57784 | 0.90% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Large Growth | $114069 | 2.37% | $86213 | 1.42% | $95759 | 1.49% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Large Value Opportunities | $140412 | 2.92% | $139470 | 2.29% | $181743 | 2.83% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Mid Cap Growth | $52435 | 1.09% | $113611 | 1.87% | $86841 | 1.35% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Mid Cap Value Opportunities | $608666 | 12.67% | $657823 | 10.80% | $581557 | 9.07% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Multi-Managed Balanced | $66648 | 1.39% | $70490 | 1.16% | $81445 | 1.27% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Short-Term Bond | $12115 | 0.25% | $12867 | 0.21% | $12398 | 0.19% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Small Cap Growth | $75297 | 1.57% | $127541 | 2.09% | $125427 | 1.96% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
| Transamerica Small Cap Value | $45220 | 0.94% | $300456 | 4.93% | $485558 | 7.57% | $0.00 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |

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^ Brokerage Commissions Paid by the fund as a percentage of overall Brokerage Commissions Paid by all Transamerica Funds.

\* Affiliated Brokerage Commissions Paid by the fund as a percentage of total Brokerage Commissions Paid by the fund.

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**Brokerage Commissions Paid for Research** 

The following table provides an estimate of brokerage commissions that were directed to brokers for brokerage and research services provided during the fiscal year ended October 31, 2025.

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| | |
|:---|:---|
| **Fund Name** | **Paid as of**<br> **October 31, 2025**<br>|
| Transamerica Asset Allocation Intermediate Horizon | &nbsp;&nbsp; $- |
| Transamerica Asset Allocation Long Horizon | &nbsp;&nbsp; $- |
| Transamerica Asset Allocation Short Horizon | &nbsp;&nbsp; $- |
| Transamerica Balanced II | &nbsp;&nbsp; $610 |
| Transamerica Bond | &nbsp;&nbsp; $- |
| Transamerica Capital Growth | &nbsp;&nbsp; $427926 |
| Transamerica Core Bond | &nbsp;&nbsp; $- |
| Transamerica Emerging Markets Equity | &nbsp;&nbsp; $71224 |
| Transamerica Government Money Market | &nbsp;&nbsp; $- |
| Transamerica High Yield Bond | &nbsp;&nbsp; $- |
| Transamerica Inflation Opportunities | &nbsp;&nbsp; $- |
| Transamerica International Equity | &nbsp;&nbsp; $563237 |
| Transamerica Large Core ESG | &nbsp;&nbsp; $23060 |
| Transamerica Large Growth | &nbsp;&nbsp; $75167 |
| Transamerica Large Value Opportunities | &nbsp;&nbsp; $73216 |
| Transamerica Mid Cap Growth | &nbsp;&nbsp; $32257 |
| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; $195243 |
| Transamerica Multi-Managed Balanced – JPMorgan Sleeve | &nbsp;&nbsp; $7078 |
| Transamerica Short-Term Bond | &nbsp;&nbsp; $- |
| Transamerica Small Cap Growth | &nbsp;&nbsp; $- |
| Transamerica Small Cap Value | &nbsp;&nbsp; $- |

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The estimates above are based upon custody data provided to CAPIS and were calculated using the following methodology: Total Commissions minus transactions executed at discounted rates and/or directed to the funds' commission recapture program equals total research commissions. USD transactions executed at commission rates below $.02 per share, non-USD developed market transactions executed at 8 basis points and below, and non-USD emerging market transactions executed at 12 basis points and below are considered to be executed at discounted rates. For example, Commission paid on USD transactions at rates at or above $.02 per share and not directed for commission recapture are assumed to be paid to brokers that provide research and brokerage services within the scope of Section 28(e) of the Exchange Act. Commissions paid on fixed price offerings and transactions in futures and options are not included in this analysis.

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**Securities of Regular Broker Dealers** 

During the fiscal year ended October 31, 2025, the funds purchased securities issued by the following regular broker-dealers of the funds, which had the following values as of October 31, 2025.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Bank of**<br> **America**<br> **Corp.**<br>| **Bank of**<br> **New York**<br> **Mellon**<br>| **Barclays**<br> **Capital, Inc.**<br>| **Citigroup,**<br> **Inc.**<br>| **Goldman**<br> **Sachs** <br> **Group,**<br> **Inc.**<br>| **J.P.**<br> **Morgan**<br> **Securities**<br> **LLC**<br>| **Morgan**<br> **Stanley &**<br> **Co., Inc.**<br>| **Nomura** <br> **Holdings, Inc.**<br>| **Royal** <br> **Bank of Canada**<br>| **Societe**<br> **Generale**<br>| **Toronto-Dominion**<br> **Bank**<br>| **UBS**<br> **Securities**<br> **LLC**<br>| **Wells**<br> **Fargo**<br> **& Co.**<br>|
| Transamerica Balanced II | $782400 | $8360 | $203000 | $130224 | $97662 | $246278 | $175679 | $- | $- | $- | $273496 | $289733 | $572269 |
| Transamerica Bond | $28594797 | $1518340 | $15900195 | $2124964 | $9126620 | $21287962 | $19933941 | $- | $- | $- | $- | $14191964 | $9497649 |
| Transamerica Core Bond | $14551872 | $1133792 | $5509420 | $2072408 | $6526013 | $21203687 | $13274934 | $- | $- | $- | $16906995 | $5476166 | $6389389 |
| Transamerica High Yield <br> Bond<br>| $- | $- | $2660743 | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Transamerica Inflation <br> Opportunities<br>| $2574125 | $- | $325371 | $490485 | $445563 | $- | $1645702 | $- | $- | $- | $- | $219157 | $320115 |
| Transamerica International <br> Equity<br>| $- | $- | $- | $- | $- | $- | $- | $17989108 | $- | $88490194 | $- | $- | $- |
| Transamerica Large Core <br> ESG<br>| $2032490 | $553465 | $- | $1273473 | $977240 | $4239632 | $271420 | $- | $- | $- | $- | $- | $- |
| Transamerica Large Value <br> Opportunities<br>| $937353 | $- | $- | 2422434 | $1315090 | $9915394 | $- | $- | $- | $- | $- | $- | $- |
| Transamerica Large Growth | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $1093213 |
| Transamerica <br> Multi-Managed Balanced<br>| $16271980 | $315581 | $1637170 | $2494672 | $2012740 | $5909776 | $3953311 | $- | $- | $- | $5469910 | $2167723 | $12078510 |
| Transamerica Short-Term <br> Bond<br>| $42622050 | $9730264 | $52708238 | $47141664 | $35309812 | $49946209 | $19885429 | $- | $22045461 | $- | $- | $16174961 | $39663297 |

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**Principal Shareholders and Control Persons** 

**Principal Shareholders**

To the knowledge of the Trust, as of February 2, 2026, the following persons owned beneficially or of record 5% or more of the outstanding shares of a class of the funds indicated.

Unless otherwise noted, the address of each investor is c/o TAM, 1801 California Street, Suite 5200, Denver, CO 80202.

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Asset Allocation Intermediate Horizon | &nbsp;&nbsp; R | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Asset Allocation Intermediate Horizon | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Asset Allocation Long Horizon | &nbsp;&nbsp; R | &nbsp;&nbsp; 99.75% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Asset Allocation Long Horizon | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 98.46% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Asset Allocation Short Horizon | &nbsp;&nbsp; R | &nbsp;&nbsp; 99.91% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Asset Allocation Short Horizon | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Balanced II | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Balanced II | &nbsp;&nbsp; R | &nbsp;&nbsp; 96.46% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 22.51% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 11.68% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 11.13% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.83% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.31%  |

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| | | |
|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Percent** |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Bond<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 5.86% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Bond<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 5.02% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 26.28% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 13.02% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 10.60% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 8.82% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 8.24% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 7.84% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Bond<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 6.38% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 13.05% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 11.76% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 10.95% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 10.32% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 9.56% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 9.56% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 9.01% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Bond<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 8.17%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.28% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 29.39% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 20.38% |
| &nbsp;&nbsp; Blackrock Tactical Allocation VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 19.20% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 15.90% |
| &nbsp;&nbsp; Universal Life Insurance Company<br> Moderate Portfolio<br> PO Box 2145<br> San Juan PR 00922-2145<br>| Transamerica Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 10.35% |
| &nbsp;&nbsp; Voya Institutional Trust Company<br> 1 Orange Way<br> Windsor CT 06095-4773<br>| Transamerica Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 97.54% |
| &nbsp;&nbsp; Transamerica Retirement Services – Im<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 56.88% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 20.68% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 9.78% |
| &nbsp;&nbsp; Transamerica Life Insurance Co.<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 8.50% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Capital Growth | &nbsp;&nbsp; A | &nbsp;&nbsp; 11.71% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Capital Growth | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.97% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Capital Growth | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.52% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Capital Growth | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.59% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Capital Growth | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.38% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Capital Growth | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.11%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Capital Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 29.56% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Capital Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 12.31% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Capital Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 10.29% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Capital Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 9.39% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Capital Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 8.76% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Capital Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 8.41% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Capital Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.05% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Capital Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 19.75% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Capital Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 13.07% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Capital Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 12.14% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Capital Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 10.54% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Capital Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.21% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Capital Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.59% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Capital Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.13% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Capital Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 30.61% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Capital Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 24.91%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Capital Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 16.30% |
| &nbsp;&nbsp; Universal Life Insurance Company<br> Moderate Portfolio<br> PO Box 2145<br> San Juan PR 00922-2145<br>| Transamerica Capital Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 11.22% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Capital Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 5.75% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Capital Growth | &nbsp;&nbsp; R | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Life Insurance Co.<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Capital Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 32.74% |
| &nbsp;&nbsp; Transamerica Retirement Services – Im<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Capital Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 20.29% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Capital Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 19.45% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Capital Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 15.57% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Core Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 26.12% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Core Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 22.64% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Core Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 14.79% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> John B Hansard III<br> 1504 Tammy Ct<br> Port Orange FL 32128-7343<br>| Transamerica Core Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.39% |
| &nbsp;&nbsp; Mary J Greaser TOD<br> 108 Hitching Post Dr<br> Daytona Beach FL 32119-2354<br>| Transamerica Core Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.37% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> Leanne M Hansard<br> 324 W International Speedway Blvd<br> Daytona Beach FL 32114-4229<br>| Transamerica Core Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.24% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Core Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 48.28% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Core Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 44.02%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Core Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.57% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Core Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 81.34% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Core Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 10.14% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Core Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.89% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Core Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 30.19% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Core Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 20.25% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Core Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 18.39% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Core Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 13.95% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Conservative VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Core Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 8.97% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Core Bond | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 98.71% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Core Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 69.30% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Core Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 25.09% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Core Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 5.61% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Core Bond | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Pl Ste 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Core Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 49.45% |
| &nbsp;&nbsp; Transamerica Life Insurance Co.<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Core Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 40.28% |
| &nbsp;&nbsp; Transamerica Retirement Services – Im<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Core Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 5.27% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; I | &nbsp;&nbsp; 81.05% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; I | &nbsp;&nbsp; 18.95% |
| &nbsp;&nbsp; Transamerica Asset<br> Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 27.89% |
| &nbsp;&nbsp; Transamerica Asset<br> Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 27.59% |
| &nbsp;&nbsp; Transamerica Asset<br> Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 13.70% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 11.86% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 5.21% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 49.96% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 31.64% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 12.72% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 5.39%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Edward D Jones & Co<br> For The Benefit Of Customers<br> 12555 Manchester Rd<br> Saint Louis MO 63131-3710<br>| Transamerica Government Money Market | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.98% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Government Money Market | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.05% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Chula Vista Professional 401(k) Pro<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Government Money Market | &nbsp;&nbsp; C | &nbsp;&nbsp; 11.84% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Card Clothing & Services Midwe 401(<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Government Money Market | &nbsp;&nbsp; C | &nbsp;&nbsp; 9.64% |
| &nbsp;&nbsp; William Hadaya TOD<br> C/O Wmh Corporation<br> 55 S Market St Ste 1200<br> San Jose CA 95113-2365<br>| Transamerica Government Money Market | &nbsp;&nbsp; C | &nbsp;&nbsp; 8.19% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Government Money Market | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.92% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Artelier Apparel Inc. 401(k) Profit<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Government Money Market | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.64% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Universal Container & Packagin 401(<br> 1251 Waterfront Pl Ste 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Government Money Market | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.57% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Froedge Machine & Supply CO IN 401(<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Government Money Market | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.80% |
| &nbsp;&nbsp; Reid A Evers<br> 1333 Valley View Rd Apt 28<br> Glendale CA 91202-1734<br>| Transamerica Government Money Market | &nbsp;&nbsp; I | &nbsp;&nbsp; 14.35% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Government Money Market | &nbsp;&nbsp; I | &nbsp;&nbsp; 11.56% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Michael P Milligan 401(k) Profit Sh<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Government Money Market | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.41% |
| &nbsp;&nbsp; Universal Life Insurance Company<br> PO Box 2145<br> San Juan PR 00922-2145<br>| Transamerica Government Money Market | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Government Money Market | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R2 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Government Money Market | &nbsp;&nbsp; R2 | &nbsp;&nbsp; 95.78% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Government Money Market | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 97.81%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica High Yield Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 23.67% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica High Yield Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 9.34% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica High Yield Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.83% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica High Yield Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.80% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica High Yield Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.35% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica High Yield Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 30.55% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica High Yield Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 19.06% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica High Yield Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 10.42% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica High Yield Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 9.55% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica High Yield Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.47% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 40.39% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 14.40% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.87% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.25% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.20% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 51.19% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 34.81%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation-Conservative VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 8.04% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica High Yield Bond | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 99.96% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 58.17% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 29.02% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 12.81% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Vanguard Fiduciary Trust Company<br> FBO 401k Clients<br> Attn: Investment Services<br> PO Box 2600 Vm L20<br> Valley Forge PA 19482-2600<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 36.71% |
| &nbsp;&nbsp; Transamerica Life Insurance Co.<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 29.68% |
| &nbsp;&nbsp; Transamerica Retirement Services – Im<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 10.59% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 8.99% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Pl Ste 525<br> Pittsburgh PA 15222-4228<br>| Transamerica High Yield Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 5.67% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; A | &nbsp;&nbsp; 38.46% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; A | &nbsp;&nbsp; 22.67% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Rollover IRA FBO<br> Christine M Koy<br> 3 Halifax Ct<br> Rockville MD 20850-3009<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.87% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.14%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; C | &nbsp;&nbsp; 94.68% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; I | &nbsp;&nbsp; 83.65% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.56% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 45.72% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 31.08% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 18.30% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; R | &nbsp;&nbsp; 99.86% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 99.99% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 43.28% |
| &nbsp;&nbsp; Matrix Trust Company As Agent For<br> Advisor Trust, Inc.<br> Swanson-Fahrney Ford Sales, Inc.<br> 401(k) Plan<br> 717 17th Street, Suite 1300<br> Denver CO 80202-3304<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 33.51% |
| &nbsp;&nbsp; Matrix Trust Company As Agent For<br> Advisor Trust, Inc.<br> Western Collegiate 401(k) Plan<br> 717 17th Street, Suite 1300<br> Denver CO 80202-3304<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 11.78% |
| &nbsp;&nbsp; Matrix Trust Company As Agent For<br> Advisor Trust, Inc.<br> Bradley Builders, Inc. 401k Plan<br> 717 17th Street, Suite 1300<br> Denver CO 80202-3304<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 8.14% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica International Equity | &nbsp;&nbsp; A | &nbsp;&nbsp; 18.84%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica International Equity | &nbsp;&nbsp; A | &nbsp;&nbsp; 11.81% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Equity | &nbsp;&nbsp; A | &nbsp;&nbsp; 9.62% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica International Equity | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.80% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica International Equity | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.09% |
| &nbsp;&nbsp; Sammons Retirement Solution<br> 8300 Mills Civic Pkwy<br> Wdm IA 50266-3833<br>| Transamerica International Equity | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.66% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica International Equity | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.54% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica International Equity | &nbsp;&nbsp; C | &nbsp;&nbsp; 23.31% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica International Equity | &nbsp;&nbsp; C | &nbsp;&nbsp; 16.39% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica International Equity | &nbsp;&nbsp; C | &nbsp;&nbsp; 13.96% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica International Equity | &nbsp;&nbsp; C | &nbsp;&nbsp; 11.95% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Equity | &nbsp;&nbsp; C | &nbsp;&nbsp; 10.65% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Equity | &nbsp;&nbsp; I | &nbsp;&nbsp; 39.18% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica International Equity | &nbsp;&nbsp; I | &nbsp;&nbsp; 14.34% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 101 Montgomery St<br> San Francisco CA 94104-4141<br>| Transamerica International Equity | &nbsp;&nbsp; I | &nbsp;&nbsp; 11.78% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dt E FL 2<br> Jacksonville FL 32246<br>| Transamerica International Equity | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.62% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0001<br>| Transamerica International Equity | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.72% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 16.30%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 16.10% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 14.64% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 13.53% |
| &nbsp;&nbsp; Jp Morgan Securities LLC Omnibus Ac<br> FBO Exclusive Benefit Of Customers<br> 4 Chase Metrotech Ctr FL 3rd<br> Brooklyn NY 11245-0003<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 7.92% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 6.87% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 6.87% |
| &nbsp;&nbsp; Transamerica International Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 6.64% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Equity | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 5.17% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica International Equity | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica International Equity | &nbsp;&nbsp; R | &nbsp;&nbsp; 64.63% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica International Equity | &nbsp;&nbsp; R | &nbsp;&nbsp; 24.71% |
| &nbsp;&nbsp; Voya Institutional Trust Company<br> 1 Orange Way<br> Windsor CT 06095-4773<br>| Transamerica International Equity | &nbsp;&nbsp; R | &nbsp;&nbsp; 6.98% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica International Equity | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica International Equity | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 35.60% |
| &nbsp;&nbsp; Transamerica Life Insurance Co.<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica International Equity | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 10.17%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica International Equity | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 6.35% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> Sharon Kay Vetter<br> 105 Kings Way<br> Norfolk NE 68701-3301<br>| Transamerica Large Core ESG | &nbsp;&nbsp; A | &nbsp;&nbsp; 41.43% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Large Core ESG | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.10% |
| &nbsp;&nbsp; Caroline A Searles &<br> Robert Searles JTWROS<br> 345 E Franklin St<br> Horseheads NY 14845-2570<br>| Transamerica Large Core ESG | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.55% |
| &nbsp;&nbsp; Umb Bank Na<br> Utica Community Schools<br> 403B-7 A/C Nicholas Kawala<br> 54417 Berryfield Dr<br> Macomb MI 48042-2243<br>| Transamerica Large Core ESG | &nbsp;&nbsp; A | &nbsp;&nbsp; 6.15% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Core ESG | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Core ESG | &nbsp;&nbsp; R | &nbsp;&nbsp; 85.38% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Large Core ESG | &nbsp;&nbsp; R | &nbsp;&nbsp; 14.49% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Core ESG | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 64.07% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Large Core ESG | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 35.93% |
| &nbsp;&nbsp; John Hancock Trust Company LLC<br> 200 Berkeley St<br> Boston MA 02116-5022<br>| Transamerica Large Core ESG | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 85.73% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Large Core ESG | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 10.78% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Growth | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Growth | &nbsp;&nbsp; R | &nbsp;&nbsp; 82.96% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Large Growth | &nbsp;&nbsp; R | &nbsp;&nbsp; 17.04%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Growth | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Large Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 93.11% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Value Opportunities | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Value Opportunities | &nbsp;&nbsp; R | &nbsp;&nbsp; 89.96% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Large Value Opportunities | &nbsp;&nbsp; R | &nbsp;&nbsp; 8.87% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Value Opportunities | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; A | &nbsp;&nbsp; 77.13% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust IRA FBO<br> Paul Griffith<br> 3491 Cascina Pl Unit B<br> Hghlnds Ranch CO 80126-7709<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 12.06% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 11.85% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> Madison Rae Santo<br> 1231 Theresa Ave<br> Campbell CA 95008-6830<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 9.46% |
| &nbsp;&nbsp; Jason L Shaffer<br> Tina J Shaffer JTWROS TOD<br> 4395 Shurley Rd<br> New Paris OH 45347-7004<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.54% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> Scott R Kintop<br> 4640 Turney Rd<br> Madison OH 44057-9712<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 7.18% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.49% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 56.12% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 23.71%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 16.54% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 27.51% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 24.00% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 20.25% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 12.52% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 9.73% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; R | &nbsp;&nbsp; 51.77% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; R | &nbsp;&nbsp; 48.12% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 47.86% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 37.75% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 7.05% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; A | &nbsp;&nbsp; 27.05%  |

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| | | |
|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Percent** |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 10.16% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 9.40% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 9.08% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; A | &nbsp;&nbsp; 8.02% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 17.87% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 16.97% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 16.94% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 12.62% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 7.81% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 7.80% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; C | &nbsp;&nbsp; 7.71% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 20.05% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 16.96% |
| &nbsp;&nbsp; UBS WM USA<br> Spec Cdy A/C Eboc Ubsfsi<br> 1000 Harbor Blvd<br> Weehawken NJ 07086-6761<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 15.86% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 15.16% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 8.22% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Mid Cap Value Opportunities<br> &nbsp;&nbsp; I | &nbsp;&nbsp; 5.55%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 24.43% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 18.28% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 17.60% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 13.24% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 11.13% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 8.85% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; R | &nbsp;&nbsp; 76.25% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; R | &nbsp;&nbsp; 23.27% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 92.64% |
| &nbsp;&nbsp; Dcgt As Ttee And/Or Cust<br> FBO Plic Various Retirement Plans O<br> Attn Npio Trade Desk<br> 711 High Street<br> Des Moines IA 50392-0001<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 6.97% |
| &nbsp;&nbsp; Tiaa Trust, N.A. As Cust/Ttee<br> Of Retirement Plans<br> Recordkept By Tiaa<br> Attn: Fund Operations<br> 8500 Andrew Carnegie Blvd<br> Charlotte NC 28262-8500<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 68.74% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 17.58%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Dcgt As Ttee And/Or Cust<br> FBO Plic Various Retirement Plans<br> Omnibus<br> Attn Npio Trade Desk<br> 711 High St<br> Des Moines IA 50392-0001<br>| Transamerica Mid Cap Value Opportunities | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 6.64% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; A | &nbsp;&nbsp; 33.72% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; A | &nbsp;&nbsp; 9.14% |
| &nbsp;&nbsp; Sammons Retirement Solution<br> 8300 Mills Civic Pkwy<br> Wdm IA 50266-3833<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.48% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.10% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; C | &nbsp;&nbsp; 42.93% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; C | &nbsp;&nbsp; 10.46% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; C | &nbsp;&nbsp; 8.32% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; C | &nbsp;&nbsp; 6.98% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.89% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.86% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.52% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; I | &nbsp;&nbsp; 14.43% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; I | &nbsp;&nbsp; 12.56% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; I | &nbsp;&nbsp; 12.29% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.87%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.77% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.39% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.82% |
| &nbsp;&nbsp; Voya Institutional Trust Company<br> 1 Orange Way<br> Windsor CT 06095-4773<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; R | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Retirement Services – Im<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 35.26% |
| &nbsp;&nbsp; Transamerica Trust Company<br> FBO Transamerica Retirement Plans<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2426<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 34.92% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 12.10% |
| &nbsp;&nbsp; John Hancock Trust Company LLC<br> 200 Berkeley St Ste 7<br> Boston MA 02116-5038<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 6.47% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Multi-Managed Balanced | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 5.78% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 18.19% |
| &nbsp;&nbsp; Merrill Lynch Pierce Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6484<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 14.16% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 11.54% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 8.04% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.47% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 7.38% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.87% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.47% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 30.27%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 14.68% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 13.78% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 9.37% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 9.25% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; C | &nbsp;&nbsp; 5.12% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 13.76% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 12.14% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 11.48% |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> For The Exclusive Bene Of Its Cust<br> 1 New York Plz FL 12<br> New York NY 10004-1965<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 10.02% |
| &nbsp;&nbsp; Wells Fargo Clearing Services LLC<br> 2801 Market St<br> Saint Louis MO 63103-2523<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 9.77% |
| &nbsp;&nbsp; Merrill Lynch Fenner & Smith Inc<br> 4800 Deer Lake Dr E Fl 2<br> Jacksonville FL 32246-6486<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 8.67% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 7.26% |
| &nbsp;&nbsp; American Enterprise Investment Svc<br> 707 2nd Ave S<br> Minneapolis MN 55402-2405<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.98% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 6.88% |
| &nbsp;&nbsp; UBS WM USA<br> Spec Cdy A/C Eboc Ubsfsi<br> 1000 Harbor Blvd<br> Weehawken NJ 07086-6761<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.31% |
| &nbsp;&nbsp; Blackrock Tactical Allocation VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 60.47%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica<br> 60/40 Allocation VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 25.37% |
| &nbsp;&nbsp; Universal Life Insurance Company<br> Moderate Portfolio<br> PO Box 2145<br> San Juan PR 00922-2145<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 9.43% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; R | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Short-Term Bond | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 90.53% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; A | &nbsp;&nbsp; 71.27% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 25.59% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 17.15% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco CA 94105-1901<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 15.95% |
| &nbsp;&nbsp; Umb Bank Na<br> Cust Simple IRA FBO<br> Anthony G Pino<br> 501 Accipitrine CT Se<br> Albuquerque NM 87123-3260<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; C | &nbsp;&nbsp; 8.84% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 25.04% |
| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd<br> Attn Mutual Fund Dept - 4th Floor<br> Jersey City NJ 07310-1995<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 15.26% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 13.74%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 11.79% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plz<br> Jersey City NJ 07399-0002<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 11.76% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I | &nbsp;&nbsp; 5.71% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 28.10% |
| &nbsp;&nbsp; Blackrock Tactical Allocation VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 26.59% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 16.42% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 9.20% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 5.06% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; R | &nbsp;&nbsp; 60.57% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; R | &nbsp;&nbsp; 39.43% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 34.94% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 32.89%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 23.58% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Growth | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 7.63% |
| &nbsp;&nbsp; Mid Atlantic Trust Company FBO<br> Ta Master Custodial IRA<br> 1251 Waterfront Place, Suite 525<br> Pittsburgh PA 15222-4228<br>| Transamerica Small Cap Value | &nbsp;&nbsp; A | &nbsp;&nbsp; 65.60% |
| &nbsp;&nbsp; Transamerica Asset Management Inc<br> Seed Money Account<br> Attn Corporate Accounting<br> 6400 C St Sw Msc 2H-Cr<br> Cedar Rapids IA 52499-0003<br>| Transamerica Small Cap Value | &nbsp;&nbsp; A | &nbsp;&nbsp; 11.17% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Small Cap Value | &nbsp;&nbsp; A | &nbsp;&nbsp; 5.48% |
| &nbsp;&nbsp; Raymond James<br> Omnibus For Mutual Funds<br> Attn Mutual Fund Reconciliation 14G<br> 880 Carillon Pkwy<br> St Petersburg FL 33716-1100<br>| Transamerica Small Cap Value | &nbsp;&nbsp; C | &nbsp;&nbsp; 68.84% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Small Cap Value | &nbsp;&nbsp; C | &nbsp;&nbsp; 12.51% |
| &nbsp;&nbsp; Charles Schwab & CO Inc<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Small Cap Value | &nbsp;&nbsp; C | &nbsp;&nbsp; 9.50% |
| &nbsp;&nbsp; Sei Private Trust Company<br> C/O M & T Bank<br> One Freedom Valley Drive<br> Oaks PA 19456-9989<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 67.79% |
| &nbsp;&nbsp; LPL Financial<br> Omnibus Customer Account<br> Attn Mutual Fund Trading<br> 4707 Executive Dr<br> San Diego CA 92121-3091<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I | &nbsp;&nbsp; 28.97% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 20.98% |
| &nbsp;&nbsp; Blackrock Tactical Allocation VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 20.15% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 17.08% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 12.23%  |

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; Transamerica Asset Allocation-Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 10.57% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I2 | &nbsp;&nbsp; 7.60% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Small Cap Value | &nbsp;&nbsp; I3 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R | &nbsp;&nbsp; 56.15% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R | &nbsp;&nbsp; 43.85% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 34.50% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Conservative Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 26.51% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 22.62% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 6.86% |
| &nbsp;&nbsp; State Street Bank Cust<br> 401(k) Ttee<br> Fboadp Access Large Market<br> 1 Lincoln St<br> Boston MA 02111-2901<br>| Transamerica Small Cap Value | &nbsp;&nbsp; R6 | &nbsp;&nbsp; 5.77% |

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**Control Persons** 

Any shareholder who holds beneficially 25% or more of a fund may be deemed to control the fund until such time as it holds beneficially less than 25% of the outstanding common shares of the fund. Any shareholder controlling a fund may be able to determine the outcome of issues that are submitted to shareholders for vote, and may be able to take action regarding the fund without the consent or approval of the other shareholders.

Unless otherwise noted, the address of each investor is c/o TAM, 1801 California Street, Suite 5200, Denver, CO 80202.

To the knowledge of the Trust, as of February 2, 2026, the shareholders who held beneficially 25% or more of a fund were as follows:

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| | | |
|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Percentage of Fund** <br> **Owned**<br>|
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Asset Allocation Intermediate Horizon | &nbsp;&nbsp; 99.67% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Asset Allocation Long Horizon | &nbsp;&nbsp; 98.79% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Asset Allocation Short Horizon | &nbsp;&nbsp; 99.77% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Balanced II | &nbsp;&nbsp; 68.15% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Balanced II | &nbsp;&nbsp; 30.72% |
| &nbsp;&nbsp; Transamerica Asset<br> Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; 27.54% |
| &nbsp;&nbsp; Transamerica Asset<br> Allocation-Moderate Growth VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Emerging Markets Equity | &nbsp;&nbsp; 27.25% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Government Money Market | &nbsp;&nbsp; 29.14% |
| &nbsp;&nbsp; Transamerica Asset Allocation-Moderate VP<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica High Yield Bond | &nbsp;&nbsp; 28.98% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Growth Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; 37.48% |
| &nbsp;&nbsp; Transamerica Asset Allocation - Moderate Portfolio<br> Investment Account<br> Attn Fund Operations Mailstop 20B<br> 1801 California St Ste 5200<br> Denver CO 80202-2642<br>| Transamerica Inflation Opportunities | &nbsp;&nbsp; 25.48% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Core ESG | &nbsp;&nbsp; 72.98% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Growth | &nbsp;&nbsp; 70.89%  |

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| | | |
|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Percentage of Fund** <br> **Owned**<br>|
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class I3 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Large Value Opportunities | &nbsp;&nbsp; 78.12% |

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**Management Ownership** 

To the knowledge of the Trust, as of February 2, 2026, the Trustees and officers as a group owned less than 1% of any class of each fund's outstanding shares.

**Further Information About the Trust and the Funds**

The Trust is organized as a Delaware statutory trust. Delaware law provides a statutory framework for the powers, duties, rights and obligations of the Trustees and shareholders of the Trust, while the more specific powers, duties, rights and obligations of the Trustees and the shareholders are determined by the Trustees as set forth in the Trust's Amended and Restated Declaration of Trust ("Declaration") dated as of December 10, 2015, and the Trust's Bylaws, as may be amended from time to time. Every shareholder, by virtue of purchasing shares and becoming a shareholder, agrees to be bound by the terms of the Declaration. Some of the more significant provisions of the Declaration are described below.

*Shareholder Voting*. The Declaration provides for shareholder voting as required by the 1940 Act or other applicable laws but otherwise permits, consistent with Delaware law, actions by the Trustees without seeking the consent of shareholders. A fund is not required to hold an annual meeting of shareholders, but a fund will call special meetings of shareholders whenever required by the 1940 Act or by the terms of the Declaration. The Declaration provides for "dollar-weighted voting" which means that a shareholder's voting power is determined, not by the number of shares he or she owns, but by the net asset value, in U.S. dollars, of those shares determined at the close of business on the record date. All shareholders of record of all series and classes of the Trust vote together, except where required by the 1940 Act to vote separately by series or by class, or when the Trustees have determined that a matter affects only the interests of one or more series or classes of shares. There is no cumulative voting on any matter submitted to a vote of the shareholders.

*Election and Removal of Trustees*. The Declaration provides that the Trustees may establish the number of Trustees and that vacancies on the Board may be filled by a vote or consent of the remaining Trustees, except when election of Trustees by the shareholders is required under the 1940 Act. Trustees are then elected by a plurality of votes cast by shareholders at a meeting at which a quorum is present. The Declaration also provides that a mandatory retirement age may be set by action of two-thirds of the Trustees and that any Trustee may be removed by a vote of shareholders holding two-thirds of the voting power of the Trust, or by a vote of two-thirds of the remaining Trustees. The provisions of the Declaration relating to the election and removal of Trustees may not be amended without the approval of two-thirds of the Trustees.

*Amendments to the Declaration*. The Trustees are authorized to amend the Declaration without the vote of shareholders, but no amendment may be made that impairs the exemption from personal liability granted in the Declaration to persons who are or have been shareholders, Trustees, officers or employees of the Trust, that limits the rights to indemnification, advancement of expenses or insurance provided in the Declaration with respect to actions or omissions of persons entitled to indemnification, advancement of expenses or insurance under the Declaration prior to the amendment.

*Issuance and Redemption of Shares*. A fund may issue an unlimited number of shares for such consideration and on such terms as the Trustees may determine. All shares offered pursuant to the prospectus of a fund, when issued, will be fully paid and non- assessable. Shareholders are not entitled to any appraisal, preemptive, conversion, exchange or similar rights, except as the Trustees may determine. A fund may involuntarily redeem a shareholder's shares upon certain conditions as may be determined by the Trustees, including, for example, if the shareholder fails to provide a fund with identification required by law, or if the fund is unable to verify the information received from the shareholder or the shareholder fails to provide the required information. In addition, as discussed below, shares may be redeemed in connection with the closing of small accounts.

*Disclosure of Shareholder Holdings*. The Declaration specifically requires shareholders, upon demand, to disclose in writing to a fund information with respect to the direct and indirect ownership of shares in order to comply with various laws or regulations, and a fund may disclose such ownership if required by law or regulation, or as the Trustees otherwise decide.

*Small Accounts*. The Declaration provides that a fund may close out a shareholder's account by redeeming all of the shares in the account if the account falls below a minimum account size (which may vary by class) that may be set by the Trustees from time to time. Alternately, the Declaration permits a fund to assess a fee for small accounts (which may vary by class) and redeem shares in the account to cover such fees, or convert the shares into another share class that is geared to smaller accounts.

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*Shareholder, Trustee and Officer Liability*. The Declaration provides that shareholders are not personally liable for the obligations of a fund and requires the fund to indemnify a shareholder against any loss or expense arising from any such liability. A fund will assume the defense of any claim against a shareholder for personal liability at the request of the shareholder.

The Declaration provides that a Trustee acting in his or her capacity as a Trustee is not personally liable to any person, other than the Trust or any series, in connection with the affairs of the Trust. The Declaration also provides that no Trustee, officer or employee of the Trust owes any duty to any person (including without limitation any shareholder), other than the Trust or any series. Each Trustee is required to perform his or her duties in good faith and in a manner he or she believes to be in the best interests of the Trust. All actions and omissions of Trustees are presumed to be in accordance with the foregoing standard of performance, and any person alleging the contrary has the burden of proving that allegation.

The Declaration requires the Trust to indemnify any persons who are or who have been Trustees, officers or employees of the Trust to the fullest extent permitted by law against liability and expenses in connection with any claim or proceeding in which he or she is involved by virtue of having been a Trustee, officer or employee. In making any determination as to whether any person is entitled to the advancement of expenses in connection with a claim for which indemnification is sought, such person is entitled to a rebuttable presumption that he or she did not engage in conduct for which indemnification is not available.

The Declaration provides that any Trustee who serves as chair of the Board, a member or chair of a committee of the Board, lead independent Trustee, audit committee financial expert, or in any other similar capacity will not be subject to any greater standard of care or liability because of such position.

*Derivative and Direct Actions*. The Declaration provides a detailed process for the bringing of derivative or direct actions by shareholders in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to a fund or its shareholders as a result of spurious shareholder claims, demands and derivative actions.

Prior to bringing a derivative action, the Declaration requires that a demand by no fewer than three unrelated shareholders must be made on the Trustees. The Declaration details information, certifications, undertakings and acknowledgements that must be included in the demand. The Trustees are not required to consider a demand that is not submitted in accordance with the requirements contained in the Declaration. The Declaration also requires that, in order to bring a derivative action, the complaining shareholders must be joined in the action by shareholders owning, at the time of the alleged wrongdoing, at the time of demand, and at the time the action is commenced, shares representing at least 5% of the voting power of the affected funds. The Trustees have a period of 90 days, which may be extended by up to an additional 60 days, to consider the demand. If a majority of the Trustees who are considered independent for the purposes of considering the demand (or a committee comprised of some or all of such Trustees), with the assistance of counsel who may be retained by such Trustees on behalf and at the expense of the Trust, determine that a suit should be maintained, then the Trust will commence the suit and the suit generally will proceed directly and not derivatively. If a majority of the independent Trustees determines that maintaining the suit would not be in the best interests of the funds, the Trustees are required to reject the demand and the complaining shareholders may not proceed with the derivative action unless the shareholders are able to sustain the burden of proof to a court that the decision of the Trustees not to pursue the requested action was not consistent with the standard of performance required of the Trustees in performing their duties. If a demand is rejected, each complaining shareholder will be responsible, jointly and severally with any and all other complaining shareholders, for the costs and expenses (including attorneys' fees) incurred by the Trust in connection with the consideration of the demand, if, in the judgment of the independent Trustees, the demand was made without reasonable cause or for an improper purpose.

The Declaration provides that no Shareholder may bring a direct action claiming injury as a shareholder of the Trust, or any series or class thereof, where the matters alleged (if true) would give rise to a claim by the Trust or by the Trust on behalf of a series or class, unless the shareholder has suffered an injury distinct from that suffered by the shareholders of the Trust, or the series or class, generally. Under the Declaration, a shareholder bringing a direct claim must be a shareholder of the series or class with respect to which the direct action is brought at the time of the injury complained of, or have acquired the shares afterwards by operation of law from a person who was a shareholder at that time.

If a derivative or direct action is brought in violation of the Declaration, each shareholder who commences or maintains such action will be required. jointly and severally, to reimburse the Trust for the costs and expenses (including attorneys' fees) incurred by the Trust in connection with the action if the action is dismissed on the basis of the failure to comply with the Declaration. In addition, if a court determines that any derivative action has been brought without reasonable cause or for an improper purpose, the costs and expenses (including attorneys' fees) incurred by the Trust in connection with the action will be borne, jointly and severally, by each shareholder who commenced the action.

The Declaration further provides that a fund shall be responsible for payment of attorneys' fees and legal expenses incurred by a complaining shareholder bring a derivative or direct claim only if required by law, and any attorneys' fees that the fund is obligated to pay shall be calculated using reasonable hourly rates. The Declaration also requires that actions by shareholders against the Trust or a fund be brought

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only in the U.S. District Court for the Southern District of New York, or if not permitted to be brought in federal court, then in the New York Supreme Court sitting in New York County with assignment to the Commercial Division to the extent such assignment is permitted under the applicable court rules, and that the right to jury trial be waived to the fullest extent permitted by law.

*Series and Classes*. The Declaration provides that the Trustees may establish series and classes in addition to those currently established and that the Trustees may determine the rights and preferences, limitations and restrictions, including qualifications for ownership, conversion and exchange features, minimum purchase and account size, expenses and charges, and other features of the series and classes. The Trustees may change any of those features, terminate any series or class, combine series with other series in the Trust, combine one or more classes of a series with another class in that series or convert the shares of one class into shares of another class. Each share of a fund, as a series of the Trust, represents an interest in the fund only and not in the assets of any other series of the Trust.

The shares of beneficial interest of the Trust are divided into eleven classes: Class A, Class C, Class I, Class I2, Class I3, Class R, Class R2, Class R3, Class R4, Class R6 and Class T. Not all funds offer all classes of shares. See a fund's prospectus for a discussion of which classes of shares of that fund are available for purchase and who is eligible to purchase shares of each class. Class A, Class C, Class I, Class I2, Class R3, Class R6 and Class T are discussed in separate SAIs. Each class represents interests in the same assets of the fund and differ as follows: each class of shares has exclusive voting rights on matters pertaining to its plan of distribution or any other matter appropriately limited to that class; the classes are subject to differing sales charges as described in the prospectus; Class A, Class C, Class R, Class R2, Class R3 and Class R4 shares are subject to ongoing distribution and service fees. Class I, Class I2, Class I3, Class R6 and Class T shares have no annual distribution and service fees. Each class may bear differing amounts of certain class-specific expenses, and each class has a separate exchange privilege. Class T shares are not available to new investors; only existing Class T shareholders may purchase additional Class T shares. On November 30, 2009, all shares previously designated as Class I shares were re-designated as Class I2 shares. On February 10, 2012, all shares previously designated as Class P shares were converted into Class I shares. On October 13, 2017, Class R shares of Transamerica Government Money Market were renamed Class R2 shares. As described above in the section entitled "Purchase, Redemption and Pricing of Shares - Purchase of Shares," on March 31, 2021, Transamerica Government Money Market was closed to most new investors until further notice.

The Trust does not anticipate that there will be any conflicts between the interests of holders of the different classes of shares of the same fund by virtue of these classes. On an ongoing basis, the Board will consider whether any such conflict exists and, if so, take appropriate action.

**Dividends and Other Distributions** 

An investor may choose among several options with respect to dividends and capital gains distributions payable to the investor. Dividends or other distributions will be paid in full and fractional shares at the net asset value determined as of the ex-dividend date unless the shareholder has elected another distribution option as described in the prospectus. The December annual ex-dividend date for all Asset Allocation Funds will be subsequent to the ex-dividend date of the underlying Transamerica funds in which they invest. Transaction confirmations and checks for payments designated to be made in cash generally will be mailed on the payable date. The per share income dividends on Class R shares of a fund are anticipated to be lower than the per share income dividends on Class I3, Class R2 and Class R4 shares of that fund as a result of higher distribution and service fees applicable to Class R shares.

**Taxes** 

Each fund has qualified (or expects to qualify in its first year), and expects to continue to qualify, for treatment as a regulated investment company (a "RIC") under the Code. In order to qualify for that treatment, a fund must distribute to its shareholders for each taxable year at least the sum of 90% of its investment company taxable income, computed without regard to the dividends-paid deduction, and 90% of its net exempt-interest income, if any (the "Distribution Requirement"). Each fund must also meet several other requirements. These requirements include the following: (1) a fund must derive at least 90% of its gross income each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including gains from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net income derived from interests in qualified publicly traded partnerships; (2) at the close of each quarter of a fund's taxable year, at least 50% of the value of its total assets must be represented by cash and cash items, U.S. government securities, securities of other RICs and other securities (limited in respect of any one issuer of such other securities to an amount not greater than 5% of the value of the fund's total assets and to not more than 10% of the outstanding voting securities of the issuer); and (3) at the close of each quarter of a fund's taxable year, not more than 25% of the value of its total assets may be invested in securities (other than U.S. government securities or the securities of other RICs) of any one issuer, in securities (other than securities of other RICs) of two or more issuers that the fund controls and that are engaged in the same, similar or related trades or businesses, or in securities of one or more qualified publicly traded partnerships.

If a fund qualifies as a RIC and timely distributes to its shareholders substantially all of its net income and net capital gains, then the fund should have little or no income taxable to it under the Code. If a fund meets the Distribution Requirement but retains some portion of its

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taxable income or gains, it generally will be subject to U.S. federal income tax at the applicable corporate rate on the amounts retained. A fund may designate certain amounts retained as undistributed net capital gain in a notice to its shareholders, who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated, (ii) will be entitled to credit their proportionate shares of the income tax paid by the fund on that undistributed amount against their federal income tax liabilities and to claim refunds to the extent such credits exceed those liabilities and (iii) will be entitled to increase their tax basis, for federal income tax purposes, in their shares by an amount equal to the excess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits.

For U.S. federal income tax purposes, a fund is permitted to carry forward indefinitely a net capital loss from any taxable year to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the fund and may not be distributed as such to shareholders. Generally, the funds may not carry forward any losses other than net capital losses. Under certain circumstances, a fund may elect to treat certain losses as though they were incurred on the first day of the taxable year immediately following the taxable year in which they were actually incurred.

Assuming a fund has sufficient earnings and profits, its shareholders generally are required to include distributions from the fund (whether paid in cash or reinvested in additional shares) as (1) ordinary income, to the extent the distributions are attributable to the fund's investment income (except for qualified dividend income as discussed below), net short-term capital gain and certain net realized foreign exchange gains or (2) capital gains, to the extent of the fund's net capital gain (i.e., the fund's net long-term capital gains over net short-term capital losses).

If a fund fails to qualify for treatment as a RIC, the fund will be subject to U.S. federal, and possibly state, corporate taxes on its taxable income and gains, and distributions to its shareholders (including distributions that would otherwise qualify as capital gain dividends) will constitute ordinary dividend income to the extent of the fund's available earnings and profits. Under certain circumstances, a fund may be able to cure a failure to qualify as a regulated investment company, but in order to do so, the fund may incur significant fund-level taxes and may be forced to dispose of certain assets.

Distributions by a fund in excess of its current and accumulated earnings and profits will be treated as a return of capital to the extent of (and in reduction of) each shareholder's tax basis in its shares, and any distributions in excess of that basis will be treated as gain from the sale of shares, as discussed below.

A fund will be subject to a nondeductible 4% excise tax to the extent it fails to distribute by the end of any calendar year substantially all of its ordinary income (for that calendar year) and capital gain net income (for the one-year period generally ending on October 31 of that year), increased or decreased by certain other amounts. Each fund intends to distribute annually a sufficient amount of any taxable income and capital gains so as to avoid liability for this excise tax.

Although dividends generally will be treated as distributed when paid, any dividend declared by a fund in October, November or December, payable to shareholders of record during such a month, and paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared. In addition, certain distributions made after the close of a taxable year of a fund may be "spilled back" and treated for certain purposes as paid by the relevant fund during such taxable year. In such case, shareholders generally will be treated as having received such dividends in the taxable year in which the distributions were actually made. For purposes of calculating the amount of a RIC's undistributed income and gain subject to the 4% excise tax described above, such "spilled back" dividends are treated as paid by the RIC when they are actually paid.

Distributions from a fund's net capital gain, if any, that are properly reported as capital gain dividends by the fund are taxable to shareholders as long-term capital gain for U.S. federal income tax purposes without regard to the length of time the shareholders have held shares of the fund.

U.S. federal income tax law generally taxes noncorporate taxpayers on long-term capital gains and on "qualified dividend income" at reduced rates. Certain capital gain dividends attributable to dividends received from U.S. REITs may be taxable to noncorporate shareholders at a rate other than the reduced rates generally applicable to long-term capital gains.

Other distributions, including distributions of earnings from, in general, dividends paid to a fund that are not themselves qualified dividend income to the fund, interest income, other types of ordinary income and short-term capital gains, will generally be taxed at the ordinary income tax rate applicable to the taxpayer.

Qualified dividend income generally means dividend income received from a fund's investments in common and preferred stock of U.S. companies and stock of certain "qualified foreign corporations," provided that certain holding period and other requirements are met by both the fund and the shareholder receiving a distribution of the dividend income. Qualified dividend income generally also includes any dividend income (i) that is received by a fund from an underlying fund that is itself treated as a RIC and that received such income as dividends on common and preferred stock of U.S. companies or on stock of certain qualified foreign corporations, and (ii) that is reported as qualified dividend income by the underlying RICs, provided that certain holding period and other requirements are met by the underlying fund, the fund and the shareholders. If 95% or more of a fund's gross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, that fund may report all distributions of such income as qualified dividend income.

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A foreign corporation is treated as a qualified foreign corporation for this purpose if it is incorporated in a possession of the U.S. or it is eligible for the benefits of certain income tax treaties with the U.S. and meets certain additional requirements. Certain foreign corporations that are not otherwise qualified foreign corporations will be treated as qualified foreign corporations with respect to dividends paid by them if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the U.S. Passive foreign investment companies are not qualified foreign corporations for this purpose.

A dividend that is attributable to qualified dividend income of a fund and that is paid by the fund to a shareholder will not be taxable as qualified dividend income to such shareholder (1) if the dividend is received with respect to any share of the fund held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share became "ex-dividend" with respect to such dividend, (2) to the extent that the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, or (3) if the shareholder elects to have the dividend treated as investment income for purposes of the limitation on deductibility of investment interest. The "ex-dividend" date is the date on which the owner of the share at the commencement of such date is entitled to receive the next issued dividend payment for such share even if the share is sold by the owner on that date or thereafter. Dividends received by a fund from REITs generally do not qualify for treatment as qualified dividend income.

Certain dividends received by a fund, or attributable to dividends received by an underlying fund, from U.S. corporations (generally, dividends received by the fund or underlying fund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) and distributed and appropriately reported by the fund may be eligible for the 50% dividends-received deduction generally available to corporations under the Code. Certain preferred stock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend in order to be eligible. Capital gain dividends distributed to a fund from other RICs are not eligible for the dividends-received deduction. In order to qualify for the deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their fund shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their fund shares, and, if they borrow to acquire or otherwise incur debt attributable to fund shares, they may be denied a portion of the dividends-received deduction with respect to those shares. The applicable holding period requirements must also be satisfied by the fund and any underlying fund. Any corporate shareholder should consult its tax advisor regarding the possibility that its tax basis in its shares may be reduced, for U.S. federal income tax purposes, by reason of "extraordinary dividends" received with respect to the shares and, to the extent such basis would be reduced below zero, current recognition of income may be required.

Any fund distribution (other than a dividend that is declared on a daily basis) will have the effect of reducing the per share net asset value of shares in the fund by the amount of the distribution. Shareholders purchasing shares shortly before the record date of any dividend distribution that is not declared daily may thus pay the full price for the shares then effectively receive a portion of the purchase price back as a taxable distribution.

Redemptions of fund shares may indirectly result in taxable distributions to non-redeeming shareholders. Redemptions may directly or indirectly result from actions taken (or not taken) by the Trust, a fund, TAM or its affiliates, or a sub-adviser. Those actions may include changes to investment strategies, sub-adviser changes, liquidations or combination of funds, terminations or additions of share classes, changes to share class eligibility requirements, launches of new funds, and reallocations by asset allocation funds. To generate cash to pay redeeming shareholders, a fund may dispose of its underlying investments, which may result in the recognition of taxable income or gain, which generally needs to be distributed to avoid fund-level taxation.

A fund may use so-called "equalization accounting" in determining whether it satisfies its distribution requirements. A fund that uses equalization accounting in a year will allocate a portion of its income and gain to redemptions of its shares, and that portion will be deemed distributed by the fund for purposes of the distribution requirements under the Code. Use of equalization accounting may reduce the amount of income or gain that the fund is otherwise required to distribute to non-redeeming shareholders. Equalization accounting does not affect the treatment of redeeming shareholders. The IRS has not published guidance on the method by which a fund should allocate income and gain to redemptions for purposes of equalization accounting. If the IRS were to determine that a fund is using an improper method of allocation when using equalization accounting, the fund could be liable for additional federal income or excise tax and could potentially lose its eligibility for treatment as a RIC. The use of equalization accounting is generally not required, and a fund might determine not to use equalization accounting.

The U.S. federal income tax status of all distributions will be reported to shareholders annually.

Under Section 163(j) of the Code, a taxpayer's business interest expense is generally deductible to the extent of its business interest income plus certain other amounts. If a fund earns business interest income, it may report a portion of its dividends as "Section 163(j) interest dividends," which its shareholders may be able to treat as business interest income for purposes of Section 163(j) of the Code. The fund's "Section 163(j) interest dividend" for a tax year will be limited to the excess of its business interest income over the sum of its business interest expense and other deductions properly allocable to its business interest income. In general, the fund's shareholders may treat a distribution reported as a Section 163(j) interest dividend as interest income only to the extent the distribution exceeds the sum of the

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portions of the distribution reported as other types of tax-favored income. To be eligible to treat a Section 163(j) interest dividend as interest income, a shareholder may need to meet certain holding period requirements in respect of the shares and must not have hedged its position in the shares in certain ways.

A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount ($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates or trusts. For these purposes, interest, dividends and certain capital gains are generally taken into account in computing a shareholder's net investment income.

Certain tax-exempt educational institutions will be subject to an excise tax on net investment income. For these purposes, certain dividends and capital gain distributions, and certain gains from the disposition of fund shares (among other categories of income), are generally taken into account in computing a shareholder's net investment income.

If a fund is the holder of record of any stock on the record date for any dividends payable with respect to such stock, such dividends will be included in the fund's gross income not as of the date received, but as of the later of (a) the date such stock became ex-dividend with respect to such dividends or (b) the date the fund acquired such stock. Accordingly, in order to satisfy its income distribution requirements, a fund may be required to pay dividends based on anticipated earnings, and shareholders may receive dividends in an earlier year than would otherwise be the case.

Redemptions, sales and exchanges generally are taxable events for shareholders that are subject to tax. Redemptions, sales or exchanges of shares of Transamerica Government Money Market will not result in taxable gain or loss if that fund maintains a constant net asset value per share. In general, if shares of a fund other than Transamerica Government Money Market are redeemed, sold or exchanged, the shareholder will recognize a capital gain or loss equal to the difference between the proceeds of the redemption or sale or the value of the shares exchanged and the shareholder's adjusted basis in the shares redeemed, sold or exchanged. This capital gain or loss may be long-term or short-term, generally depending upon the shareholder's holding period for the shares. For tax purposes, a loss will be disallowed on the redemption, sale or exchange of shares if the disposed of shares are replaced (including replacement by shares acquired pursuant to a dividend reinvestment plan) within a 61-day period beginning 30 days before and ending 30 days after the date of the redemption, sale or exchange of such shares. Should the replacement of such shares fall within this 61-day period, the basis of the acquired shares will be adjusted to reflect the disallowed loss. Any loss realized by the shareholder on its disposition of fund shares held by the shareholder for six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions to the shareholder of long-term capital gain with respect to such shares (including any amounts credited to the shareholder as undistributed capital gains).

Under Treasury regulations, if a shareholder recognizes a loss with respect to fund shares of $2 million or more for an individual shareholder, or $10 million or more for a corporate shareholder, in any single taxable year (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Shareholders who own portfolio securities directly are in many cases excepted from this reporting requirement but, under current guidance, shareholders of RICs are not excepted. A shareholder who fails to make the required disclosure to the IRS may be subject to substantial penalties. The fact that a loss is reportable under these regulations does not affect the legal determination of whether or not the taxpayer's treatment of the loss is proper. Shareholders should consult with their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

None of the Asset Allocation funds (each, a "Fund of Funds") will be able to offset gains distributed by any underlying fund in which it invests against losses incurred by another underlying fund in which it invests because the underlying funds cannot distribute losses. A Fund of Funds' redemptions and sales of shares in an underlying fund, including those resulting from changes in the allocation among underlying funds, could cause the Fund of Funds to recognize taxable gain or loss. A portion of any such gains may be short-term capital gains that would be distributable as ordinary income to shareholders of the Fund of Funds. Further, a portion of losses on redemptions of shares in the underlying funds may be deferred. Short-term capital gains earned by an underlying fund will be treated as ordinary dividends when distributed to a Fund of Funds and therefore may not be offset by any short-term capital losses incurred by that Fund of Funds. Thus, a Fund of Funds' short-term capital losses may offset its long-term capital gains, which might otherwise be eligible for reduced U.S. federal income tax rates for noncorporate shareholders, as discussed above. As a result of these factors, the use of the fund-of-funds structure by the Funds of Funds could adversely affect the amount, timing and character of distributions to their shareholders.

The funds and underlying funds may be subject to withholding and other taxes imposed by foreign countries, including taxes on interest, dividends and capital gains with respect to their investments in those countries. Any such taxes would, if imposed, reduce the yield on or return from those investments. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes in some cases. If more than 50% of a fund's total assets at the close of any taxable year consist of stock or securities of foreign corporations, the fund may elect to pass through to its shareholders their pro rata shares of qualified foreign taxes paid by the fund for that taxable year. If at least 50% of a fund's total assets at the close of each quarter of a taxable year consist of interests in other RICs, the fund may make the same election and pass through to its shareholders their pro rata shares of qualified foreign taxes paid by those other RICs and passed through to the fund for

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that taxable year. If the fund so elects, its shareholders would be required to include the passed-through taxes in their gross incomes (in addition to the dividends and distributions they actually receive), would treat such taxes as foreign taxes paid by them, and as described below may be entitled to a tax deduction for such taxes or a tax credit, subject to a holding period requirement and other limitations under the Code.

Qualified foreign taxes generally include taxes that would be treated as income taxes under U.S. tax regulations but do not include most other taxes, such as stamp taxes, securities transaction taxes, and similar taxes. If a fund qualifies to make, and makes, the election described above, shareholders may deduct their pro rata portion of qualified foreign taxes paid by the fund or those other RICs for that taxable year in computing their income subject to U.S. federal income taxation or, alternatively, claim them as credits, subject to applicable limitations under the Code, against their U.S. federal income taxes. Shareholders who do not itemize deductions for U.S. federal income tax purposes will not, however, be able to deduct their pro rata portion of qualified foreign taxes paid by the fund or those other RICs, although such shareholders will be required to include their shares of such taxes in gross income if the fund makes the election described above. No deduction for such taxes will be permitted to individuals in computing their AMT liability.

If a fund makes this election and a shareholder chooses to take a credit for the foreign taxes deemed paid by such shareholder, the amount of the credit that may be claimed in any year may not exceed the same proportion of the U.S. tax against which such credit is taken that the shareholder's taxable income from foreign sources (but not in excess of the shareholder's entire taxable income) bears to his entire taxable income. For this purpose, long-term and short-term capital gains the fund realizes and distributes to shareholders will generally not be treated as income from foreign sources in their hands, nor will distributions of certain foreign currency gains subject to Section 988 of the Code or of any other income realized by the fund that is deemed, under the Code, to be U.S.-source income in the hands of the fund. This foreign tax credit limitation may also be applied separately to certain specific categories of foreign-source income and the related foreign taxes. As a result of these rules, which may have different effects depending upon each shareholder's particular tax situation, certain shareholders may not be able to claim a credit for the full amount of their proportionate share of the foreign taxes paid by a fund or other RICs in which the fund invests. Shareholders who are not liable for U.S. federal income taxes, including tax-exempt shareholders, will ordinarily not benefit from this election. If a fund does make the election, it will provide required tax information to shareholders. RICs generally may deduct any foreign taxes that are not passed through to their shareholders in computing their income available for distribution to shareholders to satisfy applicable tax distribution requirements. Under certain circumstances, if a fund or an underlying fund receives a refund of foreign taxes paid in respect of a prior year, the value of the fund's shares or the value of the underlying fund's shares, as applicable, could be affected, or any foreign tax credits or deductions passed through to shareholders in respect of the foreign taxes for the current year could be reduced.

The following paragraphs are intended to disclose risks of investments that certain funds may make directly and that the Funds of Funds may make indirectly, through underlying funds. Thus, references in the following paragraphs to one or more "funds" should be read to include, as applicable, references to one or more "underlying funds."

**Master Limited Partnerships:** A fund may invest no more than 25% of its total assets in the securities of MLPs and other entities treated as qualified publicly traded partnerships for federal income tax purposes. An MLP is an entity treated as a partnership under the Code, the partnership interests of which are traded on securities exchanges like shares of corporate stock. An entity that is treated as a partnership for federal income tax purposes generally is not itself subject to federal income tax. Instead, each partner in the partnership is generally required to take into account its distributive share of items of the partnership's income, gain, loss, deduction, and credit for each taxable year substantially as though such items had been realized directly by the partner and without regard to whether the partnership distributes any amount to its partners. To qualify for that treatment, an MLP must receive at least 90% of its income from qualifying sources such as interest, dividends, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. For this purpose, mineral or natural resources activities include exploration, development, production, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. If it does not so qualify, it will generally be subject to tax as a corporation, and there could be a material decrease in the value of its securities.

Depreciation or other cost recovery deductions passed through to a fund from any investments in MLPs in a given year will generally reduce that fund's taxable income, but those deductions may be recaptured in that fund's income in one or more subsequent years. When recognized and distributed, recapture income will generally be taxable to fund shareholders at the time of the distribution at ordinary income tax rates, even though those shareholders might not have held shares in the fund recognizing recapture income at the time the deductions were taken by that fund, and even though those shareholders may not have corresponding economic gain on their shares at the time of the recapture. In order to distribute recapture income or to fund redemption requests, a fund may need to liquidate investments, which may lead to additional recapture income.

Noncorporate taxpayers are generally eligible for a deduction of up to 20% of "qualified publicly traded partnership income." A fund will not be able to claim such a deduction in respect of income allocated to it by any MLPs or other publicly traded partnerships in which it invests, and shareholders will not be able to claim such a deduction in respect of fund dividends attributable to any such income.

**Passive Foreign Investment Companies:** Certain funds may invest in the stock of "passive foreign investment companies" ("PFICs"). A PFIC is a foreign corporation that, in general, meets either of the following tests: (1) at least 75% of its gross income is derived from passive investments; or (2) at least 50% of its assets (generally computed based on average fair market value) held during the taxable year produce, or are held for the production of, passive income. Under certain circumstances, a fund will be subject to federal income tax on gain

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from the disposition of PFIC shares and on certain distributions from a PFIC (collectively, "excess distributions"), plus interest thereon, even if the fund distributes the excess distributions as a taxable dividend to its shareholders. If a fund invests in a PFIC and elects in the first year in which it holds such investment (or if it elects subsequently and makes certain other elections) to treat the PFIC as a "qualified electing fund," then in lieu of the foregoing tax and interest obligation, the fund will be required to include in income each year its pro rata share of the qualified electing fund's annual ordinary earnings and net capital gain (the excess of net long-term capital gains over net short-term capital losses). This income inclusion is required even if the PFIC does not distribute such income and gains to the fund, and the amounts so included would be subject to the Distribution Requirement described above. In many instances it will be very difficult, if not impossible, to make this election because of certain requirements thereof. In order to distribute any such income and gains and satisfy the distribution requirements applicable to RICs, a fund may be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss to the fund.

A fund may, in the alternative, elect to mark to market its PFIC stock at the end of each taxable year, with the result that unrealized gains are treated as though they were realized as of such date. Any such gains will be ordinary income rather than capital gain. In order for a fund making this election to distribute any such income and gains and satisfy the distribution requirements applicable to RICs, the fund may be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss to the fund. If the mark-to-market election were made, tax at the fund level under the excess distribution rules would be eliminated, but a fund could still incur nondeductible interest charges if it makes the mark-to-market election in a year after the first taxable year in which it acquired the PFIC stock.

**Controlled Foreign Corporations**: If a sufficient percentage of the interests in a foreign issuer are held or deemed held by a fund, independently or together with certain other U.S. persons, that issuer may be treated as a "controlled foreign corporation" (a "CFC") with respect to the fund, in which case the fund will be required to take into account each year, as ordinary income, its share of certain portions of that issuer's income, whether or not such amounts are distributed. A fund may have to dispose of its portfolio securities (potentially resulting in the recognition of taxable gain or loss, and potentially under disadvantageous circumstances) to generate cash, or may have to borrow the cash, to meet its distribution requirements and avoid fund-level taxes. In addition, some fund gains on the disposition of interests in such an issuer may be treated as ordinary income. A fund may limit and/or manage its holdings in issuers that could be treated as CFCs in order to limit its tax liability or maximize its after-tax return from these investments.

**Options, Futures and Forward Contracts and Swap Agreements:** Certain options, futures contracts, and forward contracts in which a fund may invest may be "Section 1256 contracts." Gains or losses on Section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses; however, foreign currency gains or losses arising from certain Section 1256 contracts may be treated as ordinary income or loss. Also, Section 1256 contracts held by a fund at the end of each taxable year are "marked to market" with the result that unrealized gains or losses are treated as though they were realized. In order to distribute any such gains, satisfy the distribution requirements applicable to RICs and avoid taxation, a fund may be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss to the fund.

Generally, the hedging transactions undertaken by a fund may result in "straddles" for U.S. federal income tax purposes. The straddle rules may affect the character of gains (or losses) realized by a fund. In addition, losses realized by a fund on positions that are part of a straddle may be deferred under the straddle rules, rather than being taken into account in calculating the taxable income for the taxable year in which such losses are realized. Because only a few regulations implementing the straddle rules have been promulgated, the tax consequences of transactions in options, futures, forward contracts, swap agreements and other financial contracts to a fund are not entirely clear. The transactions may increase the amount of short-term capital gain realized by a fund, which is taxed as ordinary income when distributed to shareholders.

A fund may make one or more of the elections available under the Code which are applicable to straddles. If a fund makes any of the elections, the amount, character and timing of the recognition of gains or losses from the affected straddle positions will be determined under rules that vary according to the election(s) made. The rules applicable under certain of the elections may operate to accelerate the recognition of gains or losses from the affected straddle positions.

Because application of the straddle rules may affect the character of gains or losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, the amount which must be distributed to shareholders, and which will be taxed to shareholders as ordinary income or long-term capital gain, may be increased or decreased as compared to a fund that did not engage in such hedging transactions.

Because only a few regulations regarding the treatment of swap agreements, and related caps, floors and collars, have been promulgated, the tax consequences of such transactions are not entirely clear. The funds intend to account for such transactions in a manner deemed by them to be appropriate, but the IRS might not accept such treatment. If it did not, the status of a fund as a RIC might be affected.

The requirements applicable to a fund's qualification as a RIC may limit the extent to which a fund will be able to engage in transactions in options, futures contracts, forward contracts, swap agreements and other financial contracts.

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Certain hedging activities may cause a dividend that would otherwise be subject to the lower tax rate applicable to qualified dividend income to instead be taxed at the rate of tax applicable to ordinary income.

**Original Issue Discount:** If a fund invests in certain pay-in-kind securities, zero coupon securities, deferred interest securities or, in general, any other securities with original issue discount (or with market discount if the fund elects to include market discount in income currently), the fund generally must accrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, each fund must distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid) and net tax-exempt income, including any such accrued income, to qualify for treatment as a RIC under the Code and avoid U.S. federal income and excise taxes. Therefore, a fund may have to dispose of its portfolio securities to generate cash, or may have to borrow the cash, to satisfy distribution requirements. Such a disposition of securities may potentially result in additional taxable gain or loss to a fund.

**Constructive Sales:** The constructive sale rules may affect timing and character of gain if a fund engages in transactions that reduce or eliminate its risk of loss with respect to appreciated financial positions. If a fund enters into certain transactions in property while holding substantially identical property, the fund will be treated as if it had sold and immediately repurchased the property and will be taxed on any gain (but not loss) from the constructive sale. The character of any gain from a constructive sale will depend upon the fund's holding period in the property. Any loss from a constructive sale will be recognized when the property is subsequently disposed of, and the character of such loss will depend on the fund's holding period and the application of various loss deferral provisions of the Code.

**Real Estate Investment Trusts (REITs):** A noncorporate taxpayer is generally eligible for a deduction of up to 20% of the taxpayer's "qualified REIT dividends." If a fund receives dividends (other than capital gain dividends) in respect of U.S. REIT shares, the fund may report its own dividends as eligible for the 20% deduction, to the extent the fund's income is derived from such qualified REIT dividends, as reduced by allocable Fund expenses. In order for the fund's dividends to be eligible for this deduction when received by a noncorporate shareholder, the fund must meet certain holding period requirements with respect to the U.S. REIT shares on which the fund received the eligible dividends, and the noncorporate shareholder must meet certain holding period requirements with respect to the fund shares.

**Foreign Currency Transactions:** Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time a fund accrues income or expenses denominated in a foreign currency (or determined by reference to the value of one or more foreign currencies) and the time that a fund actually receives or makes payment of such income or expenses, generally are treated as ordinary income or ordinary loss. Similarly, on disposition of debt securities denominated in a foreign currency and on disposition of certain futures contracts, forward contracts and options, gains or losses attributable to fluctuations in the value of foreign currency between the date of acquisition of the security or contract and the date of disposition generally are also treated as ordinary gain or loss. Some of the funds have elected, or may elect, to treat this foreign currency income as capital gain or capital loss.

**Backup Withholding:** Each fund is required to withhold (as "backup withholding") a portion of reportable payments, including dividends, capital gain distributions and the proceeds of redemptions and exchanges or repurchases of fund shares (except for proceeds of redemptions of shares in Transamerica Government Money Market), paid to shareholders who have not complied with certain IRS regulations. The backup withholding rate is currently 24%. In order to avoid this withholding requirement, shareholders, other than certain exempt entities, must certify that the Social Security Number or other Taxpayer Identification Number they provide is correct and that they are not currently subject to backup withholding, or that they are exempt from backup withholding. A fund may nevertheless be required to backup withhold if it receives notice from the IRS or a broker that the number provided is incorrect or backup withholding is applicable as a result of previous underreporting of interest or dividend income.

**Cost Basis:** Each fund (other than Transamerica Government Money Market) will report to the IRS the amount of sale proceeds that a shareholder receives from a sale or exchange of fund shares. For sales or exchanges of shares acquired on or after January 1, 2012, each fund (other than Transamerica Government Money Market) will also report basis and acquisition date information in those shares and the character of any gain or loss that the shareholder realizes on the sale or exchange (i.e., short-term or long-term). If a shareholder has a different basis for different shares of a fund in the same account (e.g., if a shareholder purchased fund shares in the same account when the shares were at different prices), the fund or the shareholder's Service Agent (banks, broker-dealers, insurance companies, investment advisers, financial consultants or advisers, mutual fund supermarkets and other financial intermediaries that have entered into an agreement with the funds' distributor to sell shares of the applicable fund), as applicable, will calculate the basis of the shares sold using its default method unless the shareholder has properly elected to use a different method. The funds' default method for calculating basis will be the average cost method. A shareholder may elect, on an account-by-account basis, to use a method other than average cost by following procedures established by the fund or the shareholder's Service Agent, as applicable. For purposes of calculating and reporting basis, shares acquired prior to January 1, 2012 and shares acquired on or after January 1, 2012 will generally be treated as held in separate accounts. If a shareholder elects to use a different method of basis calculation, the application of that method will depend on whether shares in an account have already been sold or exchanged. For information regarding available methods for calculating cost basis and procedures for electing a method other than the average cost method, shareholders who hold their shares directly with a fund may call the fund at 1-888-233-4339 Monday through Friday during the hours of operation as posted on the funds' website at www.transamerica.com/contact-us. Shareholders

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who hold shares through a Service Agent should contact the Service Agent for information concerning the Service Agent's default method for calculating basis and procedures for electing to use an alternative method. Shareholders should consult their tax advisers concerning the tax consequences of applying the average cost method or electing another method of basis calculation.

**Taxation of Non-U.S. Shareholders:** Dividends from net investment income that are paid to a shareholder who, as to the U.S., is a nonresident alien individual, a foreign corporation or a foreign estate or foreign trust (each, a "foreign shareholder") may be subject to a withholding tax at a rate of 30% or any lower applicable tax rate established in a treaty between the U.S. and the shareholder's country of residence. Dividends that are derived from "qualified net interest income" and dividends that are derived from "qualified short-term gain" may be exempt from the 30% withholding tax, provided that the distributing fund chooses to follow certain procedures. A fund may choose to not follow such procedures and there can be no assurance as to the amount, if any, of dividends that would not be subject to withholding. Qualified net interest income is a fund's net income derived from U.S.-source interest and original issue discount, subject to certain exceptions and limitations. Qualified short-term gain generally means the excess of the net short-term capital gain of a fund for the taxable year over its net long-term capital loss, if any. The withholding rules described in this paragraph do not apply to a dividend paid to a foreign shareholder if the dividend income is "effectively connected with the shareholder's conduct of a trade or business within the U.S." and the shareholder provides appropriate tax forms and documentation. Backup withholding (described above) will not be imposed on foreign shareholders who are subject to the 30% withholding tax described in this paragraph.

Unless certain non-U.S. entities that hold fund shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to fund distributions payable to such entities. A non-U.S. shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement.

Foreign shareholders are subject to U.S. tax on disposition of a "United States real property interest" (a "USRPI"). Gain on such a disposition is sometimes referred to as "FIRPTA gain." The Code provides a look-through rule for distributions of "FIRPTA gain" if certain requirements are met. If the look-through rule applies, certain distributions attributable to income received by a fund, e.g., from REITs, may be treated as gain from the disposition of a USRPI, causing distributions to be subject to U.S. withholding tax, and requiring non-U.S. shareholders to file nonresident U.S. income tax returns.

The treatment of dividends and other distributions by a fund to shareholders under the various state income tax laws may not parallel that under U.S. federal income tax law. Qualification as a RIC does not involve supervision of a fund's management or of its investment policies and practices by any governmental authority.

Shareholders are urged to consult their own tax advisors with specific reference to their own tax situations, including any federal, state, local or foreign tax liabilities.

**Financial Statements**

The [audited financial statements and financial highlights for the funds](https://www.sec.gov/ix?doc=/Archives/edgar/data/787623/000119312526004625/d19932dncsr.htm) as of October 31, 2025 have been filed with the SEC as part of the funds' Form N-CSR filing on January 6, 2026 (SEC Accession #0001193125-26-004625, #0001193125-26-004633, #0001193125-26-004640), and are hereby incorporated by reference into this SAI.

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**Appendix A – Proxy Voting Policies** 

**Aegon USA Investment Management, LLC** 

**Proxy Voting Policy** 

**November 2025** 

**Version 8.5** 

**1. Introduction** 

Aegon USA Investment Management, LLC ("AUIM") hereby adopts this Proxy Voting Policy ("Policy") pursuant to Rules 206(4)-6 and 206(4)-7 of the Investment Advisers Act of 1940 to reasonably ensure that it votes proxies in its Clients' best interests. AUIM also has a fiduciary duty to address other investor consent rights pursuant to Client agreements including items like consents, amendments, resolutions, and corporate actions (Securities Actions). This policy addresses proxy voting only, other Securities Actions are addressed outside of this policy.

Specifically, Rule 206(4)-6 requires each registered investment adviser that exercises securities voting ("proxy voting") authority with respect to Client securities to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Adopt and implement written policies and procedures reasonably designed to ensure that the adviser votes Client securities in the Clients' best interests. Such policies and procedures must address the manner in which the adviser will resolve material conflicts of interest that can arise during the proxy voting process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Disclose to Clients how they may obtain information from the adviser about how the adviser voted with respect to their securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Describe to Clients the adviser's Proxy Voting Policy and Guidelines and, upon request, furnish a copy of the policies and procedures.

**2. Scope and purpose** 

AUIM is a fiduciary that owes each of its clients a duty of care and loyalty with respect to all services undertaken on the client's behalf, including proxy voting. The duty of care generally requires AUIM to monitor corporate events and to vote proxies unless a Client has agreed otherwise. AUIM Employees who exercise proxy voting authority must do so in accordance with this Policy.

This Policy is also designed to comply with the books and records requirements prescribed in Rule 204-2(c)(2) and for clients that are governed by ERISA, regulation 404a-1(e)(2)(E).

**3: Definitions** 

Except as otherwise defined herein, for the purpose of this Policy, the following terms shall have the meaning ascribed below:

**Act:** The Investment Advisers Act of 1940, as amended, and all regulations promulgated thereunder.

**Affiliate:** An entity that is controlled by, controls, or is under common control with AUIM.

**Client:** (a) Any investment company registered under the Investment Company Act of 1940, as amended, ("IC Act") for whom AUIM acts as investment adviser or sub-adviser, (b) any Separate Account, Private Fund, or collective investment trust fund where AUIM acts as investment adviser, or (c) investment arrangement where AUIM acts as investment adviser with discretion on the account or is engaged to provide non-discretionary advice.

**Conflict of Interest:** A condition or situation, or the appearance thereof, in which competing professional, personal, financial, or other interests of AUIM or its Employees are contrary to the interests of AUIM and/or its Clients.

**Employees:** AUIM managers, officers, Employees, access persons, and other individuals identified by Compliance.

**Equity Proxy Voting Policy Guidelines:** AUIM roadmap for arriving at voting decisions on common or routine proxy matters. (See Appendix A)

**Private Fund**: As defined in the Investment Advisers Act of 1940, a Private Fund is an issuer that would be an investment company as defined in section 3 of the IC Act but for sections 3(c)(1) or 3(c)(7) of the IC Act.

**Portfolio Manager(s)**: AUIM Employees responsible for providing investment decisions and proxy votes for client portfolio they manage.

**Procedures:** Procedures, protocols, and practices of AUIM or part thereof as AUIM's President, or their designees, may approve or sanction from time to time.

**Security:** The SEC defines the term "Security" broadly to include stocks, bonds, certificates of deposit, options, interests in private placements, futures contracts on other Securities, participations in profit-sharing agreements, and interests in oil, gas, or other mineral royalties or leases, among other things. "Security" is also defined to include any instrument commonly known as a Security. On the other hand, in most – but not necessarily all – instances, a promissory note is not considered to be a "Security." Any questions about whether an instrument is a Security for purposes of the federal Securities laws should be directed to the CCO.

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**Separate Account:** A type of Client that is a separately managed investment account (i.e., a Client account that is not a pooled investment vehicle). Separate Accounts can include accounts of both third-party Clients and Clients that are Affiliates of AUIM.

**4. Policy REQUIREMENTS** 

**4.1 Proxy Voting General Principles** 

AUIM votes on behalf of all Client accounts for which it has the requisite discretionary authority except for situations in which (i) any Client notifies AUIM in writing that it has retained, and intends to exercise, the authority to vote its own Securities, or (ii) for ERISA clients, AUIM has determined, in accordance with its fiduciary duty and this Policy, that refraining from voting a proxy is prudent or required under ERISA. Clients may also ask AUIM to vote in accordance with specific guidelines furnished by the Client, in which case AUIM will vote within the Client's guidelines unless contrary to applicable law.

AUIM primarily manages Client portfolios of debt Securities. For most fixed income Clients, the issues for which AUIM encounters fixed income Securities generally involve amendments to loan documentation, borrower compliance with financial covenants, registration rights, prepayments, insolvency, and other distressed creditor situations. Because these and related fixed income issues are generally unique to each particular borrower and relevant fact situation, they do not lend themselves to broad characterization that can be addressed by standard proxy voting guidelines.

Routine proxy matters associated with equity Securities (including but not limited to electing board of directors, selecting auditors, shareholder rights, proxy contests, corporate governance matters, and executive and director compensation) are typically voted in accordance with its Equity Proxy Voting Guidelines ("Guidelines") (see Appendix A) as long as they are consistent with AUIM's fiduciary obligations (under the Advisers Act and ERISA, if applicable, given the specific facts and circumstances of each proxy. These Guidelines are not designed to be exhaustive or to address non-routine matters that may be raised in proxy ballots or other voting opportunities. To the extent relevant and appropriate, AUIM may consider these Guidelines when voting Client debt Securities.

In general, votes will be determined on a case-by-case basis, after taking into consideration all factors relevant to the issues presented. AUIM seeks to vote proxies in a manner consistent with its fiduciary obligations and other contractual responsibilities.

Subject to some limited exceptions for ERISA Clients, AUIM recognizes and adheres to the principle that an important Client interest associated with owning a Security is exercising the right to vote in the election of the company's directors and on matters affecting the company's structure and operations. AUIM endeavors to vote Client Securities in the best interest of its Clients.

**Key Requirement 1** 

AUIM may determine that it is in the Client's best interest to abstain from voting proxies. Accordingly, where AUIM believes the cost of voting proxies outweighs the benefits of doing so, it will generally abstain.

**4.2 Conflicts of interest** 

In fulfilling its proxy voting responsibilities, AUIM may face conflicts of interest. Conflicts include any position or interest, financial or otherwise, which causes a division in or impairs AUIM's independence or judgment concerning how to vote proxies in the clients' best interests. A material conflict of interest may arise between the self-interest of the firm, an Employee, the Subcommittee, and AUIM's clients.

The Portfolio Manager, with assistance from the CCO and others as mandated, will consider whether AUIM is subject to any conflicts of interest in connection with a proxy vote. Employees must notify the CCO and the Subcommittee if they are aware of any conflict of interest associated with a proxy vote. It is not possible to anticipate all conflicts of interest that could arise in connection with proxy voting. The following examples are meant to help Employees identify potential conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. AUIM or an affiliate has a financial interest in the outcome of a proxy vote, such as when AUIM is asked to vote on a change in Rule 12b-1 fees paid by a mutual fund to it or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. An issuer or some other third-party offers AUIM or an Employee compensation in exchange for voting a proxy in a particular way; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An Employee, or a member of an Employee's household, has a personal or business relationship with an issuer and AUIM receives a proxy solicitation from that issuer.

**Key Requirement 2** 

The Portfolio Manager, with assistance from the CCO and others as mandated, will consider whether AUIM is subject to any conflicts of interest in connection with a proxy vote.

AUIM recognizes the potential for conflicts that may arise between its own interests and those of its clients. To address these concerns, AUIM, as advised by the Subcommittee, will generally take one of the following steps to avoid any impropriety or the appearance of impropriety in any situation involving a conflict of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Obtain a review from AUIM's General Counsel regarding determination of a conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Obtain guidance from the client(s) whose account(s) is/are involved in the conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Vote proxies in accordance with the recommendation of an Independent Third Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Vote in strict accordance with its Guidelines.

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**Key Requirement 3** 

AUIM, as advised by the Subcommittee, will generally take one of the following steps to avoid any impropriety or the appearance of impropriety in any situation involving a conflict of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Obtain a review from AUIM's General Counsel regarding determination of a conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Obtain guidance from the client(s) whose account(s) is/are involved in the conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Vote proxies in accordance with the recommendation of an Independent Third Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Vote in strict accordance with its Guidelines.

**4.3 Books and Records** 

In accordance with Rule 204-2(c)(2), AUIM must retain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Its Proxy Voting Policy and Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Proxy statements received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Records of proxy votes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Records of Client requests on how Client proxies were voted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. All documents prepared by AUIM that were material to making a decision on how to vote (including decisions not to vote or to "abstain" from voting), or that memorialize the basis for proxy voting decisions (e.g., Subcommittee meeting minutes).

All documents must be kept for no less than six years from the date of creation.

It is required by Rule 204-2 of the Investment Advisers Act that a copy of each proxy cast by AUIM on behalf of a Client be maintained along with all proxy statements received, whether voted or not.

**Key Requirement 4** 

It is required by Rule 204-2 of the Investment Advisers Act that a copy of each proxy cast by AUIM on behalf of a Client and all documents prepared by AUIM that were material to making a decision on how to vote be maintained along with all proxy statements received, whether voted or not.

Satisfying the recordkeeping requirements set forth above will satisfy the recordkeeping requirements associated with an ERSIA Client pursuant to ERISA regulation 404a-1(e)(2)(E) which requires AUIM to maintain records on proxy voting activities and other exercises of shareholder rights.

**4.4 Proxy Voting Reports** 

AUIM shall provide, upon Client request and at no cost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A description of its Proxy Voting Policy and Guidelines (either as part of Part 2B of AUIM's Form ADV or as a standalone document);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A copy of this Policy; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Information regarding how AUIM voted proxies on behalf of the Client.

AUIM shall not provide, to any Client, information about AUIM's proxy voting activities for any other Client.

**Key Requirement 5** 

AUIM shall not provide, to any Client, information about AUIM's proxy voting activities for any other Client.

**4.5 Proxy Voting Disclosures** 

The SEC adopted a new rule under the Exchange Act, 14Ad-1, in November 2022 regarding proxy voting disclosures. Within the rule changes, it states that any institution required to file a report under Rule 13(f) must also report their say-on-pay votes under the Form N-PX. The amendment to the Rule does not affect the 13(f) report itself.

Beginning August 1, 2024, and annually thereafter, AUIM will collect information on say-on-pay votes between July 1 – June 30 and report those votes to the SEC via Form N-PX.

**5. Monitoring** 

Compliance may conduct periodic testing and/or surveillance of AUIM's proxy voting activities. Issues relating to such activities, at the Compliance team's discretion, may be escalated to the Head of US Liquid Assets and Head of US Leveraged Finance, CCO, or the appropriate governance Committee.

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**6. roles and responsibilites** 

**6.1 Roles and Responsibilities** 

AUIM's Head of US Liquid Assets and Head of US Leveraged Finance or their designee is primarily responsible for administering and enforcing this Policy. The Head of US Liquid Assets and Head of US Leveraged Finance may delegate performance of policy responsibilities to other Employees, including Portfolio Managers, acting individually or collectively, for whom they shall retain supervision and oversight. The Chief Compliance Officer ("CCO") and/or their designees (collectively referred to as "Compliance" or the "Compliance team") shall provide policy administration, support, and monitoring.

Employees who exercise proxy voting authority must vote Client Securities in accordance with this Policy and in the Clients' best interests.

**Key Requirement 6** 

Employees who exercise proxy voting authority must vote Client Securities in accordance with this Policy and in the Clients' best interests.

**6.2 Governance** 

Any relevant issues that raise concerns against the scope of this or relevant local policies and any one of the monitoring criteria required by this policy will be reported to the relevant Compliance Officer and/or CRO and will require escalation to the appropriate risk committee(s). Any material concerns or high-risk items should be escalated to the Proxy Voting Subcommittee. If further escalation is required, the matter will be raised to the AUIM Control Committee.

**6.3 Escalation** 

Every Employee has an obligation to report any violations of AUIM's Compliance Policies, as outlined in the Escalation Policy. Employees should be aware of their responsibility to quickly identify and mitigate and/or escalate any potential Conflicts of Interest.

In addition, all Employees are subject to the AAM Operational Risk Policy, which sets out principles for recording, approving, reporting, and escalating errors and other risk events. Employees shall report any violation of this Policy to their Department Head and the CCO in addition to any additional reporting requirements outlined in other applicable policies.

**7. Process and controls** 

**7.1 Proxy Voting Exception** 

AUIM will use its best efforts to vote all Client proxies. In certain instances, circumstances may exist at the time the vote is due (e.g., when Client Securities have been loaned) that impact or prevent AUIM from voting Client proxies.

Notwithstanding the foregoing, in some situations, AUIM may determine that it is in the Client's best interest to abstain from voting proxies. Accordingly, AUIM will generally abstain where (i) it believes the cost of voting proxies outweighs the benefits of doing so, and (ii) for ERISA Clients, it believes voting a proxy would not be (a) in accordance with the economic interest of the Client, after consideration of all material facts and associated costs, or (b) required under ERISA pursuant to Section 7.3 herein. For example, AUIM will generally abstain from voting proxies on international Securities where personal appearance is required, or where it does not have sufficient information to vote the proxy, and the cost or administrative burden of obtaining such information is not commensurate with the reasonably foreseeable impact of the matter being voted upon in the proxy.

**7.2 Use of an Independent Third Party** 

Because of the expertise of its staff with the issues upon which it votes Client debt Securities, AUIM will not generally seek the services of a qualified independent third party ("Independent Third Party") to provide guidance on such matters.

AUIM will generally research and cast proxy votes based on its own Policy and Guidelines. In instances deemed appropriate by the Head of US Liquid Assets and Head of US Leveraged Finance, particularly when AUIM has a material Conflict of Interest, or when AUIM lacks sufficient knowledge or resources, it may engage an Independent Third Party to, among other things, provide proxy research and/or to make recommendations. When AUIM considers the research or recommendations provided by an Independent Third Party, it retains all proxy voting responsibilities. For ERISA Clients, any Independent Third Party will only be engaged for assistance with proxy voting responsibilities to the extent AUIM has determined that such firm's proxy voting guidelines are consistent with AUIM's fiduciary duty obligations under ERISA.

**7.3 ERISA Accounts** 

Where Client accounts are governed by ERISA, AUIM shall decide whether and how to exercise voting rights pursuant to its fiduciary duties under ERISA (which includes, for example, an assessment as to whether the ERISA Plan documents (e.g., Plan, Trust, etc.) explicitly provide that AUIM is or is not authorized to vote proxies.

When deciding whether and how to exercise proxy voting authority, and when exercising proxy voting authority, AUIM must:

• Act solely in accordance with the economic interest of Client;

• Consider any costs involved;

• Not subordinate the interests of the Client to any non-pecuniary objective, or promote non-pecuniary benefits or goals unrelated to those financial interests of the Client;

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• Evaluate material facts that form the basis for any particular proxy voting authority or other exercise of shareholder rights;

• Maintain records on proxy voting activities and other exercises of shareholder rights; and

• Exercise prudence and diligence in the selection and monitoring of persons, if any, selected to advise or otherwise assist with exercises of shareholder rights, such as providing research and analysis, recommendations regarding proxy votes, administrative services with voting proxies, and recordkeeping and reporting services.

**Key Requirement 7** 

When deciding whether and how to exercise proxy voting authority, AUIM must act solely in accordance with the economic interest of the Client, consider material facts and costs involved, and not subordinate the client's financial interest to any non-pecuniary objective, or promote non-pecuniary benefits or goals unrelated to a Client's financial interest.

**7.4 Proxy Voting Subcommittee** 

The Proxy Voting Subcommittee ("Subcommittee") consists of representatives from Investment Management, Compliance and Legal. The Subcommittee meets at least annually, and has the following responsibilities:

• Review potential material conflicts and decide whether a material conflict is present and needs to be addressed according to these policies and procedures.

• Review the Guidelines and make revisions as appropriate.

• Review these Policies and Procedures annually for accuracy and effectiveness and recommend and adopt any necessary changes.

• Review all Guideline overrides.

• Review voting metrics.

**7.5 Operational Consideration** 

AUIM shall take reasonable efforts to ensure that all accounts, where it has proxy voting responsibility are properly established and maintained in order for it to carry out these responsibilities. Furthermore, AUIM shall maintain Procedures reasonably designed to ensure that all applicable proxies are received, considered, and votes cast in accordance with this Policy and/or related Guidelines.

**Key Requirement 8** 

AUIM shall take reasonable efforts to ensure that all accounts where it has proxy voting responsibility are properly established and maintained in order for it to carry out these responsibilities.

**Key Requirement 9** 

AUIM shall maintain Procedures reasonably designed to ensure that all applicable proxies are received, considered, and votes cast in accordance with this Policy and/or related Guidelines.

**Appendix** 

**<u>A: Equity Proxy Voting Policy Guidelines</u>** 

The following is a concise summary of AUIM's Proxy Voting Policy Guidelines.

**1. Auditors** 

**Vote FOR proposals to ratify auditors, unless any of the following apply:** 

• An auditor has a financial interest in or association with the company, and is therefore not independent,

• Fees for non-audit services are non-standard, or

• There is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position.

**2. Board of Directors** 

**Voting on Director Nominees in Uncontested Elections** 

• Votes on director nominees should be made on a CASE-BY-CASE basis, examining the following factors: independence of the board and key board committees, attendance at board meetings, corporate governance provisions and takeover activity, long-term company performance, responsiveness to shareholder proposals, any egregious board actions, and any non-standard non-audit fees or other potential auditor conflicts.

**Classification/Declassification of the Board** 

• Vote AGAINST proposals to classify the board.

• Vote FOR proposals to repeal classified boards and to elect all directors annually.

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**Independent Chairman (Separate Chairman/CEO)** 

• Vote on a CASE-BY-CASE basis shareholder proposals requiring that the positions of chairman and CEO be held separately. Because some companies have governance structures in place that counterbalance a combined position, certain factors should be taken into account in determining whether the proposal warrants support. These factors include the presence of a lead director, board and committee independence, governance guidelines, company performance, and annual review by outside directors of CEO pay.

**Majority of Independent Directors/Establishment of Committees** 

• Vote FOR shareholder proposals asking that a majority or more of directors be independent unless the board composition already meets the proposed threshold by AUIM's definition of independence.

• Vote FOR shareholder proposals asking that board audit, compensation, and/or nominating committees be composed exclusively of independent directors if they currently do not meet that standard.

**3. Shareholder Rights** 

**Shareholder Ability to Act by Written Consent** 

• Vote AGAINST proposals to restrict or prohibit shareholder ability to take action by written consent.

• Vote FOR proposals to allow or make easier shareholder action by written consent.

**Shareholder Ability to Call Special Meetings** 

• Vote AGAINST proposals to restrict or prohibit shareholder ability to call special meetings.

• Vote FOR proposals that remove restrictions on the right of shareholders to act independently of management.

**Supermajority Vote Requirements** 

• Vote AGAINST proposals to require a supermajority shareholder vote.

• Vote FOR proposals to lower supermajority vote requirements.

**Cumulative Voting** 

• Vote AGAINST proposals to eliminate cumulative voting.

• Vote proposals to restore or permit cumulative voting on a CASE-BY-CASE basis relative to the company's other governance provisions.

**Confidential Voting** 

• Vote FOR shareholder proposals requesting that corporations adopt confidential voting, use independent vote tabulators and use independent inspectors of election, as long as the proposal includes a provision for proxy contests as follows: In the case of a contested election, management should be permitted to request that the dissident group honor its confidential Voting Policy. If the dissidents agree, the Policy remains in place. If the dissidents will not agree, the confidential Voting Policy is waived.

• Vote FOR management proposals to adopt confidential voting.

**4. Proxy Contests** 

• Voting for Director Nominees in Contested Elections

• Votes in a contested election of directors must be evaluated on a CASE-BY-CASE basis, considering the factors that include the long-term financial performance, management's track record, qualifications of director nominees (both slates), and an evaluation of what each side is offering shareholders.

**5. Poison Pills** 

• Vote FOR shareholder proposals that ask a company to submit its poison pill for shareholder ratification. Review on a CASE-BY-CASE basis shareholder proposals to redeem a company's poison pill and management proposals to ratify a poison pill.

**6. Mergers and Corporate Restructurings**

• Vote CASE-BY-CASE on mergers and corporate restructurings based on such features as the fairness opinion, pricing, strategic rationale, and the negotiating process.

**7. Reincorporation Proposals** 

• Proposals to change a company's state of incorporation should be evaluated on a CASE-BY-CASE basis, giving consideration to both financial and corporate governance concerns, including the reasons for reincorporating, a comparison of the governance provisions, and a comparison of the jurisdictional laws. Vote FOR reincorporation when the economic factors outweigh any neutral or negative governance changes.

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**8. Capital Structure** 

**Common Stock Authorization** 

• Votes on proposals to increase the number of shares of common stock authorized for issuance are determined on a CASE-BY-CASE basis.

• Vote on proposals at companies with dual-class capital structures to increase the number of authorized shares of the class of stock that has superior voting rights on a CASE-BY-CASE basis.

• Vote on proposals to approve increases beyond the allowable increase when a company's shares are in danger of being delisted or if a company's ability to continue to operate as a going concern is uncertain on a CASE-BY-CASE basis.

**Dual-class Stock** 

• Vote on proposals to create a new class of common stock with superior voting rights on a CASE-BY-CASE basis.

• Vote on proposals to create a new class of nonvoting or sub-voting common stock on a CASE-BY-CASE basis, reviewing in particular if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is intended for financing purposes with minimal or no dilution to current shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is not designed to preserve the voting power of an insider or significant shareholder

**9. Executive and Director Compensation** 

• Votes with respect to compensation plans should be determined on a CASE-BY-CASE basis. AUIM reviews Executive and Director compensation plans (including broad-based option plans) in the context of the transfer of shareholder wealth. This review encompasses not only a comparison of a plan relative to peer companies, but also on an absolute basis, considering the cost of the plan vs. the operating income and overall profitability of the firm in question.

• Vote AGAINST equity plans that explicitly permit repricing or where the company has a history of repricing without shareholder approval.

**Management Proposals Seeking Approval to Reprice Options** 

• Vote AGAINST proposals by management seeking approval to reprice options.

**Employee Stock Purchase Plans** 

• Votes on employee stock purchase plans should be determined on a CASE-BY-CASE basis.

• Vote FOR employee stock purchase plans where all of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase price is at least 85 percent of fair market value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering period is 27 months or less, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potential voting power dilution (VPD) is ten percent or less.

• Vote AGAINST employee stock purchase plans where any of the opposite conditions apply.

**Shareholder Proposals on Compensation** 

• Vote on a CASE-BY-CASE basis for all other shareholder proposals regarding executive and director pay, taking into account company performance, pay level versus peers, pay level versus industry, and long-term corporate outlook.

**10. Social and Environmental Issues** 

• These issues cover a wide range of topics, including consumer and public safety, environment and energy, general corporate issues, labor standards and human rights, military business, and workplace diversity.

• In general, vote CASE-BY-CASE. While a wide variety of factors goes into each analysis, the overall principal guiding all vote recommendations focuses on how the proposal will enhance the economic value of the company.

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**BlackRock Fund Advisors, BlackRock Financial Management, Inc., BlackRock Investment Management, LLC, BlackRock International Limited and BlackRock (Singapore) Limited** 

**BlackRock Active Investment Stewardship** 

**Global Engagement and Voting Guidelines** 

**Effective as of January 2026** 

**Overview** 

This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with issuers.<sup>1</sup> BAIS works in partnership with BlackRock's investment teams, excluding index equity<sup>2</sup>, providing expertise on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate. The team is responsible for establishing voting guidelines for the active equity platform, providing vote recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS makes to BlackRock's active portfolio managers. It applies to active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these guidelines within their investment processes in light of their clients' or funds' investment objectives. There are separate, independently developed principles and voting policies that are applied to BlackRock's index equity investments by a distinct and independent function, BlackRock Investment Stewardship.

<sup>1</sup> This document includes BAIS' benchmark policy, which covers nearly all active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. This document also includes BAIS' decarbonization policy, which covers holdings in BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.

<sup>2</sup> BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part of a strategic initiative to unlock the full breadth of the firm's active and private markets capabilities for clients. As a result, there are two stewardship teams, which operate independently of one another and have separate voting policies.

**Introduction to BlackRock** 

BlackRock's mission is to help more people invest better. The money BlackRock manages is not its own — it belongs to BlackRock's clients, many of whom make their own asset allocation and portfolio construction decisions. As a fiduciary, BlackRock invests on clients' behalf to help them meet their investment objectives. The firm does this by understanding clients' long-term investment objectives and offering choice on how and where they wish to invest their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning this work with research, data and analytics.

At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As stewards of our clients' assets, we engage with companies to discuss the corporate governance and business practices that, in our experience, support companies in delivering durable, risk-adjusted financial returns over time. We are committed to building strong relationships through constructive, ongoing dialogue with the boards and executive management of the companies in which our clients are invested.

**About BlackRock Active Investment Stewardship** 

BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages BlackRock's stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by these Global Engagement and Voting Guidelines (the "Guidelines") and insights from active investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at shareholder meetings.

Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.<sup>3</sup> Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and stewardship specialists may engage jointly or independently on material corporate governance matters. Our discussions focus on topics relevant to a company's success over time, including governance and leadership, corporate strategy, capital structure and financial performance, operations and material sustainability-related risks, as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track record of financial value creation. We aim to build and maintain strong relationships with company leadership based on open dialogue and mutual respect.

Different active equity strategies may implement these voting guidelines differently, as a result of the latitude each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each portfolio's investment objectives and strategy.

These guidelines discuss BAIS' views on corporate governance topics on which we may engage with management teams and board directors<sup>4</sup> and on matters that routinely come to a shareholder vote. We recognize that accepted corporate governance norms can differ across markets,

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and believe these guidelines represent globally applicable elements of governance that support a company's ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance norms within their local markets or, particularly in markets without well-established norms, aspire to widely recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company's strategy or its implementation. We look to companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial interests of their investors.

<sup>3</sup> On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act. We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect, of changing or influencing control of the company.

<sup>4</sup> References to the board, board directors or non-executive directors should be understood to include supervisory boards and their members, where relevant. Our approach to stewardship within active equities.

**Our approach to stewardship within active equities** 

Voting at a company's shareholder meeting is a right of share ownership and a core principle of corporate governance. The voting rights attached to clients' holdings are an important mechanism for investors to express support for, or concern about, a company's performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with BlackRock's contractual arrangements with clients and funds.

In general, we tend to support the recommendations of the board of directors and management. As indicated below, we may vote against management recommendations when we have concerns about how companies are serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to voting but considers the different corporate governance regulations and norms across markets. Votes are determined on a case-by-case basis, in the context of a company's situation and the investment mandate we have from clients. Please see page 19 for more information about how we fulfill and oversee our investment stewardship responsibilities for BlackRock's non-index equity strategies.<sup>5</sup>

<sup>5</sup> Non-index equity strategies include active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies, as well as holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.

**Our approach to stewardship within fixed income** 

Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed income investment teams may help inform an issuer's approach to structuring specialist issuances and the standard terms and information in bond documentation.

**Boards of Directors** 

**Roles and responsibilities** 

There is widespread consensus that the foundation of good corporate governance is an effective board of directors that is able to advise and supervise management in an independent and objective manner.<sup>6</sup>

We look to the board of directors (hereafter the "board") to have an oversight role in the establishment and realization of a company's strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a company to be resilient in the face of a changing business environment, help reduce the risks of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.

In overseeing the management of the company, the board ensures the necessary resources, policies and procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.

One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief executive officer ("CEO"). In addition, the board plays a meaningful role in monitoring the performance of the CEO and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and engaging with shareholders, and other stakeholders, as necessary.

<sup>6</sup> See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance principles of the US Business Roundtable as examples.

**Composition and effectiveness** 

**Appointment process** 

A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub-committee determines the general criteria given the company's circumstances (e.g., sector, maturity, geographic footprint) and any additional criteria for a specific role being filled (e.g., financial expertise, industry track record). To inform the process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures that explain how the board considered different skills and experience to ensure that the directors collectively can be effective in fulfilling their responsibilities. We assess a company's board composition against that of its peer group and local market requirements.

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Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board composition in our engagements or voting but seek to understand how well placed a board is to act in investors' interests. We may vote against the election of the most senior independent director, or the chair of the relevant committee, where a company has not demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of skills and experience amongst the directors to support strong financial performance over time. We may vote against newly nominated directors who do not seem to have the appropriate skills or experience to contribute to the board's effectiveness.

**Independence** 

Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is of paramount importance to the protection of the interests of minority shareholders such as BlackRock's clients. We consider it good practice for at least half the directors to be independent and free from conflicts of interest or undue influence.<sup>7</sup> This also helps to ensure that board committees are composed of a sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board independence should meet those local requirements.

We may vote against the election of non-independent directors if the board does not have a sufficient balance of independence. We may also vote against the election of the chair of the committee responsible for board composition if this is a perennial issue.

<sup>7</sup> Common impediments to independence may include but are not limited to: current or recent employment at the company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company; interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially interfere with a director's ability to act in the best interests of the company and shareholders.

**Independent board leadership** 

Practices across markets differ, as do board structures, but we observe two main approaches to independent board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for coordinating with the other non-executive directors and working closely with the executive chair on the board agenda and other board procedures. In this case, the executive chair and the lead independent director work together to ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO succession, executive pay, and board performance. We look to boards to explain their board leadership model and how it serves the interests of shareholders.

We may vote against the election of the chair of the committee responsible for board composition if there is not an identified independent leader of the board with clear responsibilities for board performance. We may vote against the most senior independent director if the board has a policy of not engaging with shareholders.

**Tenure and succession** 

In our view, it is good practice for boards to establish the length of time a director would normally be expected to serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to director tenure particularly around the contributions of directors who have served for longer periods than typically provided for under local practice. In our experience, long-serving directors could become less independent given their long-term relationship with management and involvement in past board decisions.

Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with long-term knowledge of the board and company.

In markets where there is not specific director tenure guidance from regulation or corporate governance best practices, we may vote against the election of the chair of the committee responsible for board composition if a company does not clearly disclose its approach to director tenure and board renewal. We may vote against the election of directors who have served for more years than is typical in markets with specific guidance, where the case for their continued service is not evident.

**Capacity** 

To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an effective board will assess the ability of its members to maintain an appropriate focus on board matters and the company taking into consideration competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time commitment but note that they are generally more intensive than a standard directorship. We will take local norms and practices into consideration when making our voting determinations across markets.

We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil their duties to the board and company.

**Director elections** 

Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board structure<sup>8</sup> may be justified by a company when it needs consistency and stability during a time of transition, or on the basis of its business model (e.g., a non-operating company such as closed-end funds).

Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look to companies to

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provide sufficient information on each director standing for election so that shareholders can assess their capabilities and suitability. We will generally not support the election of directors whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.

Each director's appointment should be dependent on receiving a simple majority of the votes cast at the shareholder meeting. Where a company's practices differ, we look to the board to provide a detailed explanation as to how its approach best serves investors' interests.

We may vote for shareholder or management proposals seeking to establish annual election of directors and/or a simple majority vote standard for director elections. We may vote against all the directors standing for election as part of a single slate if we have concerns about the profile or performance of an individual director.

<sup>8</sup> A classified board divides the directors into classes with different overlapping terms. As a result, only one class of directors stands for election in any one year.

**Committees** 

Many boards establish committees to focus on specific responsibilities of the board such as audit and risk, governance and human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees they should establish, but we seek to understand the board's rationale for the committee structure it determines is appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee should be clear, and the board should ensure that all critical matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when the board discloses the structure, membership, proportion of independent directors, and responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees include:

• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal audit function and whistleblowing mechanisms.

• Nominating, governance and human capital – oversight responsibilities for corporate governance principles and practices of the company, including the periodic review of board performance; responsibility for succession planning for CEO and key board roles, as well as the director appointment process; may also have oversight responsibilities for human capital management strategies, including corporate culture and purpose.

• Executive compensation – determines the compensation policies and programs for the CEO and other executive officers, approves annual awards and payments under the policies; may also have oversight responsibilities for firm-wide compensation policies.

We may vote against the election of the chair of the committee or other directors serving as committee members to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of the most senior non-executive director if there is not a clearly disclosed approach to board committees.

**Board and director evaluation** 

We consider it best practice for companies to conduct an annual review of the performance of the board, the committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third party able to bring objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to and the objectives of evaluations, including any changes made to the board's approach as a result.

**Access to independent advice** 

To support the directors in effectively fulfilling their duties to the company and shareholders, they should have access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third parties to advise on critical matters. These might include new industry developments such as emergent and disruptive technology, operating events with material consequences for the company's reputation and/or performance, or significant transactions. Board committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and succession planning.

**Executive compensation** 

Boards play an important role in establishing compensation arrangements that enable the company to recruit, retain and reward the caliber of executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus on alignment between variable pay and a company's financial performance.

Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards performance against short-term metrics, incentives - most often share-based- that reward performance against long-term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.

Recognizing the unique circumstances of each company, we determine whether to support a company's approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative information in their disclosures to enable shareholders to understand the compensation arrangements and assess the alignment with investors' interests. Features we look for in compensation arrangements include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the company's size, sector and market.

• Variable pay subject to performance metrics that are closely linked to the company's short- and long-term strategic objectives.

• Long-term incentives that motivate sustained performance across a multi-year period.

• A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.

• Pay outcomes that are consistent with the returns to investors over the relevant time period.

• Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and transparently.

• A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the company within a defined time period, as determined by the board or relevant board committee.

• Change of control provisions that appropriately balance the interests of executives and shareholders.

• Clawback or malus provisions that allow the company to recoup or hold back variable compensation from individuals whose awards were based on fraudulent activities, misstated financial reports, or executive misconduct.

• Severance arrangements that protect the company's interests but do not cost more than is contractual.

We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or approve the compensation report where we do not see alignment between executive compensation arrangements and our clients' financial interests. When there is not an alternative, or where there have been multi-year issues with compensation misaligned with performance, we may vote against the election of the chair of the responsible committee, or the most senior independent director.

**Non-executive director compensation** 

Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We do not support non-executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and undermine their independence from management, whom they oversee.

**Capital structure** 

Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate capital allocation in support of long-term financial resilience.

Where company practices diverge from those set out below, we look for companies to disclose why they view these practices to be aligned with shareholders' interests. We may vote against management proposals seeking capital-related authorities, or the election of the most senior independent director, if we have concerns about a company's approach. We may also support a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.

**Share issuance** 

We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Share buybacks** 

We assess share buyback proposals in the context of the company's disclosed capital management strategy and management's determination of the appropriate balance between investment that supports the long-term growth of the company and returning cash to investors. We also take into consideration the effect of a buyback program on the company's balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market price. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Dividends** 

We generally defer to management and the board on dividend policy but may engage to seek further clarification where a proposed dividend appears out of line with the company's financial position.

**Differentiated voting rights** 

We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic exposure. Certain companies, particularly those new to public markets, could make the case to adopt a differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate and seek approval for their capital structure on a periodic basis.

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**Transactions and special situations** 

We monitor developments in transactions and special situations closely and undertake our own detailed analyses of proposals.

**Mergers and acquisitions** 

We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders. Management should provide an assessment of the proposed transaction's strategic and financial rationale, along with its execution and operational risks. We review each transaction independently based on these factors and the degree to which the transaction enhances shareholder value. The board might consider establishing an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to shareholders.

We will vote against transactions that, in our assessment, do not advance our clients' financial interests.

**Anti-takeover defenses** 

In principle, we do not support companies using anti-takeover defenses, also known as poison pills or shareholder rights plans, as they can entrench management and boards which have not delivered long-term shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also be closely monitored by the independent members of the board. We consider it good practice for companies to put to a shareholder vote any mechanisms expected to be in place for more than 12 months.

**Shareholder activism** 

When companies are the focus of an activism campaign, we may communicate with the activist to understand their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company management and possibly board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the quality of both the activist's and management's plans; and the qualifications of each party's candidates. We evaluate each contested situation by assessing the potential financial outcome for our clients as minority shareholders.

We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or the relevant portfolio manager has determined that there is a case for change to enhance shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of protecting shareholders' interests.

**Significant shareholders and related party transactions** 

Boards of companies with affiliated shareholders or directors should give equitable consideration to the interests of all shareholders when evaluating related party transactions.

We consider it good practice for transactions with related parties, such as significant shareholders or companies affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively have been agreed with a non-related party. In our view, such transactions should be reviewed and approved by the independent members of the board, and if voted on, only disinterested shareholders should vote.

**Corporate reporting, risk management and audit** 

Investors depend on corporate reporting, both regulatory and voluntary, to understand a company's strategy, its implementation and financial performance, as well as to assess the quality of management and operations and potential for the company to create shareholder value over time. We consider it good practice for the board to oversee corporate reporting and the policies and procedures underpinning the internal audit function and external audit.

A company's financial reporting should provide decision-useful information for investors, and other stakeholders, on its financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in accordance with globally developed reporting standards and any divergence from generally accepted accounting principles should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.

In this context, audit committees play a vital role in a company's financial reporting system by providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens the quality and reliability of a company's financial statements and provides an important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the independence of the auditor and the quality of the external audit process annually.

Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide robust, standardized disclosures on their material sustainability-related risks and opportunities. The International Sustainability Standards Board (ISSB) is one entity working to meet these

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objectives through its reporting standards, which may be helpful to companies in preparing such reports.<sup>9</sup> However, we do not mandate any specific disclosure framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under standards specified by policy makers.<sup>10</sup>

Companies should establish robust risk management and internal control processes appropriate to the company's business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board are aware of potential misconduct or breaches in risk management and internal control processes.

A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor remained independent.

We may vote against the election of the responsible directors if corporate reporting is insufficient or there are material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial statements or the discharge of the board when we are concerned about the quality of corporate reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we are concerned about the auditor's independence, the quality of the audit, or there are material misstatements in financial reports and the board has not established reasonable remediation plans.

<sup>9</sup> The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1 "General Requirements for Disclosure of Sustainability-related Financial Information" and S2 "Climate-related Disclosures."

<sup>10</sup> See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional-profiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en.

**Shareholder rights and protections** 

**General shareholder meetings** 

Companies normally have an annual general meeting of shareholders at which routine and non-routine items of business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.

We may vote against directors when materials related to the business of the shareholder meeting are not provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder participation.

**Bylaw amendments** 

We review bylaw amendments proposed by management on a case-by-case basis and will generally support those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be explained in detail and put to a shareholder vote.

We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.

If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required to exercise this right should balance its utility with the cost to the company of holding special meetings.

If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding, the right to nominate directors to the company's board. The threshold for this right should be set so that shareholders can exercise it without being unduly disruptive to the board's own nomination process.

Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms. We may vote for a shareholder proposal seeking the addition of either of these provisions to a company's bylaws.

**Change of domicile** 

We generally defer to management on proposals to change a company's domicile as long as the rationale for doing so is consistent with the company's long-term strategy and business model and the related costs are immaterial.

We may vote against directors or a proposal to change a company's domicile where it does not seem aligned with our clients' financial interests.

**Changes to a company's purpose or the nature of its business** 

Plans to materially change the nature of a company's business or its purpose should be disclosed and explained in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor's views on the suitability of a company for their investment

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strategy or portfolio.

Where relevant, we may vote against proposals to change a company's purpose or the nature of its business if the board has not provided a credible argument for change.

**Shareholder proposals** 

Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general shareholder meeting asking a company to take a particular course of action subject to the proposal being supported by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be relevant to a company's business.

We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a company's business and its current approach, whether the actions sought are consistent with shareholders' interests, and what impact the proposal being acted upon might have on financial performance.

Our general approach where we have concerns about a company's governance, disclosures or performance is to engage to understand the apparent difference in perspective. If we are concerned a company is not acting in shareholders' financial interests, we may vote against the election of directors. We may support a relevant shareholder proposal if doing so is aligned with our clients' financial interests. We generally do not support shareholder proposals that are legally binding on the company, seek to alter a company's strategy or direct its operations, or are unrelated to how a company manages risk or generates financial returns.

BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.

**Corporate political activities** 

A corporation's ability to engage in the policy process is subject to rules and regulations set by the jurisdictions in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes, BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how companies engage in corporate political activities and ensure that their participation is consistent with their public statements on policy matters material to the company's long-term strategy. The board should be aware of the approach taken by management on corporate political activities as there can be reputational risks arising from inconsistencies between a company's policy engagement and stated policy positions. Companies should, as a minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we would like to better understand its approach to policy engagement, where relevant.

To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy priorities and the policy positions of the trade associations of which they are active members and any engagements undertaken by trade associations on behalf of members.

We may support a relevant shareholder proposal, or vote against directors, where a company's disclosures are insufficient to address the material risk it has identified.

**Material sustainability-related risks and opportunities** 

We seek to understand how companies manage the material risks and opportunities inherent in their business operations. In our experience, sustainability-related factors<sup>11</sup> that are relevant to a company's business or material to its financial performance, are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer demand or adapting supply chains in response to changing regulatory requirements.

We recognize that the specific sustainability-related factors that may be financially material or business relevant will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures and our engagement, we aim to understand how management is identifying, assessing and integrating material sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake a more holistic assessment of a company's potential financial performance and the likely risk-adjusted returns of an investment.

We may vote against directors or support a relevant shareholder proposal if we have concerns about how a company is managing or disclosing its approach to material sustainability-related risks that may impact financial returns.

<sup>11</sup> By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company's business model that have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in which a company operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is the core means by which boards can oversee the creation of durable financial value over time. Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a sound governance framework.

**Key stakeholders** 

In our view, companies should understand and take into consideration the interests of the various parties on whom they depend for their success over time. It is for each company to determine their key stakeholders based on what is material to their business and long-term financial performance. For many companies, key stakeholders include employees, business partners (such as suppliers and distributors),

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clients and consumers, regulators, and the communities in which they operate. Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to be financially resilient over time.

**Climate and decarbonization investment objectives** 

Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in those funds differs in some respects from BAIS' benchmark guidelines, which are described above. Specifically, for those funds' holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model would be viable in a low-carbon economy, i.e., one in which global temperature rise is limited to 1.5⁰C above pre-industrial levels. In addition, clients in separately managed accounts may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.

These decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization. It is helpful to investors' understanding when these disclosures include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions.

Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a relevant shareholder proposal if a company does not appear to be adequately acting to address or disclosing material climate-related risks, consistent with the parameters set out in these climate- and decarbonization-specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a company's stated low-carbon transition strategy or targets that the company does not currently provide and that would be helpful to investment decision-making. We would not recommend support for shareholder proposals that seek to constrain board or management decision-making or direct specific business or strategic decisions. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to climate risk and the energy transition is undertaken in line with BAIS' benchmark guidelines.

**Appendix 1: How we fulfil and oversee our investment stewardship responsibilities for non-index equity investment strategies** 

**Oversight** 

The Global Head of BAIS has primary oversight of and responsibility for the team's activities, including voting in accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the "Guidelines"), which require the application of professional judgment and consideration of each company's unique circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities, reporting lines, and oversight.

The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in BlackRock's legal, public policy, sustainability and communications teams, helps shape the firm's approach to investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments to BAIS' policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the relevant active equity investors.

BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third parties for certain of the foregoing activities and performs oversight of those third parties (see "Use and oversight of third-party vote services providers" below).

**Voting guidelines and vote execution** 

BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent business judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident shareholder) to the Fund, the Fund's affiliates (if any), BlackRock or BlackRock's affiliates, or BlackRock employees (see "Conflicts management policies and procedures," below).

When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although portfolio managers have the right to vote differently on their holdings if they determine doing so is more aligned with the investment objective and financial interests of clients invested in the funds they manage.

The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide insight into how we typically approach issues

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that are commonly put to a shareholder vote. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that explain our approach to governance practices most aligned with clients' long-term financial interests.

In certain markets, proxy voting involves logistical issues which can affect BAIS' ability to vote such proxies, as well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of shareholder meetings; ii) restrictions on a foreigner's ability to exercise votes; iii) requirements to vote proxies in person; iv) "share-blocking" (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting has occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.

BlackRock votes proxies in these situations on a "best-efforts" basis. In addition, BAIS may determine that it is generally in the interests of BlackRock's clients not to vote proxies (or not to vote our full allocation) if the costs (including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the benefit the client would derive by voting on the proposal.

**Voting Choice** 

BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy voting process where legally and operationally viable.

Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies.<sup>12</sup>

As a result, the shares attributed to BlackRock in company share registers may be voted differently depending on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control over proxy voting because of Voting Choice.<sup>13</sup>

<sup>12</sup> With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast votes based on the client's selected voting policy.

<sup>13</sup> BlackRock does not disclose client information, including a client's selection of proxy policy, without client consent.

**Use and oversight of third-party vote services providers** 

Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use Glass Lewis' research and analysis as an input into our voting process. It is important to note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting recommendations. A company's disclosures, our engagements and voting, investment colleagues' insights and our Guidelines are important inputs into our voting decisions on behalf of clients.

Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting process by making voting recommendations based on BAIS' Guidelines when the items on a shareholder meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research reports, company announcements, and direct communications from companies to ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.

BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our service level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock's firmwide policies.

**Conflicts management policies and procedures** 

BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS' proxy voting activity. Such influence might stem from any relationship between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock's affiliates, a Fund or a Fund's affiliates, or BlackRock employees. The following are examples of sources of perceived or potential conflicts of interest:

• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions

• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions

• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock

• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock

• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock

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• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds managed by BlackRock

BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:

• Adopted the Guidelines which are designed to advance our clients' long-term financial interests in the companies in which BlackRock invests on their behalf

• Established a reporting structure that separates BAIS from employees with sales, vendor management, or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock's relationship with such parties. Clients or business partners are not given preferential treatment or differentiated access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional information to make a more informed voting decision or to better understand a company's perspectives on financially material risks and opportunities. Within the normal course of business, BAIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met

• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting recommendations as a further safeguard to avoid perceived or potential conflicts of interest, to satisfy regulatory requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third-party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also use an independent third-party voting service provider to make proxy voting recommendations for certain perceived or potential conflicts of interest, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public companies that include BlackRock employees on their boards of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of the board of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public companies that are the subject of certain transactions involving BlackRock Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public companies that are joint venture partners with BlackRock, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public companies when legal or regulatory requirements compel BlackRock to use an independent third-party voting service provider

In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider.

**Securities Lending** 

If authorized, BlackRock acts as a securities lending agent on behalf of its clients. Securities lending is a well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns which in turn may allow fund providers to offset fund expenses.

With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may determine to recall them to allow for voting. This decision is guided by our fiduciary duty as an asset manager to our clients in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall securities on loan as part of BlackRock's securities lending program in order to vote is based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to clients of voting those securities (based on the information available at the time of recall consideration). BAIS works with active portfolio managers, as well as colleagues in the Securities Lending team, to evaluate the costs and benefits to clients of recalling shares on loan.

In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would not warrant recalling securities on loan. However, in certain instances, BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.

Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as necessary.

**Reporting and vote transparency** 

BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our engagement and voting policies and activities through direct communication and disclosure on our website.

**Want to know more?** 

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blackrock.com/stewardship \| ContactActiveStewardship@blackrock.com

The document is provided for information purposes only and is subject to change. Reliance upon this information is at the sole discretion of the reader.

Prepared by BlackRock, Inc.©2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

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**J.P. Morgan Investment Management Inc.** 

**Proxy Voting Procedures and Guidelines** 

**(April 2024)** 

J.P. Morgan Investment Management Inc. (Sub-Adviser), as an investment sub-adviser to the fund, has been granted the authority to vote the proxies of any voting securities held in the fund's portfolio. In voting proxies, the Sub-Adviser's objective is to vote proxies in the best interests of its clients. To ensure that the proxies of portfolio companies are voted in the best interests of the fund, the fund's Board of Trustees has adopted the Sub-Adviser's detailed proxy voting procedures (the "Procedures") that incorporate guidelines ("Guidelines") for voting proxies on specific types of issues for the fund.

The Sub-Adviser and its affiliated advisers ("JPMAM") are part of a global asset management organization with the capability to invest in securities of issuers located around the globe. Because the regulatory framework and the business cultures and practices vary from region to region, the Guidelines are customized for each region to take into account such variations. The Sub-Adviser has adopted a separate set of Guidelines that covers the regions of (1) North America, (2) Europe, Middle East, Africa, Central America and South America ("EMEA"), (3) Asia (ex-Japan) and (4) Japan.

Notwithstanding the variations among the Guidelines, all of the Guidelines have been designed with the uniform objective of encouraging corporate action that enhances shareholder value consistent with the fund's objectives and strategies. As a general rule, in voting proxies of a particular security, the Sub-Adviser will apply the Guidelines of the region in which the issuer of such security is organized. Except as noted below, proxy voting decisions will be made in accordance with the Guidelines covering a multitude of both routine and non-routine matters that the Sub-Adviser has encountered globally, based on many years of collective investment management experience.

To oversee the proxy voting process on an ongoing basis, JPMAM has established a proxy committee ("Proxy Committee") for each global location where proxy voting decisions are made. Each Proxy Committee is composed of members and invitees including a proxy administrator ("Proxy Administrator") and senior officers from among the investment, legal, compliance, and risk management departments. The primary functions of each Proxy Committee include: (1) reviewing and approving the Guidelines annually; (2) providing advice and recommendations on general proxy voting matters as well as on specific voting issues to be implemented by the Sub-Adviser; and (3) determining the independence of any third-party vendor to which it has delegated proxy voting responsibilities (such as, for example, delegation when the Sub-Adviser has identified a material conflict of interest) and to conclude that there are no conflicts of interest that would prevent such vendor from providing such proxy voting services prior to delegating proxy responsibilities.

The Guidelines are proprietary to the Sub-Adviser and reflect the Sub-Adviser's views on proxy voting matters as informed by its investment experience and research over many years of proxy voting. Certain guidelines are prescriptive ("Prescribed Guidelines") meaning they specify how the Sub-Adviser will vote a particular proxy proposal except where the Sub-Adviser, pursuant to its procedures, determines to vote in a manner contrary to its Prescribed Guidelines also known as an "Override". Other guidelines contemplate voting on a case-by-case basis. In addition, there will undoubtedly be proxy matters that are not contemplated by the Guidelines. Individual company facts and circumstances vary. In some cases, the Sub-Adviser may determine that, in the best interest of its clients, a particular proxy item should be voted in a manner that is not consistent with the Prescribed Guidelines. Where the Sub-Adviser chooses to vote in a manner contrary to its Prescribed Guideline (an "Override") or where the Proxy Administrator determines that such vote requires further escalation to certain portfolio management teams ("escalated votes"), the procedures include a review and, for certain votes, an attestation process. These processes are designed to identify actual or potential material conflicts of interest (between a fund on the one hand, and the fund's Sub-Adviser or an affiliate, on the other hand), ensure that relevant personnel were not in possession of material non-public information ("MNPI"), and ensure that the proxy vote is cast in the best interests of the fund.

In order to maintain the integrity and independence of the Sub-Adviser's investment processes and decisions, including proxy voting decisions, and to protect the Sub-Adviser's decisions from influences that could lead to a vote other than in the funds' best interests, JPMC (including the Sub-Adviser) has adopted policies and procedures that (i) address the handling of conflicts, (ii) establish information barriers, and (iii) restrict the use of MNPI. Material conflicts of interest are further avoided by voting in accordance with the Sub-Adviser's Prescribed Guidelines. A material conflict is deemed to exist when the proxy is for JPMorgan Chase & Co. stock or for a J.P. Morgan Fund, or when the Proxy Administrator has actual knowledge indicating that a JPMorgan affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of the proxy vote. When such conflicts are identified, the proxy will be voted by an independent third party using its own guidelines; provided, however, that the Sub-Adviser's investment professional(s) may request an exception to this process to vote against a proposal rather than referring it to an independent third party ("Exception Request") where the Proxy Administrator has actual knowledge indicating that a JPMorgan Chase affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of the proxy vote. The applicable proxy committee shall review the Exception Request and shall determine whether the Sub-Adviser should vote against the proposal or whether such proxy should still be referred to an independent third party due to the potential for additional conflicts or otherwise.

Depending on the nature of the conflict, the Sub-Adviser may elect to take one or more of the following measures or other appropriate action: removing certain Sub-Adviser personnel from the proxy voting process or "walling off" personnel with knowledge of the conflict to ensure that such personnel do not influence the relevant proxy vote; voting in accordance with the applicable Prescribed Guidelines, if any, if the application of the Prescribed Guidelines would objectively result in the casting of a proxy vote in a predetermined manner, or deferring the vote to an independent third party, in which case the proxy will be voted by the independent third party in accordance with its own

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determination. In the event that the portion of the fund managed by the Sub-Adviser, in the aggregate with other funds managed by JPMIM, holds more than 25% of the outstanding voting securities of an open-end registered investment company or registered unit investment trust that is not managed by JPMIM (a "Non-J.P. Morgan Fund"), the fund will vote its respective securities in a Non-J.P. Morgan Fund in the same proportion as the vote of all other holders of such securities

The following summarizes some of the more noteworthy types of proxy voting policies of the North America Guidelines:

The Sub-Adviser considers votes on director nominees on a case-by-case basis. Votes generally will be withheld from directors who: (a) attend less than 75% of board and committee meetings without a valid excuse; (b) adopt or renew a poison pill without shareholder approval; (c) are affiliated outside directors who serve on audit, compensation or nominating committees or are affiliated outside directors and the full board serves on such committees or the company does not have such committees; (d) ignore a shareholder proposal that is approved by a majority of either the shares outstanding or the votes cast based on a review over a consecutive two year time frame; (e) are insiders and affiliated outsiders on boards that are not at least majority independent except, in the case of controlled companies, vote for non-independent directors who serve on committees other than the audit committee; or (f) are CEOs of publicly-traded companies who serve on more than two public boards (besides his or her own board) or for all other directors who serve on more than four public company boards. In addition, votes are generally withheld for directors who serve on committees in certain cases. For example, the Sub-Adviser generally withholds votes from audit committee members in circumstances in which there is evidence that there exists material weaknesses in the company's internal controls. Votes generally are also withheld from directors when there is a demonstrated history of poor performance or inadequate risk oversight or when the board adopts changes to the company's governing documents without shareholder approval if the changes materially diminish shareholder rights. Votes generally will be withheld from board chair, lead independent directors, or governance committee chairs of publicly traded companies where employees have departed for significant violation of code of conduct without claw back of compensation. In addition, the Sub-Adviser generally votes against the chair of the nominating committee if one or more directors remain on the board after having received less than majority of votes cast in the prior election.

The Sub-Adviser votes proposals to classify boards on a case-by-case basis, but normally will vote in favor of such proposal if the issuer's governing documents contain each of eight enumerated safeguards (for example, a majority of the board is composed of independent directors and the nominating committee is composed solely of such directors).

The Sub-Adviser also considers management poison pill proposals on a case-by-case basis, looking for shareholder-friendly provisions before voting in favor.

The Sub-Adviser votes against proposals for a super-majority vote to approve a merger.

The Sub-Adviser considers proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan on a case-by-case basis, taking into account such factors as the extent of dilution and whether the transaction will result in a change in control.

The Sub-Adviser considers vote proposals with respect to compensation plans on a case-by-case basis. The analysis of compensation plans focuses primarily on the transfer of shareholder wealth (the dollar cost of pay plans to shareholders) and includes an analysis of the structure of the plan and pay practices of other companies in the relevant industry and peer companies. Other matters included in the analysis are the amount of the company's outstanding stock to be reserved for the award of stock options, whether the exercise price of an option is less than the stock's fair market value at the date of the grant of the options, and whether the plan provides for the exchange of outstanding options for new ones at lower exercise prices.

The Sub-Adviser also considers on a case-by-case basis proposals to change an issuer's state of incorporation, mergers and acquisitions and other corporate restructuring proposals and certain social issue proposals.

The Sub-Adviser generally votes for management proposals which seek shareholder approval to make the state of incorporation the exclusive forum for disputes if the company is a Delaware corporation; otherwise, the Sub-Adviser votes on a case by case basis.

The Sub-Adviser supports board refreshment, independence, and a diverse skill set for directors as an important part of contributing to long-term shareholder value. The Sub-Adviser expects its investee companies to be committed to diversity and inclusiveness in their general recruitment policies as we believe such diversity contributes to the effectiveness of boards and further development of sound governance and risk oversight. As with all proxy votes, the Sub-Adviser seeks to vote in each fund's best interests to enhance long-term shareholder value. The Sub-Adviser will utilize its voting power to bring about change where boards are lagging in gender and racial/ethnic diversity. The Sub-Adviser will generally vote against the chair of the Nominating Committee when the issuer does not disclose the gender and racial and ethnic composition of the board, with adequate diversity data considered as adequate in instances where individual directors do not wish to disclose personal identification. The Sub-Adviser will also generally vote against the chair of the Nominating Committee when the issuer lacks any gender diversity or any racial/ethnic diversity unless there are mitigating factors such as recent retirement of relevant directors, a relatively new public company, and an ongoing search for a director.

The Sub-Adviser reviews Say on Pay proposals on a case by case basis with additional review of proposals where the issuer's previous year's proposal received a low level of support.

The following summarizes some of the more noteworthy types of proxy voting policies of Section 12 Social and Environmental Issues from the North America Guidelines:

The Sub-Adviser generally encourages a level of reporting on environmental matters that is not unduly costly or burdensome and which does

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not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance. In general, the Sub-Adviser supports management disclosure practices that are overall consistent with the goals and objective expressed above. Proposals with respect to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration.

In evaluating how to vote environmental proposals, key considerations may include, but are not limited to, issuer considerations such as asset profile of the company, including whether it is exposed to potentially declining demand for the company's products or services due to environmental considerations; cash deployments; cost structure of the company, including its position on the cost curve, expected impact of future carbon tax and exposure to high fixed operating costs; corporate behavior of the company; demonstrated capabilities of the company, its strategic planning process, and past performance; current level of disclosure of the company and consistency of disclosure across its industry; and whether the company incorporates environmental or social issues in a risk assessment or risk reporting framework. The Sub-Adviser may also consider whether peers have received similar proposals and if so, were the responses transparent and insightful; would adoption of the proposal would inform and educate shareholders; and have companies that adopted the proposal provided insightful and meaningful information that would allow shareholders to evaluate the long-term risks and performance of the company; does the proposal require disclosure that is already addressed by existing and proposed mandated regulatory requirements or formal guidance at the local, state, or national level or the company's existing disclosure practices; and does the proposal create the potential for unintended consequences such as a competitive disadvantage.

The Sub-Adviser votes against the chair of the committee responsible for providing oversight of environmental matters and/or risk where the Sub-Adviser believes the company is lagging peers in terms of disclosure, business practices or targets. The Sub-Adviser also votes against committee members, lead independent director and/or board chair for companies that have lagged over several years.

With regard to social issues, among other factors, the Sub-Adviser considers the company's labor practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide, and whether the proposal would result in a competitive disadvantage for the company.

The Sub-Adviser expects boards to provide oversight of human capital management which includes the company management of its workforce, use of full time versus part time employees, workforce cost, employee engagement and turnover, talent development, retention and training, compliance record and health and safety. As an engaged and diverse employee base is integral to a company's ability to innovate, respond to a diverse customer base and engage with diverse communities and deliver shareholder returns, the Sub-Adviser will generally support shareholder resolutions seeking the company to disclose data on workforce demographics including diversity, and release of EEO-1 or comparable data where such disclosure is deemed by the Sub-Adviser as inadequate.

Non-U.S. Guidelines. The following summarizes some of the more noteworthy types of proxy voting policies of the EMEA, Asia (Ex-Japan) and Japan Guidelines (collectively, "Non-U.S. Guidelines"):

Corporate governance procedures differ among the countries. Because of time constraints and local customs, it is not always possible for the Sub-Adviser to receive and review all proxy materials in connection with each item submitted for a vote. Many proxy statements are in foreign languages. Proxy materials are generally mailed by the issuer to the sub-custodian which holds the securities for the client in the country where the portfolio company is organized, and there may not be sufficient time for such materials to be transmitted to the Sub-Adviser in time for a vote to be cast. In some countries, proxy statements are not mailed at all, and in some locations, the deadline for voting is two to four days after the initial announcement that a vote is to be solicited and it may not always be possible to obtain sufficient information to make an informed decision in good time to vote.

Certain markets require that shares being tendered for voting purposes are temporarily immobilized from trading until after the shareholder meeting has taken place. Elsewhere, notably emerging markets, it may not always be possible to obtain sufficient information to make an informed decision in good time to vote. Some markets require a local representative to be hired in order to attend the meeting and vote in person on our behalf, which can result in considerable cost. The Sub-Adviser also considers the cost of voting in light of the expected benefit of the vote. In certain instances, it may sometimes be in the fund's best interests to intentionally refrain from voting in certain overseas markets from time to time.

The Non-U.S. Guidelines reflect the applicable region's corporate governance or stewardship codes with respect to corporate governance and proxy voting. For example, JPMAM is a signatory to the UK Stewardship Code 2020 and believes that its existing stewardship policies meet the standards required under the Code. Additionally, for example, the EMEA Guidelines for UK companies are based on the revised UK Corporate Governance Code. If a portfolio company chooses to deviate from the provisions of the UK Corporate Governance Code, the Sub-Adviser takes the company's explanation into account as appropriate, based on the Sub-Adviser's overall assessment of the standards of corporate governance evidenced at the company. For Continental European markets, the Sub-Adviser expects companies to comply with local Corporate Governance Codes, where they exist. In markets where a comparable standard does not exist, we use the EMEA Guidelines as the primary basis for voting, while taking local market practice into consideration where applicable. The Japan Guidelines reflect the 2020 revisions to the Japanese Stewardship Code. Likewise, the Asia (Ex-Japan) Guidelines endorse the stewardship principles promoted by different regulators and industry bodies in the region including the Singapore Stewardship Principles for Responsible Investors supported by Monetary Authority of Singapore and Singapore Exchange, the Principles for Responsible Ownership issued by the Securities and Futures Commission in Hong Kong, and the Principles of Internal Governance and Asset Stewardship issued by the Financial Services Council of Australia.

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Where proxy issues concern corporate governance, takeover defense measures, compensation plans, capital structure changes and so forth, the Sub-Adviser pays particular attention to management's arguments for promoting the prospective change.

The Non-U.S. Guidelines encourage transparency and disclosure with respect to remuneration reporting as well as processes and policies designed to align compensation with the long-term performance of portfolio companies.

In particular, the EMEA Guidelines indicate that the remuneration policy as it relates to senior management should ideally be presented to shareholders for approval with such votes normally occurring every third year. In addition, the EMEA Guidelines describe information that the Sub-Adviser expects to be included in remuneration reports including disclosure on amounts paid to executives, alignment between company performance and pay out to executives, disclosure of, among other things, variable incentive targets, levels of achievement and performance awards, information on the ratio of CEO pay to median employee pay.

With respect to the Japan Guidelines, the voting decision will be made taking into account matters such as recent trends in the company's earnings and performance, with the expectation that companies will have a remuneration system comprised of a reasonable mix of fixed and variable (based on short term and medium to long term incentives) compensation. Such Guidelines also support the introduction of clawback clauses in order to prevent excessive risk taking which can negatively impact shareholder value and excessive pay.

Where shareholders are able to exercise a binding vote on remuneration policies, the Asia (Ex-Japan) Guidelines reflect the Sub-Adviser's belief that such polices should stand the test of time. The Asia (Ex-Japan) Guidelines further encourage companies to provide information on the ratio of CEO pay to median employee pay and to explain the reasons for changes to the ratio as it unfolds year by year. The Asia (Ex-Japan) Guidelines also highlight information that companies should have with regard to gender pay gaps and indicate how this issue is being addressed.

The Sub-Adviser is in favor of a unitary board structure of the type found in the United Kingdom as opposed to tiered board structures. Thus, under the EMEA Guidelines, the Sub-Adviser will generally vote to encourage the gradual phasing out of tiered board structures, in favor of a unitary board structure. However, since tiered Boards are still very prevalent in markets outside of the United Kingdom, the Non-U.S. Guidelines do not mandate a unitary board structure and local market practice will always be taken into account.

The Sub-Adviser will use its voting powers to encourage appropriate levels of board independence and diversity as an important part of contributing to long-term shareholder value, taking into account local market practice.

In particular, the EMEA Guidelines indicate that the Sub-Adviser expects boards to have a strategy to improve female representation in particular. The EMEA Guidelines generally support the target of one-third of board positions being held by women, as recommended by the UK Government's Women on Boards Report, the Davies Review and the FTSE Women Leaders Review (formerly the Hampton-Alexander Review).

The Japan Guidelines include provisions on board diversity and indicate that the Sub-Adviser believes directors with diverse backgrounds should make up a majority of a board over time. The Japan Guidelines provide that the current policy is to vote against the election of the representative directors, such as the president of the company, if there is only one or no female directors (at least 30% gender diversity before 2030).

The Asia ex Japan Guidelines reflect, as a minimum standard for all Asia ex Japan markets, that JPMAM would expect no single-gender boards and that such boards would have 25% gender diverse representation before 2025, with 30% gender diverse representation or such higher amounts as reflected by local market practice before 2030.

The Sub-Adviser will usually vote against discharging the board from responsibility in cases of pending litigation, or if there is evidence of wrongdoing for which the board must be held accountable.

The Sub-Adviser will vote in favor of increases in capital which enhance a company's long-term prospects. The Sub-Adviser will also vote in favor of the partial suspension of preemptive rights if they are for purely technical reasons (e.g., rights offers which may not be legally offered to shareholders in certain jurisdictions). However, the Sub-Adviser will vote against increases in capital which would allow the company to adopt "poison pill" takeover defense tactics, or where the increase in authorized capital would dilute shareholder value in the long term.

The Sub-Adviser will vote in favor of proposals which will enhance a company's long-term prospects. The Sub-Adviser will vote against an increase in bank borrowing powers which would result in the company reaching an unacceptable level of financial leverage, where such borrowing is expressly intended as part of a takeover defense, or where there is a material reduction in shareholder value.

The Sub-Adviser will generally vote against anti-takeover devices.

The Sub-Adviser considers social or environmental issues on a case-by-case basis under the Non-U.S. Guidelines, keeping in mind at all times the best economic interests of its clients. With respect to environmental proposals, the Non-U.S. Guidelines indicate that good corporate governance policies should consider the impact of company operations on the environment and the costs of compliance with laws and regulations relating to environmental matters, physical damage to the environment (including the costs of clean-ups and repairs), consumer preferences and capital investments related to climate change. The Non-U.S. Guidelines further encourage a level of environmental reporting that is not unduly costly or burdensome and which does not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance. With regard to social issues, among other factors, the Sub-Adviser considers the company's labor practices, supply chain, how

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the company supports and monitors those issues, what types of disclosure the company and its peers currently provided, and whether the proposal would result in a competitive disadvantage for the company.

North American and Non-U.S. Guidelines. The following describes certain elements that are common to the North America and Non-U.S. Guidelines:

The North America and Non-U.S. Guidelines note that, in certain markets, by-law changes have taken place to allow a company to hold virtual or hybrid general shareholder meetings and reflect that general shareholder meetings should be fair, constructive and foster dialogue between company management and shareholders. In principle, the Sub-Adviser is supportive of proposals allowing shareholder meetings to be convened by electronic means so long as the flexibility in the format of the meetings contributes to enhancing access to the meetings and where shareholder participation rights are protected, regardless of whether physical or virtual.

The North America and Non-U.S. Guidelines include climate risk guidelines due to the Sub-Adviser's view that climate change has become a material risk to the strategy and financial performance of many companies. The Sub-Adviser may vote against directors of companies, that, in the Sub-Adviser's opinion, face material climate-related transition or asset risks, where such disclosures are not available or where we believe such disclosures are not meaningful. To provide shareholders with meaningful disclosures on how the company is addressing risks related to climate change, the Sub-Adviser encourages disclosure aligned with the reporting framework developed by the Task Force on Climate related Financial Disclosures ("TCFD"). In addition, for companies in industries where the Sub-Adviser believes climate change risks pose material financial risks, the Sub-Adviser encourages more comprehensive reporting including scenario analysis to help under the resilience of a company's strategy and disclosures of Scope 1 and 2 greenhouse gases ("GHG") emission targets, where decarbonization of a company's operations and purchased energy has been identified by the company as a key part of a company's strategy to manage climate change risks. In addition, for companies who have chosen to set long-term net zero targets, the Sub-Adviser encourages the company to make disclosures including scope of emissions included in such targets in order to allow the Sub-Adviser to evaluate the long-term credibility of transition plans. The Sub-Adviser may vote for shareholder resolutions requesting information where disclosure is unavailable or not meaningful.

**Securities Lending** 

Proxies for securities that are out on loan normally cannot be voted, as title passes to the borrower of the securities. The Sub-Adviser is not involved in a fund's securities lending arrangements as it is not a party to a securities lending agreement involving the fund and does not make the decision to lend a fund's securities. As a result, to the extent that a fund engages in securities lending, the Sub-Adviser's proxy voting responsibilities do not include recalling securities to vote proxies for securities that have been lent by the fund.

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**Morgan Stanley Investment Management Inc.** 

**Morgan Stanley Investment Management**

**EQUITY Proxy Voting Policy and Procedures** 

**January 2026** 

**INTRODUCTION** 

This Equity Proxy Voting Policy and Procedures ("Policy") sets out Morgan Stanley Investment Management's ("MSIM")<sup>1</sup> approach to Proxy Voting, the procedures it follows with respect to Proxy Voting and the guidelines used to inform voting on key issues. The Policy is reviewed annually and updated as necessary to address new and evolving proxy voting issues and standards.

**a. MSIM APPROACH TO PROXY VOTING** 

MSIM will vote proxies in a prudent and diligent manner and in the best interests of clients in accordance with its fiduciary duties, consistent with the objectives of the relevant investment strategy ("Client Proxy Standard"). MSIM will generally seek to vote proxies in accordance with the Proxy Voting Guidelines set out below.

MSIM has a decentralized approach towards investment management, consisting of independent investment teams. Investment teams seek to integrate this Policy with their investment goals and client expectations, using their vote to support sound corporate governance with the aim of enhancing long-term shareholder value, providing a high standard of transparency, and enhancing companies' economic value. To that end, investment teams retain the overall vote decision.

Under this Policy, proxy voting is led by our investment teams with support from the Global Stewardship Team ("GST"). The GST supports investment teams to vote in accordance with the Client Proxy Standard and comprises individuals who are separate from our investment teams. The GST is also responsible for the consistent application of this Policy and the Proxy Voting Guidelines and for providing voting recommendations to investment teams. The GST also oversees the proxy voting operational processes, vote execution and research.

As a result of MSIM's independent investment team structure, a situation may emerge in which different investment teams have different views on how to vote the same proxy in the best interest of their respective clients. Under these circumstances, each investment team will vote according to their views, subject to market rules.

<sup>1</sup> The MSIM entities covered by this Equity Proxy Voting Policy and Procedures (the "Policy") include the following: Morgan Stanley AIP GP LP, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment Management Company, Morgan Stanley Saudi Arabia, MSIM Fund Management (Ireland) Limited, Morgan Stanley Asia Limited, Morgan Stanley Investment Management (Japan) Co. Limited, Morgan Stanley Investment Management Private Limited, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C, Morgan Stanley Eaton Vance CLO Manager LLC, Eaton Vance Management, Boston Management and Research, Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Morgan Stanley Eaton Vance CLO CM LLC, Parametric SAS, Parametric Portfolio Associates LLC, and Atlanta Capital Management Company LLC (each an "MSIM Affiliate" and collectively referred to as the "MSIM Affiliates" or as "we" below.).

**b. APPLICABILITY OF POLICY** 

This Policy<sup>2</sup> applies to proxy voting activities across MSIM. MSIM votes proxies on behalf of its sponsored funds and advisory clients that have granted it the authority to do so and will vote the proxies in accordance with this Policy unless otherwise agreed with the client.

Certain MSIM exchange-traded funds ("ETFs") will follow Calvert Research and Management's ("Calvert") Proxy Voting Policies and Procedures and the Global Proxy Voting Guidelines set forth in Appendix A of the Calvert Proxy Voting Policies and Procedures. MSIM's oversight of Calvert's proxy voting and engagement is ongoing pursuant to the 40 Act Fund Service Provider and Vendor Oversight Policy.

<sup>2</sup> This Policy does not apply to MSIM's authority to exercise certain decision-making rights associated with investments in loans and other fixed-income instruments (collectively, "Fixed Income Instruments"). Instead, MSIM's Policy for Exercising Consents Related to Fixed Income Instruments applies to MSIM's exercise of discretionary authority or other investment management services, to the extent MSIM has been granted authority to exercise consents for an account with respect to any Fixed Income Instruments held therein.

**PROXY VOTING PROCEDURES** 

MSIM follows the following procedures when voting proxies:

**A. PROPRIETARY PROXY VOTING PLATFORM** 

MSIM uses a proprietary management system, Provosys<sup>3</sup>, when voting proxies. Provosys streamlines our proxy voting process by providing a centralized platform for research, vote instruction and management of conflicts of interests. We believe that the internal management of this process provides us with enhanced quality control, as well as oversight and independence of the proxy administration process. Our proprietary system also handles workflow around proxy voting, documenting the views of various investment teams and the GST where relevant.

**B. PROXY SERVICES PROVIDED BY THIRD PARTIES** 

MSIM also retains the services of Institutional Shareholder Services ("ISS") and Glass Lewis (collectively, the "Proxy Service Providers<sup>4</sup>") for proxy vote execution, reporting, record-keeping, and where appropriate, to provide company- level reports that summarize key data elements within an issuer's proxy statement or on specific thematic/market topics.

MSIM performs periodic due diligence on the Proxy Service Providers as part of ongoing oversight. Topics of the reviews include, but are not

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limited to, the Proxy Service Providers' management of conflicts of interest, methodologies for developing their policies, research, and resources.

While MSIM utilizes certain services from the Proxy Service Providers, all voting decisions are made by MSIM's investment teams.

<sup>3</sup> Not applicable for Morgan Stanley AIP GP LP, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C.

<sup>4</sup> Not applicable for Morgan Stanley AIP GP LP, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C.

**C. PROXY VOTING OPERATIONS** 

The GST<sup>5</sup> is responsible for ensuring that voting instructions from investment teams and clients (where applicable) are communicated to our Proxy Service Provider responsible for proxy vote execution (currently, ISS serves in this capacity) and that adequate controls are in place to ensure instructions communicated electronically are accurately recorded in ISS systems for execution (including scenarios where votes have been split because of client preference or differing investment team convictions).

Additionally, the GST conducts monthly reviews of a vote audit report provided by ISS, confirming the execution status for meetings and conducts ex-post reviews to confirm that ISS has accurately implemented voting instructions.

<sup>5</sup> Not applicable for Morgan Stanley AIP GP LP, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C.

**D. PROXY VOTING OVERSIGHT** 

The Proxy Review Committee ("PRC") has overall responsibility for this Policy. The PRC consists of investment professionals who represent the different investment disciplines and/or geographic locations of MSIM and members of the GST. Additionally, the GST administers and implements the Policy through consultation with PRC members and MSIM investment teams, as well as monitors services provided by the Proxy Service Providers and any other research providers used in the proxy voting process.

**E. SECURITIES LENDING** 

Accounts or funds sponsored, managed, or advised by MSIM may participate in a securities lending program through a third-party provider. The voting rights for shares that are out on loan are transferred to the borrower and therefore, the lender is not entitled to vote the lent shares at the company meeting.

However, in certain circumstances a portfolio manager may seek to recall shares for the purposes of voting. In this event, the handling of such recall requests would be on a reasonable efforts basis.

**F. MARKET AND OPERATIONAL LIMITATIONS**

Voting proxies of companies located in some jurisdictions may involve several issues that can restrict or prevent the ability to vote such proxies or entail significant costs. These issues include, but are not limited to: (i) proxy statements and ballots being written in a language other than English; (ii) untimely and/or inadequate notice of shareholder meetings; (iii) restrictions on the ability of holders outside the issuer's jurisdiction of the listing organization to exercise votes; (iv) requirements to vote proxies in person; (v) the imposition of restrictions on the sale of the securities for a period of time in proximity to the shareholder meeting; and (vi) requirements to provide local agents with power of attorney to facilitate our voting instructions.

As a result, MSIM will use reasonable efforts to vote clients' non-U.S. proxies, after weighing the costs and benefits of voting such proxies, consistent with the Client Proxy Standard.

**G. CONFLICTS OF INTEREST**

MSIM is part of Morgan Stanley, a global financial services group, and, as such, MSIM faces potential conflicts due to the role of other Morgan Stanley divisions which may have commercial relationships with companies in which MSIM may invest. Such potential conflicts of interest involving divisions of Morgan Stanley outside MSIM are managed through the operation of various policies and procedures, including (among others) those creating and enforcing information barriers between MSIM and other Morgan Stanley divisions.

MSIM has also enacted policies and procedures to address potential conflicts resulting from its own commercial or other relationships and to manage conflicts of interests so that proxies are voted in accordance with the Client Proxy Standard. The GST administers Policy implementation and is responsible for providing investment teams with voting recommendations in accordance with this Policy and the Proxy Voting Guidelines. The Head of GST may convene a special committee to oversee how a proxy should be voted in accordance with the Client Proxy Standard, in certain situations including circumstances where a potential material conflict of interest is not addressed by such policies and procedures. Any determinations of the special committee regarding a material conflict of interest will be reported to any applicable Fund Board, where appropriate.

MSIM also faces potential conflicts of interest when voting proxies of its parent company Morgan Stanley. In such situations, MSIM will seek to vote its shares in the same proportion as other holders of Morgan Stanley's shares ("echo vote").

**H. PROXY VOTING REPORTING & RECORDKEEPING**

We will promptly provide a copy of this Policy to any client requesting it. We will also, upon client request, promptly provide a report indicating how each proxy was voted with respect to securities held in that client's account. MSIM files an annual Form N-PX on behalf of

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each MSIM affiliate for which such filing is required, indicating how proxies were voted with respect to each MSIM affiliate fund's or advisor's holdings.

The GST will maintain requisite proxy voting books and records, including but not limited to: (1) proxy voting policies and procedures, (2) proxy statements received on behalf of client accounts, (3) proxies voted, (4) copies of any relevant research documents and (5) PRC and Special Committee decisions and actions. This documentation will be maintained for such period as required by relevant law and regulation.

MSIM also maintains rationales for its voting decisions at shareholder meetings (including votes against management) in a searchable database on an external website, which is updated on a rolling 12-month basis.

Records are retained in accordance with Morgan Stanley's Global Information Management Policy, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance. The Global Information Management Policy incorporates Morgan Stanley's Master Retention Schedule, which lists various record classes and associated retention periods on a global basis.

**I. REVIEW OF POLICY** 

The PRC through consultation with PRC members, and in conjunction with the Legal and Compliance Division, reviews this Policy annually to ensure that it remains consistent with clients' best interests, regulatory requirements, investment team considerations, governance trends and industry best practices.

**MSIM PROXY VOTING GUIDELINES** 

MSIM<sup>6</sup> (also defined as "We" within this section) will vote proxies in a prudent and diligent manner and in the best interests of clients in accordance with its fiduciary duties, consistent with the Client Proxy Standard.

Our proxy voting principles are rooted in the tenets of accountability, transparency and protection of shareholder rights. Stock ownership represents an opportunity to participate in the economic rewards of a long-lived asset and shareholder rights represent an important path to maximizing these rewards. When reviewing proposals, MSIM considers the financial materiality, including the company's exposure to the risk or opportunity, the management of such issues and company's current disclosures.

MSIM therefore expects the companies in which it invests to adhere to effective governance practices and to protect their shareholders' interests. In addition to these proxy voting guidelines, MSIM may review publicly disclosed information from the issuer, research, and other sources. Investment teams will independently make voting decisions as appropriate for their strategies.

<sup>6</sup> The MSIM entities covered by this Equity Proxy Voting Policy and Procedures (the "Policy") currently include the following: Morgan Stanley AIP GP LP, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment Management Company, Morgan Stanley Saudi Arabia, MSIM Fund Management (Ireland) Limited, Morgan Stanley Asia Limited, Morgan Stanley Investment Management (Japan) Co. Limited, Morgan Stanley Investment Management Private Limited, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C, Morgan Stanley Eaton Vance CLO Manager LLC, Eaton Vance Management, Boston Research Management, Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Morgan Stanley Eaton Vance CLO CM LLC, Parametric SAS, Parametric Portfolio Associates LLC, and Atlanta Capital Management Company LLC (each an "MSIM Affiliate" and collectively referred to as the "MSIM Affiliates" or as "we" below).

**A. BOARD OF DIRECTORS** 

The board of directors plays a key role in overseeing management and ensuring effective execution of strategies to achieve long-term shareholder value creation. The board has several important responsibilities including, but not limited to, selecting the executive leadership, monitoring and incentivizing performance, succession planning, and overseeing company strategy. In order to effectively carry out its fiduciary duties, we believe it is crucial for the board to have the right mix of skills, be sufficiently independent, and have the proper accountability mechanisms in place.

**1. BOARD COMPOSITION:** The role of the board of directors is to provide governance oversight and guidance to position the company for strategic success and drive long term value creation for shareholders. We believe that diverse perspectives on the board help directors assess and manage risks and opportunities comprehensively. Diversity on a board can include diversity of thought, background, skills, and experiences. Directors with a mix of tenures can also be beneficial to balance new perspectives with industry experience and knowledge. We generally expect the board to be composed of directors with adequate skill sets and diversity to provide oversight of the business, and in line with any local market regulations. Additionally, we expect the audit committee to have directors with appropriate financial expertise to serve on the committee.

**2. BOARD INDEPENDENCE:** We generally expect boards to adhere at a minimum to their prevalent market or regulatory standards on board independence. In most markets, a majority independent board is considered best practice. When assessing independence of directors, we may consider relevant circumstances and relationships with the company and related parties such as senior management or large shareholders.

In our experience, the right leadership structure is critical to a strong board. When voting on matters related to board leadership, we may consider company performance and any evidence of entrenchment or perceived risk indicating power may be overly concentrated in a single individual. We also generally expect key board committees to be comprised of independent board members.

**3. BOARD ACCOUNTABILITY:** Director elections are the primary mechanism for shareholders to hold board members accountable. Therefore, we generally expect directors to be elected annually to serve on the board by majority vote. We generally expect directors who fail

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to receive majority shareholder support should resign from their position unless there is sufficient disclosure concerning the reasons why they failed to get support from a majority of the shareholders.

Boards should take into consideration the views of their long-term shareholders to ensure alignment, and to make appropriate efforts to communicate their plans and views broadly. To that end, we generally expect the board to engage meaningfully with long-term shareholders, especially to address concerns on matters that may affect the long-term value creation of the company.

We may consider withholding support for directors where we have significant concerns due to inadequate risk oversight of potentially financially material issues<sup>7</sup>. We may consider withholding support for Audit Committee members for failure to address accounting irregularities or financial misstatements over consecutive years.

Directors should dedicate adequate time to their role and consider any other existing commitments alongside their board and/or committee memberships. We may look at meeting attendance to determine whether directors have adequate time for their responsibilities.

<sup>7</sup> For example, we may withhold support for a director we believe is responsible for a company's involvement/remediation of breach of global conventions such as UN Global Compact Principles on Human Rights, Labor Standards, Environment and Business Malpractice.

**B. AUDITORS** 

Investors rely on auditors to attest to the integrity of a company's financial statements, without which the business could not be properly evaluated. It is essential that auditors be independent, accurate, fair in the fees charged, and not subject to conflicts of interest. We therefore expect auditors to be independent in order to provide an objective opinion and assurance. We may consider non-audit related business, length of service and any other relevant context when assessing auditor independence. We generally expect non-audit related fees to be less than 50% of the total fee.

**C. EXECUTIVE & DIRECTOR COMPENSATION** 

Properly structured compensation is essential to attracting and retaining effective corporate management. Poorly structured compensation plans can create perverse incentives. We expect compensations plans to be reasonable, and appropriately incentivize executives to make risk-reward decisions that align with the business strategy and goals, and long-term shareholder value creation. Compensation plans should also build in retention mechanisms for high performing executives. We generally expect compensation plan payouts to align with performance and long-term value creation.

We expect director compensation to follow market best practice and be aligned with long-term shareholder interests. For executives and directors who gain shares through equity compensation plans, we generally expect reasonable guidelines and holding requirements. Typically, stock options issued to executives should be priced at fair market value on the date of the grant and any re-pricing should not incur a significant cost to shareholders.

We generally expect employee ownership, retirement and severance plans to be designed in a manner that does not disadvantage shareholders. These plans should not be excessively dilutive or incur a high cost. We generally expect discounted employee stock purchase plans to be broad-based and include non-executive employees. Discount rates should be in line with market best practice and not excessive.

For compensation plans with performance metrics, in instances where performance milestones are not met, we may expect reasonable claw back provisions for executive or director compensation related to these missed milestones depending on the circumstances.

We generally evaluate each compensation plan and any related proposals, including shareholder proposals, within the context of the market and the company. In order to make a suitable evaluation about compensation and related matters, we expect appropriate disclosures on relevant aspects.

**D. SHAREHOLDER RIGHTS AND DEFENSES** 

Companies should take actions and make decisions with the intent of maximizing long-term shareholder value creation. We generally support proposals that enhance shareholder rights and vote against those that seek to undermine them. We believe that in most cases, each common share should have one vote, and that a simple majority of voting shares should be what is required to effect change.

**1. SHAREHOLDER RIGHTS PLANS:** Shareholder rights plans, commonly known as poison pills, and similar take-over defenses should aim to promote long-term shareholder value creation. When designing plans and defenses, companies should ensure that they do not suppress potential value by unduly discouraging acquirers. We generally expect companies to seek shareholder approval or ratification of shareholder rights plans.

**2. UNEQUAL VOTING RIGHTS:** We generally expect companies to adhere to the one share one vote principle. When companies have dual-class structures, they should ensure that such structures are not misused to support instances where a few insiders may benefit at the cost of other shareholders. Ultimately, structures should strive to create alignment between the shareholders' economic interests and their voting power.

**3. VOTING REQUIREMENTS:** We typically prefer a majority vote standard for binding votes. We also expect management to be responsive to non-binding votes that have received majority support. We generally expect companies to protect minority shareholder rights as their primary goal when considering supermajority vote requirements.

**4. RIGHT TO CALL SPECIAL MEETINGS:** We generally expect companies to allow large shareholders to call special meetings. A large shareholder may be defined by a reasonable threshold or in line with prevalent market practices.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. PROXY ACCESS:** We generally consider ownership thresholds, holding periods, the number of directors that shareholders may nominate and any restrictions on forming a group in our evaluation of proposals related to proxy access.

**E. CAPITAL STRUCTURE** 

We expect any changes to the capital structure to be driven by legitimate business needs and not as a means of anti-takeover defense. We generally expect companies to ensure that such changes do not disadvantage shareholders.

Companies should provide a clear business rationale when requesting the authorization, or increase in authorization, of new shares or new share classes. They ought to request a reasonable number of shares in relation to the purpose outlined. Companies should follow prevalent market practices, such as offering pre-emptive rights, to ensure shareholders are not excessively diluted, unless required by specific circumstances which are clearly stated.

We generally consider specific company and market context when we evaluate proposals on dividend payout ratios and related matters.

**F. CORPORATE TRANSACTIONS & PROXY FIGHTS** 

We expect companies to provide a clear economic and strategic rationale for proposed transactions. We also expect disclosure of any financial benefits to the board or executives from any proposed transaction and will generally look for assurances that shareholder interests were prioritized. We generally assess company-specific circumstances when evaluating voting matters related to mergers, acquisitions, other special corporate transactions, and contested elections.

**G. SHAREHOLDER PROPOSALS** 

In assessing shareholder proposals, we will carefully consider the potential financial materiality (as appropriate to the investment strategy of MSIM's investment teams and relevant advisory affiliates) of the issues raised in the proposal, as well as the company's exposure to relevant risks and opportunities, current disclosures on the topic, and the sector and geography in which the company operates. We generally seek to balance concerns of reputational, operational, litigation and other risks that lie behind the proposal against costs of implementation.

We generally support proposals that seek to enhance useful disclosure on potentially financially material issues (as appropriate to the investment strategy of MSIM's investment teams and relevant advisory affiliates), including but not limited to climate, biodiversity, human rights, supply chain, workplace safety, human capital management and pay equity. We focus on understanding the company's business and commercial context and recognize that there is no one size fits all that can be applied across the board.

We generally do not support shareholder proposals on matters best left to the board's discretion, or addressed via legislation or regulation, or that would be considered unduly burdensome. We also generally do not support shareholder proposals related to matters that we do not consider to be financially material (as appropriate to the investment strategy of MSIM's investment teams and relevant advisory affiliates) for the company.

**APPENDIX A** 

**POLICY STATEMENT** 

The Policy, with respect to securities held in the accounts of clients applies to those MSIM entities that provide discretionary investment management services and for which an MSIM entity has authority to vote proxies. For purposes of this Policy, clients shall include: Morgan Stanley U.S. registered investment companies, other Morgan Stanley pooled investment vehicles, and MSIM separately managed accounts (including accounts for Employee Retirement Income Security ("ERISA") clients and ERISA-equivalent clients). This Policy is reviewed and updated as necessary to address new and evolving proxy voting issues and standards.

This Policy applies to the MSIM Affiliates set out in Section 1 of this Policy.

Each MSIM Affiliate will use its best efforts to vote proxies as part of its authority to manage, acquire and dispose of account assets.

• With respect to the U.S. registered investment companies sponsored, managed or advised by any MSIM Affiliate (the "Morgan Stanley Funds"), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized by the Board of Directors/Trustees of the Morgan Stanley Funds.

• For other pooled investment vehicles (e.g., UCITS), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized by the relevant governing board.

• For separately managed accounts (including ERISA and ERISA-equivalent clients), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under the applicable investment advisory agreement or investment management agreement. Where an MSIM Affiliate has the authority to vote proxies on behalf of ERISA and ERISA-equivalent clients, the MSIM Affiliate must do so in accordance with its fiduciary duties under ERISA (and the Internal Revenue Code).

• In certain situations, a client or its fiduciary may reserve the authority to vote proxies for itself or an outside party or may provide an MSIM Affiliate with a statement of proxy voting policy. The MSIM Affiliate will comply with the client's policy.

• Certain ETFs will follow Calvert's Global Proxy Voting Guidelines set forth in Appendix A of Calvert's Proxy Voting Policies and Procedures and the proxy voting guidelines discussed below do not apply to such ETFs. See Appendix A of Calvert's Proxy Voting

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Policies and Procedures for a general discussion of the proxy voting guidelines to which these ETFs will be subject.

• For the Investment Management Private Side clients, each adviser will, as a fiduciary to its clients, vote proxies in the best interest of its clients in a manner consistent with the objective of maximizing long-term investment returns. The "Proxy Vote Designee" will be the professional responsible for overseeing the investment for which a proxy vote is required. The Proxy Vote Designee will typically be the asset manager (for Real Estate Investing or Infrastructure) or the investment professional (for Private Credit and Equity). The Proxy Vote Designee will vote proxies in accordance with any applicable stockholder or similar agreement, the business plan associated with an investment (if applicable), and if necessary, with the advice of senior management of the applicable client, all in a manner consistent with these procedures. Additionally, each adviser reserves the right to depart from these procedures in order to avoid voting decisions that it believes may be contrary to its clients' best interests.

In circumstances in which (i) an adviser has determined to consider a matter on a case-by-case basis; (ii) the subject matter is not covered by these procedures; (iii) a material conflict of interest is present; or (iv) an adviser might find it necessary to vote contrary to the general guidelines outlined in these procedures to maximize shareholder value and vote in the best interests of the client, the Proxy Vote Designee may consult with their coverage attorney regarding appropriate internal process, decisions and completion of the proxy material.

For IM Private Side clients, potential conflicts of interest may occur where an adviser or any of its affiliates or their respective employees has a direct or indirect economic stake in the outcome of a proxy vote that is different from a client's stake. When such a potential conflict arises between an adviser and any of its affiliates or their respective employees on the one hand and one or more of the clients on the other, a designee, in consultation with their coverage attorney, will evaluate the matter to determine whether an actual conflict exists. Where an actual conflict exists, the adviser will take necessary and appropriate steps to address the conflict. If more than one client invests in the same portfolio company, or Morgan Stanley (or one or more of its affiliates or their respective employees or other clients) invests in the same portfolio company, Morgan Stanley (or one or more of its affiliates or their respective employees or other clients) and the two or more clients may have different investment objectives, client-specific voting policies or ultimate economic interests. In these situations, opposing votes may be cast by the relevant investors. Potential conflicts or the appearance of conflicts of interests will be disclosed in the applicable client's private placement memorandum, Form ADV Part 2A, as well as in the client's partnership agreement or, in the case of separate account clients, the investment management agreement consistent with the adviser's obligations under the Investment Advisers Act of 1940, as amended.

An MSIM Affiliate will not vote proxies unless the investment management agreement, investment advisory agreement or other authority explicitly authorizes the MSIM Affiliate to vote proxies.

In addition to voting proxies of portfolio companies, MSIM routinely engages with, or, in some cases, may engage a third party to engage with, the management or board of companies in which we invest on a range of environmental, social and governance issues. Governance is a window into or proxy for management and board quality. MSIM engages with companies where we have larger positions, voting issues are material or where we believe we can make a positive impact on the governance structure. MSIM's engagement process, through private communication with companies, allows us to understand the governance structures at investee companies and better inform our voting decisions. In certain situations, a client or its fiduciary may provide an MSIM Affiliate with a proxy voting policy. In these situations, the MSIM Affiliate will comply with the client's policy.

**APPENDIX B** 

Appendix A applies to the following accounts managed by Morgan Stanley AIP GP LP (i) closed-end funds registered under the Investment Company Act of 1940, as amended; (ii) discretionary separate accounts; (iii) unregistered funds; and (iv) non-discretionary accounts offered in connection with AIP's Custom Advisory Portfolio Solutions service. Generally, AIP will follow the guidelines set forth in Section II of MSIM's Proxy Voting Policy and Procedures. To the extent that such guidelines do not provide specific direction, or AIP determines that consistent with the Client Proxy Standard, the guidelines should not be followed, the Proxy Review Committee has delegated the voting authority to vote securities held by accounts managed by AIP to the Fund of Hedge Funds investment team, the Private Markets investment team or the Portfolio Solutions team of AIP. A summary of decisions made by the applicable investment teams will be made available to the Proxy Review Committee for its information at the next scheduled meeting of the Proxy Review Committee.

In certain cases, AIP may determine to abstain from determining (or recommending) how a proxy should be voted (and therefore abstain from voting such proxy or recommending how such proxy should be voted), such as where the expected cost of giving due consideration to the proxy does not justify the potential benefits to the affected account(s) that might result from adopting or rejecting (as the case may be) the measure in question.

**WAIVER OF VOTING RIGHTS** 

For regulatory reasons, AIP may either 1) invest in a class of securities of an underlying fund (the "Fund") that does not provide for voting rights; or 2) waive 100% of its voting rights with respect to the following:

1. Any rights with respect to the removal or replacement of a director, general partner, managing member or other person acting in a similar capacity for or on behalf of the Fund (each individually a "Designated Person," and collectively, the "Designated Persons"), which may include, but are not limited to, voting on the election or removal of a Designated Person in the event of such Designated Person's death, disability, insolvency, bankruptcy, incapacity, or other event requiring a vote of interest holders of the Fund to remove or replace a Designated Person; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any rights in connection with a determination to renew, dissolve, liquidate, or otherwise terminate or continue the Fund, which may include, but are not limited to, voting on the renewal, dissolution, liquidation, termination or continuance of the Fund upon the occurrence of an event described in the Fund's organizational documents; provided, however, that, if the Fund's organizational documents require the consent of the Fund's general partner or manager, as the case may be, for any such termination or continuation of the Fund to be effective, then AIP may exercise its voting rights with respect to such matter.

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**PineBridge Investments LLC** 

**PROXY VOTING POLICIES AND PROCEDURES** 

**I. Introduction** 

Proxy voting is an important right of shareholders, such as PineBridge Clients, for which PineBridge must take reasonable care and diligence to ensure such rights are properly and timely exercised. PineBridge, as a fiduciary for its Clients, must vote proxies in their best interest. We believe considering forward looking improvement in ESG issues is in the economic interest of our Clients. Please refer to the PineBridge Stewardship and Engagement Policy for details on how PineBridge interacts with companies, entities or other market participants on Environmental, Social and Governance (ESG) issues.

**II. Policy Statement** 

***Proxy Procedures -*** As a registered investment adviser that votes (or delegates the voting of) securities held in Client portfolios, PineBridge has implemented proxy voting procedures that are reasonably designed to help ensure that a) PineBridge votes proxies in the best interest of its Clients; b) describes its proxy voting procedures to its Clients, and c) discloses to Clients how they may obtain information on how PineBridge voted their proxies. These procedures are designed to help enable PineBridge to manage material conflicts of interest. While PineBridge must disclose its votes upon request to Clients, no public disclosure is required. (Note that disclosure is required for any mutual funds advised by PineBridge, on Form N-PX.)

***Record-Keeping -*** PineBridge must retain (i) these proxy voting policies and procedures; (ii) proxy statements received regarding Client securities; (iii) records of votes it casts on behalf of Clients; (iv) records of Client requests for proxy voting information, and; (v) any documents prepared by PineBridge that were material to making a decision how to vote, or that memorialized the basis for the decision. PineBridge may rely on proxy statements filed on EDGAR instead of keeping its own copies and rely on proxy statements and records of proxy votes cast by PineBridge that are maintained by contract with a third-party proxy voting service or other third party.

***Proxies of Shares of Non-U.S. Corporations -*** PineBridge has implemented general voting policies with respect to non-U.S. shares owned by Clients. However, although U.S. companies must give shareholders at least 20 days' advance notice to vote proxies, some non-U.S. companies may provide considerably shorter notice or none at all. PineBridge is not required to "rush" voting decisions in order to meet an impractical deadline, and as a result, PineBridge or PineBridge affiliates' regional designees under certain circumstances may not vote certain proxies. In addition, certain non-U.S. regulations impose additional costs to a Portfolio that votes proxies, and PineBridge will take that into consideration when determining whether or not to vote.

In the case of a material conflict between the interests of PineBridge and those of its Clients, PineBridge will take steps to address such conflicts (which may include consulting with counsel) and will attempt to resolve all conflicts in the Client's best interest.

**III. Procedures** 

• Compliance is responsible for ensuring that the PineBridge ADV includes the appropriate language summarizing PineBridge's proxy voting procedures and for updating the summary in the ADV whenever the procedures are updated. Compliance is also responsible for consulting with Legal to ensure that PineBridge's proxy voting policy is kept up to date and in a form appropriate for transmission to Clients.

• If a Client or potential Client requests a copy of the Proxy Voting Policy from Client Relations or Sales, Compliance should be contacted for the most recent version, or it may be obtained from the intranet. Client Relations will send to such Client a copy of the current version of the voting procedures within 7 days and will ensure that Compliance receives a log of each Client's request and the action taken

• If a Client requests access to the records of how PineBridge voted its proxies, the Client should be assured that this will be provided, and Operations should be consulted. Operations has access to these proxy voting records.

• PineBridge has established a Stewardship Committee (the "Committee"), which is responsible for defining and monitoring PineBridge's proxy voting strategy and process. The Committee is comprised of members of senior management, portfolio management, Compliance, Legal, Product and Operations

• The Committee conducts an annual review of the proxy voting guidelines for domestic and non-U.S. Portfolios. Guidelines are reviewed to ensure that the interests of PineBridge's Clients are best served.

• Issues not addressed in the voting guidelines are determined on a case-by-case basis with input from the Committee and portfolio managers.

• PineBridge has engaged a third-party vendor to administer proxy voting on its behalf. The vendor receives, in a majority of cases, proxies directly from the Client's custodian and votes them based on PineBridge' s voting guidelines.

• In circumstances where PineBridge receives proxies directly, these proxies must be sent to the vendor promptly. The vendor then votes them in accordance with PineBridge's voting guidelines. The vendor maintains a listing of all votes cast on behalf of PineBridge Clients.

January 2023

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**PineBridge Investments LLC** 

**STEWARDSHIP & ENGAGEMENT POLICY** 

**September 2023** 

**I. PineBridge Stewardship and Engagement Policy** 

The following stewardship and engagement policy sets forth how PineBridge endeavors to interact with companies, entities, and other market participants on environmental, social and governance (ESG) issues. The policy broadly applies to all asset classes, with the aim of achieving the investment and ESG objectives of PineBridge and its clients. Individual strategies may have specific policies that complement PineBridge's overarching policy.

**Stewardship and Engagement Philosophy** 

Stewardship is a vital aspect of managing assets on behalf of our clients' behalf, and it is an important component of ESG incorporation that benefits both PineBridge's clients and the companies or entities in which we invest. We believe that an ongoing open dialogue with our investee companies is an effective way to drive positive change, encourage transparency, and ultimately promote and participate in sustainable long-term value creation.

We define stewardship as individual or collaborative activities that seek to protect and enhance the value of the companies and entities in which we invest and thereby help attain our investment objectives. Stewardship activities may include, but are not limited to, engagement with issuers; voting at shareholder meetings; filing shareholder resolutions/proposals; taking direct roles on boards and board committees; negotiating with and monitoring suppliers with regard to stewardship actions in the investment chain; engaging with policymakers and standard-setters; and contributing to public goods (such as research) and public discourse (such as media) that support stewardship goals.

When we refer to engagement, we mean purposeful, targeted communication with an entity (e.g., a company, government, industry body, or regulator) on matters of concern, with the goal of encouraging change with an individual issuer or addressing a market-wide or systemic risk (such as climate change). While we treat regular communications to gain information as part of our ongoing research or investment due diligence, and in turn as part of our ESG incorporation and stewardship activities, we do not categorize such communication as engagement, per se. Engagement is undertaken with the ultimate goal of improving ESG risk management and therefore creating value for our investors in the circumstances described below.

**Engagement themes** 

In our engagement efforts, we distinguish between material bottom-up ESG issues and top-down ESG themes. The bottom-up engagement issues will differ from sector to sector and from asset class to asset class, and they inform our investment due diligence process and ESG incorporation. The top-down themes are engagement issues PineBridge has prioritized and committed to across all asset classes where we believe there is a long-term investment benefit or where clients or mandates specify. Though specific implementation of engagement can differ from asset class to asset class, our objectives and the way we measure progress facilitate uniform tracking and reporting across all asset classes as we work to address the following three common themes:

**1) Climate Change** 

At PineBridge we recognize that climate change and its associated risks poses an increasingly urgent threat to the global economy with potential significant market consequences. As an investor entrusted by certain clients to manage risks and opportunities with a focus on climate, we engage on their behalf with our portfolio holdings to take responsible and economic actions towards a carbon-neutral world, in line with the Paris Agreement's objective of limiting global warming to 1.5° C. PineBridge is committed to help drive actionable change on greenhouse gas emissions as a signatory of the Net Zero Asset Managers Initiative and act accordingly on behalf of like-minded clients. We aim to engage with companies that demonstrate a prudent investment opportunity and, for in-scope mandates, a path toward supporting global carbon neutrality.

**2) Diversity & Inclusion** 

We believe that a diverse and inclusive corporate culture is central to driving better business outcomes and fostering growth. Our belief is that each person brings unique strengths to a business and that each person shares responsibility for helping to ensure an inclusive and welcoming culture of equity. In our stewardship and engagement efforts, for mandates where societal benefit is a stated investment goal, we aim to ensure companies are espousing equitable and inclusive recruitment, development, and promotion practices. Where needed, we will hold company leaders accountable to promote a more inclusive and diverse workplace.

**3) Human Rights** 

As a signatory of the UN Global Compact, we recognize that ensuring human rights and dignity is essential to sustainable development. Our obligation to our clients is to address the risk of (potential) involvement of companies or entities in which we invest or may invest in gross human rights abuses or corporate negligence, as well as ensuring that PineBridge is aligned with applicable laws and UN conventions. We believe that a diverse, strong and inclusive workforce is central to driving better business outcomes and fostering growth.

**II. Engagement Approach** 

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We follow a four-step approach in our engagement process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Identify opportunities.** 

We identify engagement opportunities based on the most material and salient ESG issues flagged as part of our continual bottom-up ESG analysis and our top-down focus themes. We prioritize engagement based on the scale of our holdings of the underlying securities, the materiality or salience of the ESG concerns, and our exposure to those concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Set objectives.** We formulate clear, distinct, time-bound, and measurable engagement objectives in line with our engagement themes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Select method.** We define the most suitable engagement method and engagement plan depending on the engagement objective(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Record progress.** We document our engagement activities and progress made and any follow-up actions needed.

**III. Methods of Stewardship and Engagement** 

Depending on our engagement objectives, we will employ any or all of the following methods in our stewardship and engagement efforts:

• Verbal or written communication with investee companies or other entities. This can be achieved via calls, emails, or any other means of formal communication.

• In-person meetings. Our teams host a variety of in-person and virtual meetings with investee companies and other entities to discuss our views or any concerns in accordance with our engagement themes.

• Proxy voting. In order to effectively exercise our shareholder voting rights, PineBridge has developed a voting policy that includes custom guidelines for proxy voting for our listed equity investments. Voting may also be relevant in other asset classes, including real estate and private equity, and we provide detailed guidance in our asset-class-specific policies.

• Collaborative engagement. As active investors, we are committed to work with peers and industry partnerships to advance action on ESG issues.

The methods and frequency of stewardship and engagement may vary from one asset class to another, as detailed in our asset-class-specific policies.

**IV. Our Escalation Process** 

We believe in constructive engagement with investee companies and other entities. Our ambition is to support them in their ESG framework to mitigate potential risks and identify potential opportunities. When investee companies or other entities do not respond in a timely and sufficient manner to our stated expectations and requests for improvement on issues of concern to PineBridge or its clients, PineBridge will consider any or all of the following escalation strategies where appropriate, depending on the investment strategy:

• Raise our concerns with non-executive directors and/or the chair of the board

• Collaborate with other investors to add weight to our requests for change

• Vote against relevant agenda items in general or as part of extraordinary shareholder meetings

• Vote against reelection of directors, the chair of the board committee, and/or the chair of the board

• Co-file or support shareholder resolutions

• Raise our concerns publicly

• Decrease our investment positions, decline to invest, or fully divest.

**V. Managing Conflicts of Interest** 

PineBridge's approach to conflicts of interest is to take all appropriate steps to identify and prevent or manage potential and actual conflicts of interest that could pose a material risk to the interests of our clients.

**VI. Review and Communication** 

PineBridge's active management ethos extends to all aspects of the firm, including the review of our policies and process assurance and our assessment of their effectiveness. We endeavor to review our Stewardship and Engagement Policy on an annual basis.

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**Ranger Investment Management, L.P.** 

**Proxy Voting** 

**GENERAL POLICY** 

Ranger Investment Management, L.P. (or the "Firm"), as a matter of policy and as a fiduciary to our clients, has responsibility for voting proxies for portfolio securities consistent with the best economic interests of the clients. Our firm maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about our firm's proxy policies and practices. Our policy and practice include the responsibility to monitor corporate actions, receive and vote client proxies and disclose any potential conflicts of interest as well as making information available to clients about the voting of proxies for their portfolio securities and maintaining relevant and required records.

The Firm views seriously its responsibility to exercise voting authority over securities which form part of its investors' portfolios. Proxy statements increasingly contain controversial issues involving shareholder rights and corporate governance, among others, which deserve careful review and consideration.

It is the Firm's policy to review each proxy statement on an individual basis and to base its voting decision exclusively on its judgment of what will best serve the financial interests of the beneficial owners of the security. These beneficial owners include the Private Funds, Mutual Funds, and a portion of the Separate Accounts we manage.

Several recurring proxy issues can be identified with respect to the governance of a company and actions proposed by that company's board. The Firm follows an internal proxy voting policy that allows the Firm to vote on these issues in a uniform manner.

The Firm, in exercising its voting powers, also has regard for the statutes and rules applicable to registered investment advisers. An overview of how votes are cast by the Firm is reported to investors by delivery of this Proxy Voting Policy. In addition, the Firm will provide, upon request, a list of how each proxy was voted for an investor.

From time to time, the Firm may receive notices regarding class action lawsuits involving securities that are or were held by the portfolios it advises. As a matter of policy, the Firm refrains from serving as the lead plaintiff in class action matters and refrains from submitting proofs of claim where the Firm believes, in its sole discretion, that either the recovery amounts are likely to be negligible or such participation is not in the interest of the applicable account. As a result, the Firm may on behalf of Clients forgo participation in class action lawsuits.

**Responsibility** 

The Investment Team has the responsibility for the implementation and monitoring of our proxy voting policy, practices, disclosures and record keeping, including outlining our voting guidelines in our procedures.

**Delegation of Proxy Voting Authority and Voting Obligations** 

Terms and conditions defining and/or limiting the scope of Ranger Investment Management, L.P.'s proxy voting authority and voting obligations, as agreed upon with the client, are documented as part of the investment policies and objectives or included in the Investment Management Agreement of such client(s).

**Voting Procedure** 

• Ranger Investment Management, L.P. has engaged the services of a third-party proxy services, ISS, to assist with the administration of the proxy voting process; ISS services include proxy voting recommendations based upon research and guidelines published by ISS;

• The Investment Team reviews every proxy on a case-by-case evaluation of each issue that may result in proxy votes that differ from the ISS recommendation.

• The Investment Team will determine which client accounts hold the security to which the proxy relates; and

• Proxies are generally considered by the Investment Team members responsible for monitoring the security being voted. That person will cast their votes in accordance with this policy. Any non-routine matters are referred to the Portfolio Manager

**Disclosure** 

• Ranger Investment Management, L.P. will provide required disclosures in response to Item 17 of Form ADV Part 2A summarizing this proxy voting policy and procedures, including a statement that clients may request information regarding how Ranger Investment Management, L.P. voted a client's proxies.

• Ranger Investment Management, L.P.'s disclosure summary will include a description of how clients may obtain a copy of the firm's proxy voting policies and procedures.

**Client Requests for Information** 

• Client requests for information regarding proxy votes, or policies and procedures received by any employee should be forwarded to Investment Team; and

• In response to any request, the Marketing and Client Service Team will prepare a written response to the client with the information requested, and as applicable will include the name of the issuer, the proposal voted upon, and how Ranger Investment Management, L.P.

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voted the client's proxy with respect to each proposal about which client inquired.

**Voting Guidelines** 

• In the absence of specific voting guidelines from the client, the Firm will obtain reasonable understanding of the client's objectives in order to vote proxies in the best interests of each particular client. Ranger Investment Management, L.P.'s policy is to vote all proxies from a specific issuer the same way for each client absent qualifying restrictions from a client. Clients are permitted to place reasonable restrictions on Ranger Investment Management, L.P.'s voting authority in the same manner that they may place such restrictions on the actual selection of account securities.

• In most cases, Ranger Investment Management, L.P. will vote for management's proposed directors in uncontested elections. For contested elections, the Firm votes for candidates it believes best serve shareholders' interests.

• The Firm will generally vote in favor of the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes to ratify management's appointment of independent auditors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes for Increase Authorized Capital proposals in the absence of unusual circumstances. There are many business reasons for companies to increase their authorized capital. The additional shares often are intended to be used for general corporate purposes, to raise new investment capital for acquisitions, stock splits, recapitalizations or debt restructurings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes against proposals to divide share capital into two or more classes or to otherwise create classes of shares with unequal voting and dividend rights. The Firm is concerned that the effect of these proposals, over time, is to consolidate voting power in the hands of relatively few insiders, disproportionate to their percentage ownership of the company's share capital as a whole. This concentration of voting power can effectively block any takeover which management opposes and dilute accountability to shareholders.

• Merger and acquisition proposals are reviewed on a case-by-case basis by taking the following into consideration: 1) whether the proposed acquisition price represents fair value; 2) whether shareholders could realize greater value through other means; and 3) whether all shareholders receive equal/fair treatment under the merger acquisition terms.

• Restructuring/recapitalization proposals are reviewed on a case-by-case basis taking the following into consideration: 1) whether the proposed restructuring/recapitalization is the best means of enhancing shareholder value; and 2) whether the company's longer-term prospects will be positively affected by the proposal.

• Ranger Investment Management, L.P. will vote for proposals to provide corporate indemnification for directors if consistent with all relevant laws. Corporations face great obstacles in attracting and retaining capable directors. The Firm believes such proposals will contribute to corporations' ability to attract qualified individuals and will enhance the stability of corporate management.

• In reviewing proposals, Ranger Investment Management, LP. will further consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer's business practices.

• Where the potential effect of the vote is significant to the value of clients' investments or where the matter is not addressed by our policies and procedures, Ranger Investment Management, LP. will conduct a more detailed analysis than what is contemplated by the general voting guidelines.

• Ranger Investment Management, LP. will conduct sample testing to determine that votes are cast (either internally or by third-party proxy advisory firms) consistently with our voting policies and procedures.

• Ranger Investment Management, LP.'s proxy voting responsibilities and scope of voting arrangements will be agreed upon and clearly stated in writing.

**Shareholder Proposals – Corporate Governance Issues** 

• The Firm will generally vote for proposals calling for a majority independent board. The Firm believes that a majority of independent directors can be an important factor in facilitating objective decision making and enhancing accountability to shareholders.

• Ranger Investment Management, LP. will generally vote against proposals to restrict Employee compensation. The Firm feels that the specific amounts and types of Employee compensation are within the ordinary business responsibilities of the Board of Directors and company management; provided, however, that share option plans meet our guidelines for such plans as set forth herein. On a case-by-case basis, the Firm will vote for proposals requesting more detailed disclosure of Employee compensation, especially if the company does not have a majority outside board.

**ESG Factors** 

The Firm's proxy voting guidelines are grounded in financial materiality as informed by SASB/IFRS and our ESG "core considerations". These are not intended to be rules, but a framework for proxy decision-making. For a full review of our proxy voting process, please see the "Proxy Voting" section in our Compliance Manual.

We generally support environmental proposals that seek to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improve climate-related disclosures in a prudent and fiscally responsible manner and within a reasonable time frame. This includes

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alignment with voluntary climate reporting frameworks such as SASB/ISSB, GRI, and TCFD.

We generally support social proposals that seek to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improve human capital disclosures in a prudent and fiscally responsible manner and within a reasonable time frame. This includes diversity, equity, and inclusion disclosures, EEO-1 reports, employee health and safety initiatives, and data security and privacy initiatives.

We generally support governance proposals that seek to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improve board composition, independence, and diversity of skillsets. In the election of directors, we consider how proposals may benefit or hinder board independence, average board tenure, and overall board expertise that we deem important to the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improve board structure such as the separation of the CEO and Chair roles, a declassified board structure, majority voting rights, and a single class of stock which prohibits unequal voting rights. We carefully consider the potential impacts to board independence and diversity when these topics are related to director elections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Better align executive compensation with the interests of shareholders. For proposals related to equity-based compensation, we consider the dilutive impact of stock options on a case-by-case basis and do not support proposals where we deem dilution to be excessive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ISS provides logistical support as well as advisory services. We utilize two ISS policies as a reference tool in proxy voting research: the ISS Benchmark Policy and the ISS Sustainability Policy. On most matters of corporate governance, such as board independence, director tenure, or CEO/ Chairman structure, the two policies are in alignment. Both policies offer guidance based on a commitment to create and preserve economic value and to advance principles of good corporate governance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On matters of environmental or social import, ISS' Proxy Voting Sustainability Policy seeks to promote support for recognized global governing bodies promoting sustainable business practices advocating for stewardship of the environment, fair labor practices, non-discrimination, and the protection of human rights.

**Conflicts of Interest** 

• Ranger Investment Management, L.P. stays abreast of any conflict that may exist between the Firm and the client by reviewing the relationship of the Firm with the issuer of each security to determine if Ranger Investment Management, L.P. or any of its employees has any financial, business or personal relationship with the issuer.

• If a material conflict of interest exists, Investment Team will determine whether it is appropriate to disclose the conflict to the affected clients, to give the clients an opportunity to vote the proxies themselves, or to address the voting issue through other objective means such as voting in a manner consistent with a predetermined voting policy or receiving an independent third-party voting recommendation; and

• The Firm will maintain a record of the voting resolution and the informed consent forms obtained from our clients in any conflict of interest.

**Recordkeeping** 

The Firm shall retain the following proxy records in accordance with the SEC's five-year retention requirement.

• These policies and procedures and any amendments.

• Each proxy statement that Ranger Investment Management, L.P. receives.

• A record of each vote that Ranger Investment Management, L.P. casts.

• Any document Ranger Investment Management, L.P. created that was material to making a decision how to vote proxies, or that memorializes that decision including reports to Investment Team or proxy committee, if applicable; and

• A copy of each written request from a client for information on how Ranger Investment Management, L.P. voted such client's proxies, and a copy of any written response.

On an annual basis, Ranger Investment Management, LP. will review and document the adequacy of our voting policies and procedures to ensure that they have been formulated reasonably and implemented effectively, including whether the applicable policies and procedures continue to be reasonably designed to ensure that the firm casts votes on behalf of our clients in the best interest of such clients.

**Third Party Proxy Advisory Firm** 

In addition to conducting initial due diligence prior to engaging the services of any third-party proxy service firm, Ranger Investment Management, LP. will:

• Monitor and review such services at least annually.

• Evaluate any conflicts of interest, consistency of voting with guidelines, assessment of the proxy service firm's accurate analysis of relevant information, and fees and disclosures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Consider whether the proxy advisory firm has adequately disclosed its methodologies in formulating voting recommendations.

• Review any third-party information sources that the proxy advisory firm uses as a basis for its voting recommendations.

• Consider whether the proxy advisory firm has the capacity and competency to adequately analyze voting matters, including staffing personnel and/or technology and whether the proxy voting firm has an effective process for seeking timely input from issuers and proxy advisory firm clients.

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**Systematic Financial Management, L.P.** 

**Proxy Voting Policy** 

**Policy SUMMARY** 

Systematic Financial Management, L.P. has adopted and implemented this Proxy Voting Policy, which it believes is reasonably designed to:

• Ensure that proxies are voted in the best interests of its clients;

• Address material conflicts of interest that may arise; and

• Comply with disclosure and other requirements in connection with its proxy voting responsibilities.

**Policy** 

As an investment adviser and fiduciary of client assets, Systematic's proxy voting policies and procedures are designed to protect the value of shareholder investments. The Investment Advisers Act of 1940, as amended (the 'Advisers Act'), requires investment advisers to act solely in the best interest of its clients at all times. We have adopted and implemented these Proxy Voting Policies and Procedures, which we believe are reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with our fiduciary duties and Rule 206(4)-6 under the Advisers Act.

**PROCEDURES** 

Systematic recognizes that proxies are client assets and, as such, are managed with the same care, skill and diligence as all other client assets. Systematic shall vote proxies related to securities held by our clients for which we serve as the investment adviser in the best interest of our clients. Systematic's authority to vote the proxies of certain clients is established by advisory contracts or comparable documents. In addition to requirements of the Securities and Exchange Commission ("SEC") governing advisers, these policies reflect our fiduciary standards and responsibility for ERISA accounts. At their discretion, clients may reserve the right to vote proxies for themselves. Furthermore, a client may from time-to-time direct us to vote proxies in a manner that is different from the guidelines set forth in our Proxy Voting Policies and Procedures. We will follow such written direction for proxies received after our receipt of such written direction. These Proxy Voting Policies and procedures are limited solely to clients for which we have agreed to vote such proxies.

Systematic is wholly owned by Affiliated Managers Group, Inc. ("AMG"), an asset management company with equity investments in numerous investment management firms (its "Affiliates"). Systematic does not purchase AMG's publicly traded securities for client portfolios. Each AMG Affiliate makes its own investment and proxy voting decisions, which are not communicated to AMG or to other Affiliates.

Systematic has retained an independent third-party proxy advisory agent to assist the firm in discharging its proxy voting responsibilities. The third-party proxy advisory firm offers voting assistance by, among other proxy matters:

• Providing specified sets of independent proxy voting policy guidelines;

• Providing research and vote recommendations in accordance with the specified policies considerations;

• Voting Systematic's client proxies via the proxy adviser's automated, electronic vote management system;

• Acting as agent for the proxy process, and

• Maintaining records on proxy voting for our clients.

To assist Systematic in voting proxy proposals in their client's best interest, the firm has adopted four sets the proxy adviser's proxy voting guidelines, one based on AFL-CIO polices for Taft-Hartley Plan Sponsors, another for Public Plans, a third for Catholic or other faith-based clients and the fourth being a General Policy for all other clients. Institutional clients are generally requested to select which set of proxy guidelines they wish Systematic to use in voting their account's proxies. In instances where the client does not select a voting policy, Systematic will generally select the client's proxy policy based on Systematic's determination of which policy it believes is in the client's best interest. Ballots for our retail separately managed account (SMA) clients are typically wrapped in an Omnibus account and voted according to the proxy adviser's General Proxy Voting Policy. Systematic understands that the proxy advisory firm uses its best efforts to ensure that its proxy voting recommendations are consistent with its policy guidelines, as well as relevant requirements of ERISA and the U.S. Department of Labor.

**Exceptions** 

Systematic typically does not vote the following types of proxies:

<u>Foreign Securities</u>: While Systematic will make reasonable efforts to vote foreign securities on behalf of clients, voting proxies of companies not domiciled in the United States may involve greater effort and cost due to the variety of regulatory schemes and corporate practices. (e.g., proxies may be written in a language other than English or proxies that require travel overseas in order to vote). Furthermore, Systematic generally will also decline to vote proxies if to do so would cause a restriction to be placed on Systematic's ability to trade securities held in client accounts in "share blocking" countries. Accordingly, Systematic may abstain from votes in a share blocking country in favor of preserving its ability to trade any particular security at any time.

<u>Securities on Loan</u>: Some Systematic clients may participate in securities lending programs. In most circumstances, securities on loan will

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not be recalled due to circumstances beyond the control of Systematic or due to client's preferences not to recall such securities.

<u>Other Voting Exceptions</u>: Other proxy voting exceptions exist for proxies of legacy securities held in a new account previously managed by another manager and that the client intends to sell; if the aggregate number of shares held by the Firm are of a de minimis amount of the company's outstanding shares, or in some cases if the vote relates to a routine matter.

**Use of Proxy Advisory Firm's Electronic, Automated Voting System** 

As previously mentioned, Systematic subscribes to the use of its proxy advisory firm's electronic, automated voting system when voting it clients' proxies in the normal course. Under normal circumstances Systematic generally casts its votes in accordance with its proxy adviser's vote recommendations. Systematic's proxy adviser provides information relating to its vote recommendations in advance of the proxy vote submission deadline including, but not limited to, information and reported additional feedback concerning issuer or shareholder supplemental information and research that may contrast or differ from the proxy advisory firm's research, recommendations and views. In these instances, where additional information is received, or in the case of controversial or contested election proposals, and similarly situated proxy matters, a more thorough analysis of such information may be conducted by Systematic before final proxy votes are cast, taking into consideration our client(s) best interests.

**Conflict of Interest** 

For purpose of this Policy, a conflict of interest is a relationship or activity engaged in by Systematic or a Systematic employee that creates an incentive (or appearance thereof) to favor the interests of Systematic, or the employee, rather than the clients' interests. For example, Systematic may have a conflict of interest if either Systematic has a significant business relationship with a company that is soliciting a proxy, or if a Systematic employee who is involved in the proxy voting decision-making process has a significant personal or family relationship with the particular company. A conflict of interest is considered to be 'material' to the extent that a reasonable person could expect the conflict to influence Systematic's decision on the particular vote at issue. Systematic seeks to avoid the occurrence of actual or apparent material conflict of interest in the proxy voting process by voting in accordance with pre-determined voting guidelines, and by observing procedures that are intended to prevent, when practicable, and manage material conflicts of interest. In all cases in which there is deemed to be a material conflict of interest, Systematic will seek to resolve the conflict in the clients' best interests. As previously mentioned in order to avoid the appearance of any and all conflicts of interest, Systematic has adopted four independent proxy voting guidelines, all of which are constructed and maintained by the firm's proxy advisory firm. It is our belief that such adoption not only endeavors to remove conflicts of interest that could affect the outcome of a vote but also affords us the opportunity to vote in the best interest of the client. Systematic intends to remove any discretion it may have to interpret how to vote proxies in cases where Systematic has a conflict of interest or the appearance of a potential conflict of interest.

Systematic's Proxy Voting Committee monitors situations where Systematic believes it has a material conflict of interest, or where Systematic wishes to exercise its discretion or more closely review a particular matter. In these situations, the Proxy Voting Committee will review the vote(s) involved and provide the actual voting recommendation based upon the Committee's determination of what is in Systematic's client's best interests. Systematic may use consensus decisions when voting an issue and does not allow Portfolio Managers to vote proxies independently. The CCO must approve the Proxy Voting Committee's voting recommendation prior the vote being cast. The CCO's approval will depend, in part, upon whether, in the CCO's best judgment, the recommendation reflects the spirit of Systematic's Proxy Voting Policy and related procedures. Systematic will maintain documentation of any such voting decision.

Furthermore, Systematic periodically reviews its proxy advisory firm's policies and procedures regarding how it identifies and addresses conflicts of interests as well as their Conflict Management Procedures. In addition, Systematic receives an annual Conflict of Interest Statement from the proxy advisory firm. The proxy advisory firm must notify Systematic in advance of any potential material conflict of interest that may arise in voting proxies on behalf of Systematic's clients. Both the proxy advisory firm and Systematic will follow their respective procedures regarding conflicts of interest should a material conflict of interest occur.

**Policy Review** 

Systematic generally reviews and documents the adequacy of its voting policies and procedures annually to ensure they have been reasonably designed and continue to comply with our requirements as a fiduciary. As part of this annual review, Systematic generally considers the following types of matters before retaining a new proxy advisory firm or continuing to retain the services of its current proxy advisory firm:

• The proxy advisory firm's capacity and competency to adequately analyze the matters for which Systematic is responsible for voting,

• The adequacy and quality of the proxy advisory firm's personnel and technology,

• The adequacy of the proxy advisory firm's process for seeking timely input from issuers and proxy advisory firm clients with respect to proxy voting policies, methodologies, and peer group constructions, including 'say on pay' votes,

• The adequacy of the proxy advisory firm's disclosures regarding its methodologies for formulating voting recommendations and, in making such recommendations, whether it uses any third-party information,

• The proxy advisory firm's policies and procedures for identifying and addressing conflicts of interest, rectifying identified material deficiencies in its analyses, discourse of its information sources and methods used to develop its voting recommendations, and consideration by the proxy adviser of facts unique to a specific issuer or proposal when evaluating a matter that is subject to a shareholder vote,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The proxy advisory firm's policies and procedures for implementing an investment adviser's proxy voting instructions, if any,

• Review its agreement with the proxy advisory firm to determine whether the proxy advisory firm is permitted to use any non-public information regarding how Systematic intends to vote a client's securities that would not be in the best interest of Systematic's clients, (e.g., is the proxy advisory firm permitted to share this information with third parties); and

• Any changes to the services or scope of services provided to Systematic by the proxy advisory firm.

**Client Disclosure** 

Systematic shall provide information regarding its proxy voting policies and procedures, including information about any conflicts of interests and the policies to address such conflicts, and disclose how clients can obtain information about how their securities were voted. Systematic's practices related to this Policy are disclose in the Firm's Form ADV, which is filed with the SEC and furnished to clients. In addition, Systematic will provide clients with a copy of its policies upon request.

Generally, Systematic provides institutional clients with a report summarizing how proxy votes were cast for the securities held in their accounts on a quarterly basis. Systematic typically provides proxy voting records of its registered investment company clients to such clients as their agents for disclosure on Form N-PX.

**Recordkeeping** 

Systematic shall maintain certain records required by applicable law in connection with proxy voting activities and shall provide proxy voting information to a client for which we are responsible for voting proxies upon written request.

Systematic's Compliance Department is primarily responsible for maintaining records created with respect to this Policy and the procedures adopted to implement it. Such records will include, but are not limited to, corporate issuer proxy statements and ballots (unless otherwise available on the SEC's EDGAR website), reports from third-party research providers, internal memos between and among Systematic personnel, communications between Systematic an corporate issuers or clients pertaining to proxy voting matters, proxy voting policies, procedures and guidelines, proxy voting records for each meeting voted on behalf of clients, the number of share voted by account and how each proxy was voted.

The Compliance Department may, in its discretion, delegate maintenance and retention of some or all of these proxy voting records to its designated third-party proxy advisory agent. All proxy voting records will be maintained on site for a minimum of two years and for a minimum of six years in total, in accordance with applicable law.

**Oversight** 

Systematic has a Proxy Voting Committee comprised of the CCO and certain Compliance Department personnel. The Proxy Voting Committee monitors and reviews the Firm's voting policies and procedures, material conflicts of interest or special factors or circumstances on an as needed basis. The Committee also reviews and approves any material changes to the proxy advisory firm's policies.

Systematic's Proxy Voting Committee shall also periodically conduct due diligence over the proxy advisory firm's operations, including any material changes to their organization, staffing, personnel and technology; processes for ensuring that it maintains complete and accurate information about the issuer and each particular matter; efforts to correct any identified material deficiencies in the proxy advisory firm's analysis; updates to policies and procedures as well as any business changes that may affect the proxy advisory firm's competency in carrying out voting instructions.

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**Thompson, Siegel & Walmsley LLC** 

**Proxy Voting Policy** 

**Last Update March 28, 2025** 

TSW has a fiduciary responsibility to its clients for voting proxies, where authorized, for portfolio securities consistent with the best economic interests of its clients. TSW maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about our Firm's proxy voting policies and practices in Form ADV Part 2A. In addition, we review our policies and practices no less than annually for adequacy; to make sure they have been implemented effectively, and to make sure they continue to be reasonably designed to ensure that proxies are voted in the best interests of our clients. Our policy and practice include the responsibility to monitor corporate actions and potential conflicts of interest, receive and vote client proxies, and make information available to clients about the voting of proxies for their portfolio securities while maintaining relevant and required records.

**Background** 

Proxy voting is an important right of shareholders, and reasonable care and diligence should be undertaken to ensure that such rights are properly exercised.

Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which should include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser has proxy voting authority.

A related companion release by the SEC also adopted rule and form amendments under the Securities Act and Investment Company Act similar to the above which TSW complies with when acting as a sub-adviser to a mutual fund.

**Responsibility** 

TSW's Senior Compliance Officer (Proxy Coordinator) has the responsibility for the organization and monitoring of our Proxy Voting policy, practices, and recordkeeping. Implementation and disclosure, including outlining our voting guidelines in our procedures, is the responsibility of the CCO and Chief Operating Officer. TSW has retained the services of a third-party provider, Institutional Shareholder Services, Inc. ("ISS") to assist with the proxy process. ISS is a Registered Investment Adviser under the Advisers Act. It is a leading provider of proxy voting and corporate governance services. ISS provides TSW proxy proposal research and voting recommendations and votes proxies on TSW's behalf in accordance with ISS's standard voting guidelines. Those guidelines cover the following areas:

• Operational Issues

• Board of Directors

• Proxy Contests

• Anti-takeover Defenses and Voting Related Issues

• Mergers and Corporate Restructurings

• State of Incorporation

• Capital/ Restructuring

• Executive & Director Compensation

• Social/Environmental Issues

• Mutual Fund Proxies

TSW generally believes that voting proxies in a manner that is favorable to a business's long-term performance and valuation is in its clients' best interests. However, a uniform voting policy may not be in the best interest of all clients. While TSW applies ISS's standard policy guidelines to most clients, where appropriate we utilize ISS's specialized, non-standard policy guidelines to meet specific client requirements.

TSW's Proxy Coordinator is responsible for monitoring ISS's voting procedures on an ongoing basis. TSW's general procedure regarding the voting of proxies is addressed below. For instances not directly addressed in this policy the Proxy Oversight Representative should act in accordance with the principles outlined in the SEC's *Guidance Regarding Proxy Voting Responsibilities of Investment Advisers* issued in August 2019 and supplemental release in September 2020 in consultation with the Proxy Coordinator.

**Procedure** 

TSW has adopted various procedures and internal controls to review, monitor and ensure the Firm's Proxy Voting policy is observed, implemented properly and amended or updated, as appropriate, which include the following:

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**Voting Procedure** 

• Upon timely receipt of proxy materials, ISS will automatically release vote instructions on client's behalf as soon as custom research is completed. TSW retains authority to override the votes (before cut-off date) if TSW disagrees with the vote recommendation.

• The Proxy Coordinator will monitor the voting process at ISS via ISS's Proxy Exchange website (ISS's online voting and research platform). Records of which accounts are voted, how accounts are voted, and how many shares are voted are kept electronically with ISS.

• For proxies not received by ISS, TSW and ISS will make a best effort attempt to receive ballots from the clients' custodian prior to the vote cut-off date.

• TSW is responsible for account maintenance – opening and closing of accounts, transmission of holdings and account environment monitoring. ISS will email TSW Compliance personnel to get approval when closing an account that was not directed by TSW.

• The Chief Operating Officer (Proxy Oversight Representative) will keep abreast of any critical or exceptional events or events qualifying as a conflict of interest via ISS Proxy Exchange website and email.

• Investment teams should keep the Proxy Oversight Representative and Proxy Coordinator informed of material issues affecting pending or upcoming proxy votes. If the Proxy Oversight Representative and Proxy Coordinator become aware of additional information that would reasonably be expected to affect TSW's vote, then this information should be considered prior to voting.

• TSW has the ability to override ISS recommended vote instructions and will do so if believed to be in the best interest of the client. All changes are documented and coordinated between the Proxy Oversight Representative and/or Proxy Coordinator and the Portfolio Manager and/or Research Analyst. Changes generally occur as a result of TSW's communication with issuer management regarding matters pertaining to securities held when the issuer questions or disputes ISS's voting recommendation.

All proxies are voted solely in the best interest of clients on a best-efforts basis. Proactive communication takes place via regular communication with ISS's Client Relations team.

**Disclosure** 

TSW will provide conspicuously displayed information in its Disclosure Document summarizing this Proxy Voting policy, including a statement that clients may request information regarding how TSW voted a client's proxies, and that clients may request a copy of these policies and procedures.

*<u>See Form ADV, Part 2A – Item 17– Voting Client Securities</u>* 

**Due to the SEC amendments to Form N-PX that require additional disclosures for proxy ballots issued on or after July 1, 2023 we have retained ISS and will utilize their service to satisfy the requirements under this amendment. This amendment is new for investment managers and requires the reporting of how we voted on" say-on-pay matters".** 

**Client Requests for Information** 

• All client requests for information regarding proxy votes, or policies and procedures, received by any associate should be forwarded to the Proxy Coordinator.

• In response to any request, the Proxy Coordinator will prepare a response to the client with the information requested, and as applicable, will include the name of the issuer, the proposal voted upon, and how TSW voted the client's proxy with respect to each proposal about which the client inquired.

**Voting Guidelines** 

• TSW has a fiduciary responsibility under ERISA to vote ERISA Plan proxies unless the Plan directs otherwise. TSW will vote proxies when directed by non-ERISA clients. In the absence of specific voting guidelines from the client and upon timely receipt of proxy materials from the custodian, TSW will vote proxies in the best interests of each particular client according to the recommended election of ISS. ISS's policy is to vote all proxies from a specific issuer the same way for each client, absent qualifying restrictions from a client. Clients are permitted to place reasonable restrictions on TSW's voting authority in the same manner that they may place such restrictions on the actual selection of account securities.

• ISS will generally vote in favor of routine corporate housekeeping proposals such as the election of directors and selection of auditors absent conflicts of interest raised by auditors' non-audit services.

• ISS will generally vote against proposals that cause board members to become entrenched, reduce shareholder control over management or in some way diminish shareholders' present or future value.

• In reviewing proposals, ISS will further consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer's business practices.

• A complete summary of ISS's U.S. and International voting guidelines is available at: https://www.issgovernance.com/policy.

**Forensic Testing Procedures** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• No less than quarterly, TSW's Proxy Coordinator will review the ISS Proxy Exchange Master Account List to ensure all appropriate accounts are being voted.

• TSW will conduct periodic tests to review proxy voting records and the application of general voting guidelines, especially in circumstances such as corporate events (e.g., mergers and acquisition transactions, dissolutions, conversions, consolidations, etc.) or contested director elections. Any matter warranting additional, often issuer-specific review will be escalated to the Portfolio Manager and Research Analyst as needed.

• TSW occasionally communicates directly with issuer management regarding matters pertaining to securities held in the portfolio when it questions or disputes ISS's voting recommendation.

**Conflicts of Interest** 

• TSW will identify any conflicts that exist between the interests of the adviser and each client by reviewing the relationship of TSW with the issuer of each security to determine if TSW or any of its associates has any financial, business or personal relationship with the issuer.

• If a material conflict of interest exists, the Proxy Coordinator will instruct ISS to vote using ISS's standard policy guidelines which are derived independently from TSW.

• TSW will maintain a record of the voting resolution of any conflict of interest.

• ISS also maintains a Conflicts Policy which indicates how they address any potential conflicts of interest and is available at: https://www.issgovernance.com/compliance/due-diligence-materials.

**Practical Limitations Relating to Proxy Voting** 

TSW makes a best effort to vote proxies. In certain circumstances, it may be impractical or impossible for TSW to do so. Identifiable circumstances include:

• *Limited Value:* Where TSW has concluded that to do so would have no identifiable economic benefit to the client-shareholder;

• *Unjustifiable Cost:* When the costs of or disadvantages resulting from voting, in TSW's judgment, outweigh the economic benefits of voting;

• *Securities Lending:* If securities are on loan on the record date, the client lending the security is not eligible to vote the proxy. Because TSW generally is not aware of when a security is on loan, we will not likely have the opportunity to recall the security prior to the record date; and

• *Failure to receive proxy statements:* TSW may not be able to vote proxies in connection with certain holdings, most frequently for foreign securities, if it does not receive the account's proxy statement in time to vote the proxy.

**Recordkeeping** 

TSW and/or ISS shall retain the following proxy records in accordance with the SEC's five-year retention requirement:

• These policies and procedures and any amendments;

• Each proxy statement that ISS receives;

• A record of each vote that ISS casts on behalf of TSW;

• Any document ISS created that was material to making a decision regarding how to vote proxies, or that memorializes that decision; and

• A copy of each client request for information on how ISS voted such client's proxies (i.e., Vote Summary Report), and a copy of any response.

**Due Diligence and Error Procedures** 

TSW will periodically perform due diligence on ISS, focusing on the following areas:

• Adequacy of ISS's staffing and personnel;

• Adequacy/robustness of ISS's Policies and Procedures and review of their policies for conflict issues;

• Adequacy of control environment and operational controls of ISS (i.e., SSAE 18);

• Review of any specific conflicts ISS may have with regard to TSW;

• Review of ISS for any business changes that may affect services provided to TSW; and

• Review quarterly reporting package provided by ISS and enhance this package as necessary for any additional information that is needed.

TSW will take the following steps should there ever be an issue/error that occurs with regard to its proxy voting responsibilities:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Follow up with ISS to determine the cause of and the details surrounding the issue;

• Report back to the affected client immediately with such details and how the issue will be resolved;

• Put additional controls in place if necessary, to prevent such issues from occurring in the future; and

• Report back to the affected client with the final resolution and any remedial steps.

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**Transamerica Asset Management, Inc.** 

**Proxy Voting Policies and Procedures** 

**1. Background** 

Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended ("Advisers Act") requires advisers to adopt and implement policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interest of its clients. These policies and procedures must be in writing and must describe how the adviser addresses material conflicts between its interests and those of its clients with respect to proxy voting.

Rule 206(4)-6 also requires each investment adviser to (1) disclose to clients how they may obtain information from the adviser about how it voted with respect to their respective securities; and (2) describe to clients its proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures to the requesting client.

Accordingly, Transamerica Asset Management, Inc. ("TAM") has adopted and implements written procedures designed to enable it to identify, address and monitor potential conflicts of interest.

**2. Policy** 

TAM recognizes that proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion in order to secure the best long-term interests of the advisory clients of TAM. TAM's proxy voting policies and procedures are designed to implement TAM's duty to vote proxies in clients' best interests.

**3. Sub-Advised Registered Investment Companies** 

TAM has delegated the responsibility to exercise voting authority with respect to securities held in the portfolios of the registered investment companies for which one or more sub-advisers has been retained by TAM as sub-adviser(s) for each such portfolio. The proxy voting policies and procedures of the respective sub-advisers are used to determine how to vote proxies relating to securities held by each such portfolio.

**4. Asset Allocation Registered Investment Companies** 

TAM exercises voting discretion for the Horizon Asset Allocation Funds and the Transamerica 60/40 Allocation VP of the Transamerica Series Trust ("Asset Allocation Funds"), or if specifically designated to TAM by its sub-advisory agreement.

TAM manages portfolios for the Transamerica Funds, the Transamerica Series Trust, and Transamerica Asset Allocation Funds (collectively, the "Funds"). TAM may invest an Asset Allocation Fund in shares of the Funds. If a Fund solicits a proxy for which an Asset Allocation Fund is entitled to vote, TAM's interests as manager of the Fund might appear to conflict with the interests of the shareholders of the Asset Allocation Fund. In these cases, TAM's proxy voting policy and procedures address material conflicts of interest that may arise between TAM, and/ or its affiliates and the Funds by either: (i) providing for voting in accordance with the recommendation of an independent third party or the Funds' Board; (ii) voting shares in the same proportion as the vote of all of the other holders of a Fund's shares; or (iii) obtaining the consent of the Funds' Board (or a Board Committee) with full disclosure of the conflict.

**Revision History** 

April 30, 2020, November 17, 2020, September 1, 2022, August 1, 2023, October 31, 2025

**Transamerica Funds** 

**Transamerica Series Trust** 

**PROXY VOTING POLICIES AND PROCEDURES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Statement of Principle** 

Proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion to secure the long-term interests of the shareholders of the Transamerica Funds and Transamerica Series Trust, (collectively, the "Funds"). The Funds seek to assure that proxies received by the Funds are voted in the best interests of the Funds' shareholders and have accordingly adopted these procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. Delegation of Proxy Voting/Adoption of Adviser and Sub-Adviser Policies** 

Each Fund delegates the authority to vote proxies related to portfolio securities to Transamerica Asset Management, Inc. (the "Manager"), as investment adviser to each Fund, which in turn delegates proxy voting authority for most portfolios of the Funds to the Sub-Adviser retained to provide day-to-day portfolio management for that portfolio. For each Fund, the Manager and/or the Sub-Adviser make voting decisions pursuant to their own proxy voting policies and procedures, which have been adopted by the applicable Fund and approved by the applicable Fund's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III. Proxy Voting Requirements Under Rule 12d1-4 (Fund of Funds)** 

Any Fund that participates in fund of funds arrangements as either Acquiring Fund or Acquired Fund in reliance on Rule 12d1-4 under the Investment Company Act of 1940 may have additional proxy voting requirements. The concept of an Advisory Group also comes into play and means either: (i) the Acquiring Fund's Manager, and any person controlling, controlled by, or under common control with such Manager,

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or (ii) the Acquiring Fund's Sub-Adviser and any person controlling, controlled by, or under common control with such Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Voting Requirements. An Acquiring Fund and its Advisory Group are required to use mirror voting when the Acquiring Fund and its Advisory Group, beneficially own, individually or in the aggregate, more than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 25% of the outstanding voting securities of an Acquired Fund that is an open-end fund or unit investment trust (i.e., as a result of a decrease in the outstanding voting securities of the Acquired Fund and not as a result of a prohibited acquisition of voting securities of the Acquired Fund); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 10% of the outstanding voting securities of an Acquired Fund that is a closed-end fund or BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pass Through Voting Requirement. In circumstances where all holders of the outstanding voting securities of the Acquired Fund are required by Rule 12d1-4 or otherwise under Section 12(d)(1) to use mirror voting (e.g., Section 12(d)(1)(E)), the Acquiring Fund will seek instructions from its security holders with regard to the voting of all proxies with respect to such Acquired Fund securities and vote such proxies only in accordance with such instructions (i.e., pass through voting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exceptions to Voting Requirements. The requirements outlined in Sections III.1 and III.2 above do not apply where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Acquiring Fund and an Acquired Fund are both within the Transamerica Funds Complex; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquiring Fund's Sub-Adviser, or any person controlling, controlled by, or under common control with that Sub-Adviser, acts as the Acquired Fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV. Securities on Loan** 

The Boards of Trustees/Directors of the Funds have authorized the Manager, in conjunction with State Street Bank and Trust Company ("State Street"), to lend portfolio securities on behalf of the Funds. Securities on loan generally are voted by the borrower of such securities. Should a Sub-Adviser to the Fund wish to exercise its vote for a particular proxy, the Manager will promptly contact State Street and terminate the loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V. Conflicts of Interest** 

The Board of Trustees/Directors seeks to ensure that proxies are voted in the best interests of Fund shareholders. For certain proxy proposals, the Manager's interests, the interests of the Sub-Adviser and/or their affiliates may differ from Fund shareholders' interests. To avoid the appearance of impropriety and to fulfill their fiduciary responsibility to shareholders in these circumstances, the Manager and the Sub-Advisers are required to establish procedures that are reasonably designed to address material conflicts between their interests and those of the Funds.

When a Sub-Adviser deems that it is conflicted with respect to a voting matter, its policy may call for it to seek voting instructions from the client. The Manager is authorized by the Board of Trustees/Directors to consider any such matters and provide voting instructions to the Sub-Adviser, unless the Manager has determined that its interests are conflicted with Fund shareholders with respect to the voting matter. In those instances, the Manager will instruct the Sub-Adviser to vote in accordance with the recommendation of a third-party proxy voting advisory service.

If a material conflict arises between the Manager or its affiliates and the Funds, in every case where the Manager exercises voting discretion, the Manager will (i) vote in accordance with the recommendation of a third-party (such as Glass Lewis) or Board(s); (ii) vote the shares in the same proportion as the vote of all of the other holders of the Fund's shares; or (iii) obtain the consent of the Board (or a Board Committee) with full disclosure of the conflict.

If the methods for addressing conflicts of interest, as described above, are deemed by the Manager to be unreasonable due to cost, timing or other factors, then the Manager may decline to vote in those instances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI. Recordkeeping** 

The Manager and the Sub-Advisers shall maintain records of all votes cast on behalf of the Funds. Such documentation will include the firm's proxy voting policies and procedures, company reports provided by proxy voting advisory services, additional information gathered by the Manager or the Sub-Adviser that was material to reaching a voting decision, and communications to the Manager regarding any identified conflicts. The Manager and the Sub-Advisers shall maintain voting records in a manner to facilitate the Funds' production of the Form N-PX filing on an annual basis.

All books and records required to be maintained under this Section V will be maintained in an easily accessible place for a period of not less than five years from the end of the fiscal years during which the last entry was made on the record, the first two years in an appropriate location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII. Disclosure** 

The Manager will coordinate the compilation of the Funds' proxy voting record for the most recent 12 months ended June 30 and file the required information with the SEC via Form N-PX by August 31 of each year. The Manager will include a copy of or a summary of this policy and the proxy voting policies and procedures of the Manager and the Sub-Advisers, as applicable, in each Fund's Statement of Additional Information ("SAI"). In each Fund's annual and semi-annual reports to shareholders, the Manager will disclose that a description

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of this policy and the proxy voting policies and procedures of the Manager and the Sub-Advisers, as applicable, are (a) available upon request, without charge, by toll-free telephone request, (b) on the Funds' website (if applicable), and (c) on the SEC's website in the SAI. The SAI and shareholder reports will also disclose that the Funds' proxy voting record is available on the Funds' website and on the SEC's website by way of the Form N-PX. Within three business days of receiving a request, the Manager will send a copy of the policy description by first-class mail or other means designed to ensure prompt delivery, such as email.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII. Manager Oversight** 

The Manager shall review a Sub-Adviser's proxy voting policies and procedures for compliance with this Policy and applicable laws and regulations prior to initial delegation of proxy voting authority. The Manager will request each Sub-Adviser to provide a current copy of its Proxy Voting Policy or certify that there have been no material changes to its Proxy Voting Policy or that all material changes have been previously provided for review, and verify that such Proxy Voting Policy is consistent with those of the Funds and Adviser.

Revised: July 2015, March 2020, January 2022, April 2022, August 2023

**Wellington Management Company LLP** 

**2023 Global Proxy Voting Guidelines** 

**WELLINGTON'S PHILOSOPHY** 

Wellington Management Company LLP ("Wellington Management") are long-term stewards of clients' assets and aim to vote proxies for which we have voting authority in the best interest of clients.

These guidelines are based on Wellington Management's fiduciary obligation to act in the best interest of its clients as shareholders and while written to apply globally, we consider differences in local practice, cultures, and law to make informed decisions.

It should be noted that the following are guidelines, and not rigid rules, and Wellington Management reserves the right in all cases to deviate from the general direction set out below where doing so is judged to represent the best interest of its clients.

**OUR APPROACH TO STEWARDSHIP** 

The goal of our stewardship activities is to support decisions that we believe will deliver sustainable, competitive investment returns for our clients.

The mechanisms we use to implement our stewardship activities vary by asset class. Engagement applies to all our investments across equity and credit, in both private and public markets. Proxy voting applies mostly to public equities.

Stewardship extends to any area that may affect the long-term sustainability of an investment, including the considerations of environmental, social, and governance (ESG) issues. Stewardship can be accomplished through research and constructive dialogue with company management and boards, by monitoring company behavior through informed active ownership, and by emphasizing management accountability for important issues via our proxy votes, which have long been part of Wellington's investment ethos. Please refer to our Engagement Policy for more information on how engagement is conducted at Wellington.

**OUR APPROACH TO VOTING** 

We vote proxies in what we consider to be the best interests of our clients. Our approach to voting is investment-led and serves as an influential component of our engagement and escalation strategy. The Investment Stewardship Committee, a cross-functional group of experienced professionals, oversees Wellington Management's stewardship activities with regards to proxy voting and engagement practices.

Generally, issues which can be addressed by the proxy voting guidance below are voted by means of standing instructions communicated to our primary voting agent. Some votes warrant analysis of specific facts and circumstances and therefore are reviewed individually. We examine such proxy proposals on their merits and take voting action in a manner that best serves the interests of our clients. While manual votes are often resolved by ESG analysts, grounded in their sector and company research, each portfolio manager is empowered to make a final decision for their relevant client portfolio(s), absent a material conflict of interest. Proactive portfolio manager input is sought under certain circumstances, which may include consideration of position size and proposal subject matter and nature. Where portfolio manager input is proactively sought, deliberation across the firm may occur. This collaboration does not prioritize consensus across the firm above all other interests but rather seeks to inform portfolio managers' decisions by allowing them to consider multiple perspectives. Consistent with our community-of- boutiques model, portfolio managers may occasionally arrive at different voting conclusions for their clients, resulting in different decisions for the same vote. Robust voting procedures and the deliberation that occurs before a vote decision are aligned with our role as active owners and fiduciaries for our clients.

When voting on shareholder proposals, we consider the spirit of the proposal, not just the letter, and generally support proposals addressing material issues even when management has been responsive to our engagement on the issue. In this way, we seek to align our voting with our engagement activities. If our views differ from any specific suggestions in the proposals, we may provide clarification via direct engagement.

Please refer to our Global Proxy Policy and Procedures for further background on the process and governance of our voting approach

Detailed below are the principles which we consider when deciding how to vote.

**VOTING GUIDELINES** 

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**BOARD COMPOSITION AND ROLE OF DIRECTORS** 

Effective boards should act in shareholders' best economic interests and possess the relevant skills to implement the company's strategy.

We consider shareholders' ability to elect directors annually an important right and accordingly, generally support proposals to enable annual director elections and declassify boards.

We may withhold votes from directors for being unresponsive to shareholders or for failing to make progress on material issues. We may also withhold votes from directors who fail to implement shareholder proposals that have received majority support or have implemented poison pills without shareholder approval.

**Time commitments** 

We expect directors to have the time and energy to fully commit to their board-related responsibilities and not be over-stretched with multiple external directorships. We reserve the right to vote against directors when serving on five or more public company boards; and public company executives when serving on three or more public company boards, including their own.

We consider the roles of board chair and chair of the audit committee as equivalent to an additional board seat when evaluating the overboarding matrix for non-executives. We may take into consideration that certain directorships, such as Special Purpose Acquisition Companies (SPACs) and investment companies, are usually less demanding.

Directors should also attend at least 75% of scheduled board meetings and we may vote against their re-election unless they disclose a valid reason.

**Succession planning and board refreshment** 

We do not have specific voting policies relating to director age or tenure. We prefer to take a holistic view, evaluating whether the company is balancing the perspectives of new directors with the institutional knowledge of longer-serving board members. Succession planning is a key topic during many of our board engagements.

We expect companies to refresh their board membership every five years and may vote against the chair of the nominating committee for failure to implement. We believe a degree of director turnover allows companies to strengthen board diversity and add new skillsets to the board to enhance their oversight and adapt to evolving strategies.

Boards should offer transparency around their process to evaluate director performance and independence, conducting a rigorous regular evaluation of the board, key committees as well as individual directors, which is responsive to shareholder input. We believe externally facilitated board evaluations may contribute to companies retaining an appropriate mix of skills, experience and diversity on their boards over time.

In certain markets companies are governed by multi-tiered boards, with each tier having different responsibilities. We hold supervisory board members to similar standards, subject to prevailing local governance best practices.

**Board Independence** 

In our view, boards perform best when composed of an appropriate combination of executive and non-executive (in particular independent non-executive) directors to challenge and counsel management.

To determine appropriate minimum levels of board independence, we look to prevailing market best practices; two- thirds in the US, for example, and majority in the UK and France. In Japan, we will consider voting against the board chair (or most senior executive on the ballot) in cases where the board is less than one-third independent.

In addition to the overall independence at the board level, we also consider the independence of audit, compensation, and nominating committees. Where independence falls short of our expectations, we may withhold approval for non- independent directors or those responsible for the board composition. We typically vote in support of shareholder proposals calling for improved independence.

We believe that having an independent chair is the preferred structure for board leadership. Having an independent chair avoids the inherent conflict of self-oversight and helps ensure robust debate and diversity of thought in the boardroom. We will generally support proposals to separate the chair and CEO or establish a lead director but may support the involvement of an outgoing CEO as executive chair for a limited period to ensure a smooth transition to new management.

**Board Diversity** 

We believe boards which reflect a wide range of perspectives are best positioned to create shareholder value. Appointing boards that thoughtfully debate company strategy and direction is not possible unless boards elect highly qualified and diverse directors. By setting a leadership example, diverse boardrooms encourage an organizational culture that promotes diverse thinkers, enabling better strategic decisions and the navigation of increasingly complex issues facing companies today.

We think it is not in shareholders' best interests for the full board to be comprised of directors from the same industry, gender, race, nationality, or ethnic group. We expect for our portfolio companies to be thoughtful and intentional in considering the widest possible pool of skilled candidates who bring diverse perspectives into the boardroom. We encourage companies to disclose the composition of their board and to communicate their ambitions and strategies for creating and fostering a diverse board.

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We reserve the right to vote against the re-election of the Nominating/Governance Committee Chair when the board is not meeting local market standards from a diversity perspective or when the gender-diverse representation is below 20% at companies in major indices. Outside of these major indices and absent a market-defined standard, we may vote against the reelection of the Nominating/Governance Committee Chair where no gender-diverse directors are represented on a board.

We reserve the right to vote against the reelection of the Nominating/Governance Committee Chair at US large cap and FTSE 100 companies that failed to appoint at least one director from a minority ethnic group and provide clear and compelling reason why it has been unable to do so. We will continue to engage on ethnic diversity of the board in other markets and may vote against the re-election of directors where we fail to see improvements.

**Majority vote on election of directors** 

Because we believe the election of directors by a majority of votes cast is the appropriate standard, we will generally support proposals that seek to adopt such a standard. Our support will typically extend to situations where the relevant company has an existing resignation policy for directors that receive a majority of ''withhold'' votes. We believe majority voting should be defined in the company's charter and not simply in its corporate governance policy.

Generally, we oppose proposals that fail to provide for the exceptional use of a plurality standard in the case of contested elections. Further, we will not support proposals that seek to adopt a standard of majority of votes outstanding (total votes eligible as opposed to votes cast). We likely will support shareholder and management proposals to remove existing supermajority vote requirements.

We generally support proposals to remove existing supermajority vote requirements.

**Contested director elections** 

We approach contested director elections on a case-by-case basis, considering the specific circumstances of each situation to determine what we believe to be in the best interest of our clients. In each case, we welcome the opportunity to engage with both the company and the proponent to ensure that we understand both perspectives and are making an informed decision on our clients' behalf.

**Compensation** 

Executive compensation plans establish the incentive structure that plays a role in strategy-setting, decision-making, and risk management. While design and structure vary widely, we believe the most effective compensation plans attract and retain high-caliber executives, foster a culture of performance and accountability, and align management's interests with those of long-term shareholders.

Due to each company's unique circumstances and wide range of plan structures, Wellington determines support for a compensation plan on a case-by-case basis. We support plans that we believe lead to long-term value creation for our clients and the right to vote on compensation plans annually.

In evaluating compensation plans, we consider the following attributes in the context of the company's business, size, industry, and geographic location:

<u>Alignment</u> — We believe in pay-for-performance and encourage plan structures that align executive compensation with shareholder experience. We compare total compensation to performance metrics on an absolute and relative basis over various timeframes, and we look for a strong positive correlation. To ensure shareholder alignment, executives should maintain meaningful equity ownership in the company while they are employed, and for a period thereafter.

<u>Transparency</u> — We expect compensation committees to articulate the decision-making process and rationale behind the plan structure, and to provide adequate disclosure so shareholders can evaluate actual compensation relative to the committee's intentions. Disclosure should include how metrics, targets, and timeframes are chosen, and detail desired outcomes. We also seek to understand how the compensation committee determines the target level of compensation and constructs the peer group for benchmarking purposes.

<u>Structure</u> — The plan should be clear and comprehensible. We look for a mix of cash versus equity, fixed versus variable, and short- versus long-term pay that incentivizes appropriate risk-taking and aligns with industry practice. Performance targets should be achievable but rigorous, and equity awards should be subject to performance and/or vesting periods of at least three years, to discourage executives from managing the business with a near-term focus. Unless otherwise specified by local market regulators, performance-based compensation should be based primarily on quantitative financial and non-financial criteria such as ESG-related criteria. There is scope, however, for qualitative criteria related to strategic, individual, or ESG goals, that are critical to the business. Qualitative goals may be acceptable if a compensation committee has demonstrated a fair and consistent approach to evaluating qualitative performance and applying discretion over time.

<u>Accountability</u> — Compensation committees should be able to use discretion, positive and negative, to ensure compensation aligns with performance and provide a cogent explanation to shareholders. We generally oppose one- time awards aimed at retention or achieving a pre-determined goal. Barring an extenuating circumstance, we view retesting provisions unfavorably.

**Approving equity incentive plans** 

A well-designed equity incentive plan facilitates the alignment of interests of long-term shareholders, management, employees, and directors. We evaluate equity-based compensation plans on a case-by-case basis, considering projected plan costs, plan features, and grant practices. We will reconsider our support for a plan if we believe these factors, on balance, are not in the best interest of shareholders. Specific items of

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concern may include excessive cost or dilution, unfavorable change-in-control features, insufficient performance conditions, holding/vesting periods, or stock ownership requirements, repricing stock options/stock appreciation rights (SARs) without prior shareholder approval, or automatic share replenishment (an ''evergreen'' feature).

**Employee stock purchase plans** 

We generally support employee stock purchase plans, as they may align employees' interests with those of shareholders. That said, we typically vote against plans that do not offer shares to a broad group of employees (e.g., if only executives can participate) or plans that offer shares at a significant discount.

**Non-executive director compensation** 

We expect companies to disclose non-executive director compensation and we prefer the use of an annual retainer or fee, delivered as cash, equity, or a combination. We do not believe non-executive directors should receive performance-based compensation, as this creates a potential conflict of interest. Non-executive directors oversee executive compensation plans; their objectivity is compromised if they design a plan that they also participate in.

**Severance arrangements** 

We are mindful of the board's need for flexibility in recruitment and retention but will oppose excessively generous arrangements unless agreements encourage management to negotiate in shareholders' best interest. We generally support proposals calling for shareholder ratification of severance arrangements.

**Retirement bonuses (Japan)** 

Misaligned compensation which is based on tenure and seniority may compromise director independence. We generally vote against directors and statutory auditors if retirement bonuses are given to outgoing directors.

**Claw-back policies** 

We believe companies should be able to recoup incentive compensation from members of management who received awards based on fraudulent activities, accounting misstatements, or breaches in standards of conduct that lead to corporate reputational damage. We generally support shareholder proposals requesting that a company establish a robust claw-back provision if existing policies do not cover these circumstances. We also support proposals seeking greater transparency about the application of claw back policies.

**Audit quality and oversight** 

Scrutiny of auditors, particularly audit quality and oversight, has been increasing. When we assess financial statement reporting and audit quality, we will generally support management's choice of auditors, unless the auditors have demonstrated failure to act in shareholders' best economic interest. We also pay close attention to the non-audit services provided by auditors and consider the potential for the revenue from those services to create conflicts of interest that could compromise the integrity of financial statement audits.

**Shareholder Rights** 

**Shareholder rights plans** 

Also known as poison pills, these plans can enable boards of directors to negotiate higher takeover prices on behalf of shareholders. Such plans also may be misused, however, as a means of entrenching management. Consequently, we may support plans that include a shareholder approval requirement, a sunset provision, or a permitted bid feature (e.g., bids that are made for all shares and demonstrate evidence of financing must be submitted to a shareholder vote).

Because boards generally have the authority to adopt shareholder rights plans without shareholder approval, we are equally vigilant in our assessment of requests for authorization of blank-check preferred shares.

**Multiple voting rights** 

We generally support one share, one vote structures. The growing practice of going public with a dual-class share structure can raise governance and performance concerns. In our view, dual-class shares can create misalignment between shareholders' economic stake and their voting power and can grant control to a small number of insiders who may make decisions that are not in the interests of all shareholders.

We generally prefer that companies dispense with dual-class share structures but we recognize that newly listed companies may benefit from a premium by building in some protection for founders for a limited time after their IPO. The Council of Institutional Investors, a nonprofit association of pension funds, endowments, and foundations, recommends that newly public companies that adopt structures with unequal voting rights do away with the structure within seven years of going public. We believe such sunset clauses are a reasonable compromise between founders seeking to defend against takeover attempts in pivotal early years, and shareholders demanding a mechanism for holding management accountable, especially in the event of leadership changes.

Similarly, we generally do not support the introduction of loyalty shares, which grant increased voting rights to investors who hold shares over multiple years.

**Proxy access** 

We believe shareholders should have the right to nominate director candidates on the management's proxy card. We will generally support

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shareholder proposals seeking proxy access unless the existing policy is already in-line with market norms.

**Special meeting rights** 

We believe the right to call a special meeting is a shareholder right, and we will generally support such proposals to establish this right at companies that lack this facility. We will generally support proposals lowering thresholds where the current level exceeds 15% and the shareholder proposals calls for a 10%+ threshold, taking into consideration the make-up of the existing shareholder base and the company's general responsiveness to shareholders. If shareholders are granted the right to call special meetings, we generally do not support written consent.

**Capital structure and Capital Allocation** 

**Mergers and acquisitions** 

We approach votes to approve mergers and acquisitions on a case-by-case basis, considering the specific circumstances of each proposal to determine what we believe to be in the best interest of our clients.

**Increases in authorized common stock** 

We generally support requests for increases up to 100% of the shares with preemption rights. Exceptions will be made when the company has clearly articulated a reasonable need for a greater increase. Conversely, at companies trading in less liquid markets, we may impose a lower threshold. When companies seek to issue shares without preemptive rights, we consider potential dilution and generally support requests when dilution is below 20%. For issuance with preemptive rights, we review on a case-by-case basis, considering the size of issuance relative to peers.

**Capital allocation (Japan)** 

We hold board chairs accountable for persistently low returns on equity (ROE) in Japan, using a five-year average ROE of below 5% as a guide. Our assessment of a company's capital stewardship complements our assessment of board effectiveness without dictating specific capital allocation decisions. We may make exceptions where ROE is improving, where a long-cycle business warrants a different standard, or where new management is in place, and we feel they should not be punished for the past CEO/Chair's record.

**Cross shareholding (Japan)** 

Cross-shareholdings reduce management accountability by creating a cushion of cross-over investor support. We may vote against the highest-ranking director up for re-election for companies where management has allocated a significant portion (20% or more) of net assets to cross-shareholdings. When considering this issue, we will take into account a company's trajectory in reducing cross-shareholdings over time as well as legitimate business reasons given to retain specific shareholdings.

**Environmental Topics** 

We assess portfolio companies' performance on environmental issues we deem to be material to long-term financial performance and communicate our expectations for best practice.

**Climate change** 

As an asset manager entrusted with investing on our clients' behalf, we aim to assess, monitor, and manage the potential effects of climate change on our investment processes and portfolios, as well as on our business operations. Proxy voting is a key tool we use for managing climate risks, as part of our stewardship escalation process.

We expect companies facing material climate risks to have credible transition plans communicated using the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). Appropriate reporting on climate readiness will help stakeholders understand companies' willingness and ability to adapt to or mitigate climate- related risks. In addition to the voting policies specifically mentioned, we may also vote against directors at companies where climate plans and disclosures meaningfully lag our expectations for those companies.

**Emissions disclosure** 

We encourage all companies to disclose Scope 1, 2, and 3 emissions. While we recognize the challenges associated with collecting Scope 3 emissions data, this disclosure is necessary for us to fully understand the transition risks applicable to an issuer. Disclosure of both overall categories of Scope 3 emissions —- upstream and downstream —- with context and granularity from companies about the most significant Scope 3 sources, enhances our ability to evaluate investment risks and opportunities. We encourage companies to adopt emerging global standards for measurement and disclosure of emissions such as those being developed by the International Sustainability Standards Board (ISSB) and believe companies will benefit from acting now and consequently evolving their approach in line with emerging global standards.

We view disclosure of Scope 1 and 2 emissions as a minimum expectation where measurement practices are well- defined and attainable. We will generally vote against the re-election of the Chair of MSCI World companies, Climate Action 100+ companies, as well as companies assessed by the Transition Pathway Initiative (TPI) which do not disclose Scope 1 and 2 emissions, have not made a commitment to do so in the next year and where emissions intensity is material. We will expand this expectation to large cap companies in Emerging Markets in 2024.

**Net-zero targets** 

As an outcome of enterprise risk management and strategic planning to reduce the potential financial impacts of climate change, we

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encourage companies to set a credible, science-based decarbonization glidepath, with an interim and long- term target, that comprises all categories of material emissions and is consistent with the ambition to achieve net zero emissions by 2050 or sooner. For Climate Action 100+ companies we reserve the right to vote against the company chair where quantitative emission reduction targets have not been defined. We consider it to be best practice for companies to pursue validation from the Science Based Targets initiative (SBTi).

We generally support shareholder proposals asking for improved disclosure on climate risk management and we generally support those that request alignment of business strategies with the Paris Agreement or similar language. We also generally support proposals asking for board oversight of political contributions and lobbying activities or those asking for improved disclosures where material inconsistencies in reporting and strategy may exist, especially as it relates to climate strategy.

**Other environmental shareholder proposals** 

For other environmental proposals covering themes including biodiversity, natural capital, deforestation, water usage, (plastic) packaging as well as palm oil, we take a case-by-case approach and will generally support proposals calling for companies to provide disclosure where this is additive to the company's existing efforts, the proposed information pertains to a material impact and in our view is of benefit to investors. When voting on any shareholder proposals, we consider the spirit of the proposal, not just the letter, and generally support proposals addressing material issues even when management has been responsive to our engagement on the issue.

**Social Topics** 

**Corporate culture, human capital, and diversity, equity, & inclusion** 

Through engagement we emphasize to management the importance of how they invest in and cultivate their human capital to perpetuate a strong culture. We assess culture holistically from an alignment of management incentives, responsiveness to employee feedback, evidence of an equitable and sound talent management strategy and commitment to diversity, equity, and inclusion. We value transparency and use of key performance indicators.

A well-articulated culture statement and talent attraction, retention and development strategy suggest that a company appreciates culture and talent as competitive advantages that can drive long-term value creation. It also sends a strong message when management compensation is linked, when appropriate, to employee satisfaction. If the company conducts regular employee engagement surveys, we look for leadership to disclose the results both positive and negative so we can monitor patterns and assess whether they are implementing changes based on the feedback they receive. We consider workplace locations and how a company balances attracting talent with the costs of operating in desirable cities.

We maintain that a deliberate human capital management strategy should foster a collaborative, productive workplace in which all talent can thrive. One ongoing engagement issue that pertains to human capital management is diversity, equity, and inclusion. We seek to better understand how and to what extent a company's approach to diversity is integrated with talent management at all levels. A sound long-term plan holds more weight than a company's current demographics, so we look for a demonstrable diversity, equity, and inclusion (DEI) strategy that seeks to improve metrics over time and align management incentives accordingly. We expect companies in the US to publicly disclose their EEO-1 reporting and their strategy to create an inclusive, diverse, and equitable workplace. We see DEI practices as a material input to long-term performance, so as our clients' fiduciaries, we seek to better understand how and to what extent a company's approach to diversity is integrated with talent management at all levels. This is only possible when there is consistent, robust disclosure in place.

Gender and racial pay equity are important parts of our assessment of a company's diversity efforts. Pay equity can impact shareholder value by exposing a company to challenges with recruiting & retaining talent, job dissatisfaction, workforce turnover, and costly lawsuits. Consequently, we may support proposals asking for improved transparency on a company's gender and/or racial pay gap if existing disclosures are lagging best practice and if the company has not articulated its efforts to eliminate disparities and promote equal opportunities for women and minorities to advance to senior roles.

We believe diversity among directors, leaders, and employees contributes positively to shareholder value by imbuing a company with myriad perspectives that help it better navigate complex challenges. A strong culture of diversity and inclusion begins in the boardroom. See the Board Diversity section above for more on our approach.

**Stakeholders and risk management** 

In recent years, discourse on opioids, firearms, and sexual harassment has brought the potential for social externalities - the negative effects that companies can have on society through their products, cultures, or policies - into sharp focus. These nuanced, often misunderstood issues can affect the value of corporate securities.

In our engagement with companies facing these risks, we encourage companies to disclose risk management strategies that acknowledge their societal impacts. When a company faces litigation or negative press, we inquire about lessons learned and request evidence of substantive changes that aim to prevent recurrence and mitigate downside risk. In these cases, we may also support proposals requesting enhanced disclosure on actions taken by management, including racial equity audits.

**Human rights** 

Following the 2015 passage of the UK's Modern Slavery Act, a handful of countries have passed laws requiring companies to report on how they are addressing risks related to human rights abuses in their global supply chains. While human rights have been a part of our research and engagement in this context, we seek to assess companies' exposures to these risks, determine the sectors for which this risk is most

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material (highest possibility of supply-chain exposure), enhance our own engagement questions, and potentially work with external data providers to gain insights on specific companies or industries. To help us assess company practices and drive more substantive engagement with companies on this issue, we will generally support proposals requesting enhanced disclosure on companies' approach to mitigating the risk of human rights violations in their business.

**Cybersecurity** 

Robust cybersecurity practices are imperative for maintaining customer trust, preserving brand strength, and mitigating regulatory risk. Companies that fail to strengthen their cybersecurity platforms may end up bearing large costs. Through engagement, we aim to compare companies' approaches to cyber threats, regardless of region or sector, to distinguish businesses that lag from those that are better prepared.

**Political contributions and lobbying** 

We generally support proposals asking for board oversight of a company's political contributions and lobbying activities or those asking for improved disclosures where material inconsistencies in reporting and strategy may exist. In assessing shareholder proposals focused on lobbying, we also focus on the level of transparency of existing disclosures and whether companies clearly explain how they will respond if policy engagement of trade association membership to which they belong do not align with company policy.

**Important Information** 

Wellington Management Company LLP (WMC) is an independently owned investment adviser registered with the US Securities and Exchange Commission (SEC). WMC is also registered with the US Commodity Futures Trading Commission (CFTC) as a commodity trading advisor (CTA) and serves as a CTA to certain clients including commodity pools operated by registered commodity pool operators. WMC provides commodity trading advice to all other clients in reliance on exemptions from CTA registration. WMC, along with its affiliates (collectively, Wellington Management), provides investment management and investment advisory services to institutions around the world. Located in Boston, Massachusetts, Wellington Management also has offices in Chicago, Illinois; Radnor, Pennsylvania; San Francisco, California; Frankfurt; Hong Kong; London; Luxembourg; Madrid, Milan; Shanghai; Singapore; Sydney; Tokyo; Toronto; and Zurich.

This material is prepared for, and authorized for internal use by, designated institutional and professional investors and their consultants or for such other use as may be authorized by Wellington Management. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Wellington Management. This material is not intended to constitute investment advice or an offer to sell, or the solicitation of an offer to purchase shares or other securities. Investors should always obtain and read an up-to-date investment services description or prospectus before deciding whether to appoint an investment manager or to invest in a fund. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients.©2022 Wellington Management Company LLP. All rights reserved.

**Global Proxy Policy and Procedures** 

**Introduction** 

Wellington Management has adopted and implemented policies and procedures it believes are reasonably designed to ensure that proxies are voted in the best interests of clients for which it exercises proxy-voting discretion.

The purpose of this document is to outline Wellington Management's approach to executing proxy voting

Wellington Management's Proxy Voting Guidelines (the "Guidelines"), which are contained in a separate document, set forth broad guidelines and positions on common issues that Wellington Management uses for voting proxies. The Guidelines set out our general expectations on how we vote rather than rigid rules that we apply without consideration of the particular facts and circumstances.

**Statement of Policy** 

Wellington Management:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Votes client proxies for clients that have affirmatively delegated proxy-voting authority, in writing, unless we have arranged in advance with a particular client to limit the circumstances in which the client would exercise voting authority, or we determines that it is in the best interest of one or more clients to refrain from voting a given proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Seeks to vote proxies in the best financial interests of the clients for which we are voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Identifies and resolves all material proxy-related conflicts of interest between the firm and our clients in the best interests of the client.

**Responsibility and Oversight** 

The Proxy Voting Team monitors regulatory requirements with respect to proxy voting and works with the firm's Legal and Compliance Group and the Investment Stewardship Committee to develop practices that implement those requirements. The Proxy Voting Team also acts as a resource for portfolio managers and investment research analysts on proxy matters as needed. Day-to-day administration of the proxy voting process is the responsibility of the Proxy Voting Team. The Investment Stewardship Committee a senior, cross-functional group of experienced professionals, is responsible for oversight of the implementation of the Global Proxy Policy and Procedures, review and approval

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of the Guidelines, and identification and resolution of conflicts of interest. The Investment Stewardship Committee reviews the Guidelines as well as the Global Proxy Policy and Procedures annually.

**Procedures** 

***Use of Third-Party Voting Agent*** 

Wellington Management uses the services of a third-party voting agent for research and to manage the administrative aspects of proxy voting. We view third-party research as an input to our process. Wellington Management complements the research provided by its primary voting agent with research from other firms.

Our primary voting agent processes proxies for client accounts and maintains records of proxies voted. For certain routine issues, as detailed below, votes may be instructed according to standing instructions given to our primary voting agent, which are based on the Guidelines.

We manually review instances where our primary voting agent discloses a material conflict of interest of its own, potentially impacting its research outputs. We perform oversight of our primary voting agent, which involves regular service calls and an annual due diligence exercise, as well as regular touchpoints in the normal course of business.

***Receipt of Proxy*** 

If a client requests that Wellington Management vote proxies on its behalf, the client must instruct its custodian bank to deliver all relevant voting materials to Wellington Management or its designated voting agent in a timely manner.

***Reconciliation*** 

Proxies for public equity securities received by electronic means are matched to the securities eligible to be voted, and a reminder is sent to custodians/trustees that have not forwarded the proxies due. This reconciliation is performed at the ballot level. Although proxies received for private equity securities, as well as those received in non-electronic format for any securities, are voted as received, Wellington Management is not able to reconcile these ballots and does not notify custodians of non-receipt; Wellington Management is only able to reconcile ballots where clients have consented to providing holdings information with its provider for this purpose.

***PROXY VOTING PROCESS*** 

Our approach to voting is investment-led and serves as an influential component of our engagement and escalation strategy. The Investment Stewardship Committee, a cross-functional group of experienced professionals, oversees Wellington Management's activities with regards to proxy voting practices.

Routine issues that can be addressed by the proxy voting guidance below are voted by means of standing instructions communicated to our primary voting agent. Some votes warrant analysis of specific facts and circumstances and therefore are reviewed individually. We examine such vote sources including internal research notes, third-party voting research and company engagement. While manual votes are often resolved by investment research teams, each portfolio manager is empowered to make a final decision for their relevant client portfolio(s), absent a material conflict of interest. Proactive portfolio manager input is sought under certain circumstances, which may include consideration of position size and proposal subject matter and nature. Where portfolio manager input is proactively sought, deliberation across the firm may occur. This collaboration does not prioritize consensus across the firm above all other interests but rather seeks to inform portfolio managers' decisions by allowing them to consider multiple perspectives. Portfolio managers may occasionally arrive at different voting conclusions for their clients, resulting in different decisions for the same vote. Voting procedures and the deliberation that occurs before a vote decision are aligned with our role as active owners and fiduciaries for our clients.

***MATERIAL CONFLICT OF INTEREST IDENTIFICATION AND RESOLUTION PROCESSES*** 

Further detail on our management of conflicts of interest can be found in our Stewardship Conflicts of Interest Policy, available on our website.

**Other Considerations** 

In certain instances, Wellington Management may be unable to vote or may determine not to vote a proxy on behalf of one or more clients. While not exhaustive, the following are potential instances in which a proxy vote might not be entered.

***Securities Lending*** 

Clients may elect to participate in securities lending Such lending may impact their ability to have their shares voted. Under certain circumstances, and where practical considerations allow, Wellington Management may determine that the anticipated value of voting could outweigh the benefit to the client resulting from use of securities for lending and recommend that a client attempt to have its custodian recall the security to permit voting of related proxies. We do not borrow shares for the sole purpose of exercising voting rights.

***Share Blocking and Re-registration*** 

Certain countries impose trading restrictions or requirements regarding re-registration of securities held in omnibus accounts in order for shareholders to vote a proxy. The potential impact of such requirements is evaluated when determining whether to vote such proxies.

***Lack of Adequate Information, Untimely Receipt of Proxy Materials, or Excessive Costs*** 

Wellington Management may abstain from voting a proxy when the proxy statement or other available information is inadequate to allow for an informed vote; the proxy materials are not delivered in a timely fashion; or, in Wellington Management's judgment, the costs of voting

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exceed the expected benefits to clients (included but not limited to instances such as when powers of attorney or consularization or the disclosure of client confidential information are required).

**Additional Information** 

Wellington Management maintains records related to proxies pursuant to Rule 204-2 of the Investment Advisers Act of 1940 (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other applicable laws. In addition, Wellington Management discloses voting decisions through its website, including the rationale for votes against management.

Wellington Management provides clients with a copy of its Global Proxy Policy and Procedures, as well as the Voting Guidelines, upon written request. In addition, Wellington Management will provide specific client information relating to proxy voting to a client upon written request.

Dated: 15 September 2023

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**Appendix B – Portfolio Managers** 

In addition to managing the assets of each fund, a portfolio manager may have responsibility for managing other client accounts of the applicable adviser or its affiliates. The tables below show, per portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than each fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by a portfolio manager. Total assets attributed to a portfolio manager in the tables below include total assets of each account managed, although a portfolio manager may only manage a portion of such account's assets. The tables also show the number of performance based fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account. This information is provided as of each fund's most recent fiscal year end, unless otherwise noted.

***Aegon USA Investment Management, LLC ("AUIM")***

**Transamerica Balanced II** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Daniel Belton, CFA | 4 | $3.65 billion | 1 | $50 million | 2 | $79 million |
| Tyler A. Knight, CFA | 9 | $11.66 billion | 3 | $229 million | 12 | $11.26 billion |
| Brian W. Westhoff, CFA | 7 | $11.44 billion | 4 | $449 million | 15 | $3.89 billion |
| Sivakumar N. Rajan | 9 | $12.23 billion | 5 | $1.05 billion | 9 | $28.01 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Daniel Belton, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Tyler A. Knight, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Brian W. Westhoff, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Sivakumar N. Rajan | 0 | $0 | 0 | $0 | 0 | $0 |

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**Transamerica Bond** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Tyler A. Knight, CFA | 9 | $9.27 billion | 3 | $229 million | 12 | $11.26 billion |
| Brian W. Westhoff, CFA | 7 | $9.05 billion | 4 | $449 million | 15 | $3.89 billion |
| Norbert King | 3 | $5.98 billion | 4 | $1.0 billion | 14 | $29.11 billion |
| Sivakumar N. Rajan | 9 | $9.85 billion | 5 | $1.05 billion | 9 | $28.01 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Tyler A. Knight, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Brian W. Westhoff, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Norbert King | 0 | $0 | 0 | $0 | 0 | $0 |
| Sivakumar N. Rajan | 0 | $0 | 0 | $0 | 0 | $0 |

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**Transamerica Core Bond** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Daniel Belton, CFA | 4 | $1.89 billion | 1 | $50 million | 2 | $79 million |
| Tyler A. Knight, CFA | 9 | $9.90 billion | 3 | $229 million | 12 | $11.26 billion |
| Brian W. Westhoff, CFA | 7 | $9.67 billion | 4 | $449 million | 15 | $3.89 billion |
| Sivakumar N. Rajan | 9 | $10.47 billion | 5 | $1.05 billion | 9 | $28.01 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Daniel Belton, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Tyler A. Knight, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Brian W. Westhoff, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Sivakumar N. Rajan | 0 | $0 | 0 | $0 | 0 | $0 |

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**Transamerica High Yield Bond** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Kevin Bakker, CFA | 1 | $243 million | 2 | $370 million | 7 | $1.04 billion |
| Benjamin D. Miller, CFA | 1 | $243 million | 2 | $370 million | 7 | $1.04 billion |
| James K. Schaeffer, Jr. | 1 | $243 million | 2 | $370 million | 10 | $1.24 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Kevin Bakker, CFA | 0 | $0 | 0 | $0 | 2 | $519 million |
| Benjamin D. Miller, CFA | 0 | $0 | 0 | $0 | 2 | $519 million |
| James K. Schaeffer, Jr. | 0 | $0 | 0 | $0 | 1 | $482 million |

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**Transamerica Multi-Managed Balanced** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Daniel Belton, CFA | 4 | $3.10 billion | 1 | $50 million | 2 | $79 million |
| Tyler A. Knight, CFA | 9 | $11.11 billion | 3 | $229 million | 12 | $11.26 billion |
| Brian W. Westhoff, CFA | 7 | $10.88 billion | 4 | $449 million | 15 | $3.89 billion |
| Sivakumar N. Rajan | 9 | $11.68 billion | 5 | $1.05 billion | 9 | $28.01 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Daniel Belton, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Tyler A. Knight, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Brian W. Westhoff, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Sivakumar N. Rajan | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica Short-Term Bond** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Tyler A. Knight, CFA | 9 | $8.08 billion | 3 | $229 million | 12 | $11.26 billion |
| Brian W. Westhoff, CFA | 7 | $7.86 billion | 4 | $449 million | 15 | $3.89 billion |
| Norbert King | 3 | $4.79 billion | 4 | $1.0 billion | 14 | $29.11 billion |
| Sivakumar N. Rajan | 9 | $8.66 billion | 5 | $1.05 billion | 9 | $28.01 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Tyler A. Knight, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Brian W. Westhoff, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Norbert King | 0 | $0 | 0 | $0 | 0 | $0 |
| Sivakumar N. Rajan | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Conflict of Interest** 

AUIM manages separate accounts and other commingled pools for institutions as well as various affiliated entities. Affiliate relationships represent the majority of AUIM's assets under management. Conflicts of interest will arise when AUIM is acting on behalf of the accounts of different clients, including its affiliated clients. These conflicts include, but are not limited to:

• allocation of investment opportunities among clients;

• advice given or actions taken with respect to any of its clients may differ from the advice given or the timing or nature of action taken with respect to another client or group of clients;

• buying or selling positions in the same securities or in other securities within an issuer's capital structure when other clients are undertaking the same or differing, including potentially opposite, investment strategies;

• possession of material, non-public information that may impact the ability to acquire or liquidate client holdings; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• compensation that AUIM receives from managing one client's accounts may be higher than the fees it receives from managing other accounts, or it may receive compensation based on the performance of certain other client accounts.

In each case, AUIM recognizes the responsibility to treat all clients fairly and consistently, and portfolio decisions made for unaffiliated accounts will be consistent, where applicable, with the decisions made for affiliated accounts. AUIM strives to mitigate conflicts between and among accounts through its trade aggregation and allocation policy and procedures. In addition to its trade aggregation and allocation policy and procedures, AUIM seeks to manage conflicts of interest between and among other client accounts through AUIM's Code of Ethics and Conflicts of Interest policies, other trading-related policies and procedures, internal review processes, ongoing training, and senior management oversight.

AUIM also participates in a global research platform facilitated though a global sharing agreement with various Aegon Asset Management affiliates. AUIM independently manages investment strategies that separately utilize and depend on the global research platform. Additionally, AUIM provides investment research that it creates for its discretionary investment advisory clients to a non-discretionary affiliate client. Similarly, AUIM prepares investment research for its non-discretionary affiliate client that could benefit its discretionary clients.

Conflicts of interest, or at least the appearance of conflicts, may arise when portfolio managers from each firm invest or trade in the same securities or issuers on behalf of their respective clients. These conflicts can include the advance access to investment research that results in the preferential treatment or the possibility of preferential allocation of securities trading opportunities that have limited availability. AUIM has developed compliance policies and monitoring designed to reasonably ensure that its research-sharing activities comply with applicable regulatory requirements and address material conflicts of interest.

**Compensation** 

As of October 31, 2025, each portfolio manager's compensation is provided directly by the sub-adviser and not by the funds. Each portfolio manager's compensation consists of a fixed base salary and a variable performance incentive. The performance incentive is based on the following factors: the economic performance of the overall relevant portfolio manager's asset class, including the performance of the relevant fund's assets; leadership and communication with clients; assisting with the sub-advisers strategic goals; and financial results from Aegon Asset Management Holding B.V., and Aegon Ltd.

The portfolio managers may also participate in the sub-adviser's long-term compensation plan, which is awarded as deferred cash notionally invested in select sub-adviser's strategies during the vesting period as described in the long-term compensation plan. Payout is based on a combination of personal employee, sub-adviser, Aegon Asset Management Holding B.V. and Aegon Ltd. performance factors. Pay out from the long-term incentive occurs after a two or three-year vesting period depending on role, level and local remuneration practices and requirements.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s), except as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Range of Securities Owned** | **Fund** |
| Benjamin D. Miller, CFA | $10001 - $50000 | Transamerica High Yield Bond |
| Brian W. Westhoff, CFA | $50001 - $100000 | Transamerica Bond |

---

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***J.P. Morgan Investment Management Inc. ("JP Morgan")*** 

**Transamerica Balanced II** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies\*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies\*** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles\*** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles\*** | **Other Accounts\*** | **Other Accounts\*** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Tim Snyder, CFA | 7 | $16.74 million | 5 | $4.09 million | 21 | $28.65 million |
| Raffaele Zingone, CFA | 17 | $99.3 million | 19 | $34.85 million | 30 | $33.70 million |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Tim Snyder, CFA | 0 | $0 | 0 | $0 | 5 | $2.56 million |
| Raffaele Zingone, CFA | 0 | $0 | 0 | $0 | 7 | $3.90 million |

---

**Transamerica Multi-Managed Balanced** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies\*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies\*** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles\*** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles\*** | **Other Accounts\*** | **Other Accounts\*** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Tim Snyder, CFA | 7 | $16.74 million | 5 | $4.09 million | 21 | $28.65 million |
| Raffaele Zingone, CFA | 17 | $99.3 million | 19 | $34.85 million | 30 | $33.70 million |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Tim Snyder, CFA | 0 | $0 | 0 | $0 | 5 | $2.56 million |
| Raffaele Zingone, CFA | 0 | $0 | 0 | $0 | 7 | $3.90 million |

---

\*The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

**Conflict of Interest** 

The potential for conflicts of interest exists when portfolio managers manage other accounts with similar investment objectives and strategies as the fund ("Similar Accounts"). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities.

Responsibility for managing J.P. Morgan Investment Management Inc. (JP Morgan)'s and its affiliates clients' portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar strategies are managed by portfolio managers in the same portfolio management group using the same objectives, approach and philosophy. Underlying sectors or strategy allocations within a larger portfolio are likewise managed by portfolio managers who use the same approach and philosophy as similarly managed portfolios. Therefore, portfolio holdings, relative position sizes and industry and sector exposures tend to be similar across similar portfolios and strategies, which minimize the potential for conflicts of interest.

JPMorgan and/or its affiliates ("JPMorgan Chase") perform investment services, including rendering investment advice, to varied clients. JPMorgan, JPMorgan Chase and its or their directors, officers, agents, and/or employees may render similar or differing investment advisory services to clients and may give advice or exercise investment responsibility and take such other action with respect to any of its other clients that differs from the advice given or the timing or nature of action taken with respect to another client or group of clients. It is JPMorgan's policy, to the extent practicable, to allocate, within its reasonable discretion, investment opportunities among clients over a period of time on a fair and equitable basis. One or more of JPMorgan's other client accounts may at any time hold, acquire, increase, decrease, dispose, or otherwise deal with positions in investments in which another client account may have an interest from time-to-time.

**Acting for Multiple Clients.** In general, JPMIM faces conflicts of interest when it renders investment advisory services to several clients and, from time to time, provides dissimilar investment advice to different clients. For example, when funds or accounts managed by JPMIM ("Other Accounts") engage in short sales of the same securities held by a fund, JPMIM could be seen as harming the performance of a fund for the benefit of the Other Accounts engaging in short sales, if the short sales cause the market value of the securities to fall. In addition, a conflict could arise when one or more Other Accounts invest in different instruments or classes of securities of the same issuer than those in which a fund invests. In certain circumstances, Other Accounts have different investment objectives or could pursue or enforce rights with respect to a particular issuer in which a fund has also invested and these activities could have an adverse effect on the fund. For example, if a fund holds debt instruments of an issuer and an Other Account holds equity securities of the same issuer, then if the issuer experiences financial or operational challenges, the fund (which holds the debt instrument) may seek a liquidation of the issuer, whereas the Other Account (which holds the equity securities) may prefer a reorganization of the issuer. In addition, an issuer in which the fund invests may use the proceeds of the fund's investment to refinance or reorganize its capital structure which could result in repayment of debt held by JPMorgan or an Other Account. If the issuer performs poorly following such refinancing or reorganization, the fund's results will suffer whereas the Other Account's performance will not be affected because the Other Account no longer has an investment in the issuer. Conflicts

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are magnified with respect to issuers that become insolvent. It is possible that in connection with an insolvency, bankruptcy, reorganization, or similar proceeding, a fund will be limited (by applicable law, courts or otherwise) in the positions or actions it will be permitted to take due to other interests held or actions or positions taken by JPMorgan or Other Accounts.

JPMorgan, JPMorgan Chase, and any of its or their directors, partners, officers, agents or employees, may also buy, sell, or trade securities for their own accounts or the proprietary accounts of JPMorgan and/or JPMorgan Chase. JPMorgan and/or JPMorgan Chase, within their discretion, may make different investment decisions and other actions with respect to their own proprietary accounts than those made for client accounts, including the timing or nature of such investment decisions or actions. Further, JPMorgan is not required to purchase or sell for any client account securities that it, JPMorgan Chase, and any of its or their employees, principals, or agents may purchase or sell for their own accounts or the proprietary accounts of JPMorgan, or JPMorgan Chase or its clients. JP Morgan and/or its affiliates may receive more compensation with respect to certain Similar Accounts than that received with respect to the fund or may receive compensation based in part on the performance of certain Similar Accounts. This may create a potential conflict of interest for JP Morgan and its affiliates or its portfolio managers by providing an incentive to favor these Similar Accounts when, for example, placing securities transactions. In addition, JP Morgan or its affiliates could be viewed as having a conflict of interest to the extent that JP Morgan or an affiliate has a proprietary investment in Similar Accounts, the portfolio managers have personal investments in Similar Accounts or the Similar Accounts are investment options in JP Morgan's or its affiliate's employee benefit plans. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions imposed upon JP Morgan and its affiliates by law, regulation, contract or internal policies. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest, as JP Morgan or its affiliates may have an incentive to allocate securities that are expected to increase in value to favored accounts. Initial public offerings, in particular, are frequently of very limited availability. JP Morgan and its affiliates may be perceived as causing accounts they manages to participate in an offering to increase JP Morgan's or its affiliates' overall allocation of securities in that offering.

A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. If JP Morgan or its affiliates manage accounts that engage in short sales of securities of the type in which the fund invests, JP Morgan or its affiliates could be seen as harming the performance of the fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall.

As an internal policy matter, JP Morgan may from time to time maintain certain overall investment limitations on the securities positions or positions in other financial instruments JP Morgan or its affiliates will take on behalf of its various clients due to, among other things, liquidity concerns and regulatory restrictions. Such policies may preclude a fund from purchasing particular securities or financial instruments, even if such securities or financial instruments would otherwise meet the fund's objectives.

The goal of JP Morgan and its affiliates is to meet their fiduciary obligation with respect to all clients. JP Morgan and its affiliates have policies and procedures that seek to manage conflicts. JP Morgan and its affiliates monitor a variety of areas, including compliance with fund guidelines, review of allocation decisions and compliance with JP Morgan's Codes of Ethics and JPMC's Code of Conduct. With respect to the allocation of investment opportunities, JP Morgan and its affiliates also have certain policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. For example:

Orders received in the same security and within a reasonable time period from a market event (e.g., a change in a security rating) are continuously aggregated on the appropriate trading desk so that new orders are aggregated with current outstanding orders, consistent with JP Morgan's duty of best execution for its clients. However, there are circumstances when it may be appropriate to execute the second order differently due to other constraints or investment objectives. Such exceptions often depend on the asset class. Examples of these exceptions, particularly in the fixed-income area, are sales to meet redemption deadlines or orders related to less liquid assets.

If aggregated trades are fully executed, accounts participating in the trade will typically be allocated their pro rata share on an average price basis. Partially filled orders generally will be allocated among the participating accounts on a pro-rata average price basis, subject to certain limited exceptions. Use of average price for execution of aggregated trade orders is particularly true in the equity area. However, certain investment strategies, such as the use of derivatives, or asset classes, such as fixed-income that use individual trade executions due to the nature of the strategy or supply of the security, may not be subject to average execution price policy and would receive the actual execution price of the transaction. Additionally, some accounts may be excluded from pro rata allocations. Accounts that would receive a de minimis allocation relative to their size may be excluded from the order. Another exception may occur when thin markets or price volatility require that an aggregated order be completed in multiple executions over several days. Deviations from pro rata allocations are documented by the business. JP Morgan attempts to mitigate any potential unfairness by basing non-pro-rata allocations traded through a single trading desk or system upon an objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JP Morgan so that fair and equitable allocation will occur over time.

Purchases of money market instruments and fixed income securities cannot always be allocated pro-rata across the accounts with the same investment strategy and objective. However, the JP Morgan and its affiliates attempt to mitigate any potential unfairness by basing non-pro

------

rata allocations traded through a single trading desk or system upon objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JP Morgan or its affiliates so that fair and equitable allocation will occur over time.

JP Morgan faces a conflict of interest in allocating the assets of Transamerica JPMorgan Asset Allocation - Conservative VP, Transamerica JPMorgan Asset Allocation - Growth VP, Transamerica JPMorgan Asset Allocation - Moderate Growth VP, Transamerica JPMorgan Asset Allocation - Moderate VP, and Transamerica JPMorgan International Moderate Growth VP (each a "portfolio") because the underlying portfolios in which the portfolio invests include Transamerica Funds sub-advised by JP Morgan. Consistent with the portfolio's objective and strategies, JP Morgan is permitted to invest any portion of a portfolio's assets in underlying portfolios which it sub-advises. JP Morgan will receive additional fees when it allocates portfolio assets to an underlying portfolio it sub-advises. This conflict could provide JP Morgan with an incentive to allocate portfolio assets to an underlying portfolio it sub-advises rather than to another underlying portfolio investing in the same asset class sub-advised by another sub-adviser. Or, JP Morgan may have an incentive to increase a portfolio's allocation to an asset class for which the only underlying portfolio is one which it sub-advises.

JP Morgan also faces a potential conflict of interest in allocating the assets of the portfolio when JP Morgan has business relationships with other sub-advisers of underlying portfolios in which the portfolio invests or with affiliates of those sub-advisers. Allocating portfolio assets to underlying portfolios managed by such sub-advisers may help to enhance JP Morgan's relationships with such sub-advisers or their affiliates.

**Compensation** 

JPMIM's compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards.

The compensation framework for JPMIM Portfolio Managers participating in public market investing activities is based on several factors that drive alignment with client objectives, the primary of which is investment performance, alongside of the firm-wide performance dimensions. The framework focuses on Total Compensation – base salary and variable compensation. Variable compensation is in the form of cash incentives, and/or long-term incentives in the form of fund-tracking incentives (referred to as the "Mandatory Investment Plan" or "MIP") and/or equity-based JPMorgan Chase Restricted Stock Units ("RSUs") with defined vesting schedules and corresponding terms and conditions. Long-term incentive awards may comprise up to 60% of overall incentive compensation, depending on an employee's pay level.

The performance dimensions for Portfolio Managers are evaluated annually based on several factors that drive investment outcomes and value—aligned with client objectives—including, but not limited to:

• Investment performance, generally weighted more to the long-term, with specific consideration for Portfolio Managers of investment performance relative to competitive indices or peers over one-, three-, five- and ten-year periods, or, in the case of funds designed to track the performance of a particular index, the Portfolio Managers success in tracking such index;

• The scale and complexity of their investment responsibilities;

• Individual contribution relative to the client's risk and return objectives;

• Business results, as informed by investment performance; risk, controls and conduct objectives; client/customer/stakeholder objectives, teamwork and leadership objectives; and

• Adherence with JPMorgan's compliance, risk, regulatory and client fiduciary responsibilities, including, as applicable, adherence to the JPMorgan Asset Management Sustainability Risk Integration Policy, which contains relevant financially material Environmental, Social and Corporate Governance ("ESG") factors that are intended to be assessed in investment decision- making.

In addition to the above performance dimensions, the firm-wide pay-for-per performance framework is integrated into the final assessment of incentive compensation for an individual Portfolio Manager. Feedback from JPMorgan's risk and control professionals is considered in assessing performance and compensation.

Portfolio Managers are subject to a mandatory deferral of long-term incentive compensation under JPMorgan's "MIP". In general, the MIP provides for a rate of return equal to that of the particular fund(s), thereby aligning the Portfolio Manager's pay with that of the client's experience/return.

For Portfolio Managers participating in public market investing activities, 50% of their long-term incentives are subject to a mandatory deferral in the MIP, and the remaining 50% can be granted in the form of RSUs or additional participation in MIP at the election of the Portfolio Manager.

For the portion of long-term incentives subject to mandatory deferral in the MIP (50%), the incentives are allocated to the fund(s) the Portfolio Manager manages, as determined by the employee's respective manager and reviewed by senior management.).

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In addition, named Portfolio Managers on a sustainable fund(s) are required to allocate at least 25% of their mandatory deferral in at least one dedicated sustainable fund(s).

To hold individuals responsible for taking risks inconsistent with JPMorgan's risk appetite and to discourage future imprudent behavior, we have policies and procedures that enable us to take prompt and proportionate actions with respect to accountable individuals, including:

• Reducing or altogether eliminating annual incentive compensation;

• Canceling unvested awards (in full or in part);

• Clawback/recovery of previously paid compensation (cash and / or equity);

• Demotion, negative performance rating or other appropriate employment actions; and

• Termination of employment.

The precise actions we take with respect to accountable individuals are based on circumstances, including the nature of their involvement, the magnitude of the event and the impact on JPMorgan

In evaluating each portfolio manager's performance with respect to the accounts he or she manages, JPMorgan uses the following indices as benchmarks to evaluate the performance of the portfolio manager with respect to the accounts:

---

| |
|:---|
| **Fund** |
| Transamerica Balanced II<br> &nbsp;&nbsp; S&P 500<sup>®</sup> Index<br> Bloomberg US Aggregate Bond Index<br>|
| Transamerica Multi-Managed Balanced<br> &nbsp;&nbsp; S&P 500<sup>®</sup> Index<br> Bloomberg US Aggregate Bond Index<br>|

---

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

------

***Morgan Stanley Investment Management Inc. ("Morgan Stanley")*** 

**Transamerica Capital Growth** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts\*** | **Other Accounts\*** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Dennis P. Lynch | 24 | $21.80 billion | 22 | $6.07 billion | 16 | $3.75 billion |
| Sam G. Chainani, CFA | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| Jason C. Yeung, CFA | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| Armistead B. Nash | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| Alexander T. Norton | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Dennis P. Lynch | 0 | $0 | 0 | $0 | 0 | $0 |
| Sam G. Chainani, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Jason C. Yeung, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Armistead B. Nash | 0 | $0 | 0 | $0 | 0 | $0 |
| Alexander T. Norton | 0 | $0 | 0 | $0 | 0 | $0 |

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\* Other Accounts excludes the assets and numbers of accounts in wrap fee programs that are managed using model portfolios.

**Transamerica Large Growth** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts\*** | **Other Accounts\*** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Dennis P. Lynch | 24 | $21.80 billion | 22 | $6.07 billion | 16 | $3.75 billion |
| Sam G. Chainani, CFA | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| Jason C. Yeung, CFA | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| Armistead B. Nash | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| Alexander T. Norton | 24 | $21.80 billion | 21 | $5.90 billion | 14 | $3.66 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Dennis P. Lynch | 0 | $0 | 0 | $0 | 0 | $0 |
| Sam G. Chainani, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Jason C. Yeung, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Armistead B. Nash | 0 | $0 | 0 | $0 | 0 | $0 |
| Alexander T. Norton | 0 | $0 | 0 | $0 | 0 | $0 |

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\* Other Accounts excludes the assets and numbers of accounts in wrap fee programs that are managed using model portfolios.

**Conflict of Interest** 

As a diversified global financial services firm, Morgan Stanley, the parent company of Morgan Stanley Investment Management Inc. ("MSIM"), engages in a broad spectrum of activities, including financial advisory services, investment management activities, lending, commercial banking, sponsoring and managing private investment funds, engaging in broker-dealer transactions and principal securities, commodities and foreign exchange transactions, research publication and other activities. In the ordinary course of its business, Morgan Stanley is a full-service investment banking and financial services firm and therefore engages in activities where Morgan Stanley's interests or the interests of its clients may conflict with the interests of an investment fund or account sponsored, managed, advised or sub-advised by MSIM (each, a "MSIM Advised Vehicle"). Morgan Stanley advises clients and sponsors, manages or advises other investment funds and investment programs, accounts and businesses (collectively, together with any new or successor funds, programs, accounts or businesses sponsored, managed, advised or sub-advised by MSIM or one of its investment adviser affiliates, the Affiliated Investment Accounts") with a wide variety of investment objectives and/or investment strategies (generally referred to herein collectively as "investment objectives") that in some instances may overlap or conflict with a MSIM Advised Vehicle's investment objectives and present conflicts of interest. In addition, Morgan Stanley, MSIM and/or MSIM's investment adviser affiliates may also from time to time create new or successor Affiliated Investment Accounts that may compete with a MSIM Advised Vehicle and present similar conflicts of interest. The discussion below enumerates certain actual, apparent and potential conflicts of interest. There is no assurance that conflicts of interest will be resolved in favor of Fund shareholders and, in fact, they may not be. The conflicts herein do not purport to be a complete list or explanation of the conflicts associated with the financial or other interests MSIM or its affiliates may have now or in the future. Conflicts of interest not described below may also exist. References to MSIM in this section include a MSIM Advised Vehicle's affiliated sub-adviser (if any) unless otherwise noted.

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The discussions below with respect to actual, apparent and potential conflicts of interest may be applicable to or arise from the Affiliated Investment Accounts managed by MSIM's investment adviser affiliates whether or not specifically identified.

**Material Non-Public and Other Information.** It is expected that confidential or material non-public information regarding an investment or potential investment opportunity may become available to MSIM. If such information becomes available, MSIM may be precluded (including by applicable law or internal policies or procedures) from pursuing an investment or disposition opportunity or taking another action with respect to such investment, with respect to such investment or disposition opportunity including for an extended period of time. The Adviser may also from time to time be subject to contractual "stand-still" obligations and/or confidentiality obligations that may restrict its ability to transact in certain investments on a MSIM Advised Vehicle's behalf. In addition, MSIM may be precluded from disclosing such information to an investment team, even in circumstances in which the information would be beneficial if disclosed. Therefore, the investment team may not be provided access to material non-public information in the possession of Morgan Stanley that might be relevant to an investment decision to be made on behalf of a MSIM Advised Vehicle, and the investment team may initiate a transaction or sell an investment that, if such information had been known to it, may not have been undertaken. In addition, certain members of the investment team may be recused from certain investment-related discussions so that such members do not receive information that would limit their ability to perform functions of their employment with MSIM or its affiliates unrelated to that of a MSIM Advised Vehicle. Furthermore, access to information held by certain parts of Morgan Stanley may be subject to third party confidentiality obligations and to information barriers established by Morgan Stanley designed to manage potential conflicts of interest and regulatory restrictions, including, without limitation, joint transaction restrictions pursuant to the 1940 Act. Accordingly, MSIM's ability to source investments from, or invest alongside, other business units within Morgan Stanley may be limited and there can be no assurance that MSIM will be able to source any investments from any one or more parts of the Morgan Stanley network.

The Adviser may restrict its investment decisions and activities on behalf of MSIM Advised Vehicles in various circumstances, including because of applicable regulatory requirements or information held by MSIM, MSIM's investment adviser affiliates or Morgan Stanley. The Adviser might not engage in transactions or other activities for, or enforce certain rights in favor of, a MSIM Advised Vehicle due to Morgan Stanley's activities outside MSIM Advised Vehicles. Furthermore, Morgan Stanley could have an interest that is different from, and potentially adverse to, that of the fund, which may result in Morgan Stanley taking actions different from or in conflict with those taken on behalf of the MSIM Advised Vehicle or otherwise impede the fund from participating in certain opportunities. In instances where trading of an investment is restricted, MSIM may not be able to purchase or sell such investment on behalf of a MSIM Advised Vehicle, including for an extended period of time, resulting in a MSIM Advised Vehicle's inability to participate in certain desirable transactions. This inability to buy or sell an investment could have an adverse effect on a MSIM Advised Vehicle's portfolio due to, among other things, changes in an investment's value during the period its trading is restricted.

Morgan Stanley has established certain information barriers and other policies designed to address the sharing of information between different businesses within Morgan Stanley. As a result of information barriers, MSIM, in certain instances, will not have access, or will have limited access, to certain information and personnel in other areas of Morgan Stanley and, in such instances, will not manage MSIM Advised Vehicles with the benefit of the information held by such other areas. Morgan Stanley, due to its access to and knowledge of funds, markets and securities based on its various businesses, may make decisions based on information or take (or refrain from taking) actions with respect to interests in investments of the kind held (directly or indirectly) by MSIM Advised Vehicles in a manner that may be adverse to the fund, and will not have any obligation or other duty to share information with MSIM.

In other instances, Morgan Stanley personnel, including personnel of MSIM, will have access to information and personnel of its affiliates. For example, MSIM may, in certain instances, share information with its affiliates regarding due diligence of companies and other investment-related due diligence. The Adviser may face conflicts of interest in determining whether to engage in the sharing of information with its affiliates. Information sharing may limit or restrict the ability of MSIM to engage in or otherwise effect transactions on behalf of MSIM Advised Vehicles (including purchasing or selling securities that MSIM may otherwise have purchased or sold for a MSIM Advised Vehicle in the absence of the sharing of information). Also, it may adversely affect a MSIM Advised Vehicle's investments, ability to invest in, or divest from, a company or engage in transactions or otherwise disadvantage a MSIM Advised Vehicle. In managing conflicts of interest that arise because of the foregoing, MSIM generally will be subject to fiduciary requirements. The Adviser may also implement internal information barriers or ethical walls or other internal information sharing protocols, and the conflicts described herein with respect to information barriers and otherwise with respect to Morgan Stanley and MSIM will also apply internally within MSIM. As a result, a MSIM Advised Vehicle may not be permitted to transact in (e.g., dispose of a security in whole or in part) during periods when it otherwise would have been desirable and able to do so, which could adversely affect a MSIM Advised Vehicle. Other investors in the security that are not subject to such restrictions may be able to transact in the security during such periods. There may also be circumstances in which, as a result of information held by certain portfolio management teams in MSIM, MSIM limits an activity or transaction for a MSIM Advised Vehicle, including if a MSIM Advised Vehicle is managed by a portfolio management team other than the team holding such information.

Morgan Stanley and its personnel will not be under any obligation or other duty to share certain information with MSIM or personnel involved in decision-making for Affiliated Investment Accounts (including MSIM Advised Vehicles), as applicable, and MSIM may make investment decisions for a MSIM Advised Vehicle that differ from those MSIM would have made if Morgan Stanley, or other parts, of MSIM

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had provided such information, and the fund be disadvantaged as a result thereof. Additionally, different portfolio management teams within MSIM may make decisions based on information or take (or refrain from taking) actions with respect to Affiliated Investment Accounts they advise in a manner different than or adverse to MSIM Advised Vehicles.

**Investments by Morgan Stanley and its Affiliated Investment Accounts.** In serving in multiple capacities to Affiliated Investment Accounts, Morgan Stanley, including MSIM and its investment teams, may have obligations to other clients or investors in Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of a MSIM Advised Vehicle or its shareholders. An investment team may have obligations to Affiliated Investment Accounts managed by both MSIM and one or more of MSIM's investment adviser affiliates. A fund's investment objectives may overlap with the investment objectives of certain Affiliated Investment Accounts. As a result, the members of an investment team may face conflicts in the allocation of investment opportunities among a MSIM Advised Vehicle and other investment funds, programs, accounts and businesses advised by or affiliated with MSIM or its investment adviser affiliates. Certain Affiliated Investment Accounts may provide for higher management or incentive fees or greater expense reimbursements or overhead allocations, all of which may contribute to this conflict of interest and create an incentive for MSIM to favor such other accounts. In addition, from time to time, MSIM and/or its investment adviser affiliates may advise or manage Affiliated Investment Accounts with substantially similar investment objectives, investment policies and/or investment strategies as those of an MSIM Advised Vehicle. The investment results of an MSIM Advised Vehicle may be higher or lower than, and there is no guarantee that the investment results of the fund will be comparable to, those of any other of these Affiliated Investment Accounts. Further, an MSIM Advised Vehicle and an Affiliated Investment Account with substantially similar investment objectives, investment policies and/or investment strategies may have different fees and expenses (which may be higher or lower than those of the MSIM Advised Vehicle), governance, structures, and/or services provided by MSIM and/or its investment adviser affiliates. From time to time, MSIM and/or its investment adviser affiliates may advise or manage Affiliated Investment Accounts with substantially similar investment objectives, investment policies and/or investment strategies as those of an MSIM Advised Vehicle. The investment results of an MSIM Advised Vehicle may be higher or lower than, and there is no guarantee that the investment results of the fund will be comparable to, those of any other of these Affiliated Investment Accounts. Further, an MSIM Advised Vehicle and an Affiliated Investment Account with substantially similar investment objectives, investment policies and/or investment strategies may have different fees and expenses (which may be higher or lower than those of the MSIM Advised Vehicle), governance, structures, and/or services provided by MSIM and/or its investment adviser affiliates.

Morgan Stanley currently invests and plans to continue to invest on its own behalf and on behalf of its Affiliated Investment Accounts in a wide variety of investment opportunities globally. Morgan Stanley and its Affiliated Investment Accounts, to the extent consistent with applicable law and policies and procedures, will be permitted to invest in investment opportunities without making such opportunities available to a MSIM Advised Vehicle. Subject to the foregoing, Morgan Stanley may offer investments that fall into the investment objectives of an Affiliated Investment Account to such account or make such investment on its own behalf, even though such investment also falls within a MSIM Advised Vehicle's investment objectives. A fund may invest in opportunities that Morgan Stanley and/or one or more Affiliated Investment Accounts has declined, and vice versa. All of the foregoing may reduce the number of investment opportunities available to a MSIM Advised Vehicle and may create conflicts of interest in allocating investment opportunities. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to a MSIM Advised Vehicle's advantage. There can be no assurance that a MSIM Advised Vehicle will have an opportunity to participate in certain opportunities that fall within their investment objectives. The interests of Morgan Stanley in an investment or a company may present certain conflicts of interest with respect to an investment by a MSIM Advised Vehicle in the same investment or a MSIM Advised Vehicle's participation in a transaction with such company.

The decision on behalf of an MSIM Advised Vehicle as to when to initiate a purchase or sale transaction may differ, and be done for different reasons, than the decisions MSIM or its affiliates may take for Affiliated Investment Accounts on the same securities. This could create conflicts of interest, and it is possible that one or more accounts managed by MSIM will achieve investment results that are substantially more or less favorable than those results achieved by a MSIM Advised Vehicle.

To seek to reduce potential conflicts of interest and to attempt to allocate such investment opportunities in a fair and equitable manner, MSIM has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of MSIM, including the fund, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duties of MSIM. Each client of MSIM that is subject to the allocation policies and procedures, including each fund, is assigned an investment team and portfolio manager(s) by MSIM. The investment team and portfolio managers review investment opportunities and will decide with respect to the allocation of each opportunity considering various factors and in accordance with the allocation policies and procedures. The allocation policies and procedures are subject to change. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to the advantage of a MSIM Advised Vehicle.

It is possible that Morgan Stanley or an Affiliated Investment Account, including another MSIM Advised Vehicle, will invest in or advise (in the case of Morgan Stanley) a company that is or becomes a competitor of a company of which a MSIM Advised Vehicle holds an investment. Such investment could create a conflict between the fund, on the one hand, and Morgan Stanley or the Affiliated Investment Account, on the other hand. In such a situation, Morgan Stanley may also have a conflict in the allocation of its own resources to the portfolio investment. Furthermore, certain Affiliated Investment Accounts will be focused primarily on investing in other funds which may have strategies that overlap and/or directly conflict and compete with a MSIM Advised Vehicle.

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In addition, certain investment professionals who are involved in a MSIM Advised Vehicle's activities remain responsible for the investment activities of other Affiliated Investment Accounts managed by MSIM and its affiliates, and they will devote time to the management of such investments and other newly created Affiliated Investment Accounts (whether in the form of funds, separate accounts or other vehicles), as well as their own investments. In addition, in connection with the management of investments for other Affiliated Investment Accounts, members of Morgan Stanley and its affiliates may serve on the boards of directors of or advise companies which may compete with a MSIM Advised Vehicle's portfolio investments. Moreover, these Affiliated Investment Accounts managed by Morgan Stanley and its affiliates may pursue investment opportunities that may also be suitable for a MSIM Advised Vehicle.

It should be noted that Morgan Stanley may, directly or indirectly, make large investments in certain of its Affiliated Investment Accounts, and accordingly Morgan Stanley's investment in a MSIM Advised Vehicle may not be a determining factor in the outcome of any of the foregoing conflicts. Nothing herein restricts or in any way limits the activities of Morgan Stanley, including its ability to buy or sell interests in, or provide financing to, equity and/or debt instruments, funds or portfolio companies, for its own accounts or for the accounts of Affiliated Investment Accounts or other investment funds or clients in accordance with applicable law.

Different clients of MSIM and its affiliates, including a MSIM Advised Vehicle, may invest in (1) different classes of securities of the same issuer (including, without limitation, different parts of an issuer's capital structure), depending on the respective clients' investment objectives and policies and/or (2) the same class of securities of the same issuer while seeking different investment objectives or executing different investment strategies (such as long-term v. short-term investment horizons), and MSIM may face conflicts with respect to the interests involved. As a result, MSIM and its affiliates, at times, will seek to satisfy fiduciary obligations to certain clients owning one / the same class of securities of a particular issuer by pursuing or enforcing rights on behalf of those clients with respect to such (class of) securities, and those activities may have an adverse effect on another client which owns a different class of securities of such issuer. For example, if one client holds debt securities of an issuer and another client holds equity securities of the same issuer, if the issuer experiences financial or operational challenges, MSIM and its affiliates may seek a liquidation of the issuer on behalf of the client that holds the debt securities, whereas the client holding the equity securities may benefit from a reorganization of the issuer. Thus, in such situations, the actions taken by MSIM or its affiliates on behalf of one client can negatively impact securities held by another client. Alternatively, for example, if a client owns a security while seeking short-term capital appreciation that Adviser may vote proxies or engage with the issuer (as applicable) in pursuit of that goal – which could negatively impact clients who hold the same security but are seeking long-term capital appreciation. These conflicts also exist as between MSIM's clients, including a MSIM Advised Vehicle, and the Affiliated Investment Accounts managed by MSIM's investment adviser affiliates.

In addition, in certain circumstances, MSIM restricts, limits or reduces the amount of the fund's investment, or restricts the type of governance or voting rights it acquires or exercises, where the fund (potentially together with Morgan Stanley) exceeds a certain ownership interest, or possesses certain degrees of voting or control or has other interests.

The Adviser and its affiliates may give advice and recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, a MSIM Advised Vehicle even though such other clients' investment objectives may be similar to those of the fund and MSIM may make decisions for a MSIM Advised Vehicle that may be more beneficial to one type of shareholder than another.

The Adviser and its affiliates manage long and short portfolios. The simultaneous management of long and short portfolios creates conflicts of interest in portfolio management and trading in that opposite directional positions may be taken in client accounts, including client accounts managed by the same investment team, and creates risks such as: (i) the risk that short sale activity could adversely affect the market value of long positions in one or more portfolios (and vice versa) and (ii) the risks associated with the trading desk receiving opposing orders in the same security simultaneously. The Adviser and its affiliates have adopted policies and procedures that are reasonably designed to mitigate these conflicts. In certain circumstances, MSIM invests on behalf of itself in securities and other instruments that would be appropriate for, held by, or may fall within the investment guidelines of its clients, including a MSIM Advised Vehicle. At times, MSIM may give advice or take action for its own accounts that differs from, conflicts with, or is adverse to advice given or action taken for any client.

From time to time, conflicts also arise due to the fact that certain securities or instruments may be held in some client accounts, including a MSIM Advised Vehicle, but not in others, or that client accounts may have different amounts of holdings in certain securities or instruments. In addition, due to differences in the investment strategies or restrictions among client accounts, MSIM may take action with respect to one account that differs from the action taken with respect to another account. In some cases, a client account may compensate MSIM based on the performance of the securities held by that account or pay a higher overall fee rate. The existence of such a performance based fee or higher fee rates may create additional conflicts of interest for MSIM in the allocation of management time, resources and investment opportunities. The Adviser has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern MSIM's trading practices, including, among other things, the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.

In addition, at times an investment team will give advice or take action with respect to the investments of one or more clients that is not given or taken with respect to other clients with similar investment programs, objectives, and strategies. Accordingly, clients with similar strategies

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will not always hold the same securities or instruments or achieve the same performance. The Adviser's investment teams also advise clients with conflicting programs, objectives or strategies. These conflicts also exist as between MSIM's clients, including the fund, and the Affiliated Investment Accounts managed by MSIM's investment adviser affiliates.

From time to time, MSIM or its affiliates may provide opportunities to Affiliated Investment Accounts (including potentially a MSIM Advised Vehicle) or other clients to make investments in companies (such as in equity, debt or other securities issued by companies) or to engage in transactions involving companies (such as refinancing, restructuring or other transactions) in which certain Affiliated Investment Accounts (including potentially a MSIM Advised Vehicle) or other clients have already invested. These investments can create conflicts of interest, including those associated with the assets of a MSIM Advised Vehicle potentially providing value to, or otherwise supporting the investments of, other Affiliated Investment Accounts or other clients and potentially diluting or otherwise adversely affecting a MSIM Advised Vehicle previously invested in the company.

Morgan Stanley and its affiliates maintain separate trading desks that operate independently of each other and do not share information with MSIM. The Morgan Stanley and affiliate trading desks may compete against MSIM trading desks when implementing buy and sell transactions, possibly causing certain Affiliated Investment Accounts (including potentially an MSIM Advised Vehicle) to pay more or receive less for a security than other Affiliated Investment Accounts.

**Investments by Separate Investment Departments.** For MSIM and certain of its investment adviser affiliates, the entities and individuals that provide investment-related services can differ by client, investment function, or business line (each, an "Investment Department"). Nonetheless, Investment Departments (with certain exceptions) can engage in discussions and share information and resources with another Investment Department (or a team within the other Investment Department) regarding investment-related matters. The sharing of information and resources between the Investment Departments is designed to further increase the knowledge and effectiveness of each Investment Department. However, an investment team's decisions as to the use of shared research and participation in discussions with another Investment Department could adversely impact a client. Certain investment teams within one Investment Department could make investment decisions and execute trades together with investment teams within other Investment Departments. Other investment teams make investment decisions and execute trades independently. This could cause the quality and price of execution, and the performance of investments and accounts, to vary. Internal policies and procedures set forth the guidelines under which securities and securities trades can be crossed, aggregated, and coordinated between accounts serviced by different Investment Departments. Internal policies and procedures take into consideration a variety of factors, including the primary market in which such security trades. If a security or securities trade is ineligible for crossing, aggregation, or other coordinated trading, then each Investment Department will execute such trades independently of the other.

**Morgan Stanley Trading and Principal Investing Activities.** Notwithstanding anything to the contrary herein, Morgan Stanley will generally conduct its sales and trading businesses, publish research and analysis, and render investment advice without regard for a MSIM Advised Vehicle's holdings, although these activities could have an adverse impact on the value of one or more of the fund's investments, or could cause Morgan Stanley to have an interest in one or more portfolio investments that is different from and potentially adverse to that of a MSIM Advised Vehicle. Furthermore, from time to time, MSIM or its affiliates may invest "seed" capital in a MSIM Advised Vehicle, typically to enable the fund to commence investment operations and/or achieve sufficient scale, as further described below. The Adviser and its affiliates may hedge such seed capital exposure by investing in derivatives or other instruments expected to produce offsetting exposure. Such hedging transactions, if any, would occur outside of a MSIM Advised Vehicle.

Morgan Stanley's sales and trading, financing and principal investing businesses (whether or not specifically identified as such, and including Morgan Stanley's trading and principal investing businesses) will not be required to offer any investment opportunities to a MSIM Advised Vehicle. These businesses may encompass, among other things, principal trading activities as well as principal investing.

Morgan Stanley's sales and trading, financing and principal investing businesses have acquired or invested in, and in the future may acquire or invest in, minority and/or majority control positions in equity or debt instruments of diverse public and/or private companies. Such activities may put Morgan Stanley in a position to exercise contractual, voting or creditor rights, or management or other control with respect to securities or loans of portfolio investments or other issuers, and in these instances Morgan Stanley may, in its discretion and subject to applicable law, act to protect its own interests or interests of clients, and not a MSIM Advised Vehicle's interests.

Subject to the limitations of applicable law, a MSIM Advised Vehicle may purchase from or sell assets to, or make investments in, companies in which Morgan Stanley has or may acquire an interest, including as an owner, creditor or counterparty.

**Morgan Stanley's Investment Banking and Other Commercial Activities.** Morgan Stanley advises clients on a variety of mergers, acquisitions, restructuring, bankruptcy and financing transactions. Morgan Stanley may act as an advisor to clients, including other investment funds that may compete with a MSIM Advised Vehicle and with respect to investments that a MSIM Advised Vehicle may hold. Morgan Stanley may give advice and take action with respect to any of its clients or proprietary accounts that may differ from the advice given, or may involve an action of a different timing or nature than the action taken, by a MSIM Advised Vehicle. Morgan Stanley may give advice and provide recommendations to persons competing with a MSIM Advised Vehicle and/or any of a MSIM Advised Vehicle's investments that are contrary to the fund's best interests and/or the best interests of any of its investments.

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Morgan Stanley could be engaged in financial advising, whether on the buy-side or sell-side, or in financing or lending assignments that could result in Morgan Stanley's determining in its discretion or being required to act exclusively on behalf of one or more third parties, which could limit a MSIM Advised Vehicle's ability to transact with respect to one or more existing or potential investments. Morgan Stanley may have relationships with third-party funds, companies or investors who may have invested in or may look to invest in portfolio companies, and there could be conflicts between a MSIM Advised Vehicle's best interests, on the one hand, and the interests of a Morgan Stanley client or counterparty, on the other hand.

To the extent that Morgan Stanley advises companies in financial restructurings outside of, prior to or after filing for protection under Chapter 11 of the U.S. Bankruptcy Code or similar laws in other jurisdictions, MSIM's flexibility in making investments in such restructurings on a MSIM Advised Vehicle's behalf, or participating on steering committees and other committees in connection with existing investments, may be limited.

Morgan Stanley could provide investment banking services to competitors of portfolio companies, as well as to private equity and/or private credit funds; such activities may present Morgan Stanley with a conflict of interest vis-a-vis a MSIM Advised Vehicle's investment and may also result in a conflict in respect of the allocation of investment banking resources to portfolio companies.

To the extent permitted by applicable law, Morgan Stanley may provide a broad range of financial services to companies in which a MSIM Advised Vehicle invests, including strategic and financial advisory services, interim acquisition financing and other lending and underwriting or placement of securities, and Morgan Stanley generally will be paid fees (that may include warrants or other securities) for such services. Morgan Stanley will not share any of the foregoing interest, fees and other compensation received by it (including, for the avoidance of doubt, amounts received by MSIM) with a MSIM Advised Vehicle, and any advisory fees payable will not be reduced thereby.

Morgan Stanley may be engaged to act as a financial advisor to a company in connection with the sale of such company, or subsidiaries or divisions thereof, may represent potential buyers of businesses through its mergers and acquisition activities and may provide lending and other related financing services in connection with such transactions. Morgan Stanley's compensation for such activities is usually based upon realized consideration and is usually contingent, in substantial part, upon the closing of the transaction. Under these circumstances, a MSIM Advised Vehicle may be precluded from participating in a transaction with or relating to the company being sold or participating in any financing activity related to merger or acquisition.

The involvement or presence of Morgan Stanley in the investment banking and other commercial activities described above (or the financial markets more broadly) may restrict or otherwise limit investment opportunities that may otherwise be available to the fund. For example, issuers may hire and compensate Morgan Stanley to provide underwriting, financial advisory, placement agency, brokerage services or other services and, because of limitations imposed by applicable law and regulation, a MSIM Advised Vehicle may be prohibited from buying or selling securities issued by those issuers or participating in related transactions or otherwise limited in its ability to engage in such investments.

In addition, in situations where MSIM is required to aggregate its positions with those of other Morgan Stanley business units for position limit calculations, MSIM may have to refrain from making investments due to the positions held by other Morgan Stanley business units or their clients. There may be other situations where MSIM refrains from making an investment or refrains from taking certain actions related to the management of such investment due to, among other reasons, additional disclosure obligations, regulatory requirements, policies, and reputational risk, or MSIM may limit purchases or sales of securities in respect of which Morgan Stanley is engaged in an underwriting or other distribution capacity.

**Morgan Stanley's Marketing Activities.** Morgan Stanley is engaged in the business of underwriting, syndicating, brokering, administering, servicing, arranging and advising on the distribution of a wide variety of securities and other investments in which a MSIM Advised Vehicle may invest. Subject to the restrictions of the 1940 Act, including Sections 10(f) and 17(e) thereof, a MSIM Advised Vehicle may invest in transactions in which Morgan Stanley acts as underwriter, placement agent, syndicator, broker, administrative agent, servicer, advisor, arranger or structuring agent and receives fees or other compensation from the sponsors of such products or securities. Any fees earned by Morgan Stanley in such capacity will not be shared with MSIM or the fund. Certain conflicts of interest, in addition to the receipt of fees or other compensation, would be inherent in these transactions. Moreover, the interests of one of Morgan Stanley's clients with respect to an issuer of securities in which a MSIM Advised Vehicle has an investment may be adverse to MSIM's or a MSIM Advised Vehicle's best interests. In conducting the foregoing activities, Morgan Stanley will be acting for its other clients and will have no obligation to act in MSIM's or a MSIM Advised Vehicle's best interests. Due to the restrictions of the 1940 Act, a MSIM Advised Vehicle may be restricted from participating in certain transactions in which Morgan Stanley acts as underwriter, placement agent, syndicator, broker, administrative agent, servicer, advisor, arranger or structuring agent, including transactions that would otherwise be beneficial to the fund.

**Client Relationships.** Morgan Stanley has existing and potential relationships with a significant number of corporations, institutions and individuals. In providing services to its clients, Morgan Stanley may face conflicts of interest with respect to activities recommended to or performed for such clients, on the one hand, and a MSIM Advised Vehicle, its shareholders or the entities in which the fund invests, on the other hand. In addition, these client relationships may present conflicts of interest in determining whether to offer certain investment opportunities to a MSIM Advised Vehicle.

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In acting as principal or in providing advisory and other services to its other clients, Morgan Stanley may engage in or recommend activities with respect to a particular matter that conflict with or are different from activities engaged in or recommended by MSIM on a MSIM Advised Vehicle's behalf.

**Principal Investments.** There may be situations in which a MSIM Advised Vehicle's interests may conflict with the interests of one or more general accounts of Morgan Stanley and its affiliates or accounts managed by Morgan Stanley or its affiliates. This may occur because these accounts hold public and private debt and equity securities of many issuers which may be or become portfolio companies, or from whom portfolio companies may be acquired.

**Transactions with Portfolio Companies of Affiliated Investment Accounts.** The companies in which a MSIM Advised Vehicle may invest may be counterparties to or participants in agreements, transactions or other arrangements with portfolio companies or other entities of portfolio investments of Affiliated Investment Accounts (for example, a company in which a MSIM Advised Vehicle invests may retain a company in which an Affiliated Investment Account invests to provide services or may acquire an asset from such company or vice versa). Certain of these agreements, transactions and arrangements involve fees, servicing payments, rebates and/or other benefits to Morgan Stanley or its affiliates. For example, portfolio entities may, including at the encouragement of Morgan Stanley, enter into agreements regarding group procurement and/or vendor discounts. Morgan Stanley and its affiliates may also participate in these agreements and may realize better pricing or discounts as a result of the participation of portfolio entities. To the extent permitted by applicable law, certain of these agreements may provide for commissions or similar payments and/or discounts or rebates to be paid to a portfolio entity of an Affiliated Investment Account, and such payments or discounts or rebates may also be made directly to Morgan Stanley or its affiliates. Under these arrangements, a particular portfolio company or other entity may benefit to a greater degree than the other participants, and MSIM Advised Vehicles, investment vehicles and accounts (which may or may not include a MSIM Advised Vehicle) that own an interest in such entity will receive a greater relative benefit from the arrangements than MSIM Advised Vehicles, investment vehicles or accounts that do not own an interest therein. Fees and compensation received by portfolio companies of Affiliated Investment Accounts in relation to the foregoing will not be shared with a MSIM Advised Vehicle or offset advisory fees payable.

**Investments in Portfolio Investments of Other Funds**. To the extent permitted by applicable law, when a MSIM Advised Vehicle invests in certain companies or other entities, other funds affiliated with MSIM may have made or may be making an investment in such companies or other entities. Other funds that have been or may be managed by MSIM may invest in the companies or other entities in which a MSIM Advised Vehicle has made an investment. Under such circumstances, a MSIM Advised Vehicle and such other funds may have conflicts of interest (e.g., over the terms, exit strategies and related matters, including the exercise of remedies of their respective investments). If the interests held by a MSIM Advised Vehicle are different from (or take priority over) those held by such other funds, MSIM may be required to make a selection at the time of conflicts between the interests held by such other funds and the interests held by a MSIM Advised Vehicle.

**Investments in Other MSIM Advised Vehicles or Affiliated Investment Accounts.** To the extent permitted by applicable law, a MSIM Advised Vehicle may invest in a fund affiliated with MSIM or its affiliates or a fund advised by MSIM or its affiliates. In connection with any such investments, an investing fund, to the extent permitted by the 1940 Act, will pay all advisory, administrative and/or Rule 12b-1 fees applicable to the investment. To the extent consistent with applicable law, certain MSIM Advised Vehicles that invest in other funds managed by MSIM or its affiliates may pay advisory fees to MSIM or its affiliates that are not reduced by any fees payable by such other funds to MSIM or its affiliates as manager of such other funds (i.e., there may be fees and expenses involved in making any such investment, which would not arise in connection with the direct allocation of assets by investors in MSIM Advised Vehicles to such other funds). In such circumstances, as well as in all other circumstances in which MSIM receives any fees or other compensation in any form relating to the provision of services, no accounting or repayment to MSIM Advised Vehicles will be required.

The Affiliated Investment Accounts (including MSIM Advised Vehicles) may, individually or in the aggregate, own a substantial percentage of a MSIM Advised Vehicle. Further, MSIM, its affiliates, or another entity (i.e., a seed investor) may invest in MSIM Advised Vehicles at or near the establishment of such MSIM Advised Vehicles, which may facilitate MSIM Advised Vehicles achieving a specified size or scale. The Adviser and/or its affiliates may make payments to an investor that contributes seed capital to a MSIM Advised Vehicle. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached, and will be made from the assets of MSIM and/or such affiliates (and not the applicable fund). Seed investors may contribute all or a majority of the assets in a MSIM Advised Vehicle. There is a risk that such seed investors may redeem their investments in the fund, particularly after payments from MSIM and/or its affiliates have ceased. Such redemptions could negatively impact a MSIM Advised Vehicle's liquidity, expenses and market price of its shares, as applicable.

**Allocation of Expenses.** Expenses may be incurred that are attributable to a MSIM Advised Vehicle and one or more other Affiliated Investment Accounts (including in connection with issuers in which a MSIM Advised Vehicle and such other Affiliated Investment Accounts have overlapping investments). The allocation of such expenses among such entities raises potential conflicts of interest. The Adviser and its affiliates intend to allocate such common expenses among a MSIM Advised Vehicle and any such other Affiliated Investment Accounts on a pro rata basis or in such other manner as MSIM deems to be fair and equitable or in such other manner as may be required by applicable law.

**Transactions with Affiliates.** The Adviser and any investment sub-adviser might purchase securities from underwriters or placement agents in which a Morgan Stanley affiliate is a member of a syndicate or selling group, as a result of which an affiliate might benefit from the

------

purchase through receipt of a fee or otherwise. Neither MSIM nor any investment sub-adviser will purchase securities on behalf of a MSIM Advised Vehicle from an affiliate that is acting as a manager of a syndicate or selling group. Purchases by MSIM on behalf of a MSIM Advised Vehicle from an affiliate acting as a placement agent must meet the requirements of applicable law. Furthermore, Morgan Stanley may face conflicts of interest when a MSIM Advised Vehicle uses service providers affiliated with Morgan Stanley because Morgan Stanley receives greater overall fees when they are used.

**Valuation of MSIM Advised Vehicles' Investments.** MSIM performs certain valuation services related to securities and other assets held by MSIM Advised Vehicles and performs such services in accordance with its valuation policies. The Adviser will face a conflict with respect to valuation of MSIM Advised Vehicles' investments generally because of the effect of such valuations on MSIM's fees and other compensation and performance of MSIM Advised Vehicles.

**Proxy Voting by MSIM.** MSIM has implemented processes designed to prevent conflicts of interest from influencing proxy voting decisions that it makes on behalf of MSIM Advised Vehicles and to help ensure that such decisions are made in accordance with its fiduciary obligations to its clients. Notwithstanding such proxy voting processes, proxy voting decisions made by MSIM in respect of securities held by MSIM Advised Vehicles may benefit the interests of Morgan Stanley and/or accounts other than MSIM Advised Vehicles. Further, MSIM may make different proxy voting decisions in respect of the same security held by clients with different investment objectives or strategies.

**Potential Conflict of Interest Related to Use of Sub-Advisers and Delegates.** To the extent MSIM to an engages affiliated sub-advisers or delegates for a MSIM Advised Vehicle, MSIM generally expects to compensate the sub-adviser or delegate out of the advisory fee it receives from the MSIM Advised Vehicle, which creates an incentive for MSIM to select affiliated sub-adviser(s) or delegate(s). In addition, a sub-adviser or delegate may have interests and relationships that create actual or potential conflicts of interest related to their management of a MSIM Advised Vehicle assets allocated to or managed by the sub-adviser. These conflicts may be similar to or different from the conflicts described herein related to Morgan Stanley and its investment advisory affiliates. For additional information about potential conflicts of interest for each sub-adviser(s) can be found in the relevant sub-adviser's Form ADV. A copy of Part 1 and Part 2 of a sub-adviser's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov).

**Electronic Communication Networks and Alternative Trading Systems.** MSIM's affiliate(s) have ownership interests in and/or board seats on electronic communication networks ("ECNs") or other alternative trading systems ("ATSs"). In certain instances, MSIM's affiliate(s) could be deemed to control one or more of such ECNs or ATSs based on the level of such ownership interests and whether such affiliates are represented on the board of such ECNs or ATSs. Consistent with its fiduciary obligation to seek best execution, MSIM may, from time to time, directly or indirectly, effect client trades through ECNs or other ATSs in which the Firm's affiliates have or could acquire an interest or board seat. These affiliates might receive an indirect economic benefit based upon their ownership in the ECNs or other ATSs. MSIM will, directly or indirectly, execute through an ECN or other ATSs in which an affiliate has an interest only in situations where Morgan Stanley or the broker dealer through whom it is accessing the ECN or ATS reasonably believes such transaction will be in the best interest of its clients and the requirements of applicable law have been satisfied.

**General Process for Potential Conflicts.** All of the transactions described above involve the potential for conflicts of interest between MSIM, related persons of MSIM and/or their clients. The Advisers Act of 1940, as amended, the Investment Company Act of 1940, as amended, and the Employee Retirement Income Security Act of 1974 impose certain requirements designed to decrease the possibility of conflicts of interest between an investment adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. In addition, MSIM has instituted policies and procedures designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law. MSIM seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the overriding best interests of the client.

**Compensation** 

**Portfolio Manager Compensation Structure** 

Morgan Stanley's compensation structure is based on a total reward system of base salary and incentive compensation, which is paid either in the form of cash bonus, or for employees meeting the specified deferred compensation eligibility threshold, partially as a cash bonus and partially as mandatory deferred compensation. Deferred compensation granted to Investment Management employees are generally granted as a mix of deferred cash awards under the Investment Management Alignment Plan (IMAP) and equity-based awards in the form of stock units. The portion of incentive compensation granted in the form of a deferred compensation award and the terms of such awards are determined annually by the Compensation, Management Development and Succession Committee of the Morgan Stanley Board of Directors.

*<u>Base salary compensation.</u>* Generally, portfolio managers receive base salary compensation based on the level of their position with the Adviser.

*<u>Incentive compensation</u>.* In addition to base compensation, portfolio managers may receive discretionary year-end compensation.

Incentive compensation may include:

• Cash Bonus.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Deferred Compensation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A mandatory program that defers a portion of incentive compensation into restricted stock units or other awards based on Morgan Stanley common stock or other plans that are subject to vesting and other conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IMAP is a cash-based deferred compensation plan designed to increase the alignment of participants' interests with the interests of the Advisor's clients. For eligible employees, a portion of their deferred compensation is mandatorily deferred into IMAP on an annual basis. Awards granted under IMAP are notionally invested in referenced funds available pursuant to the plan, which are funds advised by MSIM and its affiliates that are investment advisers. Portfolio managers are required to notionally invest a minimum of 40% of their account balance in the designated funds that they manage and are included in the IMAP notional investment fund menu.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deferred compensation awards are typically subject to vesting over a multi-year period and are subject to cancellation through the payment date for competition, cause (i.e., any act or omission that constitutes a breach of obligation to the Company, including failure to comply with internal compliance, ethics or risk management standards, and failure or refusal to perform duties satisfactorily, including supervisory and management duties), disclosure of proprietary information, and solicitation of employees or clients. Awards are also subject to clawback through the payment date if an employee's act or omission (including with respect to direct supervisory responsibilities) causes a restatement of the Firm's consolidated financial results, constitutes a violation of the Firm's global risk management principles, policies and standards, or causes a loss of revenue associated with a position on which the employee was paid and the employee operated outside of internal control policies.

MSIM compensates employees based on principles of pay-for-performance, market competitiveness and risk management. Eligibility for, and the amount of any, discretionary compensation is subject to a multi-dimensional process. Specifically, consideration is given to one or more of the following factors, which can vary by portfolio management team and circumstances:

• Revenue and profitability of the business and/or each fund/account managed by the portfolio manager

• Revenue and profitability of the Firm

• Return on equity and risk factors of both the business units and Morgan Stanley

• Assets managed by the portfolio manager

• External market conditions

• New business development and business sustainability

• Contribution to client objectives

• Team, product and/or MSIM and its affiliates that are investment advisers performance

• The pre-tax investment performance of the funds/accounts managed by the portfolio manager (which may, in certain cases, be measured against the applicable benchmark(s) and/or peer group(s) over one, three and five-year periods)

• Individual contribution and performance

Further, the Firm's Global Incentive Compensation Discretion Policy requires compensation managers to consider only legitimate, business related factors when exercising discretion in determining variable incentive compensation, including adherence to Morgan Stanley's core values, conduct, disciplinary actions in the current performance year, risk management and risk outcomes.

**Other Accounts Managed by the Portfolio Managers** 

Because the portfolio managers may manage assets for other investment companies, pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals), there may be an incentive to favor one client over another resulting in conflicts of interest. For instance, the Adviser and/or Sub- Advisers may receive fees from certain accounts that are higher than the fee it receives from the fund, or it may receive a performance-based fee on certain accounts. In those instances, the portfolio managers may have an incentive to favor the higher and/or performance-based fee accounts over the fund. In addition, a conflict of interest could exist to the extent the Adviser and/or Sub-Advisers have proprietary investments in certain accounts, where portfolio managers have personal investments in certain accounts or when certain accounts are investment options in the Adviser's and/or Sub-Advisers' employee benefits and/or deferred compensation plans. The portfolio manager may have an incentive to favor these accounts over others. If the Adviser and/or Sub-Advisers manage accounts that engage in short sales of securities of the type in which the fund invests, the Adviser and/or Sub-Advisers could be seen as harming the performance of the fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall. The Adviser and/or Sub-Advisers have adopted trade allocation and other policies and procedures that they believe are reasonably designed to address these and other conflicts of interest.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

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***PineBridge Investments LLC ("PineBridge")*** 

**Transamerica Inflation Opportunities** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Robert A. Vanden Assem, CFA | 5 | $1.69 billion | 11 | $3.19 billion | 18 | $6.16 billion |
| Roberto Coronado | 2 | $353 million | 3 | $1.05 billion | 3 | $134 million |
| Gunter H. Seeger | 2 | $353 million | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Robert A. Vanden Assem, CFA | 0 | $0 | 0 | $0 | 3 | $849 million |
| Roberto Coronado | 0 | $0 | 0 | $0 | 0 | $0 |
| Gunter H. Seeger | 0 | $0 | 0 | $0 | 0 | $0 |

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**Transamerica Large Core ESG** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Sheedsa Ali, CFA | 2 | $5.27 billion | 3 | $551 million | 8 | $1.88 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Sheedsa Ali, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica Large Value Opportunities** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Sheedsa Ali, CFA | 2 | $5.20 billion | 3 | $551 million | 8 | $1.88 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Sheedsa Ali, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

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**Conflict of Interest** 

PineBridge recognizes that it may be subject to a conflict of interest with respect to allocations of investment opportunities and transactions among its clients. To mitigate these conflicts, PineBridge's policies and procedures seek to provide that investment decisions are made in accordance with the fiduciary duties owed to such accounts and without consideration of PineBridge's economic, investment or other financial interests. Personal securities transactions by an employee may raise a potential conflict of interest when an employee trades in a security that is considered for purchase or sale by a client, or recommended for purchase or sale by an employee to a client, in that the employee may be able to personally benefit from prior knowledge of transactions for a client by trading in a personal account. PineBridge has policies to address potential conflicts of interest when its employees buy or sell securities also bought or sold for clients. Under certain circumstances, conflicts may arise in cases where different clients of PineBridge invest in different parts of a single issuer's capital structure, including circumstances in which one or more PineBridge clients may own private securities or obligations of an issuer and other PineBridge clients may own public securities of the same issuer. Such conflicts of interest will be discussed and resolved on a case-by-case basis and will take into consideration the interest of the relevant clients, the circumstances giving rise to the conflict, and applicable regulations. For a more detailed discussion of conflicts of interest, please refer to PineBridge Investments LLC's Form ADV Part 2.

**Compensation** 

PineBridge's compensation philosophy is one of differentiation, alignment, and pay-for-performance with annual incentive compensation varying based on individual, team and firm performance. In addition to a base salary, which is consistent with regional market levels for the retention of superior staff, professionals' incentives are as follows:

Bonus compensation for professionals is based on a discretionary plan combined with the overall performance of the firm. The discretionary bonus incentive plan consists of a cash bonus paid annually, with bonus amounts over a certain threshold deferred on a sliding scale, ranging between 20-50%; these deferrals vest in one-third increments over a 3-year period. Key Portfolio Managers participate in our Portfolio

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Aligned Bonus Program whereby one third of their unvested cash bonus deferral earns a market rate of interest, one-third tracks the performance of their key funds, and one third tracks the PineBridge Multi-Asset strategy managed by multiple PineBridge investment teams to encourage cross investment team collaboration. In addition to the cash bonus deferral plan, key individuals also participate in the firm's Long-term Incentive Program, granted in the form of Performance Units; the Long-Term Incentive Performance Unit Plan vests on a 3-year cliff vesting schedule.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

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***Ranger Investment Management, L.P. ("Ranger")*** 

**Transamerica Small Cap Growth** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| W. Conrad Doenges | 4 | $123.52 million | 2 | $65.31 million | 15 | $1.32 billion |
| Andrew Hill | 4 | $123.52 million | 2 | $65.31 million | 15 | $1.32 billion |
| Joseph LaBate | 4 | $123.52 million | 2 | $65.31 million | 15 | $1.32 billion |
| Brown McCullough | 4 | $123.52 million | 2 | $65.31 million | 15 | $1.32 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| W. Conrad Doenges | 0 | $0 | 0 | $0 | 0 | $0 |
| Andrew Hill | 0 | $0 | 0 | $0 | 0 | $0 |
| Joseph LaBate | 0 | $0 | 0 | $0 | 0 | $0 |
| Brown McCullough | 0 | $0 | 0 | $0 | 0 | $0 |

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**Conflict of Interest** 

Ranger recognizes that there are conflicts of interests which are common to the investment industry and/or specific to Ranger, and implements policies and procedures which seek to mitigate such conflicts.

As a fiduciary, Ranger has an affirmative duty to act in the best interests of its clients and to make full and fair disclosure of material facts, particularly where Ranger's interests may conflict with those of its clients. Ranger's compliance program requires each employee to act with integrity, competence, diligence, respect, and in an ethical manner when dealing with current and prospective clients, other employees and colleagues in the investment profession, and other participants in the global capital markets. Ranger expects employees to place the interests of clients above their own personal interest and to avoid any actual or potential conflicts of interest.

**Multiple Clients** 

Ranger manages client accounts other than Transamerica Small Cap Growth. An inherent conflict to an advisor managing more than one client account is the potential for one client to receive less time, attention or investment opportunity than another client with either more assets under management or a more lucrative fee structure. Ranger's compliance program addresses this potential conflict by requiring that orders for securities are aggregated and allocated on a pro rata basis in accordance with each account's investment guidelines as determined exclusively by Ranger's portfolio manager or his designee. Differences in allocation proportions may occur due to tax considerations, avoidance of odd lots or de minimis numbers of shares, and investment strategies of the accounts. In order to verify compliance with these policies and procedures, Ranger conducts regular reviews of the order allocation process.

As a general matter, Ranger believes that aggregation and pro rata allocation of orders for multiple client accounts is consistent with its duty to seek best execution for its clients. However, in any case in which Ranger believes that aggregation and pro rata allocation of a client order is not consistent with its duty to seek best execution, it will not affect the transaction on an aggregated basis.

**Personal Trading** 

Potential conflicts of interest may exist with respect to the personal trading activities of an advisor's employees in relation to trading on behalf of such advisor's clients. An employee trading securities in his or her account prior to trading the same security on behalf of clients (commonly known as "front-running") is an example of such a conflict. To mitigate this conflict, Ranger requires employees to adhere to certain personal trading procedures overseen by the compliance team. For example, employees are required to receive pre-clearance from the Chief Compliance Officer ("CCO") or other designated officer prior to engaging in securities transactions in their personal accounts. All employees of Ranger are considered "Access Persons'. Access Persons are prohibited from front running client accounts and/or acting upon inside information. Under no circumstance may an Employee, or family member living in the Employee's household, or any account over which an Employee has control, benefit at the expense of investors or the Firm. With the exception of certain types of securities, Access Persons and family members living in their household are prohibited from making direct purchases or short sales of individual company equity securities which would result in direct or indirect beneficial ownership. Employees and family members may be permitted to sell securities they currently hold or may hold in the future (whether as the result of gift, bequest, other similar transfer, or acquired prior to employment), subject to pre-approval by the CCO or designee as outlined by the Pre-Clearance Procedures.

The pre-approval process, which includes the verification of adherence and record keeping is facilitated through the use of specific compliance software and includes regular monitoring and risk-based testing procedures conducted by the compliance team.

------

**Soft Dollars** 

Ranger seeks to employ a soft dollar policy that falls within the safe harbor established by Section 28(e) of the Securities Exchange Act of 1934. Ranger's use of soft dollar credits to pay for research and brokerage products or services might otherwise be borne by Ranger. Accordingly, there is a potential conflict of interest between a client's interests in obtaining best execution and Ranger's receipt of and payment for research through brokerage allocations as described above. To the extent Ranger obtains brokerage and research services that it otherwise would acquire at its own expense, Ranger may have incentive to place a greater volume of transactions or pay higher commissions than would otherwise be the case.

Research services, as that term is used in Section 28(e)(3), may include both services generated internally by a broker's own research staff and services obtained by the broker from a third-party research firm. The research services obtained may include a broad variety of financial and related information and services, including written or oral research and information relating to the economy, industries or industry segments, a specific company or group of companies, software or written financial data, electronic or other quotations or market information systems, financial or economic programs or seminars, or other similar services or information Ranger believes enhances its advisory functions and services. The soft dollar research Ranger obtains normally benefits many accounts rather than just the one(s) for which the order is being executed, and Ranger may not use all research in connection with the account(s) which paid commissions to the broker providing the research.

Generally, Ranger will attempt to place portfolio transactions with broker dealers who, in its opinion, provide the best combination of price and execution (including brokerage commissions). However, Ranger may pay a broker dealer a commission for effecting a transaction in excess of commission charged by another broker or dealer as long as Ranger makes a good faith determination that the amount of commission is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer.

To mitigate potential conflict of interest posed by soft dollar usage, Ranger implements compliance procedures to actively monitor soft dollar usage in context to its best execution policy. In addition, Ranger maintains an internal allocation procedure to identify those brokers who provided it with research and execution services that Ranger considers useful to its investment decision-making process.

**Compensation** 

Ranger's portfolio managers are equity principals of the Firm and are entitled to participate in the profitability of the Firm. The portfolio managers are generally also entitled to a salary and a variable annual bonus.

Bonuses are a function of Ranger's revenues, asset growth, how well the overall portfolio has performed, a portfolio manager's contribution to the client service function, input to the investment process, willingness to work in a team environment, and such portfolio manager's individual performance in comparison to comparable sectors of the Russell 2000 Growth Index.

Portfolio managers are also compensated indirectly through benefit programs such as 401(k) matching and fully paid healthcare packages.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

------

***Systematic Financial Management, L.P. ("Systematic")*** 

**Transamerica Small Cap Value** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Kenneth W. Burgess, CFA | 2 | $472 million | 2 | $86 million | 178 | $3.12 billion |
| Rick Plummer, CFA | 2 | $472 million | 2 | $86 million | 178 | $3.12 billion |
| W. Ryan Wick, CFA | 2 | $472 million | 2 | $86 million | 178 | $3.12 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Kenneth W. Burgess, CFA | 0 | $0 | 0 | $0 | 1 | $217 million |
| Rick Plummer, CFA | 0 | $0 | 0 | $0 | 1 | $217 million |
| W. Ryan Wick, CFA | 0 | $0 | 0 | $0 | 1 | $217 million |

---

**Conflict of Interest** 

Portfolio managers of Systematic Financial Management, LP ("Systematic") oversee the investment of various types of accounts in the same strategy, such as mutual funds, pooled investment vehicles and separate accounts for individuals and institutions. The simultaneous management of these diverse accounts and specific client circumstances may create perceived conflicts of interest related to differences in the investment management fees charged and unequal time and attention devoted to certain accounts. However, Systematic recognizes its affirmative duty to treat all accounts fairly and equitably over time and maintains a series of controls in furtherance of this goal.

Generally, portfolio managers apply investment decisions to all accounts utilizing a particular strategy on a pro rata basis, while also accounting for varying client circumstances, including client objectives and preferences, instructions, restrictions, account size, cash availability and current specific needs. Nevertheless, during the normal course of managing assets for multiple clients of different types and asset levels, portfolio managers may encounter conflicts of interest that could, if not properly addressed, be harmful to one or more of our clients. Those of a material nature that are encountered most frequently involve, without limitation, investment security selection, employee personal securities trading, proxy voting and the allocation of investment opportunities. To mitigate these potential conflicts and ensure its clients are not negatively impacted by the adverse actions of Systematic or its employees, Systematic has implemented a series of policies and procedures that are overseen by compliance professionals and, in Systematic's view, reasonably designed to prevent and detect conflicts.

For example, Systematic's Code of Ethics restricts employees' personal securities trading, forbids employees from giving, soliciting or accepting inappropriate gifts and entertainment and requires employees to receive explicit approval prior to serving as a board member or officer of a public company or rendering outside investment advice. Additionally, to effectively remove conflicts of interest related to voting proxies for accounts that have delegated such authority to Systematic, Systematic has a Proxy Voting Policy that provides for an independent third-party proxy voting agent, which agent's pre-determined voting policy guidelines Systematic has adopted. Systematic's Allocation and Aggregation and Trade Error Correction policies similarly seek to reduce potential conflicts of interest by promoting the fair and equitable allocation of investment opportunities among client accounts over time and the consistent resolution of trading errors.

Notably, Affiliated Managers Group, Inc. (NYSE: AMG), a publicly traded asset management company, holds its equity interest in Systematic through its holding companies Titan NJ LP Holdings LLC and Titan NJ GP Holdings, Inc. Systematic operates independently as a separate, autonomous affiliate of AMG, which has equity investments in a group of investment management firms including Systematic. The AMG Affiliates do not formulate advice for Systematic's clients and do not, in Systematic's view, present any potential conflict of interest with Systematic's clients.

**Compensation** 

The compensation package for portfolio managers Kenneth W. Burgess, CFA and W. Ryan Wick, CFA consists of a fixed base salary and a share of Systematic's revenues. Total compensation is influenced by Systematic's overall revenues and therefore is based in part on the aggregate performance of all of Systematic's portfolios. Portfolio managers are not compensated solely on the basis of the performance of, or the value of assets held in, any product managed by Systematic. Moreover, the portfolio managers are provided with a benefits package, including health insurance, and participation in a company 401(K) plan, comparable to that received by other Systematic employees.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

------

***Thompson, Siegel & Walmsley LLC ("TSW")*** 

**Transamerica Emerging Markets Equity** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Elliott W. Jones, CFA | 1 | $4.8 million | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Elliott W. Jones, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica International Equity** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Brandon H. Harrell, CFA | 5 | $2.82 billion | 4 | $1.74 billion | 11 | $4.03 billion |
| Stedman D. Oakey, CFA | 5 | $2.82 billion | 4 | $1.74 billion | 11 | $4.03 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Brandon H. Harrell, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Stedman D. Oakey, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Transamerica Mid Cap Value Opportunities** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| R. Michael Creager, CFA | 4 | $1.89 billion | 1 | $134.7 million | 17 | $1.44 billion |
| Brett P. Hawkins, CFA | 5 | $1.12 billion | 3 | $224.5 million | 28 | $2.25 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| R. Michael Creager, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Brett P. Hawkins, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Conflict of Interest** 

TSW seeks to minimize actual or potential conflicts of interest that may arise from its management of the fund and management of non-fund accounts. TSW has designed and implemented policies and procedures to address (although may not eliminate) potential conflicts of interest, including, among others, performance based fees; hedge funds; aggregation, allocation, and best execution or orders; TSW's Code of Ethics which requires personnel to act solely in the best interest of their clients and imposes certain restrictions on the ability of Access Persons to engage in personal securities transactions for their own account(s), and procedures to ensure soft dollar arrangements meet the necessary requirements of Section 28(e) of the Securities Exchange Act of 1934. TSW seeks to treat all clients fairly and to put clients' interests first.

**Compensation** 

TSW's compensation strategy is to provide competitive base salaries commensurate with an individual's responsibility and provide incentive bonus awards that may significantly exceed base salary. Annually, the TSW Compensation Committee is responsible for determining the discretionary bonuses, utilizing an analytical and qualitative assessment process. While it is not a formulaic decision, factors used to determine compensation include: overall firm success, investment team performance and individual contribution. A portion of the bonus (up to 35%) may be deferred into Perpetual stock, TSW Funds or a combination of the two.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s), except as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Range of Securities Owned** | **Fund** |
| Brandon H. Harrell, CFA | Over $1,000,000 | Transamerica International Equity |
| R. Michael Creager, CFA | $10001 - $50000 | Transamerica Mid Cap Value Opportunities |
| Brett P. Hawkins, CFA | Over $1,000,000 | Transamerica Mid Cap Value Opportunities |

---

------

***Transamerica Asset Management, Inc. ("TAM")*** 

**Transamerica Asset Allocation Funds** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Kane Cotton, CFA | 4 | $195 million | 5 | $192 million | 0 | $0 |
| E. Kele Evans, CFA | 4 | $195 million | 5 | $192 million | 0 | $0 |
| Rufat Garalov, CFA | 4 | $195 million | 5 | $192 million | 0 | $0 |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Kane Cotton, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| E. Kele Evans, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Rufat Garalov, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Compensation** 

The portfolio managers are compensated through a fixed salary and cash bonuses that are awarded for contributions to the firm. Generally, annually, the executive officers of TAM, in consultation with the other senior management, determine the bonus amounts for each portfolio manager. Bonuses may be a significant portion of a portfolio manager's overall compensation. Bonuses are not guaranteed. Presently we have no deferred compensation arrangements.

**Conflict of Interest** 

It is possible that conflicts of interest may arise in connection with the portfolio managers' management of the funds on the one hand and other accounts for which the portfolio managers are responsible on the other.

TAM has policies and procedures in place to mitigate potential conflicts of interest.

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

------

***Wellington Management Company LLP ("Wellington Management")*** 

**Transamerica Large Growth** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Douglas McLane, CFA | 9 | $23.47 billion | 13 | $2.81 billion | 13 | $4.62 billion |
| David Siegle, CFA | 9 | $23.47 billion | 10 | $2.07 billion | 13 | $4.62 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Douglas McLane, CFA | 3 | $702.58 million | 2 | $503.32 million | 0 | $0 |
| David Siegle, CFA | 2 | $503.32 million | 0 | $0 | 0 | $0 |

---

**Transamerica Mid Cap Growth** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Timothy N. Manning | 2 | $3.87 billion | 6 | $3.68 billion | 4 | $4.03 billion |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Timothy N. Manning | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Conflict of Interest** 

Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions, such as pension funds, insurance companies, foundations, or separately managed account programs sponsored by financial intermediaries), bank common trust accounts, and hedge funds. The fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the fund ("Portfolio Managers") generally manage accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations and risk profiles that differ from those of the fund. The Portfolio Managers make investment decisions for each account, including the fund, based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, the Portfolio Managers may purchase or sell securities, including IPOs, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the fund and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the fund.

The Portfolio Managers or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the fund, or make investment decisions that are similar to those made for the fund, both of which have the potential to adversely impact the fund depending on market conditions. For example, the Portfolio Managers may purchase a security in one account while appropriately selling that same security in another account. Similarly, the Portfolio Managers may purchase the same security for the fund and one or more other accounts at or about the same time. In those instances the other accounts will have access to their respective holdings prior to the public disclosure of the fund's holdings. In addition, some of these accounts have fee structures, including performance fees, which are or have the potential to be higher, in some cases significantly higher, than the fees Wellington Management receives for managing the fund. Messrs. Manning, McLane and Siegle also manage accounts which pay performance allocations to Wellington Management or its affiliates. Because incentive payments paid by Wellington Management to the Portfolio Managers are tied to revenues earned by Wellington Management and, where noted, to the performance achieved by the manager in each account, the incentives associated with any given account may be significantly higher or lower than those associated with other accounts managed by the Portfolio Managers. Finally, the Portfolio Managers may hold shares or investments in the other pooled investment vehicles and/or other accounts identified above.

Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of IPOs, and compliance with the firm's Code of Ethics, and places additional investment restrictions on investment professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

------

**Compensation** 

Wellington Management receives a fee based on the assets under management of each fund as set forth in the Investment Sub-advisory Agreement between Wellington Management and TAM on behalf of the fund. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to the fund. The following information relates to the fiscal year ended October 31, 2025. Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of the fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the fund (the "Portfolio Managers") includes a base salary and incentive components. The base salary for each Portfolio Manager who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. The base salary for each other Portfolio Manager is determined by the Portfolio Manager's experience and performance in his role as Portfolio Manager. Base salaries for Wellington Management's employees are reviewed annually and may be adjusted based on the recommendation of a Portfolio Manager's manager, using guidelines established by Wellington Management's Compensation Committee, which has final oversight responsibility for base salaries of employees of the firm. Each Portfolio Manager is eligible to receive an incentive payment based on the revenues earned by Wellington Management from the fund managed by the Portfolio Manager and generally each other account managed by such Portfolio Manager. Each Portfolio Manager's incentive payment relating to the relevant fund is linked to the gross pre-tax performance of a representative account managed by the Portfolio Manager compared to the benchmark index and/or peer group identified below over one, three and five year periods, with an emphasis on five year results. Wellington Management applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rates may differ) to other accounts managed by the Portfolio Managers, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an investment professional can, and typically do, represent a significant portion of an investment professional's overall compensation; incentive compensation varies significantly by individual and can vary significantly from year to year.

The Portfolio Managers may also be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Messrs. Manning and McLane are Partners.

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp; **Benchmark Index and/or Peer Group**<br> **for Incentive Period**<br>|
| Transamerica Large Growth | Russell 1000<sup>®</sup> Growth Index |
| Transamerica Mid Cap Growth | Russell Midcap<sup>®</sup> Growth Index |

---

**Ownership of Securities** 

As of October 31, 2025, the portfolio manager(s) did not beneficially own any shares of the fund(s).

------

**Appendix C – Securities Lending Activities** 

(for the fiscal year ended October 31, 2025)

---

| | |
|:---|:---|
| **Transamerica Balanced II** | **Transamerica Balanced II** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $6998.91 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $56.63 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $51.31 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $6376.97 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $6484.91 |
| Net income from securities lending activities | &nbsp;&nbsp; $514.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Bond** | **Transamerica Bond** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $699973.89 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $8171.41 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $5099.82 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $613046.66 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $626317.89 |
| Net income from securities lending activities | &nbsp;&nbsp; $73656.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Capital Growth** | **Transamerica Capital Growth** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $807390.88 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $15951.45 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $5319.43 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $642559.00 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $663829.88 |
| Net income from securities lending activities | &nbsp;&nbsp; $143561.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Core Bond** | **Transamerica Core Bond** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $233088.82 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $3562.94 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $1610.38 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $195878.50 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $201051.82 |
| Net income from securities lending activities | &nbsp;&nbsp; $32037.00 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Emerging Markets Equity** | **Transamerica Emerging Markets Equity** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $35236.42 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $2211.42 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $177.62 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $12919.38 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $15308.42 |
| Net income from securities lending activities | &nbsp;&nbsp; $19928.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica High Yield Bond** | **Transamerica High Yield Bond** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $5130539.10 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $124779.53 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $35893.69 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $3847036.88 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $4007710.10 |
| Net income from securities lending activities | &nbsp;&nbsp; $1122829.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $57387.34 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $698.06 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $422.07 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $50052.21 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $51172.34 |
| Net income from securities lending activities | &nbsp;&nbsp; $6215.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica International Equity** | **Transamerica International Equity** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $1247106.78 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $45600.04 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $6672.75 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $784414.99 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $836687.78 |
| Net income from securities lending activities | &nbsp;&nbsp; $410419.00 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Large Core ESG** | **Transamerica Large Core ESG** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $4398.75 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $45.78 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $32.75 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $3908.22 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $3986.75 |
| Net income from securities lending activities | &nbsp;&nbsp; $412.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Large Growth** | **Transamerica Large Growth** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $53742.02 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $693.50 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $379.33 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $46417.19 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $47490.02 |
| Net income from securities lending activities | &nbsp;&nbsp; $6252.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Large Value Opportunities** | **Transamerica Large Value Opportunities** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $52017.62 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $379.74 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $389.41 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $47829.47 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $48598.62 |
| Net income from securities lending activities | &nbsp;&nbsp; $3419.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $386.01 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $8.95 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $2.45 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $294.61 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $306.01 |
| Net income from securities lending activities | &nbsp;&nbsp; $80.00 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $149375.84 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $3701.10 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $889.02 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $111484.72 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $116074.84 |
| Net income from securities lending activities | &nbsp;&nbsp; $33301.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $53483.23 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $787.08 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $367.89 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $45248.26 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $46403.23 |
| Net income from securities lending activities | &nbsp;&nbsp; $7080.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $399275.02 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $8199.79 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $2807.25 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $314473.98 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $325481.02 |
| Net income from securities lending activities | &nbsp;&nbsp; $73794.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $19658.21 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $672.09 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $104.90 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $12829.22 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $13606.21 |
| Net income from securities lending activities | &nbsp;&nbsp; $6052.00 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Transamerica Small Cap Value** | **Transamerica Small Cap Value** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | &nbsp;&nbsp; $28639.81 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $2706.65 |
| &nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included <br> in the revenue split<br>| &nbsp;&nbsp; $65.63 |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Indemnification fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Rebate (paid to borrower) | &nbsp;&nbsp; $1489.53 |
| Other fees not included in revenue split | &nbsp;&nbsp; $0.00 |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $4261.81 |
| Net income from securities lending activities | &nbsp;&nbsp; $24378.00 |

---

------

**TRANSAMERICA FUNDS** 

**OTHER INFORMATION**

**PART C**

**<u>Item 28 Exhibits</u>**

**List all exhibits filed as part of the Registration Statement.** 

---

| | |
|:---|:---|
| (a) | [<u>Amended and Restated Declaration of Trust, filed with PEA 212 on December 23, 2015.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312515412711/d104081dex99a.htm) |
| (a)(1) | &nbsp;&nbsp; [<u>Amendment No. 1 dated March 11, 2021 to Amended and Restated Declaration of Trust, filed with PEA 297 on April 30,</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521144693/d97546dex99a1.htm)<br> [<u>2021.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521144693/d97546dex99a1.htm)<br>|
| (a)(2) | &nbsp;&nbsp; [<u>Schedule A and Schedule B dated September 18, 2025 to the Amended and Restated Declaration of Trust, filed with PEA 326</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99a2.htm)<br> [<u>on February 12, 2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99a2.htm)<br>|
| (b) | [<u>By-laws, filed with PEA 89 on February 28, 2008.</u>](http://www.sec.gov/Archives/edgar/data/787623/000095014408001494/g11245bexv23wxby.txt) |
| (c) | n/a |
| (d)(1) | &nbsp;&nbsp; [<u>Management Agreement between Registrant and Transamerica Asset Management, Inc. ("TAM"), filed with PEA 213 on</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516478301/d55097dex99d1.htm)<br> [<u>February 25, 2016.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516478301/d55097dex99d1.htm)<br>|
| (d)(1)(a) | [<u>Amended Schedule A dated October 10, 2025 to Management Agreement between Registrant and TAM, filed herein.</u>](d93604dex99d1a.htm) |
|  | **Sub-Advisory Agreements** |
| (d)(2) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between TAM and Aegon USA Investment Management, LLC dated March 22, 2011, filed with</u>](http://www.sec.gov/Archives/edgar/data/787623/000093041311003368/c65436_ex99d-27i.htm)<br> [<u>PEA 126 on April 29, 2011.</u>](http://www.sec.gov/Archives/edgar/data/787623/000093041311003368/c65436_ex99d-27i.htm)<br>|
| (i) | &nbsp;&nbsp; [<u>Amendment to Sub-Advisory Agreement dated May 1, 2015, on behalf of Transamerica Bond, Transamerica Floating Rate,</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516478301/d55097dex99d3i.htm)<br> [<u>Transamerica High Yield Bond, Transamerica Core Bond, Transamerica Multi-Managed Balanced and Transamerica</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516478301/d55097dex99d3i.htm)<br> [<u>Short-Term Bond, filed with PEA 213 on February 25, 2016.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516478301/d55097dex99d3i.htm)<br>|
| (ii) | [<u>Amendment to Sub-Advisory Agreement dated October 1, 2015, filed with PEA 216 on April 29, 2016.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516567853/d147534dex99d3ii.htm) |
| (iii) | [<u>Amendment to Sub-Advisory Agreement dated November 11, 2016, filed with PEA 236 on November 10, 2016</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516766063/d136098dex99d3iii.htm). |
| (iv) | &nbsp;&nbsp; [<u>Amendment to Sub-Advisory Agreement dated July 2, 2018, on behalf of Transamerica Bond, filed with PEA 263 on August</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312518263300/d542315dex99d3iv.htm)<br> [<u>30, 2018.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312518263300/d542315dex99d3iv.htm)<br>|
| (v) | [<u>Amendment to Sub-Advisory Agreement dated August 1, 2019, filed with PEA 274 on September 27, 2019</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312518263300/d542315dex99d3iv.htm). |
| (vi) | [<u>Amendment to Sub-Advisory Agreement dated January 6, 2020, filed with PEA 280 on February 28, 2020.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312520056101/d867172dex99d2vi.htm) |
| (vii) | [<u>Amendment to Sub-Advisory Agreement dated November 1, 2022, filed with PEA 308 on February 28, 2023</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523054020/d463303dex99d2viii.htm) |
| (viii) | [<u>Amendment to Sub-Advisory Agreement dated March 1, 2023, filed with PEA 309 on March 28, 2023</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523081931/d484189dex99d2ix.htm). |
| (ix) | &nbsp;&nbsp; [<u>Amendment to Sub-Advisory Agreement dated March 31, 2023 on behalf of Transamerica Long Credit and Transamerica</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523081931/d484189dex99d2x.htm)<br> [<u>UltraShort Bond, filed with PEA 309 on March 28, 2023</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523081931/d484189dex99d2x.htm).<br>|
| (x) | [<u>Amendment to Sub-Advisory Agreement dated October 25, 2024, filed with PEA 321 on February 28, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525042266/d845998dex99d2xi.htm) |
| (xi) | [<u>Amendment to Sub-Advisory Agreement dated April 25, 2025, filed with PEA 323 on May 29, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525130304/d872012dex99d2xii.htm) |
| (d)(3) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between TAM and Morgan Stanley Investment Management Inc., dated June 23, 2004, filed with</u>](http://www.sec.gov/Archives/edgar/data/787623/000095014404010330/g91157exv99wxdyx2yxdddy.txt)<br> [<u>PEA 63 on November 2, 2004</u>](http://www.sec.gov/Archives/edgar/data/787623/000095014404010330/g91157exv99wxdyx2yxdddy.txt).<br>|
| (i) | &nbsp;&nbsp; [<u>Amendment to Sub-Advisory Agreement dated March 1, 2016, on behalf of Transamerica Capital Growth, filed with PEA 213</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516478301/d55097dex99d4i.htm)<br> [<u>on February 25, 2016.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516478301/d55097dex99d4i.htm)<br>|
| (ii) | [<u>Amendment to Sub-Advisory Agreement dated May 1, 2016, filed with PEA 274 on March 17, 2017.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312517087496/d355358dex99d4ii.htm) |
| (iii)  | [<u>Amendment to Sub-Advisory Agreement dated October 18, 2019, filed with PEA 274 on September 27, 2019.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312519257101/d552817dex99d4iii.htm) |
| (iv) | [<u>Amendment to Sub-Advisory Agreement dated March 4, 2022, filed with PEA 308 on February 28, 2023</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523054020/d463303dex99d3iv.htm). |
| (v) | [<u>Amendment to Sub-Advisory Agreement dated November 1, 2023, filed with PEA 316 on February 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524052681/d688812dex99d3v.htm) |
| (d)(4) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between TAM and BlackRock Investment Management, LLC dated November 1, 2018, filed with</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312518353345/d672989dex99d6.htm)<br> [<u>PEA 268 on December 19, 2018.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312518353345/d672989dex99d6.htm)<br>|
| (i) | [<u>Amendment to Sub-Advisory Agreement dated September 18, 2020, filed with PEA 295 on February 26, 2021.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521059609/d47353dex99d4i.htm) |
| (ii) | [<u>Amendment to Sub-Advisory Agreement dated May 10, 2023, filed with PEA 311 on June 30, 2023.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523179723/d529577dex99d4ii.htm) |
| (d)(5) | &nbsp;&nbsp; [<u>Amended and Restated Sub-Advisory Agreement between TAM and Systematic Financial Management L.P. dated July 1,</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524282030/d757095dex99d5.htm)<br> [<u>2024, filed with PEA 320 on December 19, 2024</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524282030/d757095dex99d5.htm).<br>|
| (d)(6) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between TAM and J.P. Morgan Investment Management Inc. dated November 7, 2005, filed with</u>](http://www.sec.gov/Archives/edgar/data/787623/000095014405011258/g97829exv99wxdyxiiiy.txt)<br> [<u>PEA 72 on November 8, 2005.</u>](http://www.sec.gov/Archives/edgar/data/787623/000095014405011258/g97829exv99wxdyxiiiy.txt)<br>|
| (i) | &nbsp;&nbsp; [<u>Amendment to Sub-Advisory Agreement dated October 31, 2013, on behalf of Transamerica Multi-Managed Balanced, filed</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312513418853/d584524dex99d18iv.htm)<br> [<u>with PEA 179 on October 30, 2013.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312513418853/d584524dex99d18iv.htm)<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| (ii) | [<u>Amendment to Sub-Advisory Agreement dated October 1, 2015, filed with PEA 216 on April 29, 2016.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516567853/d147534dex99d11ii.htm) |
| (iii) | [<u>Amendment to Sub-Advisory Agreement dated July 31, 2016, filed with PEA 230 on September 29, 2016</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516725868/d214922dex99d11iii.htm). |
| (iv) | [<u>Amendment to Sub-Advisory Agreement dated November 11, 2016, filed with PEA 236 on November 10, 2016.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516766063/d136098dex99d11iv.htm) |
| (v) | [<u>Amendment to Sub-Advisory Agreement dated August 1, 2017, filed with PEA 250 on December 19, 2017.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312517373478/d510341dex99d11v.htm) |
| (vi) | [<u>Amendment to Sub-Advisory Agreement dated April 27, 2020, filed with PEA 295 on February 26, 2021.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521059609/d47353dex99d8vi.htm) |
| (vii) | [<u>Amendment to Sub-Advisory Agreement dated September 30, 2022, filed with PEA 305 on October 28, 2022.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522272307/d370340dex99d7vii.htm) |
| (d)(7) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between TAM and Goldman Sachs Asset Management, L.P. dated August 11, 2020, filed with PEA</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312520305705/d19021dex99d9.htm)<br> [<u>292 on November 30, 2020.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312520305705/d19021dex99d9.htm)<br>|
| (i) | [<u>Amendment to Sub-Advisory Agreement dated November 1, 2022, filed with PEA 311 on June 30, 2023.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523179723/d529577dex99d7i.htm) |
| (d)(8) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between TAM and Wellington Management LLP dated September 15, 2008, filed with PEA 93 on</u>](http://www.sec.gov/Archives/edgar/data/787623/000095014408007087/g13551bexv23wxdyx2yxqqqy.htm)<br> [<u>September 15, 2008.</u>](http://www.sec.gov/Archives/edgar/data/787623/000095014408007087/g13551bexv23wxdyx2yxqqqy.htm)<br>|
| (i) | [<u>Amendment to Sub-Advisory Agreement dated May 29, 2015, filed with PEA 213 on February 25, 2016.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516478301/d55097dex99d16i.htm) |
| (ii) | [<u>Amendment to Sub-Advisory Agreement dated May 13, 2016, filed with PEA 230 on September 29, 2016.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516725868/d214922dex99d16ii.htm) |
| (iii) | [<u>Amendment to Sub-Advisory Agreement dated November 11, 2016, filed with PEA 236 on November 10, 2016.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516766063/d136098dex99d16iii.htm) |
| (iv) | [<u>Amendment to Sub-Advisory Agreement dated December 1, 2018, filed with PEA 268 on December 19, 2018.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312518353345/d672989dex99d13iv.htm) |
| (v) | [<u>Amendment to Sub-Advisory Agreement dated August 2, 2019, filed with PEA 274 on September 27, 2019.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312519257101/d552817dex99d12v.htm) |
| (vi) | [<u>Amendment to Sub-Advisory Agreement dated December 19, 2019, filed with PEA 277 on December 18, 2019.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312519317637/d841002dex99d12vi.htm) |
| (vii) | [<u>Amendment to Sub-Advisory Agreement dated March 4, 2022, filed with PEA 308 on February 28, 2023</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523054020/d463303dex99d9vii.htm). |
| (viii) | [<u>Amendment to Sub-Advisory Agreement dated August 30, 2024, filed with PEA 320 on December 19, 2024.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524282030/d757095dex99d8viii.htm) |
| (d)(9) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between TAM and Thompson, Siegel & Walmsley LLC, dated January 23, 2023, filed with PEA 308</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523054020/d463303dex99d10.htm)<br> [<u>on February 28, 2023</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523054020/d463303dex99d10.htm).<br>|
| (i) | [<u>Amendment to Sub-Advisory Agreement dated May 1, 2024, filed with PEA 316 on February 29, 2024</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524052681/d688812dex99d10i.htm). |
| (ii) | [<u>Amendment to Sub-Advisory Agreement dated August 30, 2024, filed with PEA 320 on December 19, 2024.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524282030/d757095dex99d9ii.htm) |
| (d)(10) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between TAM and Great Lakes Advisors, LLC dated April 3, 2023 on behalf of Transamerica Large</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523179723/d529577dex99d11.htm)<br> [<u>Cap Value, filed with PEA 311 on June 30, 2023</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523179723/d529577dex99d11.htm).<br>|
| (d)(11) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated December 12, 2024 between TAM and Sands Capital Management, LLC, on behalf of</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524282030/d757095dex99d11.htm)<br> [<u>Transamerica International Focus, filed with PEA 320 on December 19, 2024.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524282030/d757095dex99d11.htm)<br>|
| (d)(12) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between TAM and MetLife Investment Management, LLC on behalf of Transamerica Emerging</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312518063969/d489170dex99d22.htm)<br> [<u>Markets Debt dated September 15, 2017, filed with PEA 251 on February 28, 2018.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312518063969/d489170dex99d22.htm)<br>|
| (i) | [<u>Amendment to Sub-Advisory Agreement dated July 2, 2018, filed with PEA 263 on August 30, 2018.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312518263300/d542315dex99d19i.htm) |
| (ii) | [<u>Amendment to Sub-Advisory Agreement dated July 1, 2019, filed with PEA 295 on February 26, 2021.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521059609/d47353dex99d15ii.htm) |
| (d)(13) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between TAM and ClariVest Asset Management LLC dated March 31, 2019, filed with PEA 295 on</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521059609/d47353dex99d16.htm)<br> [<u>February 26, 2021.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521059609/d47353dex99d16.htm)<br>|
| (i) | [<u>Amendment to Sub-Advisory Agreement dated September 18, 2020, filed with PEA 295 on February 26, 2021.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521059609/d47353dex99d16i.htm) |
| (ii) | [<u>Amendment to Sub-Advisory Agreement dated March 4, 2022, filed with PEA 308 on February 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523054020/d463303dex99d13ii.htm) |
| (d)(14) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between TAM and Ranger Investment Management, L.P. on behalf of Transamerica Small Cap</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521059609/d47353dex99d17.htm)<br> [<u>Growth dated December 31, 2020, filed with PEA 295 on February 26, 2021.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521059609/d47353dex99d17.htm)<br>|
| (i) | [<u>Amendment to Sub-Advisory Agreement dated December 13, 2021, filed with PEA 300 on February 28, 2022.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99d17i.htm) |
| (d)(15) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between TAM and Belle Haven Investments, L.P. dated October 31, 2012, on behalf of Transamerica</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312512441750/d428697dex99d67.htm)<br> [<u>Intermediate Muni, filed with PEA 165 on October 31, 2012.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312512441750/d428697dex99d67.htm)<br>|
| (i) | &nbsp;&nbsp; [<u>Amendment to Sub-Advisory Agreement dated July 31, 2013, on behalf of Transamerica Intermediate Muni and Transamerica</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312513310191/d539289dex99d42i.htm)<br> [<u>High Yield Muni, filed with PEA 176 on July 30, 2013.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312513310191/d539289dex99d42i.htm)<br>|
| (ii) | [<u>Amendment to Sub-Advisory Agreement dated February 2, 2016, filed with PEA 230 on September 29, 2016</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516725868/d214922dex99d28iii.htm). |
| (iii) | [<u>Amendment to Sub-Advisory Agreement dated May 1, 2020, , filed with PEA 295 on February 26, 2021.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521059609/d47353dex99d18iii.htm) |
| (d)(16) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between TAM and Aegon Asset Management UK plc dated December 1, 2020, filed with PEA 292</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312520305705/d19021dex99d19.htm)<br> [<u>on November 30, 2020.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312520305705/d19021dex99d19.htm)<br>|
| (d)(17) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between TAM and Kanye Anderson Capital Advisors, L.P. dated April 30, 2013, on behalf of</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312513182116/d483712dex99d44.htm)<br> [<u>Transamerica Energy Infrastructure, filed with PEA 173 on April 29, 2013.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312513182116/d483712dex99d44.htm)<br>|
| (i) | [<u>Amendment to Sub-Advisory Agreement dated February 2, 2016, filed with PEA 216 on April 29, 2016.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516567853/d147534dex99d31ii.htm) |
| (ii) | [<u>Amendment to Sub-Advisory Agreement dated June 1, 2021, filed with PEA 316 on February 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524052681/d688812dex99d18ii.htm) |

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| | |
|:---|:---|
| (d)(18) | [<u>Sub-Advisory Agreement between TAM and PineBridge Investments LLC, dated December 30, 2025, filed herein.</u>](d93604dex99d18.htm) |
| (e)(1) | &nbsp;&nbsp; [<u>Underwriting Agreement between Registrant and Transamerica Capital, LLC ("TCL") dated November 1, 2007, filed with</u>](http://www.sec.gov/Archives/edgar/data/787623/000095014408001494/g11245bexv23wxeyx1y.txt)<br> [<u>PEA 89 on February 28, 2008.</u>](http://www.sec.gov/Archives/edgar/data/787623/000095014408001494/g11245bexv23wxeyx1y.txt)<br>|
| (e)(1)(i) | &nbsp;&nbsp; [<u>Amended Schedule I dated February 13, 2026 to Underwriting Agreement between Registrant and TCI, filed with PEA 326 on</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99e1i.htm)<br> [<u>February 12, 2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99e1i.htm)<br>|
| (e)(2) | &nbsp;&nbsp; [<u>Dealer's Sales Agreement (form of) between TCL and dealer, dated November 2019, filed with PEA 308 on February 28,</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523054020/d463303dex99e2.htm)<br> [<u>2023.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312523054020/d463303dex99e2.htm)<br>|
| (e)(3) | [<u>Service Agreement form between TCL and prospective Servicer, filed with PEA 31 on September 2, 1999.</u>](http://www.sec.gov/Archives/edgar/data/787623/000101684399000905/0001016843-99-000905.txt) |
| (e)(4) | [<u>Wholesaler's Agreement, filed with PEA 20 on November 17, 1995</u>](https://www.sec.gov/Archives/edgar/data/787623/0000950170-95-000242.txt) |
| (f) | n/a |
| (g)(1) | &nbsp;&nbsp; [<u>Custody Agreement between Registrant and State Street Bank and Trust Company dated January 1, 2011, filed with PEA</u>](http://www.sec.gov/Archives/edgar/data/787623/000093041311003368/c65436_ex99g-1.htm)<br> [<u>126 on April 29, 2011.</u>](http://www.sec.gov/Archives/edgar/data/787623/000093041311003368/c65436_ex99g-1.htm)<br>|
| (g)(1)(i) | [<u>Amendment to Custody Agreement dated December 17, 2012, filed with PEA 170 on February 12, 2013.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312513051628/d483712dex99g1ii.htm) |
| (g)(1)(ii) | [<u>Amendment dated December 18, 2023 (effective January 1, 2024) to Custody Agreement, filed PEA 322 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99g1ii.htm) |
| (g)(1)(iii) | &nbsp;&nbsp; [<u>Amended Appendix A-1 (Mutual Funds) dated February 13, 2026 to Custody Agreement, filed with PEA 326 on February</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99g1iii.htm)<br> [<u>12, 2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99g1iii.htm)<br>|
| (h)(1) | &nbsp;&nbsp; [<u>Amended and Restated Transfer Agency Agreement between Registrant and Transamerica Fund Services, Inc. ("TFS") dated</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521059609/d47353dex99h1.htm)<br> [<u>December 17, 2020, filed with PEA 295 on February 26, 2021.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521059609/d47353dex99h1.htm)<br>|
| (h)(1)(i) | &nbsp;&nbsp; [<u>Amendment dated February 13, 2026 to Amended and Restated Transfer Agency Agreement between Registrant and</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99h1i.htm)<br> [<u>Transamerica Fund Services, Inc. ("TFS"), filed with PEA 326 on February 12, 2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99h1i.htm)<br>|
| (h)(2) | &nbsp;&nbsp; [<u>Amended and Restated Expense Limitation Agreement, dated March 1, 2005 and amended and restated as of March 1, 2024,</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524052681/d688812dex99h2.htm)<br> [<u>filed with PEA 316 on February 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524052681/d688812dex99h2.htm)<br>|
| (h)(2)(i) | [<u>Schedules A and B dated March 1, 2026 to the Amended and Restated Expense Limitation Agreement, filed herein.</u>](d93604dex99h2i.htm) |
| (h)(3) | &nbsp;&nbsp; [<u>Master Sub-Administration Agreement between Registrant and State Street Bank and Trust Company dated December 17,</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312513051628/d483712dex99h4.htm)<br> [<u>2012, filed with PEA 170 on February 12, 2013.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312513051628/d483712dex99h4.htm)<br>|
| (h)(3)(i) | &nbsp;&nbsp; [<u>Amendment 1 dated July 1, 2013 and Amendment 2 dated July 14, 2015 to the Master Sub-Administration Agreement, filed</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524052681/d688812dex99h3i.htm)<br> [<u>with PEA 316 on February 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524052681/d688812dex99h3i.htm)<br>|
| (h)(3)(ii) | &nbsp;&nbsp; [<u>Novation Agreement dated April 7, 2016 on behalf of Master Sub-Administration Agreement between Registrant and State</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516725868/d214922dex99h3ii.htm)<br> [<u>Street Bank and Trust Company, filed with PEA 230 on September 29, 2016.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516725868/d214922dex99h3ii.htm)<br>|
| (h)(3)(iii) | [<u>Amendment dated December 19, 2017 to Master Sub-Administration Agreement, filed with PEA 322 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99h3iii.htm) |
| (h)(3)(iv) | &nbsp;&nbsp; [<u>Amendment dated December 18, 2023 (effective January 1, 2024) to Master Sub-Administration Agreement, filed with PEA</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99h3iv.htm)<br> [<u>322 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99h3iv.htm)<br>|
| (h)(3)(v) | &nbsp;&nbsp; [<u>Amendment dated June 24, 2024 (effective July 1, 2024) to Master Sub-Administration Agreement, filed with PEA 322 on</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99h3v.htm)<br> [<u>April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99h3v.htm)<br>|
| (h)(3)(vi) | &nbsp;&nbsp; [<u>Amended Appendix A dated February 13, 2026 to Master Sub-Administration Agreement, filed with PEA 326 on February 12,</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99h3vi.htm)<br> [<u>2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99h3vi.htm)<br>|
| (h)(4)(i) | &nbsp;&nbsp; [<u>Investing Agreement pursuant to Rule 12d1-4 – BlackRock ETF Trust, BlackRock ETF Trust II, iShares Trust, iShares, Inc.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4i.htm)<br> [<u>and iShares U.S. ETF Trust, filed with PEA 300 on February 28, 2022</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4i.htm).<br>|
| (h)(4)(ii) | &nbsp;&nbsp; [<u>Investing Agreement pursuant to Rule 12d1-4 - American Funds Insurance Series and Capital Research and Management</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4ii.htm)<br> [<u>Company, filed with PEA 300 on February 28, 2022.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4ii.htm)<br>|
| (h)(4)(iii) | [<u>Investing Agreement pursuant to Rule 12d1-4 – Fidelity Rutland Square Trust II, filed with PEA 300 on February 28, 2022</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4iii.htm). |
| (h)(4)(iv) | [<u>Investing Agreement pursuant to Rule 12d1-4 – Vanguard Funds, filed with PEA 300 on February 28, 2022</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4iv.htm). |
| (h)(4)(v) | [<u>Investing Agreement pursuant to Rule 12d1-4 – Global X Funds, filed with PEA 300 on February 28, 2022.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4v.htm) |
| (h)(4)(vi) | &nbsp;&nbsp; [<u>Investing Agreement pursuant to Rule 12d1-4 – Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4vi.htm)<br> [<u>II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco Actively Managed</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4vi.htm)<br> [<u>Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust, filed with PEA 300 on</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4vi.htm)<br> [<u>February 28, 2022</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4vi.htm)<br>|
| (h)(4)(vii) | [<u>Investing Agreement pursuant to Rule 12d1-4 – ALPS ETF Trust, filed with PEA 300 on February 28, 2022.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4vii.htm) |
| (h)(4)(viii) | [<u>Investing Agreement pursuant to Rule 12d1-4 – VanEck ETF Trust, filed with PEA 300 on February 28, 2022.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4viii.htm) |
| (h)(4)(ix) | [<u>Investing Agreement pursuant to Rule 12d1-4 – WisdomTree Trust, filed with PEA 300 on February 28, 2022.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4ix.htm) |
| (h)(4)(x) | [<u>Investing Agreement pursuant to Rule 12d1-4 – Schwab Strategic Trust, filed with PEA 300 on February 28, 2022</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4x.htm). |
| (h)(4)(xi) | [<u>Investing Agreement pursuant to Rule 12d1-4 – The Select Sector SPDR Trust, filed with PEA 300 on February 28, 2022.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4xi.htm) |
| (h)(4)(xii) | &nbsp;&nbsp; [<u>Investing Agreement pursuant to Rule 12d1-4 – SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust, filed</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4xii.htm)<br> [<u>with PEA 300 on February 28, 2022.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4xii.htm)<br>|

---

------

---

| | |
|:---|:---|
| (h)(4)(xiii) | &nbsp;&nbsp; [<u>Investing Agreement pursuant to Rule 12d1-4 – SPDR S&P 500 ETF Trust and SPDR Dow Jones Industrial Average ETF,</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4xiii.htm)<br> [<u>Trust, filed with PEA 300 on February 28, 2022.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312522057246/d254362dex99h4xiii.htm)<br>|
| (i) | [<u>Legal Opinion, filed herein.</u>](d93604dex99i.htm) |
| (j) | [<u>Consent of Independent Registered Public Accounting Firm, filed herein.</u>](d93604dex99j.htm) |
| (k) | n/a |
| (l) | [<u>Investment Letter from Sole Shareholder, filed with PEA 24 on November 15, 1996.</u>](http://www.sec.gov/Archives/edgar/data/787623/0000787623-96-000046.txt) |
| (m)(1) | [<u>Amended and Restated Plan of Distribution under Rule 12b-1 dated March 1, 2015, filed with PEA 197 on February 27, 2015.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312515066473/d875351dex99m1.htm) |
| (m)(1)(i) | [<u>Amended Schedule A dated October 10, 2025 to 12b-1 Plan, filed herein.</u>](d93604dex99m1i.htm) |
| (n)(1) | &nbsp;&nbsp; [<u>Amended and Restated Plan for Multiple Classes of Shares dated October 10, 2025 (including Schedule A dated October 10,</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525283180/d17668dex99n1.htm)<br> [<u>2025), filed with PEA 324 on November 14, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525283180/d17668dex99n1.htm)<br>|
| (o) | Reserved |
| (p)(1) | &nbsp;&nbsp; [<u>Joint Code of Ethics for Transamerica Funds, Transamerica Series Transamerica Asset Management, Inc. and Transamerica</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99p1.htm)<br> [<u>Capital, LLC dated as of February 21, 2025, filed with PEA 322 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99p1.htm)<br>|
|  | SUB-ADVISERS CODE OF ETHICS |
| (p)(2) | [<u>Aegon USA Investment Management, LLC and Aegon Asset Management UK plc, filed with PEA 326 on February 12, 2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99p2.htm) |
| (p)(3) | [<u>BlackRock Investment Management, LLC, filed herein.</u>](d93604dex99p3.htm) |
| (p)(4) | [<u>J.P. Morgan Investment Management Inc., filed with PEA 321 on February 28, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525042266/d845998dex99p4.htm) |
| (p)(5) | [<u>Morgan Stanley Investment Management Inc., filed herein.</u>](d93604dex99p5.htm) |
| (p)(6) | [<u>Goldman Sachs Asset Management, L.P., filed herein.</u>](d93604dex99p6.htm) |
| (p)(7) | [<u>Thompson, Siegel & Walmsley LLC, filed herein.</u>](d93604dex99p7.htm) |
| (p)(8) | [<u>Sands Capital Management, LLC, filed herein.</u>](d93604dex99p8.htm) |
| (p)(9) | [<u>Wellington Management Company, LLP, filed with PEA 321 on February 28, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525042266/d845998dex99p9.htm) |
| (p)(10) | [<u>Kayne Anderson Capital Advisors, L.P., filed herein.</u>](d93604dex99p10.htm) |
| (p)(11) | [<u>Systematic Financial Management L.P., filed with PEA 321 on February 28, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525042266/d845998dex99p11.htm) |
| (p)(12) | [<u>MetLife Investment Management, LLC, filed herein.</u>](d93604dex99p12.htm) |
| (p)(13) | [<u>ClariVest Asset Management LLC, filed herein.</u>](d93604dex99p13.htm) |
| (p)(14) | [<u>Great Lakes Advisers, LLC, filed herein.</u>](d93604dex99p14.htm) |
| (p)(15) | [<u>Ranger Investment Management, L.P., filed herein.</u>](d93604dex99p15.htm) |
| (p)(16) | [<u>Belle Haven Investments, L.P., filed with PEA 316 on February 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524052681/d688812dex99p16.htm) |
| (p)(17) | [<u>PineBridge Investments LLC, filed herein.</u>](d93604dex99p17.htm) |
| (q)(1) | [<u>Power of Attorney dated January 1, 2026, filed with PEA 325 on January 27, 2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526024821/d176241d485bxt.htm) |
| (q)(2) | &nbsp;&nbsp; [<u>Power of Attorney (updated as of September 2024), Board of BlackRock Fund Advisors, Inc. on behalf of S&P 500 Stock</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99q2.htm)<br> [<u>Master Portfolio, a series of the Master Investment Portfolio, filed with PEA 322 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99q2.htm)<br>|

---

EX-101.INS XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

EX-101.SCH XBRL Taxonomy Extension Schema Document

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EX-101.DEF XBRL Taxonomy Extension Definition Linkbase

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**<u>Item 29 Persons Controlled by or under Common Control with the Fund</u>**

To the knowledge of the Registrant, neither the Registrant nor any Series thereof is controlled by or under common control with any other person. The Registrant has no subsidiaries.

**<u>Item 30 Indemnification</u>**

Provisions relating to indemnification of the Registrant's Trustees and employees are included in Registrant's [<u>Amended and Restated</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312515412711/d104081dex99a.htm)[<u>Declaration of Trust</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312515412711/d104081dex99a.htm) and [<u>Bylaws</u>](http://www.sec.gov/Archives/edgar/data/787623/000095014408001494/g11245bexv23wxby.txt) which are incorporated herein by reference.

------

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to Trustees, officers and controlling persons, or otherwise, Registrant has been advised that in the opinion of the Commission such indemnification may be against public policy as expressed in the Act and may be, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a Trustee, officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**<u>Item 31 Business and Other Connections of Investment Advisers</u>** 

See "Shareholder Information — Investment Manager" in the Prospectus and "Investment Management and Other Services — The Investment Manager" in the Statement of Additional Information for information regarding Transamerica Asset Management, Inc. ("TAM"). For information as to the business, profession, vocation or employment of a substantial nature of each of the officers and directors of TAM, reference is made to TAM's current Form ADV filed under the Investment Advisers Act of 1940, incorporated herein by reference (File No. 801-53319; CRD No. 107376).

With respect to information regarding each sub-adviser, reference is hereby made to "Shareholder Information — Sub-Advisers" in the Prospectuses. For information as to the business, profession, vocation or employment of a substantial nature of each of the officers and directors of each sub-adviser, reference is made to the current Form ADVs of each sub-adviser filed under the Investment Advisers Act of 1940, incorporated herein by reference and the file numbers of which are as follows:

---

| | |
|:---|:---|
| Aegon Asset Management UK plc<br> File No. 801-111656<br> CRD No. 289505<br>| &nbsp;&nbsp; MetLife Investment Management, LLC<br> File No. 801-67314<br> CRD No. 142463<br>|
| Aegon USA Investment Management, LLC<br> File No. 801-60667<br> CRD No. 114537<br>| &nbsp;&nbsp; Morgan Stanley Investment Management Inc.<br> File No. 801-15757<br> CRD No. 110353<br>|
| Belle Haven Investments, L.P.<br> File No. 801-62290<br> CRD No. 29278<br>| &nbsp;&nbsp; PineBridge Investments LLC<br> File No. 801-18759<br> CRD No. 105926<br>|
| BlackRock Investment Management, LLC<br> File No. 801-56972<br> CRD No. 108928<br>| &nbsp;&nbsp; Ranger Investment Management, L.P.<br> File No. 801-62397<br> CRD No. 124414<br>|
| ClariVest Asset Management LLC<br> File No. 801-66386<br> CRD No. 139785<br>| &nbsp;&nbsp; Sands Capital Management, LLC<br> File No. 801-64820<br> CRD No. 137610<br>|
| Goldman Sachs Asset Management, L.P.<br> File No. 801-37591<br> CRD No. 107738<br>| &nbsp;&nbsp; Systematic Financial Management, L.P.<br> File No. 801-48908<br> CRD No. 106146<br>|
| Great Lakes Advisors, LLC<br> SEC File No. 801-16937<br> CRD No. 110757<br>| &nbsp;&nbsp; Thompson, Siegel & Walmsley LLC<br> File No. 801-6273<br> CRD No. 105726<br>|
| J.P. Morgan Investment Management Inc.<br> File No. 801-21011<br> CRD No. 107038<br>| &nbsp;&nbsp; Wellington Management Company, LLP <br> File No. 812-15908<br> CRD No. 106595<br>|
| Kayne Anderson Capital Advisors, L.P.<br> File No. 801-46991<br> CRD No. 104536<br>|  |

---

**<u>Item 32 Principal Underwriter</u>** 

(a) The Registrant has entered into an Underwriting Agreement with Transamerica Capital, LLC ("TCL"), whose address is 1801 California St., Suite 5200, Denver, Colorado 80202 to act as the principal underwriter of Fund shares.

(b) Directors and Officers of TCL:

------

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| Timothy Ackerman | &nbsp;&nbsp; Manager, President, Asset Management <br> Distribution (appointed 1/1/26)<br>| N/A |
| Brian Beitzel | Manager, Chief Financial Officer, Treasurer | N/A |
| David Cheung | Assistant Secretary  | N/A |
| Jonathan Cressman | &nbsp;&nbsp; Manager, President, Annuity Distribution <br> (appointed 8/1/26)<br>| N/A |
| Mark Halloran | Manager, Vice President | N/A |
| Doug Hellerman | Chief Compliance Officer, Vice President | N/A |
| Daniel Goodman | Secretary | N/A |
| Jennifer Pearce | Vice President | N/A |

---

------

**<u>Item 33 Location of Accounts and Records</u>**

The accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act and the rules promulgated thereunder are maintained as follows:

(a) Shareholder records are maintained by the Registrant's transfer agent, Transamerica Fund Services, Inc., 1801 California St., Suite 5200, Denver, Colorado 80202.

(b) All other accounting records of the Registrant are maintained at the offices of the Registrant at 1801 California St., Suite 5200, Denver, Colorado 80202 under the physical possession of the officers of the Fund, or at the offices of the Custodian: State Street Bank and Trust Company, One Congress Street, Boston, MA 02114.

**<u>Item 34 Management Services</u>**

The Registrant has no management-related service contract that is not discussed in Part I of this form. See "Shareholder Information — Investment Manager" in the Prospectuses and "Investment Management and Other Services — The Investment Manager" in the Statement of Additional Information for a discussion of the management and advisory services furnished by Aegon Asset Management UK plc, Aegon USA Investment Management, LLC, Belle Haven Investments, L.P, BlackRock Investment Management, LLC, ClariVest Asset Management LLC, Goldman Sachs Asset Management, L.P., Great Lakes Advisors, LLC , J.P. Morgan Investment Management Inc., Kayne Anderson Capital Advisors, L.P., MetLife Investment Management, LLC, Morgan Stanley Investment Management Inc., LLC, PineBridge Investments LLC, Ranger Investment Management, L.P., Sands Capital Management, LLC, Systematic Financial Management, L.P., Thompson, Siegel & Walmsley LLC and Wellington Management Company LLP, pursuant to the Investment Management Agreements, the Sub-Advisory Agreements, and the Underwriting Agreement.

**<u>Item 35 Undertakings</u>**

Not applicable

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, and has duly caused this Post-Effective Amendment No. 327 to its Registration Statement to be signed on its behalf by the undersigned, thereunder duly authorized, in the City of Denver, State of Colorado, on the 27th day of February, 2026.

---

| | |
|:---|:---|
| **TRANSAMERICA FUNDS** | **TRANSAMERICA FUNDS** |
| By: | /s/ Marijn P. Smit |
|  | Marijn P. Smit<br> Trustee, President and Chief Executive Officer<br>|

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Marijn P. Smit<br>Marijn P. Smit<br>| Trustee, President and Chief Executive Officer | February 27, 2026 |
| /s/ Sandra N. Bane<br>Sandra N. Bane\*<br>| Trustee | February 27, 2026 |
| /s/ Kent Callahan<br>Kent Callahan\*<br>| Trustee | February 27, 2026 |
| /s/ Leo J. Hill<br>Leo J. Hill\*<br>| Trustee | February 27, 2026 |
| /s/ Kathleen T. Ives<br>Kathleen T. Ives\*<br>| Trustee | February 27, 2026 |
| /s/ Lauriann C. Kloppenburg<br>Lauriann C. Kloppenburg\*<br>| Trustee | February 27, 2026 |
| /s/ Fredric A. Nelson III<br>Fredric A. Nelson III\*<br>| Trustee | February 27, 2026 |
| /s/ John E. Pelletier<br>John E. Pelletier\*<br>| Trustee | February 27, 2026 |
| /s/ Kevin A. Simonoff<br>Kevin A. Simonoff\*<br>| Trustee | February 27, 2026 |
| /s/ John W. Waechter<br>John W. Waechter\*<br>| Trustee | February 27, 2026 |
| /s/ Kari Seabrands<br>Kari Seabrands<br>| &nbsp;&nbsp;&nbsp;&nbsp; Treasurer (Principal Financial Officer and <br> Principal Accounting Officer)<br>| February 27, 2026 |
| \* By:/s/ Dennis P. Gallagher\*\*<br>Dennis P. Gallagher\*\* Attorney-in-fact pursuant <br> to Power of Attorney as previously filed.<br>| Chief Legal Officer and Secretary | February 27, 2026 |

---

------

**Exhibits Filed With** 

**Post-Effective Amendment No. 327**

**to**

**Registration Statement on**

**Form N-1A**

**Transamerica Funds**

**Registration No. 033-02659**

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| (d)(1)(a) | Amended Schedule A dated October 10, 2025 to Management Agreement |
| (d)(18) | Sub-Advisory Agreement between TAM and PineBridge Investments LLC, dated December 30, 2025 |
| (h)(2)(i) | Schedules A and B dated March 1, 2026 to the Amended and Restated Expense Limitation Agreement |
| (i) | Legal Opinion |
| (j) | Consent of Independent Registered Public Accounting Firm-Ernst & Young LLP |
| (m)(1)(i) | Amended Schedule A dated October 10, 2025 to 12b-1 Plan |
| (p)(3) | Code of Ethics – BlackRock Investment Management, LLC |
| (p)(5) | Code of Ethics – Morgan Stanley Investment Management Inc. |
| (p)(6) | Code of Ethics – Goldman Sachs Asset Management, L.P. |
| (p)(7) | Code of Ethics – Thompson, Siegel & Walmsley LLC |
| (p)(8) | Code of Ethics – Sands Capital Management, LLC |
| (p)(10) | Code of Ethics – Kayne Anderson Capital Advisors, L.P. |
| (p)(12) | Code of Ethics – MetLife Investment Management, LLC |
| (p)(13) | Code of Ethics – ClariVest Asset Management LLC |
| (p)(14) | Code of Ethics – Great Lakes Advisers, LLC |
| (p)(15) | Code of Ethics – Ranger Investment Management, L.P. |
| (p)(17) | Code of Ethics – PineBridge Investments LLC |

---

------

## Ex-99.(D)(1)(A)

**Transamerica Funds** 

**Management Agreement** 

**Transamerica Asset Management, Inc.** 

**Schedule A** 

<u>October 10, 2025</u> 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Fund** | **Management Fee** |
| &nbsp;&nbsp;&nbsp;**Transamerica Asset Allocation–Conservative Portfolio** | 0.10% of the first $1 billion<br>0.0975% over $1 billion up to $2.5 billion<br>0.090% over $2.5 billion up to $4 billion<br>0.080% over $4 billion up to $9 billion<br>0.0725% in excess of $9 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Asset Allocation–Growth Portfolio** | 0.10% of the first $1 billion<br>0.0975% over $1 billion up to $2.5 billion<br>0.090% over $2.5 billion up to $4 billion<br>0.080% over $4 billion up to $9 billion<br>0.0725% in excess of $9 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Asset Allocation–Moderate Growth Portfolio** | 0.10% of the first $1 billion<br>0.0975% over $1 billion up to $2.5 billion<br>0.090% over $2.5 billion up to $4 billion<br>0.080% over $4 billion up to $9 billion<br>0.0725% in excess of $9 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Asset Allocation–Moderate Portfolio** | 0.10% of the first $1 billion<br>0.0975% over $1 billion up to $2.5 billion<br>0.090% over $2.5 billion up to $4 billion<br>0.080% over $4 billion up to $9 billion<br>0.0725% in excess of $9 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Asset Allocation Intermediate Horizon** | 0.12% |
| &nbsp;&nbsp;&nbsp;**Transamerica Asset Allocation Long Horizon** | 0.12% |
| &nbsp;&nbsp;&nbsp;**Transamerica Asset Allocation Short Horizon** | 0.12% |
| &nbsp;&nbsp;&nbsp;**Transamerica Balanced II** | 0.48% |
| &nbsp;&nbsp;&nbsp;**Transamerica Bond** | 0.41% of the first $500 million<br>0.39% over $500 million up to $1 billion<br>0.38% over $1 billion up to $1.5 billion<br>0.375% in excess of $1.5 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Capital Growth** | 0.6825% of the first $1.5 billion<br>0.6415% over $1.5 billion up to $3 billion<br>0.59% over $3 billion up to $4 billion<br>0.575% over $4 billion up to $5 billion<br>0.55% in excess of $5 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Core Bond** | 0.38% of the first $2 billion<br>0.365% over $2 billon up to $3.5 billion<br>0.36% over $3.5 billion up to $5 billion<br>0.355% in excess of $5 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Emerging Markets Debt** | 0.63% of the first $400 million<br>0.61% in excess of $400 million |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Fund** | **Management Fee** |
| &nbsp;&nbsp;&nbsp;**Transamerica Emerging Markets Equity** | 0.79% of the first $250 million <br>0.75% over $250 million up to $500 million <br>0.70% in excess of $500 million |
| &nbsp;&nbsp;&nbsp;**Transamerica Energy Infrastructure** | 1.054% of the first $250 million <br>1.04% over $250 million up to $500 million <br>0.96% over $500 million up to $1 billion <br>0.85% over $1 billion up to $2 billion <br>0.80% in excess of $2 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Floating Rate** | 0.49% of the first $100 million <br>0.485% over $100 million up to $200 million <br>0.48% over $200 million up to $1 billion <br>0.47% over $1 billion up to $1.5 billion <br>0.46% over $1.5 billion up to $2 billion <br>0.45% in excess of $2 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Government Money Market** | 0.24% of the first $1 billion <br>0.22% over $1 billion to $3 billion <br>0.21% in excess of $3 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica High Yield Bond** | 0.554% of the first $1.25 billion <br>0.544% over $1.25 billion up to $2 billion <br>0.52% in excess of $2 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica High Yield Muni** | 0.54% of the first $500 million <br>0.53% over $500 million up to $1 billion <br>0.50% in excess of $1 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Inflation Opportunities** | 0.38% of the first $500 million <br>0.375% over $500 up to $750 million <br>0.37% in excess of $750 million |
| &nbsp;&nbsp;&nbsp;**Transamerica Intermediate Muni** | 0.47% of the first $150 million <br>0.45% over $150 million up to $350 million <br>0.44% over $350 million up to $650 million <br>0.42% over $650 million up to $1 billion <br>0.39% over $1 billion up to $2 billion <br>0.3875% over $2 billion up to $3 billion <br>0.3825% in excess of $3 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica International Equity** | 0.77% of the first $250 million <br>0.74% over $250 million up to $1 billion <br>0.72% over $1 billion up to $2 billion <br>0.69% over $2 billion up to $6 billion <br>0.68% over $6 billion up to $8 billion <br>0.66% in excess of $8 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica International Focus** | 0.75% of the first $500 million <br>0.74% over $500 million up to $1 billion <br>0.69% over $1 billion up to $2 billion <br>0.675% over $2 billion up to $3 billion <br>0.66% in excess of $3 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica International Small Cap Value** | 0.895% of the first $300 million <br>0.87% over $300 million up to $750 million <br>0.77% over $750 million up to $1 billion <br>0.75% in excess of $1 billion |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Fund** | **Management Fee** |
| &nbsp;&nbsp;&nbsp;**Transamerica International Stock** | 0.70% of the first $500 million <br>0.68% over $500 million up to $1 billion <br>0.67% over $1 billion up to $2 billion <br>0.64% over $2 billion up to $3 billion <br>0.63% in excess of $3 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Large Cap Value** | 0.594% of the first $1 billion <br>0.58% over $1 billion up to $2 billion <br>0.56% over $2 billion up to $3 billion <br>0.54% in excess of $3 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Large Core ESG** | 0.45% of the first $250 million <br>0.44% over $250 million up to $750 million <br>0.43% in excess of $750 million |
| &nbsp;&nbsp;&nbsp;**Transamerica Large Growth** | 0.65% of the first $1 billion <br>0.635% over $1 billion up to $1.5 billion <br>0.615% over $1.5 billion up to $2 billion <br>0.605% over $2 billion up to $3 billion <br>0.59% over $3 billion up to $4 billion <br>0.575% over $4 billion up to $5 billion <br>0.57% over $5 billion up to $7 billion <br>0.55% in excess of $7 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Large Value Opportunities** | 0.45% of the first $250 million <br>0.44% over $250 million up to $750 million <br>0.43% in excess of $750 million |
| &nbsp;&nbsp;&nbsp;**Transamerica Long Credit** | 0.45% of the first $1 billion <br>0.44% in excess of $1 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Mid Cap Growth** | 0.705% of the first $200 million <br>0.685% over $200 million up to $1 billion <br>0.670% in excess of $1 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Mid Cap Value Opportunities** | 0.695% of the first $750 million <br>0.6925% over $750 million up to $1.5 billion <br>0.65% over $1.5 billion up to $2 billion <br>0.63% in excess of $2 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Multi-Asset Income** | 0.57% of the first $500 million <br>0.565% over $500 million up to $1 billion <br>0.54% over $1 billion up to $1.5 billion <br>0.53% over $1.5 billion up to $2 billion <br>0.51% in excess of $2 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Multi-Managed Balanced** | 0.61% of the first $500 million <br>0.59% over $500 million up to $1 billion <br>0.56% over $1 billion up to $1.5 billion <br>0.55% over $1.5 billion up to $2 billion <br>0.52% over $2 billion up to $5 billion <br>0.50% in excess of $5 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Short-Term Bond** | 0.42% of the first $250 million <br>0.39% over $250 million up to $500 million <br>0.37% over $500 million up to $1 billion <br>0.36% in excess of $1 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Small Cap Growth** | 0.87% of the first $300 million <br>0.83% in excess of $300 million |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Fund** | **Management Fee** |
| &nbsp;&nbsp;&nbsp;**Transamerica Small Cap Value** | 0.80% of the first $300 million <br>0.75% over $300 million up to $800 million <br>0.71% in excess of $800 million |
| &nbsp;&nbsp;&nbsp;**Transamerica Small/Mid Cap Value** | 0.775% of the first $100 million <br>0.755% over $100 million up to $350 million <br>0.735% over $350 million up to $500 million <br>0.725% over $500 million up to $750 million <br>0.715% over $750 million up to $1 billion <br>0.69% over $1 billion up to $1.5 billion <br>0.68% over $1.5 billion up to $2 billion <br>0.67% in excess of $2 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Stock Index** | 0.07% |
| &nbsp;&nbsp;&nbsp;**Transamerica Strategic Income** | 0.544% of the first $500 million<br> 0.534% over $500 million up to $2 billion<br> 0.53% in excess of $2 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica Sustainable Equity Income** | 0.663% of the first $500 million<br> 0.58% over $500 million up to $1 billion<br> 0.55% over $1 billion up to $1.5 billion<br> 0.53% in excess of $1.5 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica UltraShort Bond** | 0.17% of the first $1 billion<br> 0.16% in excess of $1 billion |
| &nbsp;&nbsp;&nbsp;**Transamerica US Growth** | 0.68% of the first $500 million <br>0.67% over $500 million up to $800 million <br>0.6575% over $800 million up to $1 billion <br>0.613% over $1 billion up to $2 billion <br>0.605% over $2 billion up to $3 billion <br>0.59% over $3 billion up to $4 billion <br>0.575% over $4 billion up to $5 billion <br>0.57% over $5 billion up to $7 billion <br>0.55% in excess of $7 billion |

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## Ex-99.(D)(18)

**INVESTMENT SUB-ADVISORY AGREEMENT** 

**PINEBRIDGE INVESTMENTS LLC** 

This Agreement, entered into as of 12/30, 2025 by and between Transamerica Asset Management, Inc., a Florida corporation (referred to herein as "TAM") and PineBridge Investments LLC, a Delaware limited liability company (referred to herein as the "Subadviser").

TAM is the investment adviser to Transamerica Funds (the "Trust"), an open-end investment company registered under the Investment Company Act of 1940 (collectively with the rules and regulations promulgated thereunder and any exemptive orders thereunder, the "1940 Act"). TAM wishes to engage the Subadviser to provide certain investment advisory services to each series of the Trust listed on <u>Schedule A</u> hereto (the "Fund"). The Subadviser desires to furnish services for the Trust and to perform the functions assigned to it under this Agreement for the considerations provided. Accordingly, the parties have agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Appointment.** In accordance with the Investment Advisory Agreement between the Trust and TAM (the "Advisory Agreement"), TAM hereby appoints the Subadviser to act as subadviser with respect to the Fund for the period and on the terms set forth in this Agreement. The Subadviser accepts such appointment and agrees to render or cause to be rendered the services set forth for the compensation herein specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Sub-advisory Services.** In its capacity as subadviser to the Fund, the Subadviser shall have the following responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the supervision of the Trust's Board of Trustees (the "Board") and TAM, the
Subadviser shall regularly provide the Fund with respect to such portion of the Fund's assets as shall be allocated to the Subadviser by TAM from time to time (the "Allocated Assets") with investment research, advice, management
and supervision and shall furnish a continuous investment program for the Allocated Assets consistent with the Fund's investment objectives, policies and restrictions, as stated in the Fund's current Prospectus and Statement of
Additional Information, and subject to such other restrictions and limitations as directed by the officers of TAM or the Trust by notice in writing to the Subadviser. The Subadviser shall, with respect to the Allocated Assets, determine from time to
time what securities and other investments and instruments will be purchased, retained, sold or exchanged by the Fund and what portion of the Allocated Assets will be held in the various securities and other investments in which the Fund invests,
and shall implement those decisions (including the negotiation and execution of investment documentation and agreements, including, without limitation, swaps, futures, options and other agreements with counterparties, on the Fund's behalf as
the Subadviser deems appropriate from time to time in order to carry out its responsibilities hereunder,

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provided the Subadviser provides TAM prompt notice of any new investment agreements and any material amendments to existing investment agreements and the opportunity for legal review), all subject to the provisions of the Trust's Declaration of Trust and By-Laws, as may be amended from time to time (collectively, the "Governing Documents"), the 1940 Act and the applicable rules and regulations promulgated thereunder by the Securities and Exchange Commission (the "SEC"), interpretive guidance issued thereunder by the SEC staff and any other applicable federal and state law, as well as the investment objectives, policies and restrictions of the Fund referred to above, any written instructions and directions of the Board or TAM provided to the Subadviser from time to time, and any other specific policies adopted by the Board and disclosed to the Subadviser. The Subadviser's responsibility for providing investment research, advice, management and supervision to the Fund is limited to that discrete portion of the Fund represented by the Allocated Assets and the Subadviser is prohibited from directly or indirectly consulting with any other subadviser for a portion of the Fund's assets concerning Fund transactions in securities or other assets. The Subadviser is authorized to give instructions with respect to the Allocated Assets to the custodian of the Fund as to deliveries of securities and other investments and payments of cash for the account of the Fund. Subject to applicable provisions of the 1940 Act, the investment program to be provided hereunder may entail the investment of all or substantially all of the assets of the Fund in one or more investment companies. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser will place orders pursuant to its investment determinations for the Fund either directly with
the issuer or with any broker or dealer, foreign currency dealer, futures commission merchant or others selected by it. In connection with the selection of such brokers or dealers and the placing of such orders, subject to applicable law, brokers or
dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) to the Fund and/or the other accounts
over which the Subadviser or its affiliates exercise investment discretion. The Subadviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund
which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Subadviser determines in good faith that such amount of commission is reasonable in relation to the value of the
brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Subadviser and its affiliates have with respect to accounts
over which they exercise investment discretion. The Board may adopt policies and procedures that modify and restrict the Subadviser's authority regarding the execution of the Fund's portfolio transactions provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund hereby authorizes any entity or person associated with the Subadviser which is a member of a
national securities exchange to effect any transaction on the exchange for the account of the Fund which is permitted by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder, and the Fund
hereby consents to the

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retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv). Notwithstanding the foregoing, the Subadviser agrees that it will not deal with itself, or with Trustees of the Trust or any principal underwriter of the Fund, as principals or agents in making purchases or sales of securities or other property for the account of the Fund, nor will it purchase any securities from an underwriting or selling group in which the Subadviser or its affiliates is participating, or arrange for purchases and sales of securities between the Fund and another account advised by the Subadviser or its affiliates, except in each case as permitted by the 1940 Act and in accordance with such policies and procedures as may be adopted by the Fund from time to time, and will comply with all other provisions of the Governing Documents and the Fund's then-current Prospectus and Statement of Additional Information relative to the Subadviser and its directors and officers. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless TAM advises the Subadviser in writing that the right to vote proxies has been expressly reserved to
TAM or the Trust or otherwise delegated to another party, the Subadviser shall exercise voting rights incident to any security purchased with, or comprising a portion of, the Allocated Assets, in accordance with the Subadviser's proxy voting
policies and procedures without consultation with TAM or the Fund. The Subadviser agrees to furnish a copy of its proxy voting policies and procedures, and any amendments thereto, to TAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Subadviser will monitor the security valuations of the Allocated Assets. If the Subadviser believes that
the Fund's carrying value for a security does not fairly represent the price that could be obtained for the security in a current market transaction, the Subadviser will notify TAM promptly. In addition, the Subadviser will be available to
consult with TAM in the event of a pricing problem and to participate in the Trust's Valuation Committee meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As reasonably requested by the Fund, the Subadviser will provide the Fund with information and advice
regarding the Allocated Assets to assist the Fund in (i) determining the appropriate liquidity classifications of such assets and whether liquidity information provided by the Fund's liquidity classification agents is reasonable; and
(ii) risk identification, risk assessment, and monitoring of risk guidelines with respect to the Fund's derivatives risk management program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Activities of the Subadviser.** Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of the Subadviser to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature, nor to limit or restrict the right of the Subadviser to engage in any other business or to render services of any kind, including investment advisory and management services, to any other fund, firm, individual or association. If the purchase or sale of securities for the Fund and one or more other accounts of the Subadviser is considered at or about the same time, transactions in such securities will be allocated among the accounts in a manner deemed equitable by the Subadviser. Such transactions may be combined,

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in accordance with applicable laws and regulations, and consistent with the Subadviser's policies and procedures as presented to the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Allocation of Charges and Expenses.** During the term of this Agreement, the Fund will bear all expenses not expressly assumed by TAM or the Subadviser incurred in the operation of the Fund and the offering of its shares. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall pay its allocable share of (i) fees payable to TAM pursuant to the Advisory Agreement;
(ii) the cost (including brokerage commissions, if any) incurred in connection with purchases and sales of the Fund's portfolio securities; (iii) expenses of organizing the Fund; (iv) filing fees and expenses relating to registering
and qualifying and maintaining the registration and qualification of the Fund's shares for sale under federal and state securities laws; (v) the compensation, fees and reimbursements paid to the Trust's non-interested Trustees; (vi) custodian and transfer agent fees; (vii) legal and accounting expenses allocable to the Fund, including costs for local representation in the Trust's jurisdiction of
organization and fees and expenses of special counsel, if any, for the independent Trustees; (viii) all federal, state and local tax (including stamp, excise, income and franchise taxes) and the preparation and filing of all returns and reports
in connection therewith; (ix) cost of certificates, if any, and delivery to purchasers; (x) expenses of preparing and filing reports with federal and state regulatory authorities; (xi) expenses of shareholders' meetings and of
preparing, printing and distributing proxy statements (unless otherwise agreed to by the Trust and TAM); (xii) costs of any liability, uncollectible items of deposit and other insurance or fidelity bonds; (xiii) any costs, expenses or losses
arising out of any liability of, or claim for damage or other relief asserted against, the Trust for violation of any law; (xiv) expenses of preparing, typesetting and printing prospectuses and supplements thereto for existing shareholders and
of reports and statements to shareholders; (xv) fees and expenses in connection with membership in investment company organizations and 12b-1 fees; and (xvi) any extraordinary expenses incurred by
the Trust on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) TAM shall pay all expenses incurred by it in the performance of its duties under this Agreement. TAM shall
also pay all fees payable to the Subadviser pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser shall pay all expenses incurred by it in the performance of its duties under this Agreement.
The Subadviser shall authorize and permit any of its directors, officers and employees, who may be elected as Trustees or officers of the Trust, to serve in the capacities in which they are elected, and shall pay all compensation, fees and expenses
of such Trustees and officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Obligation to Provide Information.** Each party's obligation to provide information shall be as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) TAM shall cause the Subadviser to be kept fully informed at all times with regard to the securities owned by
the Fund, its funds available, or to become available, for investment, and generally as to the condition of the Fund's affairs. TAM shall furnish the Subadviser with such other documents and information with regard to the Fund's affairs
as the Subadviser may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser, at its expense, shall supply the Board, the officers of the Trust and TAM with all
information and reports reasonably required by them and reasonably available to the Subadviser relating to the services provided by the Subadviser hereunder, including such information the Fund's Chief Compliance Officer reasonably believes
necessary for compliance with Rule 38a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Compensation of the Subadviser.** As compensation for the services performed by the Subadviser, TAM shall pay the Subadviser out of the advisory fee it receives with respect to the Fund, and only to the extent thereof, as promptly as possible after the last day of each month, a fee, computed daily at an annual rate set forth opposite the Fund's name on Schedule A annexed hereto. The first payment of the fee shall be made as promptly as possible at the end of the month succeeding the effective date of this Agreement, and shall constitute a full payment of the fee due the Subadviser for all services prior to that date. If this Agreement is terminated as of any date not the last day of a month, such fee shall be paid as promptly as possible after such date of termination, shall be based on the average daily net assets of the Fund or, if less, the portion thereof comprising the Allocated Assets, in that period from the beginning of such month to such date of termination, and shall be prorated according to the ratio that the number of business days in such period bears to the number of business days in such month. The average daily net assets of the Fund, or portion thereof comprising the Allocated Assets, shall in all cases be based only on business days and be computed as of the time of the regular close of business of the New York Stock Exchange, or such other time as stated in the Fund's then-current Prospectus or as may be determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Compensation of Trustees, Officers and Employees.** No Trustee, officer or employee of the Trust or the Fund shall receive from the Trust or the Fund any salary or other compensation as such Trustee, officer or employee while he is at the same time a director, officer, or employee of the Subadviser or any affiliated company of the Subadviser, except as the Board may decide. This paragraph shall not apply to Trustees, executive committee members, consultants and other persons who are not regular members of the Subadviser's or any affiliated company's staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Term.** This Agreement shall continue in effect with respect to the Fund, unless sooner terminated in accordance with its terms or otherwise indicated on Schedule A, for two years from its effective date, and shall continue in effect from year to year thereafter, provided such continuance is specifically approved at least annually by the vote of a majority of the Trustees who are not parties hereto or interested persons of any such party, cast in person at a meeting called for the purpose of voting on the approval of the terms of such renewal, and by either the Board or the affirmative vote of a majority of outstanding voting securities of that Fund.

**9. Termination.** This Agreement may be terminated with respect to the Fund at any time, without penalty, by the Board or by the shareholders of the Fund acting by vote of at least a majority of its outstanding voting securities. This Agreement may also be terminated by TAM

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upon written notice to the Subadviser, without the payment of any penalty. The Subadviser may terminate the Agreement only upon giving 90 days' advance written notice to TAM. This Agreement shall terminate automatically in the event of its assignment by the Subadviser and shall not be assignable by TAM without the consent of the Subadviser. For the avoidance of doubt, it is understood that this Agreement may be amended, terminated or not renewed as to one or more Funds without affecting the other Funds hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Liability of the Subadviser.** The Subadviser may rely on information reasonably believed by it to be accurate and reliable. The Subadviser assumes no responsibility under this Agreement other than to render the services called for hereunder, in good faith, and shall not be liable for any error of judgment or mistake of law, or for any loss arising out of any investment or for any act or omission in the execution of securities transactions for the Fund, provided that nothing in this Agreement shall protect the Subadviser against any liability to TAM or the Fund to which the Subadviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties hereunder. As used in this Section 10, the term the "Subadviser" shall include any affiliates of the Subadviser performing services for the Trust or the Fund contemplated hereby and the partners, shareholders, directors, officers and employees of the Subadviser and such affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Registration Statement Disclosures.** The Subadviser represents, warrants and agrees that it has reviewed the Trust's current registration statement on Form N-1A with respect to the Fund as filed with the SEC and any amendments or supplements thereto, including without limitation any supplements filed pursuant to Rule 497 under the Securities Act of 1933 (as so amended and supplemented from time to time, the "Registration Statement") and agrees to promptly review future amendments or supplements to the Registration Statement that relate to the Subadviser or the Fund, filed with the SEC (or which will be filed with the SEC in the future) and represents and warrants that, solely with respect to the disclosure respecting or relating to the Subadviser, that is consistent with information the Subadviser has provided to the Trust (or otherwise expressly approved) for such purposes, including any performance information the Subadviser provides that is included in or serves as the basis for information included in the Registration Statement, as of the date of this Agreement, and as of the date of any future amendments or supplements to the Registration Statement <u>(provided that the Subadviser shall have been provided with a reasonable opportunity to review any such amendment or supplement prior to the time at which it is filed with the SEC)</u>, the Registration Statement does not contain any untrue statement of any material fact or omit any statement of material fact which was required to be stated therein or necessary to make the statements contained therein not misleading.

The Subadviser further agrees to notify TAM and the Trust promptly if it becomes aware of any statement respecting or relating to the Subadviser contained in the Registration Statement having become untrue in any material respect or if it becomes aware that the Registration Statement omits any statement of material fact respecting or relating to the Subadviser that is required to be stated therein or necessary to make the statements contained therein not misleading.

With respect to the disclosure respecting the Fund, the Subadviser represents, warrants and agrees that the description in the Registration Statement, including the Fund's investment objective, investment strategies and risks (the "Description"), as of the date of this Agreement and

------

as of the date of any future amendments or supplements to the Registration Statement <u>(provided that the Subadviser shall have been provided with a reasonable opportunity to review any such amendment or supplement prior to the time at which is filed with the SEC), is consistent in all material respects</u> with the manner in which the Subadviser is managing the Fund, and the identification and description of risks in the Registration Statement is inclusive of, and accurately describes in all material respects, all material risks known to the Subadviser that may arise in connection with the management of the Fund by the Subadviser.

The Subadviser further agrees to notify TAM and the Trust promptly in the event that the Subadviser becomes aware that the Description for a Fund is inconsistent <u>in any material respect</u> with the manner in which the Subadviser is managing the Fund, or in the event that the identification and description of risks in the Registration Statement fails to include, or accurately describe in all material respects, all material risks known to the Subadviser that may arise in connection with the management of the Fund by the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Use of Name.** TAM and the Trust are authorized to use the name of the Subadviser and any marks, symbols or logos of the Subadviser in registration statements, advertising or otherwise. If this Agreement is terminated with respect to the Fund and the Subadviser no longer serves as subadviser to the Fund, the Fund and the Adviser shall cease using its name and its marks, symbols or logos as soon as reasonably practicable, except to the extent that continued use is required by applicable laws, rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Confidentiality.** Each party to this Agreement hereby agrees to hold any and all proprietary information or personally identifiable information it receives in connection with this Agreement confidential for a period three (3) years after the termination of this Agreement and shall exercise, at a minimum, the same care it would exercise to protect its own such information by in any case, implementing reasonable precautions to protect the confidentiality and value of such information, including implementing policies and procedures designed to prevent loss, misappropriation, misuse or dissemination to unauthorized persons, in any event in accordance with applicable law. The receiving party of any such information shall promptly notify the disclosing party of any unauthorized use or disclosure of any such information and shall assist the disclosing party in remedying any unauthorized use or disclosure of any such information caused by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Meanings of Certain Terms.** For the purposes of this Agreement, the Fund's "net assets" shall be determined as provided in the Fund's then-current Prospectus and Statement of Additional Information and the terms "assignment," "interested person," and "majority of the outstanding voting securities" shall have the meanings given to them by Section 2(a) of the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Amendments.** No provision of this Agreement may be changed, waived, discharged or terminated orally with respect to the Fund, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No material amendment of the Agreement shall be effective with respect to the Fund until approved, if so required by the 1940 Act, by vote of the holders of a majority outstanding voting securities of that Fund. Schedule A hereto may be amended at any time to add additional series of the Trust as agreed by the Trust, TAM and the Subadviser.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Books and Records.** The Subadviser agrees that it will keep records relating to its services hereunder in accordance with all applicable laws, and in compliance with the requirements of Rule 31a-3 under the 1940 Act, and the Subadviser hereby agrees that any records that it maintains for the Fund are the property of the Fund, and further agrees to surrender promptly to the Fund any of such records upon the Fund's request. The Subadviser further agrees to arrange for the preservation of the records required to be maintained by Rule 31a-1 under the 1940 Act for the periods prescribed by Rule 31a-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Notices.** Any notice herein required is to be in writing and is deemed to have been given to the Subadviser or TAM upon receipt of the same at their respective addresses set forth below. All written notices required or permitted to be given under this Agreement will be delivered by personal service, by postage mail return receipt requested, by electronic mail (which shall be deemed to be "in writing" for purposes of this Agreement) or by facsimile machine or a similar means of same delivery which provided evidence of receipt (with a conforming copy by mail as set forth herein).

All notices provided to TAM will be sent to the attention of:

Transamerica Asset Management, Inc.

1801 California Street, Suite 5200

Denver, CO 80202

Attention: TAM Legal

Fax No: 866-297-9928

Phone No: 720-482-8836

Email: <u>TA TAM TAMLegalManager@transamerica.com</u>

All notices to the Subadviser will be sent to the attention of:

PineBridge Investments LLC

Park Avenue Tower, 65 East 55th Street

New York, New York 10022

Attention: Client Relations

Email Address: <u>AMER_ClientRelations@pinebridge.com</u>

With a copy to:

PineBridge Investments LLC

Park Avenue Tower, 65 East 55<sup>th</sup> Street

New York, New York 10022

Attention: Legal Department

Email Address: <u>Eric.Smith@pinebridge.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Independent Contractor.** In the performance of its duties hereunder, the Subadviser is and shall be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent the Fund or TAM in any way or otherwise be deemed to be an agent of the Fund or TAM.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. Miscellaneous.** This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to the subject matter hereof. Should any part of this Agreement be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. Third Party Beneficiaries.** The parties hereto acknowledge and agree that the Trust and the Fund are third-party beneficiaries as to the covenants, obligations, representations and warranties undertaken by the Subadviser under this Agreement and as to the rights and privileges to which TAM is entitled pursuant to this Agreement, and that the Trust and the Fund are entitled to all of the rights and privileges associated with such third-party-beneficiary status. This Agreement does not, and is not intended to, create any other third-party beneficiary or otherwise confer any rights, privileges, claims or remedies upon any shareholder or other person other than the Trust, the Fund, and the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. Governing Law and Forum Selection.** This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of New York without regard to conflicts of laws principles. Any legal suit, action or proceeding related to, arising out of or concerning this Agreement shall be brought only in the U.S. District Court for the Southern District of New York, or if such action may not be brought in that court, then such action shall be brought in the New York Supreme Court (the "Designated Courts"). Each party (a) consents to jurisdiction in the Designated Courts; (b) waives any objection to venue in either Designated Court and (c) waives any objection that either Designated Court is an inconvenient forum. For any action commenced in the New York Supreme Court, application shall be submitted to the Commercial Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. Interpretation.** Nothing contained herein shall be deemed to require the Trust to take any action contrary to its Governing Documents, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. Further Assurances.** Each party agrees to perform such further acts and execute such further documents as are reasonably necessary to effectuate the purposes of this Agreement and the arrangements contemplated thereby, including without limitation concerning the winding down or liquidation of any Fund investments.

[signature page to follow]

------

The parties hereto have caused this Agreement to be executed by their duly authorized signatories as of the date and year first above written.

---

| | |
|:---|:---|
| **TRANSAMERICA ASSET MANAGEMENT, INC.** | **TRANSAMERICA ASSET MANAGEMENT, INC.** |
| By: | /s/ Christopher A. Staples |
| Name: | Christopher A. Staples |
| Title: | Senior Vice President |
| **PINEBRIDGE INVESTMENTS LLC** | **PINEBRIDGE INVESTMENTS LLC** |
| By: | /s/ Michael J. Kelly |
| Name: | Michael J. Kelly |
| Title: | Managing Director, Global Head of Multi-Asset |
|  | December 30, 2025 |

---

------

**Schedule A^** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**<u>Fund</u>** | **<u>Investment Sub-advisory Fee\*</u>** |
| &nbsp;&nbsp; Transamerica Inflation Opportunities \*\* | 0.15% of the first $100 million;<br> 0.10% over $100 million up to $250 million;<br> 0.05% in excess of $250 million |
| &nbsp;&nbsp; Transamerica Large Core ESG (formerly,<br> Transamerica Large Core)\*\*\* | 0.10% of the first $250 million;<br> 0.09% over $250 and up to $500 million;<br> 0.08% over $500 million |
| &nbsp;&nbsp; Transamerica Large Value Opportunities\*\*\* | 0.10% of the first $250 million;<br> 0.09% over $250 and up to $500 million;<br> 0.08% over $500 million |
| &nbsp;&nbsp; Transamerica Strategic Income (formerly,<br> Unconstrained Bond)<br>| 0.18% of the first $500 million;<br> 0.17% in excess of $500 million |

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^ This Agreement with respect to the Funds listed on Schedule A shall have a one-year term.

\* As a percentage of average daily net assets on an annual basis. 

\*\* The average daily net assets for the purpose of calculating sub-advisory fees will be determined based on the aggregate average daily net assets of Transamerica Inflation Opportunities, a series of the Trust, and Transamerica PineBridge Inflation Opportunities VP, a series of Transamerica Series Trust. 

\*\*\* The average daily net assets for the purpose of calculating sub-advisory fees will be determined based on the aggregate average daily net assets of Transamerica Large Core ESG (formerly, Transamerica Large Core) and Transamerica Large Value Opportunities, each a series of the Trust.

## Ex-99.(H)(2)(I)

**SCHEDULE A** 

**TRANSAMERICA FUNDS** 

**OPERATING EXPENSE LIMITS** 

This Schedule relates to the following Funds of the Company as of March 1, 2026:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Class** | **Expense**<br> **Cap** | **EFFECTIVE**<br> **THROUGH** |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Conservative Portfolio | Class A | 0.52% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Conservative Portfolio | Class C | 1.31% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Conservative Portfolio<sup>1</sup>  | Class I | 0.30% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Conservative Portfolio | Class R | 0.77% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Conservative Portfolio | Class R3 | 0.35% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Growth Portfolio | Class A | 0.55% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Growth Portfolio | Class C | 1.35% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Growth Portfolio<sup>1</sup>  | Class I | 0.30% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Growth Portfolio | Class R | 0.78% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Growth Portfolio | Class R3 | 0.24% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Moderate Growth Portfolio | Class A | 0.52% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Moderate Growth Portfolio | Class C | 1.32% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Moderate Growth Portfolio<sup>1</sup>  | Class I | 0.29% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Moderate Growth Portfolio | Class R | 0.76% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Moderate Growth Portfolio | Class R3 | 0.30% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Moderate Portfolio | Class A | 0.52% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Moderate Portfolio | Class C | 1.31% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Moderate Portfolio<sup>1</sup>  | Class I | 0.29% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Moderate Portfolio | Class R | 0.75% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation – Moderate Portfolio | Class R3 | 0.35% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation Intermediate Horizon | Class R | 0.60% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation Intermediate Horizon | Class R4 | 0.35% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation Long Horizon | Class R | 0.60% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation Long Horizon | Class R4 | 0.35% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation Short Horizon | Class R | 0.60% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation Short Horizon | Class R4 | 0.35% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Balanced II | Class I3 | 0.63% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Balanced II | Class R | 1.10% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Balanced II | Class R4 | 0.75% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Bond | Class A | 0.90% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Bond | Class C | 1.57% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Bond | Class I | 0.50% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Bond | Class I2 | 0.48% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Bond | Class R | 1.01% | March 1, 2027 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Class** | **Expense**<br> **Cap** | **EFFECTIVE**<br> **THROUGH** |
| &nbsp;&nbsp;&nbsp; Transamerica Bond | Class R6 | 0.48% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Capital Growth | Class A | 1.11% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Capital Growth | Class C | 1.88% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Capital Growth | Class I | 0.82% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Capital Growth | Class I2 | 0.74% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Capital Growth | Class R | 1.41% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Capital Growth | Class R6 | 0.74% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Core Bond | Class A | 0.79% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Core Bond | Class C | 1.52% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Core Bond<sup>2</sup>  | Class I | 0.56% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Core Bond | Class I2 | 0.46% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Core Bond | Class I3 | 0.46% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Core Bond | Class R | 1.00% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Core Bond | Class R4 | 0.65% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Core Bond | Class R6 | 0.46% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Core Plus Completion Fund<sup>9</sup>  | Not Applicable | 0.00% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Debt | Class A | 1.25% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Debt | Class C | 1.96% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Debt | Class I | 0.85% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Debt | Class I2 | 0.80% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Debt | Class R6 | 0.80% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Equity | Class A | 1.55% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Equity | Class C | 2.30% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Equity | Class I | 0.98% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Equity | Class I2 | 0.95% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Equity | Class R | 1.80% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Equity | Class R3 | 1.70% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Equity | Class R4 | 1.55% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Equity | Class R6 | 0.95% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Energy Infrastructure | Class A | 1.60% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Energy Infrastructure | Class C | 2.35% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Energy Infrastructure | Class I | 1.31% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Energy Infrastructure | Class I2 | 1.21% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Floating Rate<sup>6</sup>  | Class A | 0.97% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Floating Rate<sup>6</sup>  | Class C | 1.72% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Floating Rate<sup>1, 6</sup>  | Class I | 0.72% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Floating Rate<sup>6</sup>  | Class I2 | 0.65% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Government Money Market<sup>3</sup>  | Class A | 0.72% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Government Money Market<sup>3</sup>  | Class C | 1.48% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Government Money Market<sup>3</sup>  | Class I | 0.38% | March 1, 2027 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Class** | **Expense**<br> **Cap** | **EFFECTIVE**<br> **THROUGH** |
| &nbsp;&nbsp;&nbsp; Transamerica Government Money Market<sup>3</sup>  | Class I2 | 0.38% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Government Money Market<sup>3</sup>  | Class I3 | 0.38% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Government Money Market<sup>3</sup>  | Class R2 | 0.69% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Government Money Market<sup>3</sup>  | Class R4 | 0.50% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Bond | Class A | 1.05% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Bond | Class C | 1.77% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Bond<sup>4</sup>  | Class I | 0.75% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Bond | Class I2 | 0.65% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Bond | Class I3 | 0.65% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Bond | Class R | 1.10% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Bond | Class R4 | 0.85% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Bond | Class R6 | 0.65% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Muni<sup>5</sup>  | Class A | 1.01% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Muni<sup>5</sup>  | Class C | 1.76% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Muni | Class I | 0.76% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Muni | Class I2 | 0.73% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Inflation Opportunities<sup>6</sup>  | Class A | 0.95% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Inflation Opportunities<sup>6</sup>  | Class C | 1.71% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Inflation Opportunities<sup>6</sup>  | Class I | 0.65% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Inflation Opportunities<sup>6</sup>  | Class I2 | 0.53% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Inflation Opportunities<sup>6</sup>  | Class I3 | 0.53% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Inflation Opportunities<sup>6</sup>  | Class R | 1.00% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Inflation Opportunities<sup>6</sup>  | Class R4 | 0.65% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Inflation Opportunities<sup>6</sup>  | Class R6 | 0.53% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Intermediate Muni<sup>5</sup>  | Class A | 0.81% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Intermediate Muni<sup>5</sup>  | Class C | 1.54% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Intermediate Muni | Class I | 0.49% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Intermediate Muni | Class I2 | 0.51% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Equity | Class A | 1.25% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Equity | Class C | 1.96% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Equity | Class I | 0.89% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Equity | Class I2 | 0.80% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Equity | Class I3 | 0.80% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Equity | Class R | 1.31% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Equity | Class R4 | 1.06% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Equity | Class R6 | 0.80% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Focus<sup>6</sup>  | Class A | 1.20% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Focus<sup>6</sup>  | Class C | 1.95% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Focus<sup>1, 6</sup>  | Class I | 0.97% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Focus<sup>6</sup>  | Class I2 | 0.87% | March 1, 2027 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Class** | **Expense**<br> **Cap** | **EFFECTIVE**<br> **THROUGH** |
| &nbsp;&nbsp;&nbsp; Transamerica International Focus<sup>6</sup>  | Class R6 | 0.87% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Small Cap Value | Class I | 1.10% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Small Cap Value | Class I2 | 1.00% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Small Cap Value | Class R6 | 1.00% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Stock<sup>6</sup>  | Class A | 1.23% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Stock<sup>6</sup>  | Class I | 0.84% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Stock<sup>6</sup>  | Class I2 | 0.81% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica International Stock<sup>6</sup>  | Class R6 | 0.81% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Cap Value | Class A | 1.05% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Cap Value | Class C | 1.81% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Cap Value<sup>2</sup>  | Class I | 0.77% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Cap Value | Class I2 | 0.67% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Cap Value | Class R6 | 0.67% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Core ESG | Class A | 1.00% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Core ESG | Class I3 | 0.57% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Core ESG | Class R | 1.15% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Core ESG | Class R4 | 0.81% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Core ESG | Class R6 | 0.57% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Growth | Class I3 | 0.74% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Growth | Class R | 1.25% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Growth | Class R4 | 0.90% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Growth | Class R6 | 0.74% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Value Opportunities | Class I3 | 0.65% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Value Opportunities | Class R | 1.00% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Value Opportunities | Class R4 | 0.75% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Long Credit | Class A | 0.94% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Long Credit | Class C | 1.78% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Long Credit | Class I | 0.65% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Long Credit | Class I2 | 0.56% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Long Credit | Class R6 | 0.56% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Growth | Class A | 1.28% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Growth | Class C | 1.99% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Growth | Class I | 0.92% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Growth | Class I2 | 0.82% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Growth | Class I3 | 0.82% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Growth | Class R | 1.35% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Growth | Class R4 | 0.95% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Growth | Class R6 | 0.82% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Value Opportunities | Class A | 1.20% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Value Opportunities | Class C | 1.90% | March 1, 2027 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Class** | **Expense**<br> **Cap** | **EFFECTIVE**<br> **THROUGH** |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Value Opportunities | Class I | 0.88% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Value Opportunities | Class I2 | 0.79% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Value Opportunities | Class I3 | 0.79% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Value Opportunities | Class R | 1.25% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Value Opportunities | Class R4 | 0.90% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Value Opportunities | Class R6 | 0.79% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Multi-Asset Income | Class A | 1.04% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Multi-Asset Income | Class C | 1.76% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Multi-Asset Income | Class I | 0.72% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Multi-Asset Income | Class I2 | 0.68% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Multi-Managed Balanced | Class A | 1.02% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Multi-Managed Balanced | Class C | 1.78% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Multi-Managed Balanced | Class I | 0.79% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Multi-Managed Balanced | Class I2 | 0.69% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Multi-Managed Balanced | Class R | 1.21% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Multi-Managed Balanced | Class R6 | 0.69% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Short-Term Bond | Class A | 0.76% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Short-Term Bond | Class C | 1.54% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Short-Term Bond | Class I | 0.56% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Short-Term Bond | Class I2 | 0.46% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Short-Term Bond | Class I3 | 0.46% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Short-Term Bond | Class R | 1.00% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Short-Term Bond | Class R4 | 0.65% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Short-Term Bond | Class R6 | 0.46% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Growth | Class A | 1.40% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Growth | Class C | 2.13% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Growth | Class I | 1.10% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Growth | Class I2 | 1.00% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Growth | Class I3 | 1.00% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Growth | Class R | 1.54% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Growth | Class R4 | 1.15% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Growth | Class R6 | 1.00% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Value | Class A | 1.29% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Value | Class C | 2.05% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Value | Class I | 0.99% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Value | Class I2 | 0.89% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Value | Class I3 | 0.89% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Value | Class R | 1.40% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Value | Class R4 | 1.10% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Value | Class R6 | 0.89% | March 1, 2027 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Class** | **Expense**<br> **Cap** | **EFFECTIVE**<br> **THROUGH** |
| &nbsp;&nbsp;&nbsp; Transamerica Small/Mid Cap Value | Class A | 1.23% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small/Mid Cap Value | Class C | 1.99% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small/Mid Cap Value | Class I | 0.96% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small/Mid Cap Value | Class I2 | 0.85% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Small/Mid Cap Value | Class R6 | 0.85% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Stock Index<sup>8</sup>  | Class R | 0.65% | May 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Stock Index<sup>8</sup>  | Class R4 | 0.30% | May 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Strategic Income | Class A | 0.97% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Strategic Income<sup>7</sup>  | Class I | 0.73% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Strategic Income | Class I2 | 0.63% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Strategic Income | Class R6 | 0.63% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Sustainable Equity Income | Class A | 1.07% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Sustainable Equity Income | Class C | 1.90% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Sustainable Equity Income<sup>2</sup>  | Class I | 0.88% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Sustainable Equity Income | Class I2 | 0.78% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica Sustainable Equity Income | Class R6 | 0.78% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica UltraShort Bond | Class A | 0.69% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica UltraShort Bond | Class C | 1.36% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica UltraShort Bond | Class I | 0.35% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica UltraShort Bond | Class R6 | 0.30% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica US Growth | Class A | 1.08% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica US Growth | Class C | 1.85% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica US Growth | Class I | 0.82% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica US Growth | Class I2 | 0.72% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica US Growth | Class R6 | 0.72% | March 1, 2027 |
| &nbsp;&nbsp;&nbsp; Transamerica US Growth | Class T | 0.77% | March 1, 2027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. TAM has contractually agreed to reimburse 0.095% of the transfer agency fee on Class I shares through March 1,
2027. This arrangement is not subject to recapture.

&nbsp;&nbsp;&nbsp;&nbsp;2. TAM has contractually agreed to reimburse 0.09% of the transfer agency fee on Class I shares through March 1,
2027. This arrangement is not subject to recapture.

&nbsp;&nbsp;&nbsp;&nbsp;3. TAM may voluntarily waive fees and/or reimburse expenses of a class of Transamerica Government Money Market in an effort
to prevent the class's yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. TAM is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed
during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative.

&nbsp;&nbsp;&nbsp;&nbsp;4. TAM has contractually agreed to reimburse 0.085% of the transfer agency fee on Class I shares through March 1,
2027. This arrangement is not subject to recapture.

&nbsp;&nbsp;&nbsp;&nbsp;5. Transamerica Capital, LLC, has agreed to waive 0.10% of the 0.25% 12b-1 fee for
Class A shares and 0.25% of the 1.00% 12b-1 fee for Class C shares through March 1, 2027. This arrangement is not subject to recapture.

&nbsp;&nbsp;&nbsp;&nbsp;6. TAM has contractually agreed not to recapture from any class of the fund any amounts previously waived

------

or reimbursed by TAM pursuant to the Agreement through March 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;7. TAM has contractually agreed to reimburse 0.10% of the transfer agency fee on the Class I shares through
March 1, 2027. This arrangement is not subject to recapture.

&nbsp;&nbsp;&nbsp;&nbsp;8. TAM has voluntarily agreed to waive its management fee in an amount equal to the S&P 500 Index Master
Portfolio's advisory fee allocated to the fund of 0.01%. This waiver may be discontinued by TAM at any time. This arrangement is not subject to recapture.

&nbsp;&nbsp;&nbsp;&nbsp;9. This arrangement is not subject to recapture.

------

**SCHEDULE B** 

**DATED AS OF March 1, 2026** 

**<u>TRANSAMERICA FUNDS</u>** 

**FUNDS SUBJECT TO EXPENSE REIMBURSEMENT** 

Transamerica Asset Allocation – Conservative Portfolio

Transamerica Asset Allocation – Growth Portfolio

Transamerica Asset Allocation – Moderate Growth Portfolio

Transamerica Asset Allocation – Moderate Portfolio

Transamerica Asset Allocation Intermediate Horizon

Transamerica Asset Allocation Long Horizon

Transamerica Asset Allocation Short Horizon

Transamerica Balanced II

Transamerica Bond

Transamerica Capital Growth

Transamerica Core Bond

Transamerica Emerging Markets Debt

Transamerica Emerging Markets Equity

Transamerica Energy Infrastructure

Transamerica Floating Rate<sup>1</sup>

Transamerica Government Money Market

Transamerica High Yield Bond

Transamerica High Yield Muni

Transamerica Inflation Opportunities<sup>1</sup>

Transamerica Intermediate Muni

Transamerica International Equity

Transamerica International Focus<sup>1</sup>

Transamerica International Small Cap Value

Transamerica International Stock<sup>1</sup>

Transamerica Large Cap Value

Transamerica Large Core ESG

Transamerica Large Growth

Transamerica Large Value Opportunities

Transamerica Long Credit

Transamerica Mid Cap Growth

Transamerica Mid Cap Value Opportunities

Transamerica Multi-Asset Income

Transamerica Multi-Managed Balanced

Transamerica Short-Term Bond

Transamerica Small Cap Growth

Transamerica Small Cap Value

Transamerica Small/Mid Cap Value

Transamerica Stock Index

Transamerica Strategic Income

Transamerica Sustainable Equity Income

Transamerica UltraShort Bond

Transamerica US Growth

<sup>1</sup>TAM has contractually agreed not to recapture from any class of the fund any amounts previously waived

or reimbursed by TAM pursuant to the Agreement through March 1, 2027.

## Ex-99.(I)

---

| | |
|:---|:---|
| ![LOGO](g93604dsp001.jpg) | <br> Transamerica Asset Management<br> 801 California St, Suite 5200<br> Denver, CO 80202 |

---

February 27, 2026

Transamerica Funds

1801 California Street

Suite 5200

Denver, CO 80202

Re: Transamerica Funds (the "Trust")

Offering of Shares of Beneficial Interest

Post-Effective Amendment No. 321

<u>File Nos.: 33-02659 and 811-04556</u> 

In my capacity as Chief Legal Officer and Secretary, I have acted as counsel for the Trust and have reviewed the Registration Statement under the Securities Act of 1933 on Form N-1A, and amendments thereto, with respect to the offer and shares of beneficial interest, no par value, of the above-referenced Trust.

I have examined the Trust's Declaration of Trust and Bylaws, as amended; the proceedings of its Board of Trustees relating to the authorization, issuance, and proposed sale of the shares; and such other records and documents as I deemed relevant. Based upon such examination, it is my opinion that upon the issuance and sale of the shares of beneficial interest of the Trust in the manner contemplated by the aforesaid Registration Statement, as amended, such shares were validly issued, fully paid and nonassessable outstanding shares of beneficial interest of the Trust.

Very truly yours,

---

| |
|:---|
| <u>/s/ Dennis P. Gallagher</u> |
| Dennis P. Gallagher |
| Chief Legal Officer and Secretary |

---

## Ex-99.(J)

Consent of Independent Registered Public Accounting Firm

We consent to the references to our firm under the captions "Financial Highlights" in each Prospectus and "Independent Registered Public Accounting Firm" in each Statement of Additional Information, each dated March 1, 2026, and each included in this Post-Effective Amendment No. 327 to the Registration Statement (Form N-1A, File No. 033-02659) of Transamerica Funds (the "Registration Statement").

We also consent to the incorporation by reference of our reports dated December 23, 2025, with respect to the financial statements and financial highlights of Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio, Transamerica Asset Allocation – Moderate Portfolio, Transamerica Asset Allocation Intermediate Horizon, Transamerica Asset Allocation Long Horizon, Transamerica Asset Allocation Short Horizon, Transamerica Balanced II, Transamerica Bond, Transamerica Capital Growth, Transamerica Core Bond, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Equity, Transamerica Energy Infrastructure, Transamerica Floating Rate, Transamerica Government Money Market, Transamerica High Yield Bond, Transamerica High Yield Muni, Transamerica Inflation Opportunities, Transamerica Intermediate Muni, Transamerica International Equity, Transamerica International Focus, Transamerica International Small Cap Value, Transamerica International Stock, Transamerica Large Cap Value, Transamerica Large Core ESG, Transamerica Large Growth, Transamerica Large Value Opportunities, Transamerica Long Credit, Transamerica Mid Cap Growth, Transamerica Mid Cap Value Opportunities, Transamerica Multi-Asset Income, Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond, Transamerica Small Cap Growth, Transamerica Small Cap Value, Transamerica Small/Mid Cap Value, Transamerica Strategic Income, Transamerica Sustainable Equity Income, Transamerica UltraShort Bond and Transamerica US Growth (the "Funds") (forty- one of the series constituting Transamerica Funds) included in the Annual Report to Shareholders (Form N-CSR) for the periods ended October 31, 2025, into this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Boston, Massachusetts

February 27, 2026

## Ex-99.(M)(1)(I)

**TRANSAMERICA FUNDS** 

**AMENDED SCHEDULE A** 

**12B-1 PLAN OF DISTRIBUTION** 

The following series and classes of shares are offered effective as of October 10, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation–Conservative Portfolio | Class A |
|  | Class C |
|  | Class I |
|  | Class R |
|  | Class R3 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation–Growth Portfolio | Class A |
|  | Class C |
|  | Class I |
|  | Class R |
|  | Class R3 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation–Moderate Growth Portfolio | Class A |
|  | Class C |
|  | Class I |
|  | Class R |
|  | Class R3 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation–Moderate Portfolio | Class A |
|  | Class C |
|  | Class I |
|  | Class R |
|  | Class R3 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation Intermediate Horizon | Class R |
|  | Class R4 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation Long Horizon | Class R |
|  | Class R4 |
| &nbsp;&nbsp;&nbsp; Transamerica Asset Allocation Short Horizon | Class R |
|  | Class R4 |
| &nbsp;&nbsp;&nbsp; Transamerica Balanced II | Class I3 |
|  | Class R |
|  | Class R4 |
| &nbsp;&nbsp;&nbsp; Transamerica Bond | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class R |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Capital Growth | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |

---

------

---

| | |
|:---|:---|
|  | Class R |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Core Bond | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class I3 |
|  | Class R |
|  | Class R4 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Debt | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Emerging Markets Equity | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class R |
|  | Class R3 |
|  | Class R4 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Energy Infrastructure | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
| &nbsp;&nbsp;&nbsp; Transamerica Floating Rate | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
| &nbsp;&nbsp;&nbsp; Transamerica Government Money Market | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class I3 |
|  | Class R2 |
|  | Class R4 |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Bond | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class I3 |
|  | Class R |
|  | Class R4 |
|  | Class R6 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Muni | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
| &nbsp;&nbsp;&nbsp; Transamerica Inflation Opportunities | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class I3 |
|  | Class R |
|  | Class R4 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Intermediate Muni | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
| &nbsp;&nbsp;&nbsp; Transamerica International Equity | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class I3 |
|  | Class R |
|  | Class R4 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica International Focus | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica International Small Cap Value | Class I |
|  | Class I2 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica International Stock | Class A |
|  | Class I |
|  | Class I2 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Cap Value | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Core ESG | Class A |
|  | Class I3 |
|  | Class R |
|  | Class R4 |

---

------

---

| | |
|:---|:---|
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Growth | Class I3 |
|  | Class R |
|  | Class R4 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Large Value Opportunities | Class I3 |
|  | Class R |
|  | Class R4 |
| &nbsp;&nbsp;&nbsp; Transamerica Long Credit | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Growth | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class I3 |
|  | Class R |
|  | Class R4 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Mid Cap Value Opportunities | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class I3 |
|  | Class R |
|  | Class R4 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Multi-Asset Income | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
| &nbsp;&nbsp;&nbsp; Transamerica Multi-Managed Balanced | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class R |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Short-Term Bond | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class I3 |
|  | Class R |

---

------

---

| | |
|:---|:---|
|  | Class R4 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Growth | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class I3 |
|  | Class R |
|  | Class R4 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Small Cap Value | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class I3 |
|  | Class R |
|  | Class R4 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Small/Mid Cap Value | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Stock Index | Class R |
|  | Class R4 |
| &nbsp;&nbsp;&nbsp; Transamerica Strategic Income | Class A |
|  | Class I |
|  | Class I2 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica Sustainable Equity Income | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica UltraShort Bond | Class A |
|  | Class C |
|  | Class I |
|  | Class R6 |
| &nbsp;&nbsp;&nbsp; Transamerica US Growth | Class A |
|  | Class C |
|  | Class I |
|  | Class I2 |
|  | Class T |
|  | Class R6 |

---

------

**SERVICE AND DISTRIBUTION FEES** 

The Fund is authorized to pay to Servicing Party the following annual distribution and service fees as compensation for Servicing Party's services as Distributor of those specific shares of the Fund.

---

| | |
|:---|:---|
|  Class A Shares | 0.25% of average daily net assets of the Fund's Class A shares |
|  Class C Shares | 1.00% of average daily net assets of the Fund's Class C shares |
|  Class R Shares | 0.50% of average daily net assets of the Fund's Class R shares |
|  Class R2 Shares | 0.25% of average daily net assets of the Fund's Class R2 shares |
|  Class R3 Shares | 0.25% of average daily net assets of the Fund's Class R3 shares |
|  Class R4 Shares | 0.25% of average daily net assets of the Fund's Class R4 shares |

---

The Fund may pay a distribution and service fee to Servicing Party at a lesser rate than the fees specified in Sections 1(a) and 1(b), respectively, of this Plan, in either case as agreed upon by the Trust and Servicing Party and as approved in the manner specified in Section 5 of this Plan.

12b-1 distribution and service fees are not applicable to Class I, Class I2, Class I3, Class T, and Class R6 shares.

## Ex-99.(P)(3)

Code of Business Conduct and Ethics

September 29, 2025

![LOGO](g93604dsp002a.jpg)

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**Code of Business Conduct and Ethics** |
| &nbsp;&nbsp;&nbsp; Effective Date: September 29, 2025 |

---

**1.** **Introduction** 

This global Code of Business Conduct and Ethics ("Code") governs the general commitment by BlackRock, Inc. and its subsidiaries (collectively, "BlackRock") to conduct its business activities in the highest ethical and professional manner and to put client interests first. BlackRock's reputation for integrity is one of its most important assets and is instrumental to its business success. While this Code covers a wide range of business activities, practices, and procedures, it does not cover every issue that may arise in the course of BlackRock's many business activities. Rather, it sets out basic principles designed to guide BlackRock's employees and directors. Consultants and contingent, contract, or temporary workers are expected to comply with the principles of this Code and policies applicable to their location, function, and status.

Upon becoming a BlackRock employee, and on an annual basis thereafter, BlackRock employees are required to acknowledge their receipt of this Code and any subsequent amendments. BlackRock employees are provided with the Code and any amendments through the Policy Library.

Every BlackRock employee and director — whatever his or her position — is responsible for upholding high ethical and professional standards and must seek to avoid even the appearance of improper behavior. Any violation of this Code may result in disciplinary action to the extent permitted by applicable law. Any employee who becomes aware of an actual or potential violation of this Code or other BlackRock policy is required to follow the reporting process described in the Global Policy for Reporting Illegal or Unethical Conduct and in Section 10 below.

**2.** **Compliance with Laws and Regulations** 

BlackRock's global business activities are subject to extensive governmental regulation and oversight and it is critical that BlackRock and its employees comply with applicable laws, rules, and regulations, including those relating to insider trading. Employees are expected to refer to the guidance contained in the Compliance Manual and the various policies and procedures contained in the Policy Library in compliance with these laws and regulations and to seek advice from supervisors and Legal & Compliance ("L&C") as necessary.

**3.** **Conflicts of Interest** 

Conflicts of interest may arise when a person's private interest interferes, or appears to interfere, with the interests of BlackRock, or where the interests of an employee or the firm are inconsistent with those of a client or potential client, resulting in the risk of damage to the interests of BlackRock or one or more of its clients. A conflict may arise, for example, if an employee takes an action or has an interest that could appear to make it difficult for the employee to conduct the employee's responsibilities to BlackRock and/or the client objectively and effectively, or if such employee or any person associated with the employee, including but not limited to members of the employee's family or household, receives an improper personal benefit, such as money or a loan, as a result of the individual's position at BlackRock. BlackRock has adopted policies, procedures, and controls designed to manage conflicts of interest, including the Global Conflicts of Interest Policy and the Global Outside Activity

Limited

![LOGO](g93604dsp002b.jpg)

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Code of Business Conduct and Ethics

September 29, 2025

Policy. Employees are required to comply with these and other compliance related policies, procedures, and controls and to help mitigate potential conflicts of interest by adhering to the following standard of conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act solely in the best interests of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uphold BlackRock's high ethical and professional standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify, report, and manage actual, apparent, or potential conflicts of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make full and fair disclosure of any conflicts of interests, as may be required.

Conflicts of interest may not always be clear-cut and it is not possible to describe every situation in which a conflict of interest may arise – any question with respect to whether a conflict of interest exists, together with any actual or potential conflict of interest, should be directed to managers and L&C.

**4.** **Insider Trading and Personal Trading** 

Employees and directors who have access to confidential information about BlackRock, its clients, or issuers in which it invests client assets, are prohibited from using or sharing that information for security trading purposes or for any other purpose except in the proper conduct of our business. All non-public information about BlackRock or any of our clients or issuers should be considered "confidential information." Use of material, non-public information in connection with any investment decision or recommendation or to "tip" others who might make an investment decision on the basis of this information is unethical and illegal and could result in civil and/or criminal penalties. Under the Global Personal Trading Policy, BlackRock employees are required to pre-clear all transactions in securities (except for certain exempt securities). Employees should consult the Global Insider Trading Policy for additional information.

**5.** **Gifts and Entertainment** 

Employees must act in the best interests of our clients and consider the reputation of BlackRock when receiving or providing any gift or entertainment. Employees are prohibited from offering, promising, giving or receiving, or authorizing others to offer, promise, give or receive anything of value, either directly or indirectly, to any party in order to improperly obtain or retain business, or to otherwise gain an improper business advantage.

In addition, strict laws (including criminal laws) govern the provision of gifts and entertainment, including meals, transportation, and lodging, to public officials. Employees are prohibited from providing gifts or anything of value to public officials or their employees or family members in connection with BlackRock's business for the purpose of obtaining or retaining business or a business advantage. Employees should consult the Global Gifts and Entertainment Policy for additional information. Regional specific regulatory restrictions also apply.

**6.** **Political Contributions** 

Employees are required to pre-clear political contributions in accordance with the Global U.S. Political Contributions Policy.

**7.** **Corporate Opportunities** 

Employees and directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are prohibited from taking personal opportunities for themselves that are discovered through the use of corporate property,
information, or position without the consent of L&C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are prohibited from using corporate property, information, or position for improper personal gain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not compete with BlackRock either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• owe a duty to BlackRock to advance its legitimate interests when the opportunity to do so arises.

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![LOGO](g93604dsp002b.jpg)

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Code of Business Conduct and Ethics

September 29, 2025

**8.** **Competition and Fair Dealing** 

BlackRock seeks to outperform its competition fairly and honestly by seeking competitive advantage through superior performance; BlackRock does not engage in illegal or unethical business practices. BlackRock and its employees and directors should endeavor to respect the rights of, and deal fairly with, BlackRock's clients, vendors, and competitors. Specifically, the following conduct is prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• misappropriating proprietary information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possessing trade secret information obtained without the owner's consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inducing disclosure of proprietary information or trade secret information by past or present employees of other companies;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taking unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of
material facts, or any other intentional unfair-dealing practice.

**9.** **Confidentiality** 

BlackRock's employees and directors have an obligation of confidentiality to BlackRock and its clients. Confidential information includes non-public information that might be of use to competitors or that might harm BlackRock or its clients, if disclosed, and non-public information that clients and other parties have entrusted to BlackRock. The obligation to preserve confidential information continues even after employment ends. This obligation does not limit employees from reporting possible violations of law or regulation to a regulator or from making disclosures under whistleblower provisions, as discussed in greater detail in the Global Policy for Reporting Illegal or Unethical Conduct and relevant confidentiality policies and agreements.

**10.** **Reporting Any Illegal or Unethical Behavior** 

Every employee is required to report any illegal or unethical conduct about which they become aware, including those concerning accounting or auditing matters. Employees may report concerns to L&C by contacting a Managing Director in L&C directly or by contacting the Business Integrity Hotline, contact details for which are available via the intranet homepage.

BlackRock will not retaliate or discriminate against any employee because of a good faith report. Employees have the right to report directly to a regulator and may do so anonymously; employees may provide protected disclosures under whistleblower laws and cooperate voluntarily with regulators, in each case without fear of retaliation by BlackRock. Employees should consult the Global Policy for Reporting Illegal or Unethical Conduct and local compliance manuals for additional detail.

**11.** **Protection and Proper Use of BlackRock Assets** 

Employees and directors should make every effort to protect BlackRock's assets and use them efficiently. This obligation extends to BlackRock's proprietary information, including intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business, marketing and service plans, engineering and manufacturing ideas, systems, software programs, designs, databases, records, salary information, and any unpublished financial data and reports. Unauthorized use or distribution of proprietary information constitutes a violation of BlackRock policy and could result in civil and/or criminal penalties. Employees should refer to the Intellectual Property Policy and the Corporate Information Security and Acceptable Use of Technology Policy for additional information on the obligation to protect BlackRock's property.

**12.** **Bribery and Corruption** 

BlackRock employees and directors are prohibited from making payments or offering or giving anything of value, directly or indirectly, to public officials of any country, or to persons in the private sector, if the intent is to influence such persons to perform (or reward them for performing) a relevant function or activity improperly or to obtain or retain business or an advantage in the course of business conduct.

Limited

![LOGO](g93604dsp002b.jpg)

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Code of Business Conduct and Ethics

September 29, 2025

Employees should refer to the Global Anti-Bribery and Corruption Policy for additional information.

**13.** **Equal Employment Opportunity and Harassment** 

The diversity of BlackRock's employees is a tremendous asset. BlackRock is firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment of any kind. In particular, it is BlackRock's policy to afford equal opportunity to all qualified applicants and existing employees without regard to race, ethnicity, religion, color, national origin, sex, pregnancy status, pregnancy-related medical conditions, gender, gender identity or expression, sexual orientation, age, ancestry, physical or mental disability, familial or marital status, political affiliation, citizenship status, genetic information, or protected veteran or military status or any other basis that would be in violation of any applicable ordinance or law. In addition, BlackRock will not tolerate harassment, bias, or other inappropriate conduct on the basis of any of the above protected categories. BlackRock's Equal Employment Opportunity policies and other employment policies are available to employees in the Policy Library.

**14.** **Recordkeeping** 

BlackRock requires honest and accurate recording and reporting of information in order to conduct its business and to make responsible business decisions. BlackRock, as a financial services provider and a public company, is subject to extensive regulations regarding maintenance and retention of books and records. BlackRock's books, records, accounts, and financial statements must be maintained in reasonable detail, must appropriately reflect BlackRock's transactions, and must conform both to applicable legal requirements and to BlackRock's system of internal controls. Employees should consult the Global Records Management Policy and other record retention policies, available to employees in the Policy Library, for additional information.

**15.** **Waivers of the Code** 

Any waiver of this Code for an executive officer or director must be made only by BlackRock's Board of Directors or a Board committee and must be promptly disclosed as required by law or stock exchange regulation.

Limited

![LOGO](g93604dsp002b.jpg)

## Ex-99.(P)(5)

![LOGO](g93604dsp006a.jpg)

![LOGO](g93604dsp006b.jpg)

**MORGAN STANLEY INVESTMENT MANAGEMENT** 

**PUBLIC SIDE CODE OF ETHICS AND PERSONAL TRADING GUIDELINES** 

**July 25, 2025** 

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**TABLE OF CONTENTS** 

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| | | | |
|:---|:---|:---|:---|
| **I.** | **INTRODUCTION** | **INTRODUCTION** | **3** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;A. | General | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;B. | Standards of Business Conduct | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;C. | Mandatory Training Requirements | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;D. | Overview of Code Requirements | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;E. | Personal Conflicts | 5 |
| **II.** | **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** | **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** | **6** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;A. | Personal Securities Accounts | 6 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;B. | Fully Managed Account\* | 6 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;C. | Other Morgan Stanley Sponsored Accounts | 7 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;D. | Non-Morgan Stanley Accounts | 7 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;E. | Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL | 7 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;F. | Mutual Fund Accounts | 8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;G. | Automatic Investment Plan | 8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;H. | Investment Clubs | 8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;I. | Cryptocurrencies | 8 |
| **III.** | **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** | **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** | **9** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;A. | General | 9 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;B. | Initiating a Transaction | 9 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;C. | Pre-Clearance Valid for One Day Only | 9 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;D. | Restrictions and Requirements for Investment Personnel | 10 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;E. | Restrictions and Requirements that apply to Eaton Vance Affiliated Entities | 10 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;F. | Restrictions and Requirements for PPA Model Personnel | 11 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;G. | Omni and Those Who Have Access to Flex One | 11 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;H. | Employees Designated to be "Above the Wall" | 12 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;I. | Transacting in Morgan Stanley Securities | 12 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;J. | Trading Derivatives | 12 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;K. | Other Restrictions | 13 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;L. | Other Activities Requiring Pre-Clearance | 13 |
| **IV.** | **HOLDING REQUIREMENTS** | **HOLDING REQUIREMENTS** | **14** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;A. | Proprietary and Sub-advised Mutual Funds and Single-Stock Exchange-Traded Funds | 14 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;B. | Covered Securities | 14 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;C. | Holding Requirements Specific to MSIMJ Employees | 14 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;D. | Holding Requirements Specific to HK Type 9 License Holder Employees | 14 |
| **V.** | **REPORTING REQUIREMENTS** | **REPORTING REQUIREMENTS** | **15** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;A. | Initial Reporting and Holdings Certification | 15 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;B. | Quarterly Reporting and Certification | 15 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;C. | Annual Reporting and Holdings Certification | 16 |
| **VI.** | **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** | **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** | **18** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;A. | Approval to Engage in an Outside Business Activity | 18 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;B. | Approval to Invest in a Private Investment | 18 |
| **VII.** | **REVIEW, INTERPRETATIONS AND EXCEPTIONS** | **REVIEW, INTERPRETATIONS AND EXCEPTIONS** | **19** |
| **VIII.** | **ENFORCEMENT AND SANCTIONS** | **ENFORCEMENT AND SANCTIONS** | **19** |
| **IX.** | **RELATED POLICIES** | **RELATED POLICIES** | **20** |
| **X.** | **RECORDKEEPING** | **RECORDKEEPING** | **20** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;A. | Firm Requirements | 20 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;B. | MSIM Maintenance of Records Relevant to this Code | 21 |
| **SCHEDULE A** | **SCHEDULE A** | **SCHEDULE A** | **22** |
| **XI.** | **DEFINITIONS** | **DEFINITIONS** | **25** |
| **SCHEDULE B** | **SCHEDULE B** | **SCHEDULE B** | **31** |

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**I.** **INTRODUCTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General** 

The Morgan Stanley Investment Management ("MSIM") Public Side Code of Ethics (the "Code") is intended to fulfill MSIM's requirements under Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Company Act"). The Code is reasonably designed to prevent legal, business and ethical conflicts, to guard against the misuse of confidential information, and to avoid even the appearance of impropriety that may arise in connection with your personal trading and Outside Business Activities as a MSIM Employee. It is very important for you to read the "Definitions" section to understand the scope of this Code, including the individuals, accounts, securities and transactions it covers. You are required to acknowledge receipt and your understanding of this Code at the start of your employment at MSIM or when you become a Covered Person, as defined below, and annually thereafter.

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| |
|:---|
| <br> **Who is Subject to This Code?**<br>|
| **ALL MSIM Public Side Employees** and all others deemed Covered Persons in the definitions section of this policy by Compliance. Private Side Employees and AIP Private Markets employees should consult the <u>IM Private Side Supplement to the Global Employee Trading and Investing Policy</u> and the IM Private Side <u>Code of Ethics</u>. |

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In addition to this Code, there are separate Funds Code of Ethics applicable to each of the Morgan Stanley, Eaton Vance, Calvert Mutual Funds and MSIM China Co. Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Standards of Business Conduct** 

MSIM seeks to comply with the Federal securities laws and regulations applicable to its business. The Code is designed to assist you in fulfilling your regulatory and fiduciary duties as an MSIM Employee as they relate to your personal securities transactions.

<u>Fiduciary Duties</u>

You have a duty to act in utmost good faith with respect to each Client, particularly where the interests of MSIM may be in conflict with those of a Client. MSIM has a duty to deal fairly and act in the best interests of its Clients at all times. The following fiduciary principles govern your activities and the interpretation / administration of these rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of Clients must always be placed first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All personal securities transactions must be conducted in compliance with the rules contained in this Code and
in such manner as to avoid any actual or potential conflict of interest or any abuse of your position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You should never use your position with MSIM, or information acquired through your employment, in your
personal trading in a manner that may create a conflict—or the appearance of a conflict—between your personal interests and the interests of MSIM and / or its Clients. If such a conflict or potential conflict arises, you must report it
immediately to your local Compliance group.

In connection with providing investment advisory services to Clients, this includes avoiding any

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activity which directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defrauds a Client in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misleads a Client, including any statement that omits material facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operates or would operate as a fraud or deceit of a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functions as a manipulative practice with respect to a Client or securities.

<u>Personal Securities Transactions and Relationship to MSIM Clients</u>

MSIM prohibits you from engaging in personal trading in a manner that would distract you from your daily responsibilities. MSIM strongly encourages you to invest for the long term and discourages short-term, speculative trading. You are cautioned that short- term strategies may attract a higher level of scrutiny. Excessive or inappropriate trading that interferes with job performance or that compromises the duty that MSIM owes to its Clients will not be tolerated.

These standards do not identify all possible conflicts of interest, and literal compliance with each of the specific provisions of this Code will not shield you from liability for personal trading or other conduct that is designed to circumvent its restrictions or violates a fiduciary duty to Clients.

If you become aware that you or someone else may have violated any aspect of this Code, you must report the suspected violation to Compliance, or your Designated Manager immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Mandatory Training Requirements** 

The training of all Covered Persons is one of the various ways that Morgan Stanley exhibits its commitment to maintaining integrity and operating with the highest ethical standards on regulatory and Firm issues at a global, divisional and regional level. Completion of required training is an ongoing focus of the regulators and important to mitigate risk across all areas. In addition, all Covered Persons are responsible for understanding and abiding

by all policies, procedures, industry standards, best practices and regulatory requirements discussed and outlined within their assigned Training Requirements.

Covered Persons who fail to complete all or part of their Training Requirements or are repeatedly tardy in their completion may be subject to disciplinary action, up to and including termination of employment.

Disciplinary actions can be issued orally or in writing and may include, but are not limited to:

● Notifying an employee's Manager of the delinquency in writing or via the Performance Management
Dashboard;

• Issuance of a Letter of Warning / Education to the employee and employee's Manager;

• Record delinquency in the Compliance Incident Tracking of Employees database; or

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| |
|:---|
| <br> **Mandatory Training Requirements** |
| Any late training may result in a **violation.** Please note<br>that the trainings listed below have a shorter due date<br>than others and are due within 10 calendar days of<br>hire/becoming a Covered Person. |

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| | |
|:---|:---|
| **Training Name** | **Description** |
| Morgan Stanley Investment Management Initial Disclosure Form | Used to report internal accounts with Morgan Stanley and E\*TRADE, DRIPS, Stock Purchase Plans, Physical Stock and Bond Certificates, Company Stock in External 401k, ESPP and ESOP |
| Outside Business Interests - New Hires | Part of the Code of Conduct New Hire Curriculum which provides an overview on how to report: outside securities accounts, outside business activities, and private investments |

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&nbsp;&nbsp;&nbsp;&nbsp;• Suspension or termination of employment

Non-completion of the Code of Conduct or the Code training and applicable certifications and supplements can result in additional disciplinary actions prior to suspension or termination of employment, such as, restriction of trading privileges and reduction of discretionary bonus. In addition, non-completion of mandatory training by contingent workers may result in termination of their engagement with Morgan Stanley.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Overview of Code Requirements** 

Compliance with the Code is a matter of understanding its basic requirements and making sure the steps you take regarding activities covered by the Code are in accordance with the letter and spirit of the Code. Generally, you have the following obligations:

![LOGO](g93604dsp010.jpg)

You must examine the specific provisions of the Code for more details on each of these activities. Please contact Compliance if you have any questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Personal Conflicts** 

As per the Firm's <u>Code of Conduct</u>, *personal conflicts* can arise from your outside activities or investments, or those of your family. You must avoid any investment, activity or relationship that could, or could appear to, impair your judgment or interfere with your responsibilities to Morgan Stanley (the "Firm") and our Clients.

If you become aware of an actual or potential conflict, you must act in accordance with applicable regulatory requirements and our policies. You also must notify your supervisor, the Conflicts Management Officer (CMO) for your business unit in your region, a member of LCD or the Firm's Global Conflicts Office (GCO)—including if an actual or potential conflict arises from an investment or activity that was previously approved through the <u>Outside Business Interests (OBI) System</u>. Consult the <u>Conflicts of Interest InfoPage</u> for additional information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Examples of Potential Personal Conflicts include, but are not limited to:**<br>◾<br>Having a personal or family interest in a transaction involving Morgan Stanley.<br>◾<br>Competing with Morgan Stanley for the purchase or sale of services.<br>◾<br>Taking advantage of outside business opportunities that arise because of your position at Morgan Stanley.<br>◾<br>Accepting special benefits offered based on your relationship with Morgan Stanley (such as discount prices, more favorable loan terms or investment opportunities), unless the terms are offered to a broad group of individuals (for example, discounted banking services offered to all Firm employees at the same location).<br>◾<br>Engaging in personal financial arrangements or certain other personal relationships with other Morgan Stanley employees.<br>

**II.** **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Personal Securities Accounts** 

Generally, you and your Immediate Family must maintain all Personal Securities Accounts that may invest in Covered Securities at a Morgan Stanley Broker or <u>Preferred Brokers</u>, as applicable to the respective jurisdiction.

*Requirements may vary in non-U.S. offices.* New Employees or newly designated Covered Persons must disclose their Personal Securities Account(s) and accounts of their Immediate Family within 10 calendar days of hire and transfer their Personal Securities Account(s) to a Morgan Stanley Broker or Preferred Brokers, as applicable in non-US jurisdictions, at their own expense, within 60 calendar days of Compliance's review. Failure to do so may be considered a significant violation of this Code.

*<u>Opening a Morgan Stanley Brokerage Account</u>*. When opening a Personal Securities Account, you must notify the Broker that you are an Employee and that the relevant account must be coded as an Employee or Employee-related account. U.S. Employees can open a new account by typing <u>myfinances/</u> into their web browser. Employees do not need prior approval to open accounts with a Morgan Stanley Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Fully Managed Account\*** 

Fully Managed Accounts are generally permitted to be maintained outside of the Firm. For Fully Managed Accounts maintained outside of the Firm, Employees must provide Employee Investing and Activities Compliance ("EIAC") with a copy of the executed management agreement or equivalent documents, with the respective account numbers, which EIAC will review for the relevant provisions. For certain brokers, the management agreement is not required (e.g., robo advisors). If the account is managed by a firm other than Morgan Stanley, you must submit a request in the OBI System and EIAC will arrange for duplicate copies of the statements to be sent to the Firm.

With prior approval, you may open a Fully Managed Account for yourself or an Immediate Family member if the account meets the standards set forth below. In certain circumstances and with approval from Compliance, you may appoint non-Morgan Stanley managers (e.g., trust companies,

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banks or registered investment advisers) to manage your account.

To establish a Fully Managed Account, you must grant the manager complete investment discretion over your account. Pre-clearance is not required for trades in this account; however, you may not participate, directly or indirectly, in individual investment decisions or be made aware of such decisions before transactions are executed. This restriction does not preclude you from establishing investment guidelines for the manager, such as indicating industries in which you desire to invest, the types of securities you want to purchase or your overall investment objectives. However, those guidelines may not be changed so frequently as to give the appearance that you are directing account investments.

\*Pursuant to local regulation, Employees of MSIM Private Limited and IM Public Side Employees of the Global In-house Centers as listed in <u>Schedule B</u> are prohibited from opening Fully Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Other Morgan Stanley Sponsored Accounts** 

You do not have to pre-clear participation in Morgan Stanley Sponsored Accounts (e.g., Morgan Stanley 401 (k), Employee Incentive Compensation Plan, etc.) with Compliance. However, you must disclose participation in these and similar plans during the annual certification process. Changes made to existing investments in the Morgan Stanley 401(k) Plan that result in funds being moved in or out of the Morgan Stanley Stock Fund are subject to applicable window periods, and if you are an Access Person, to pre-clearance in accordance with Section III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Non-Morgan Stanley Accounts** 

Exceptions to the requirement to maintain Personal Securities Accounts at a Morgan Stanley Broker are rare and require Compliance approval. If your request is approved, you will be required to ensure that missing statements are uploaded directly into the OBI System upon Compliance's request. Requirements may vary in non-U.S. offices.

If you open an account other than with a Morgan Stanley Broker (inclusive of E\*TRADE) without obtaining the required Compliance pre-approval, you must immediately disclose it to Compliance through the OBI System. You may be required to close such account.

Maintaining a non-Morgan Stanley 401(k) plan or similar account that permits you to trade Covered Securities must be approved by Compliance. Similar plans that do not have brokerage capabilities, but hold Covered Securities, must be disclosed initially during the <u>Initial Disclosure Process</u> and as part of the annual certification process.

Any approval to open or maintain a Held-Away Spousal Account, is subject to you, as the employee, providing or arranging to provide relevant account information and duplicate account statements. In addition, at such time as your spouse or domestic partner is no longer employed by another financial institution, you must promptly transfer the account to Morgan Stanley or E\*TRADE and update the relevant OBI disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL** 

Fully Managed Accounts for ISAs (i.e., an independent manager makes the investment decisions) and non-discretionary ISAs (including single company ISAs) where you make investment decisions, may only be established and maintained as long as the account is pre-approved by

------

Compliance through the OBI System. In addition, for non-discretionary ISAs you must obtain pre-clearance approval for each transaction you wish to undertake via the Trade Pre-Clearance ("<u>TPC</u>") system. Duplicate statements must be supplied to Compliance and applicable quarterly and yearly reporting requirements must be met. For the avoidance of doubt, Fully Managed Accounts for ISAs do not require pre-clearance approval for each transaction undertaken by the independent investment manager. However, yearly reporting requirements apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Mutual Fund Accounts** 

You and your Immediate Family may open an account for the purpose of transacting in affiliated open-end Mutual Funds, including Sub-Advised and Proprietary Mutual Funds (i.e., an account directly with a fund transfer agent) without prior approval from Compliance. You must report participation in these accounts initially via the <u>Initial Disclosure Process</u> or during the next quarterly certification cycle and as part of the annual certification process. Accounts invested only in non-affiliated open-end Mutual Funds do not require disclosure in the OBI System as long as the account does not have the ability to trade in Covered Securities.

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| | |
|:---|:---|
| **G. Automatic Investment Plans**<br>With prior approval, you may open an account directly with an issuer to purchase its shares, such as a dividend reinvestment plan, ("DRIP") or Direct Purchase Plan ("DPP") by submitting a pre-clearance request via the TPC system for the initial purchase.<br>**H. Investment Clubs**<br>You may not participate in or solicit transactions on behalf of investment clubs in which members pool their funds to make investments in securities or other financial products.<br>**I. Cryptocurrencies**<br>You are generally not required to disclose accounts for Cryptocurrency (wallets/accounts) if they do not have brokerage capability (i.e., cannot hold Covered Securities) and are not linked to an account with brokerage capability (whether or not such capability is utilized). | <br> **Automatic Investment Plans** |
| **G. Automatic Investment Plans**<br>With prior approval, you may open an account directly with an issuer to purchase its shares, such as a dividend reinvestment plan, ("DRIP") or Direct Purchase Plan ("DPP") by submitting a pre-clearance request via the TPC system for the initial purchase.<br>**H. Investment Clubs**<br>You may not participate in or solicit transactions on behalf of investment clubs in which members pool their funds to make investments in securities or other financial products.<br>**I. Cryptocurrencies**<br>You are generally not required to disclose accounts for Cryptocurrency (wallets/accounts) if they do not have brokerage capability (i.e., cannot hold Covered Securities) and are not linked to an account with brokerage capability (whether or not such capability is utilized). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employees are not required to pre-clear automatic investments made as part of an established DRIP or DPP; however, any future, off-scheduled, self-directed transactions (buys and sells) require pre-clearance.<br>You must report DRIP or DPP holdings to Compliance initially via the Initial Disclosure Process or during the next quarterly certification cycle and as part of the annual certification process. Please note that these accounts do not require OBI disclosure.<br>|

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While trading Cryptocurrencies does not require disclosure or pre-clearance, other types of participation in Cryptocurrency activities (e.g., mining, staking participating in Initial Coin Offerings ("ICOs"), etc.) require disclosure and pre-approval through the OBI System. Please note that Private Investments or Outside Business Activities related to cryptocurrency exchanges or other related ventures are generally not permitted (please see the <u>Global Employee Trading, Investing and Outside Business Activities Policy</u>).

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**III.** **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** 

**A.** **General** 

You and your Immediate Family are required to pre- clear and receive prior approval for all personal securities transactions in Covered Securities (including the gifting of Covered Securities) unless your personal securities transaction is subject to an exemption under this Code. Should an Employee be made aware of a proposed transaction in a Fully Managed Account or have personally directed or asked another person to direct a trade in a Fully Managed Account, the Employee is required to pre- clear that trade prior to execution. See the Securities Transaction Matrix in <u>Schedule A</u> for additional information regarding the requirements for pre-clearance. In keeping with the general principles and objectives of the Code, Compliance, in its sole discretion, may refuse to grant approval of a personal securities transaction, without specifying a reason for the refusal.

 **How to Preclear a Trade and Other Helpful Hints**

Personal trade requests will be denied if there is an order for a Client in the same or related security at the time the personal trade request is submitted. Exceptions may be granted if the Covered Security is being purchased or sold for a passively-managed index fund or index portfolio.

Any transaction that is prohibited by the Code may be required to be reversed and any profits (or any differential between the sale price of the personal security transaction and the subsequent purchase or sale price by a Client during the relevant period) are subject to disgorgement. See

"Enforcement and Sanctions".

Please consult with your local Compliance if you have any questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Initiating a Trade** 

Transactions requiring pre-clearance may not be executed prior to receiving an "Approval" e-mail from the TPC system. Approval is obtained by entering your trade request into the <u>TPC</u> system. Upon completion of the necessary compliance checks, you will receive a system generated e-mail notification advising whether your request has been approved or rejected and the time frame in which you are permitted to execute your trade. You must wait for notification from the TPC system advising that your trade request has been approved before executing the trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Pre-Clearance Valid for the Same Day Market Session Only** 

Except for PPA Model Personnel, who are instead subject to Section III. F "Restrictions and requirements for PPA Model Personnel", all Covered Persons are required to pre-clear Covered Securities through the TPC system during the open market session you intend to execute the trade. If your request is approved, such approval is valid only during the market session for which it is granted

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and expires at market session close that same day. Any transaction not completed (whether in whole or in part) during that market session will require a new approval. This means that you are not permitted to enter "good-till-canceled" orders. Only market orders and limit orders for the day are permitted. Open orders, such as limit orders and stop-loss orders, must be pre-cleared each day until the transaction is effected. In the case of trades in international markets where the market has already closed when approval is granted, transactions must be executed by the next close of trading in that market.

**Note: PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" and for Omni Personnel and those who have access to Flex One; Section III.G "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Restrictions and Requirements for Investment Personnel** 

No purchase or sale transaction may be made in any Covered Security or a related investment (i.e., derivatives) by Investment Personnel or other Employees who have knowledge of client trading (excluding PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" and Section III.G "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below) for a period of five (5) calendar days before or five (5) calendar days after the Investment Personnel purchases or sells the security on behalf of a Client. Exceptions from the Blackout Period may be granted if the Covered Security was traded for an index fund or index portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Restrictions and Requirements that apply to Eaton Vance Affiliated Entities** 

<u>Research Recommendations or Conclusions</u>

Where research recommendations or conclusions are involved, Investment Personnel must adhere to the following.

If within the five (5) calendar days prior to and including the day you seek pre-clearance and approval to enter into a personal securities transaction for a security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that security or a related financial instrument has been added to or removed from the Analyst Select Portfolio
(a paper portfolio (non-cash) that enables analysts to express their opinions on their coverage sector or a specific stock within the coverage sector), or an existing position in the Analyst Select Portfolio
has been increased or decreased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the weighted price potential ("WPP") of that security (as determined by a Research Analyst) or a
related financial instrument has been changed (the amount of the change in order to trigger the restrictions set forth herein as determined from time to time) on the relevant system; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● for purposes of CRM, that security (or its issuer) has been designated as "eligible" or
"ineligible" or its designation as a "eligible" or ineligible has changed, then you CANNOT trade the security and your pre-clearance request will be denied.

<u>Blackout Period related to the Rebalance and Reconstitution of a Calvert Indexes</u>

If you are an Employee with knowledge of the decisions of the CRM Research, Review and Recommendation Committee or the actions taken by the CRM Index Committee (or any new or

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successor committees that CRM may form to perform similar functions) as determined by the CRM Chief Compliance Officer or her designee, for the 5 calendar days prior to and including the day that the relevant Calvert Index is rebalanced or reconstituted, you may NOT enter into a Personal Securities Transaction in your personal account. A Compliance Officer will notify you if you are subject to this blackout period.

<u>Additional Requirements Pertaining to Research Analysts in the Eaton Vance Affiliated Entities</u>

Research Analysts and their Immediate Family are subject to the requirements and restrictions listed below.

*Personal Securities Transactions for Securities in Your Coverage Area.* You and your Immediate Family may not enter into a personal securities transaction in any security for which you have coverage responsibility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are in the process of making a new recommendation, have changed a recommendation or conclusion for the
security or a related financial instrument, but have not yet communicated it to the Investment Personnel in your department; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the 5<sup>th</sup>calendar day after you have communicated
your new or changed recommendation or research conclusion throughout the relevant investment group.

You may then proceed according to the requirements set forth above under sub-sections A, B and C above.

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| | |
|:---|:---|
| **F. Restrictions and Requirements for PPA Model Personnel**<br>PPA Model Personnel are required to request approval in the TPC system for Covered Securities one (1) calendar day prior to the intended transaction and are required to execute the trade the following business day. Additionally, PPA Model Personnel may be temporarily restricted from all personal securities trading or from transacting in specific securities during significant model portfolio rebalance and index reconstitution events. PPA Model Personnel will be notified of all such personal trading Blackout Periods and Restricted Lists in writing by local Compliance.<br>Please consult your local Compliance if you have questions.<br>**G. Omni and Those Who Have Access to Flex One**<br>Investment Personnel who trade for Omni or those who have access to the Flex One system, are required to receive approval from their Designated Manager, via e-mail, for any personal securities trades one (1) calendar day prior to the intended transaction. Upon receipt of their Designated Managers approval, the employee is then required to request approval, the following trade date, via the TPC system and must wait until they receive notification from the TPC system, prior to executing. Final approval is valid for that day only.<br>Please consult your local Compliance if you have questions. | <br> **Who are PPA Model Personnel?** |
| **F. Restrictions and Requirements for PPA Model Personnel**<br>PPA Model Personnel are required to request approval in the TPC system for Covered Securities one (1) calendar day prior to the intended transaction and are required to execute the trade the following business day. Additionally, PPA Model Personnel may be temporarily restricted from all personal securities trading or from transacting in specific securities during significant model portfolio rebalance and index reconstitution events. PPA Model Personnel will be notified of all such personal trading Blackout Periods and Restricted Lists in writing by local Compliance.<br>Please consult your local Compliance if you have questions.<br>**G. Omni and Those Who Have Access to Flex One**<br>Investment Personnel who trade for Omni or those who have access to the Flex One system, are required to receive approval from their Designated Manager, via e-mail, for any personal securities trades one (1) calendar day prior to the intended transaction. Upon receipt of their Designated Managers approval, the employee is then required to request approval, the following trade date, via the TPC system and must wait until they receive notification from the TPC system, prior to executing. Final approval is valid for that day only.<br>Please consult your local Compliance if you have questions. | &nbsp;&nbsp;&nbsp;&nbsp; <br> **Employees supporting Equity business, involved in portfolio management, trading, research and strategy; Employees with access to pre-execution model portfolio transactions.**<br>**<u>Pre-Clearance Timeline for PPA Model Personnel</u>:**<br>**On day one, enter pre-clearance request into TPC system.**<br>**On day one, the request is routed to your DM.**<br>**On day one, DM approves and you receive approval e-mail advising that you are approved to trade the NEXT business day.**<br>**On day two (the next business day after DM approval is received) you may execute trade.**<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Employees Designated to be "Above the Wall"** 

MSIM Employees in the Legal and Compliance Division, Internal Audit Division, the Global Risk & Analysis Super Department, Tax, Global Conflicts Office and Environmental and Social Risk Management Team are designated to be "Above the Wall" ("ATW") and their personal securities transactions are subject to additional pre-clearance checks with the Control Group. Other Employees may also be subject to the ATW checks as deemed necessary by the Control Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Transacting in Morgan Stanley Securities** 

Transacting in, including the gifting of, Morgan Stanley securities and options is subject to the <u>Global Employee Trading, Investing and Outside Business Activities Policy (see section 7)</u> and must take place during the designated window periods. Consult MS Today or <u>MSIM Code of Ethics Employee Jive site</u> for the window period announcement prior to trading.

![LOGO](g93604dsp17.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Trading Derivatives** 

**MSIM Employees who work in the PPA business are prohibited from trading ALL Derivatives.**

The following is a list of permitted options trading (for non-PPA Employees) that must be pre-cleared by your local Compliance and submitted through the TPC system:

<u>Call Options</u>

*Listed Call Options.* You may purchase a listed call option on common stock if the call option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the call option for at least 30 calendar days prior to sale. If you choose to exercise the option, you must also hold the underlying security delivered pursuant to the exercise for 30 calendar days after the date of option exercise.

*Covered Calls*. **You may also sell (or "write") a call option only if you have held the underlying security (in the corresponding amount) for at least 30 calendar days.** 

<u>Put Options</u>

*Listed Put Options.* You may purchase a listed put option on common stock if the put option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the put option for at least 30 calendar days prior to sale. If you purchase a put option on a security you already own, you may exercise the put once you have held the underlying security for 30 calendar days. If you purchase a put on a security that you do not own, you may not exercise the put; and must sell the option prior to its expiration date.

For MSIM Employees, you may not trade futures, forward contracts, including currency forwards, physical commodities and related derivatives, over-the-counter warrants or swaps. You are prohibited from selling ("writing") a put. The prohibition on commodities trading applies to trades directly on commodities markets rather than holding the physical commodity (e.g., gold bullion).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Other Restrictions** 

<u>Primary and Secondary Public Offerings</u>

You and your Immediate Family are generally prohibited from purchasing any equity security in an initial or secondary/follow on public offering. In addition, unless otherwise notified by Compliance, you may not purchase an equity security that is part of a primary or secondary public offering that the Firm is underwriting or selling until the distribution has been completed. This restriction does not apply to rights issuances to which Personal Securities Accounts would be entitled with regard to their existing holdings. Note that this restriction also applies to your Immediate Family, **regardless** of whether the securities are purchased into an Personal Securities Account.

Purchases of new issue debt are permitted, provided such purchases are pre-cleared by Compliance and meet other relevant requirements of the Code.

<u>Short Sales</u>

You and your Immediate Family may not engage in short selling of Covered Securities.

<u>Restricted List</u>

You and your Immediate Family may not transact in Covered Securities that appear on the Firmwide Restricted List or the MSIM Restricted List. You must check the <u>Restricted Lists</u> prior to submitting a TPC request and executing the trade.

<u>Cross Trades</u>

MSIM Employees and their Immediate Family are not allowed to engage in cross trades or pre-arranged trades between their Personal Securities Accounts, MSIM funds and MSIM Client accounts.

<u>Changes to Normal Settlement Cycles</u>

Hong Kong Type 9 License Holders are not permitted to make changes to normal settlement cycle or delay settlement for any trades in Personal Securities Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Other Activities Requiring Pre-Clearance** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Activity** | **Resources/Additional Information** |
| &nbsp;&nbsp;&nbsp;**Outside Business Activities** | Please see Section VI "Outside Business Activities and Private Investments" of this Code. |
| &nbsp;&nbsp;&nbsp;**Outside Brokerage Accounts** | Please see Section II "Types of Accounts and Account Opening Requirements" of this Code. |
| &nbsp;&nbsp;&nbsp;**Transactions in Private Investments** | Please see Section VI "Outside Business Activities and Private Investments" of this Code. |
| &nbsp;&nbsp;&nbsp;**Political Contributions** | Please consult the Firm <u>Policy on U.S. Political Contributions and Activities</u>. |

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**IV.** **HOLDING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Proprietary and Sub-advised Mutual Funds and Single-Stock Exchange-Traded Funds** 

You may not redeem or exchange Proprietary or <u>Sub-advised Mutual Funds</u> or Single-Stock Exchange- Traded Funds until at least 30 calendar days from the purchase trade date.

Employees are subject to the terms and restrictions of an open-end fund's prospectus, including restrictions such fund may impose on excessive trading. You may not engage in trading of shares of an open-end fund that is inconsistent with the prospectus of that fund. Where a proprietary or sub-advised fund's prospectus has a holding period that is less than 30 calendar days, Employees are required to hold shares for at least 30 calendar days before selling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Covered Securities** 

You may not sell a Covered Security until you have held it for at least 30 calendar days. For calculation purposes, the trade date counts as day one and the position may be closed on the 31<sup>st</sup> calendar day or thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Holding Requirements Specific to MSIMJ Employees** 

When selling equity (i.e., domestic and foreign equity shares and rights as well as corporate bonds, etc. that can be converted into shares such as corporate bonds with share warrants or share options), Covered Persons at MSIMJ must hold such instruments for at least six months. This includes transactions in Morgan Stanley Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Holding Requirements Specific to HK Type 9 License Holder Employees** 

All personal account investments (including Exempt Securities) made by Hong Kong Type 9 License Holders are required to be held for a minimum of 30 calendar days.

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| | |
|:---|:---|
| **V. REPORTING REQUIREMENTS**<br>| **New Hire Checklist**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Initial Reporting and Holdings Certification** | <br> **<u>As a new hire, you have 10 calendar days to</u>:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Complete your Initial Disclosure Process.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disclose your Outside Business Interests/Accounts, Private Investments.<br>**<u>Within 30 calendar days of hire you must</u>:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Complete your new hire trainings.<br>**<u>Within 60 calendar days of Compliance's review you must</u>:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transfer and close any non-approved personal securities account. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> When you commence employment with MSIM or otherwise become a Covered Person, you must complete the <u>Initial Disclosure Process</u> (the "Initial Report") no later than 10 calendar days after you become a Covered Person. The information you provide must not be more than 45 calendar days old from the day you became a Covered Person and must include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The title and type, and, as applicable, the exchange ticker symbol or CUSIP number, number of shares and the (current) principal amount of any Covered Security;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The name of any broker-dealer, bank or financial institution where you maintain an account in which any securities are held; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The date you submitted the Initial Report.<br>| <br> **<u>As a new hire, you have 10 calendar days to</u>:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Complete your Initial Disclosure Process.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disclose your Outside Business Interests/Accounts, Private Investments.<br>**<u>Within 30 calendar days of hire you must</u>:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Complete your new hire trainings.<br>**<u>Within 60 calendar days of Compliance's review you must</u>:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transfer and close any non-approved personal securities account. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All new Covered Persons will receive training on the principles and procedures of the Code. As a Covered Person, you must also certify that you have reviewed, understand and agree to abide by the terms of this Code, including but not limited to, the disclosure of outside accounts, Outside Business Activities and Private Investments that are required to be logged in the OBI System within 10 calendar days and the transfer or closure of the account within 60 calendar days of Compliance's review. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All new Covered Persons will receive training on the principles and procedures of the Code. As a Covered Person, you must also certify that you have reviewed, understand and agree to abide by the terms of this Code, including but not limited to, the disclosure of outside accounts, Outside Business Activities and Private Investments that are required to be logged in the OBI System within 10 calendar days and the transfer or closure of the account within 60 calendar days of Compliance's review. |

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If you have any questions, contact your local Compliance group.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Quarterly Reporting and Certification** | **Quarterly Requirements**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> You must submit a Quarterly Transactions Report to Compliance no later than 30 calendar days after the end of each calendar quarter, or in accordance with regulatory requirements applicable to your region. You do not have to submit a Quarterly Transactions Report if it would duplicate information provided in broker account statements that Compliance already receives or may access. | <br> Each quarter you will receive a Quarterly Transactions Report. You are only required to submit the report if one of the conditions is met.<br>The report is required to be submitted no later than 30 calendar days after the end of each calendar quarter. |

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The Quarterly Transactions Report must contain the information set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For transactions in a Personal Securities Account during the previous quarter you must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The date of the transaction, the title, and, as applicable, the exchange ticker symbol or CUSIP number,
interest rate and maturity date, number of shares and principal amount of any Covered Security;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The nature of the transaction (i.e., purchase, sale or other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The name of the broker-dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The date you submitted the Quarterly Transaction Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For any new account, including accounts for your Immediate Family, established by you during the previous
quarter in which any securities are held for your direct or indirect benefit, you must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The name of the broker-dealer, bank or financial institution with which you established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The date you submitted the Quarterly Transaction Report.

A reminder to complete the Quarterly Transaction Report will be provided to you by Compliance.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Annual Reporting and Holdings Certification** | **Annual Requirements**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> You must update, as applicable, and certify to the following information on an annual basis (the "Annual Report"):<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A list of your current brokerage account(s), including those for your Immediate Family;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A list of all securities and current principal amount Beneficially Owned by you in these account(s);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A list of all your approved Outside Business Activities, and Private Investments;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A list of all other additional reportable investments you hold outside of Morgan Stanley (such as DRIPs, other 401(k) accounts and any Covered Securities held in certificate form); | <br> Each year, Covered Persons will receive an Annual Certification for Employees ("ACE") where you are required to confirm that the information the Firm has in its records is both accurate and complete.<br>As part of ACE, you will be required to read and understand both the Code of Conduct and the MSIM Code of Ethics.<br>ACE includes sections regarding Morgan Stanley Accounts, Morgan Stanley Sponsored Plans, Outside Business Interests and Additional Reportable Investments.<br>**You are required to complete this certification on or before it's due date.**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A list of financial institutions (broker dealers, banks, transfer agents, etc.) with which you maintain an account in which any securities are held; and<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● That you have not made, directly or indirectly, any individual investment decision related to any Fully Managed Account(s), nor have you directed another person to make such investments without first pre-clearing those transactions in accordance with Section III. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● That you have not made, directly or indirectly, any individual investment decision related to any Fully Managed Account(s), nor have you directed another person to make such investments without first pre-clearing those transactions in accordance with Section III. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information in the Annual Report must be current as of 45 calendar days before the report is submitted. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information in the Annual Report must be current as of 45 calendar days before the report is submitted. |

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You must also certify that you have reviewed and agree to abide by the requirements of the Code and that you are in compliance with the Code.

The link to the Annual Report will be provided to you by Compliance.

Hong Kong Type 9 License Holders are required to submit their holdings annually and semi-annually in October and April each year.

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**VI.** **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** 

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| | |
|:---|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Approval to Engage in an Outside Business Activity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> You may not engage in any Outside Business Activity, <u>regardless of whether or not you receive compensation</u> or are asked to engage in such activity by the Firm, without prior approval first from your Designated Manager and then from Compliance. If you receive approval, it is your responsibility to notify Compliance immediately if any conflict or potential conflict of interest arises in the course of the Outside Business Activity or if the nature of the activity changes, materially.<br>Examples of an Outside Business Activity, <u>as per the Global Employee Trading, Investing and Outside Business Activities Policy</u>, include providing consulting services, organizing a company, giving a formal lecture or publishing a book or article, accepting compensation from any person or organization other than the Firm, serving as an officer, employee, director, partner, member, or advisory board member of a company or organization not affiliated with the Firm, whether or not related to the financial services industry (including charitable organizations or activities for which you do not receive compensation), setting up a holding company for investments, investing in rental properties or acting as power of attorney and receiving compensation for such role. Generally, Compliance will not approve any Outside Business Activity related to the securities or financial services industry other than activities that reflect the interests of the industry as a whole and that are not in competition with those of the Firm.<br>In the case of employees of Morgan Stanley AIP GP LP ("AIP"), where serving on an advisory board for a company in which AIP invests is part of the AIP employee's roles and responsibilities as an employee of AIP, such service shall not be considered an Outside Business Activity and approval via the OBI System is not required. The relevant senior business managers are responsible for approving Employees to serve on | **Special Considerations**<br> **Related to your Outside**<br> **Business Disclosures** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> You may not engage in any Outside Business Activity, <u>regardless of whether or not you receive compensation</u> or are asked to engage in such activity by the Firm, without prior approval first from your Designated Manager and then from Compliance. If you receive approval, it is your responsibility to notify Compliance immediately if any conflict or potential conflict of interest arises in the course of the Outside Business Activity or if the nature of the activity changes, materially.<br>Examples of an Outside Business Activity, <u>as per the Global Employee Trading, Investing and Outside Business Activities Policy</u>, include providing consulting services, organizing a company, giving a formal lecture or publishing a book or article, accepting compensation from any person or organization other than the Firm, serving as an officer, employee, director, partner, member, or advisory board member of a company or organization not affiliated with the Firm, whether or not related to the financial services industry (including charitable organizations or activities for which you do not receive compensation), setting up a holding company for investments, investing in rental properties or acting as power of attorney and receiving compensation for such role. Generally, Compliance will not approve any Outside Business Activity related to the securities or financial services industry other than activities that reflect the interests of the industry as a whole and that are not in competition with those of the Firm.<br>In the case of employees of Morgan Stanley AIP GP LP ("AIP"), where serving on an advisory board for a company in which AIP invests is part of the AIP employee's roles and responsibilities as an employee of AIP, such service shall not be considered an Outside Business Activity and approval via the OBI System is not required. The relevant senior business managers are responsible for approving Employees to serve on | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Disclose existing OBI's within 10 calendar days of hire.<br>● All times thereafter, you must receive pre-approval through OBI System before participating.<br>●New accounts due to marriage, inheritance etc. are required to be disclosed within 10 calendar days of the event.<br>●As part of the Annual Certification process, you are required to review/edit each disclosure for completeness and accuracy.<br>●U.S. Registered Employees only, real estate investments that generate rental income require disclosure in OBI, unless the property is also used by you as a primary, secondary or vacation residence.<br>●Non-U.S. Registered Employees are not required to disclose real estate investment that generate rental income. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; advisory boards, documenting such approvals, maintaining a list of such Employees, and reviewing the list in consultation with the relevant Compliance officers at least annually. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; advisory boards, documenting such approvals, maintaining a list of such Employees, and reviewing the list in consultation with the relevant Compliance officers at least annually. |

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A request to serve on the board of any company, particularly the board of a public company, will be granted in very limited instances only. If you receive approval, your directorship may be subject to the implementation of information barrier procedures to isolate you from making investment decisions for Clients concerning the company in question, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Approval to Invest in a Private Investment** 

You may not invest in a third-party Private Investment without prior approval from Compliance. Private Investments include investments in privately held corporations, limited partnerships, tax shelter programs, hedge funds and holding companies (e.g., LLC, LP, S-Corp, C-Corp, etc.). Approval is required for third-party private investments held in a Morgan Stanley account through the OBI System. Disclosure in the OBI System is not required for Morgan Stanley proprietary funds

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(funds structured by Morgan Stanley or its affiliates that are offered to MS Employees and/or Clients).

Singapore-licensed Employees are prohibited from conducting (by way of Outside Business Activity or Private Investment) the following non-financial advisory activities:

<u>Being engaged in any of the following:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Carrying on or being involved in the business of money lending

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Organizing, promoting or conducting any casino marketing arrangement in or with respect to any casino

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Acting as an associate of an international market agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Being engaged in the business of an international market agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Being an applicant for an international market agent license

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Carrying on the business of an estate agent, or acting/representing as an estate agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Acting or holding himself out as a salesperson for any licensed estate agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Marketing any investment that is not an investment product

<u>Being invested in, or holding any interest in the following:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any moneylending business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any business of an international market agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any business of an estate agent

**VII.** **REVIEW, INTERPRETATIONS AND EXCEPTIONS** 

Compliance is responsible for administering the Code and reviewing your Initial, Quarterly and Annual Reports. Compliance has the authority to make final decisions regarding Code policies and may grant an exception to a policy as long as it determines that no abuse or potential abuse is involved. Exceptions are granted only in rare and unusual circumstances, such as financial hardship. You must contact Compliance with any questions regarding the applicability, meaning or administration of the Code, including requests for an exception, <u>in advance</u> of any contemplated transaction. If Compliance determines that an exception would not be against the interests of any Client and is consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, Compliance may approve an exception and will document the exception, including the circumstances and rationale.

**VIII.** **ENFORCEMENT AND SANCTIONS** 

Violations of the Code must be reported promptly to Compliance and, as appropriate, senior management. On a quarterly basis, violations of the Code are reported to the applicable funds' board of directors. Compliance may issue letters of warning/education or impose sanctions as appropriate, including notifying your Designated Manager, issuing a reprimand (orally or in writing), restricting your trading privileges, reducing your discretionary bonus, if any, requiring reversal of a trade made in violation of the Code or other applicable policies, or taking other disciplinary action, including, but not limited to, suspension or termination of your employment. **Violations are considered on a cumulative basis**.

The foregoing sanctions are intended to be guidelines only. Compliance, in its discretion, may recommend alternative actions if deemed warranted by the facts and circumstances of each situation. MSIM management, including the Head of MSIM Compliance, is authorized to determine the choice of actions to be taken in specific cases.

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Sanctions may vary based on applicable law and regulatory requirements in your jurisdiction.

In addition, pursuant to the terms of Section 9 of the Investment Company Act of 1940, as amended, no director, officer or Employee of MSIM may become, or continue to remain, an officer, director or Employee of MSIM without an exemptive order issued by the U.S. Securities and Exchange Commission, if such director, officer or Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Within the past ten years has been convicted of any felony or misdemeanor (i) involving the purchase or
sale of any security; or (ii) arising out of his or her conduct as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person
required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Is or becomes permanently or temporarily enjoined by any court from: (i) acting as an underwriter,
broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated
person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or (ii) engaging in or continuing any conduct or practice in connection with
any such activity or in connection with the purchase or sale of any security.

You are obligated to immediately report any conviction or injunction described here to Compliance.

In addition to the above, you may also be subject to similar fit and proper/conduct related requirements to the extent you are employed or licensed in non-US jurisdictions. Please reach out to your local Compliance coverage if you are unclear about the requirements that apply to you.

**IX.** **RELATED POLICIES** 

In addition to this Code, you are also subject to the policies and procedures documented in the Compliance Manual applicable to your region; the <u>Global Employee Trading Investing and Outside Business Activities Policy;</u> the <u>Morgan Stanley Code of Conduct; the Global Confidential and Material Non-Public Information Policy;</u> the <u>Policy on U.S. Political Contributions and Activities;</u> and the <u>MSIM Global Gifts, Entertainment and Charitable Giving Policy</u> (requirements may vary in non-U.S. offices).

**X.** **RECORDKEEPING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Firm Requirements** 

Records are retained in accordance with the Firm's <u>Global Information Management Policy</u>, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance.

The <u>Global Information Management Policy</u> incorporates the Firm's <u>Master Retention Schedule</u>, which lists various record classes and associated retention periods on a global basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **MSIM Maintenance of Records Relevant to this Code** 

Compliance shall maintain records relevant to this Code as may be necessary under the provisions of this Code.

Previous versions include: August 16, 2002, February 24, 2004, June 15, 2004, December 31, 2004, December 15, 2006, May 12, 2008, August 19, 2010, September 17, 2010, February 15, 2011, March 1, 2011, September 28, 2011, June 29, 2012, September 16, 2013, October 10, 2014, March 26, 2016, December 7, 2017, December 12, 2018, December 12, 2019, December 11, 2020, January 1, 2022, December 15, 2022, December 12, 2023 and December 12, 2024.

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**SCHEDULE A** 

**SECURITIES TRANSACTION MATRIX** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**TYPE OF SECURITY** | **Pre-Clearance Required** | **Reporting**<br> **Required** | **30 Calendar Days<br>Holding Period<br>Required** |
| &nbsp;&nbsp;&nbsp;**Covered Securities** | &nbsp;&nbsp;&nbsp;**Covered Securities** | &nbsp;&nbsp;&nbsp;**Covered Securities** | &nbsp;&nbsp;&nbsp;**Covered Securities** |
| &nbsp;&nbsp;&nbsp;**<u>Pooled Investment Vehicles:</u>** | &nbsp;&nbsp;&nbsp;**<u>Pooled Investment Vehicles:</u>** | &nbsp;&nbsp;&nbsp;**<u>Pooled Investment Vehicles:</u>** | &nbsp;&nbsp;&nbsp;**<u>Pooled Investment Vehicles:</u>** |
| &nbsp;&nbsp;&nbsp;Closed-End Funds | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Proprietary or Sub-advised Mutual Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Unit Investment Trusts | No | Yes | No |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds (ETFs) including<br>Crypto Currency ETFs | No | Yes | No |
| &nbsp;&nbsp;&nbsp;Single-Stock ETFs | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Notes (ETNs) | No | Yes | No |
| &nbsp;&nbsp;&nbsp;Hedge Funds | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;**<u>Equities:</u>** | &nbsp;&nbsp;&nbsp;**<u>Equities:</u>** | &nbsp;&nbsp;&nbsp;**<u>Equities:</u>** | &nbsp;&nbsp;&nbsp;**<u>Equities:</u>** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Securities<sup>1</sup> | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Common Stocks | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Listed Depository Receipts e.g. ADRs, Ads, GDRs | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;DRIPs<sup>2</sup> | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Corporate Non-Voluntary Actions (e.g., Stock Splits, Mergers, Spin-off etc.) | No | Yes | No |
| &nbsp;&nbsp;&nbsp;Rights | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Stock Dividend | No | Yes | No |
| &nbsp;&nbsp;&nbsp;Warrants (Listed and Exercised) | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Preferred Stock | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Listed Real Estate Investment Trusts (REITs) | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Initial Public Offerings (equity IPOs) and Secondary/Follow on offerings | PROHIBITED | PROHIBITED | PROHIBITED |

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<sup>1</sup> Employees may transact in Morgan Stanley securities only during designated window periods. Pre-clearance of transactions in Morgan Stanley securities is required for all Access Persons. Non-Access Person are exempt from pre-clearance.

<sup>2</sup> Automatic purchases for dividend reinvestment plan are not subject to pre-approval requirements. The initial set up/purchase requires preclearance.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**TYPE OF SECURITY** | **Pre-Clearance Required** | **Reporting Required** | **30 Calendar Days<br>Holding Period<br>Required** |
| &nbsp;&nbsp;&nbsp;Private Investments in Public Equity Securities (PIPES) | PROHIBITED | PROHIBITED | PROHIBITED |
| &nbsp;&nbsp;&nbsp;**<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives)<u>:</u>** | &nbsp;&nbsp;&nbsp;**<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives)<u>:</u>** | &nbsp;&nbsp;&nbsp;**<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives)<u>:</u>** | &nbsp;&nbsp;&nbsp;**<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives)<u>:</u>** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley (stock options) | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Common Stock Options | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Forward Contracts (including currency forwards) |  | PROHIBITED |  |
| &nbsp;&nbsp;&nbsp;Commodities Contracts |  | PROHIBITED |  |
| &nbsp;&nbsp;&nbsp;OTC warrants or swaps |  | PROHIBITED |  |
| &nbsp;&nbsp;&nbsp;Futures |  | PROHIBITED |  |
| &nbsp;&nbsp;&nbsp;**<u>Fixed Income Instruments:</u>** | &nbsp;&nbsp;&nbsp;**<u>Fixed Income Instruments:</u>** | &nbsp;&nbsp;&nbsp;**<u>Fixed Income Instruments:</u>** | &nbsp;&nbsp;&nbsp;**<u>Fixed Income Instruments:</u>** |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Fannie Mae | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Freddie Mac | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Corporate Bond | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Convertible Bonds (converted) | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;New Issues (fixed income) | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Government Sponsored Entities (GSE) / Agency Bonds | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Structured Notes | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;High Yield Sovereign Debt (as rated by S&P) | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;High Yield Securities<sup>3</sup> | PROHIBITED | PROHIBITED | PROHIBITED |
| &nbsp;&nbsp;&nbsp;**<u>Private Investment and Outside Activities:</u>** | &nbsp;&nbsp;&nbsp;**<u>Private Investment and Outside Activities:</u>** | &nbsp;&nbsp;&nbsp;**<u>Private Investment and Outside Activities:</u>** | &nbsp;&nbsp;&nbsp;**<u>Private Investment and Outside Activities:</u>** |
| &nbsp;&nbsp;&nbsp;Private Investments (e.g. limited partnerships) | Yes | Yes | N/A |
| &nbsp;&nbsp;&nbsp;Outside Activities | Yes | Yes | N/A |
| &nbsp;&nbsp;&nbsp;Investment Clubs | PROHIBITED | PROHIBITED | PROHIBITED |
| &nbsp;&nbsp;&nbsp;**<u>Exempt Securities</u> (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities)<u>:</u>** | &nbsp;&nbsp;&nbsp;**<u>Exempt Securities</u> (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities)<u>:</u>** | &nbsp;&nbsp;&nbsp;**<u>Exempt Securities</u> (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities)<u>:</u>** | &nbsp;&nbsp;&nbsp;**<u>Exempt Securities</u> (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities)<u>:</u>** |
| &nbsp;&nbsp;&nbsp; Mutual Funds (open-end) not advised or<br> sub-advised by MSIM | Brokerage CDs | GNMA | Bankers' Acceptances |
| &nbsp;&nbsp;&nbsp;Direct Obligations of the US and Foreign Governments (US Treasury/Investment Grade Sovereign Debt<sup>4)</sup> | Money Market Funds (Inclusive of Morgan Stanley Money Market Funds)<br>| Commercial Paper | Investment Grade Short-Term Debt Instruments<sup>5</sup> |
|  | Regulated Collective Investment Schemes<br>| Physical Commodities | Currencies |

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<sup>3</sup> Securities rated below investment grade by S&P.

<sup>4</sup> Sovereign debt security rated below investment grade will be subject to pre-clearance and 30-day holding period requirement. Ratings from other rating agencies besides S&P should not be used to determine whether pre-clearance is required.

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<sup>5</sup> For these purposes, repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated as investment grade by a nationally recognized statistical rating organization.

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**XI.** **DEFINITIONS** 

These definitions are here to help you understand the application of the Code to various activities undertaken by you and other persons related to you who may be covered by the Code. The definitions are an integral part of the Code and a proper understanding of them is essential. Refer back to these definitions as you read the Code.

**"Access Persons**" (for purposes of transacting in Morgan Stanley securities) is defined in the <u>Global Employee Trading, Investing and Outside Business Activities Policy</u> and means those individuals or divisions that, as part of their job function may receive or have access to Morgan Stanley-related material non-public information that is recurring or cyclical in nature.

**"Beneficially Owned"** generally means an interest where you or a member of your Immediate Family, directly or indirectly: (i) have investment discretion or the ability (including joint ability or discretion) to purchase or sell securities or direct the disposition of securities; (ii) have voting power over securities, or the right to direct the voting of securities; or (iii) have a direct or indirect financial interest in securities (or other benefit substantially equivalent to ownership of securities). For purposes of this Code, "beneficial ownership" shall be interpreted in the same manner as it would be under Section 16 of the Securities and Exchange Act, as amended, and the rules and regulations thereunder.

**"Blackout Period"** for purposes of this Code, means a temporary period of time as determined by Compliance during which you may be restricted from all personal securities trading or a temporary or indefinite restriction on transactions in certain specific Covered Securities based upon your job responsibilities.

**"Chief Compliance Officer" or "CCO"** refers to the Chief Compliance Officer of the following, as relevant: Atlanta Capital Management Company LLC; Boston Management and Research; Calvert Research and Management; Eaton Vance Advisers International Ltd.; Eaton Vance Management; Morgan Stanley Investment Management Inc.; or Parametric Portfolio Associates LLC.

**"Client"** means shareholders or limited partners of registered and unregistered investment companies and other investment vehicles, institutional, high net worth and retail separate account clients, employee benefit trusts and all other types of clients advised by MSIM.

**"Closed-End Fund"** means any fund with a fixed number of shares and which does not issue and redeem shares on a continuous basis. While Closed-End Funds are often listed and trade on stock exchanges, they are not "Exchange traded funds" as defined below in the Covered Securities definition.

**"Compliance"** means your applicable local Compliance group (e.g., Atlanta, Boston, Dublin, London, Minneapolis, Mumbai, New York, Seattle, Singapore, Tokyo, and Washington, D.C.).

**"Control Group"** is a team within Legal and Compliance that is responsible for maintaining the Firm's Information Barriers (often referred to as "the Wall"). The Control Group serves as a buffer between the Firm's various business units, controlling and coordinating communications between these areas, as well as conducting global surveillance to ensure that applicable laws and rules are followed.

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**"Covered Persons"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All MSIM Employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All directors and officers of MSIM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any person (such as certain consultants, leased workers or temporary workers) who provides investment advice
to clients on behalf of MSIM, is subject to the supervision and control of MSIM or who has access to nonpublic information regarding any Client's purchase or sale of securities, or portfolio holdings, or who is involved in making securities
recommendations to Clients, or who has access to such recommendations that are nonpublic. Contingents that are hired for positions lasting more than one year or are otherwise classified as a Covered Person by their assignment contacts/managers or
Compliance may be required to transfer brokerage accounts to a Morgan Stanley Broker or Firm approved third party broker as applicable to the respective jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any person with responsibilities related to MSIM or who supports MSIM as a business and has frequent
interaction with Covered Persons or Investment Personnel, as determined by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any other persons falling within the definition of "Access Person" under Rule 17j-1 of the Company Act or Rule 204A-1 under the Advisers Act (such as those supervised persons who have access to nonpublic information regarding the portfolio holdings of a
client fund) and such other persons that may be so deemed by Compliance from time to time.

The definition of "Covered Person" may vary by location. Contact Compliance if you have any question as to your status as a Covered Person.

**"Covered Securities"** includes generally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All equity or debt securities (excluding high yield securities, which are prohibited), including but not
limited to, derivatives of securities (such as options on securities, on indexes and on currencies, warrants and American depositary receipts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Asset-backed securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Closed-End Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Corporate and municipal bonds, and similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Exchange-Traded Funds including single-stock Exchange-Traded Funds, Exchange- Traded Notes and Crypto Currency
Exchange-Traded Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Initial Coin Offerings and Secondary Coin Offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investments in all kinds of limited partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investments in real estate investment trusts (REITs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investments in private investment funds, hedge funds, private equity funds, and venture capital funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Open-end mutual funds and Exchange-Traded Funds for which MSIM or
Eaton Vance Management or an Eaton Vance Affiliated Entity acts as adviser or sub-adviser (including those funds that consist of Exempt Securities as listed in <u>Schedule A</u> and excluding money market funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Preferred securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Securities indices;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Structured Notes, such as equity-linked or credit- linked notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Unit investment trusts.

Covered Securities does not include "Exempt Securities," as defined below. Refer to <u>Schedule A</u> for application of the Code to various security types.

**"Cryptocurrency"** means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a security or otherwise characterized as a security under the relevant law. This includes initial coin offerings ("ICOs") and secondary coin offerings ("SCOs").

**"Derivative"** means (1) any Futures and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option. Questions regarding whether a particular instrument or transaction is a Derivatives for purposes of this Code should be directed to your local Compliance group. For avoidance of doubt, a Derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of this.

**"Designated Manager"** means manager designated by your business unit or department to supervise your personal trading and investing activities.

**"Eaton Vance Affiliated Entity"** means each of the following: Atlanta Capital Management LLC ("ACM"); Boston Management and Research; Calvert Research and Management ("CRM"); Eaton Vance Advisers International Ltd.; Eaton Vance Management; Eaton Vance Management (International) Limited; Parametric Portfolio Associates LLC. ("PPA").

**"Employee"** means all MSIM employees globally on the Public Side of the Morgan Stanley Investment Management Division business and, as appropriate, their Immediate Family.

**"Exempt Securities"** are securities that are not subject to the pre-clearance, holding or reporting requirements. Examples of Exempt Securities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bankers' acceptances, bank certificates of deposit and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment grade, short-term debt instruments, including repurchase agreements (which for these purposes are
repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated in one of the two highest categories by a nationally recognized statistical rating organization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct obligations of the U.S. Government (including securities that are backed by the full faith and credit
of the U.S. Government for the timely payment of principal and interest) and equivalent securities issued by non-U.S. governments, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Ginnie Maes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ U.S. savings bonds, and U.S. Treasuries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Securities issued by non-U.S. governments e.g., premium bonds,
indexed- linked savings certificates, fixed income savings certificates, guaranteed equity bonds, capital bonds, children's bonus bonds, fixed rate savings bonds, income bonds and pensioner's guaranteed income bonds issued and sold
directly to the public through the National Savings and Investments agency of the United Kingdom's Chancellor of the Exchequer. *Note: Non-U.S. government debt securities must be rated AA or higher. Otherwise, they will be subject to pre-clearance and 30-day holding period requirement);* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Shares held in money market funds;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variable insurance products that invest in funds for which MSIM does not act as adviser or sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Open-end mutual funds or equivalent in other jurisdictions (e.g.,
UCITS, SICAVs, UK Authorized Unit Trusts, open-end investment companies ("OEICS")) for which MSIM does not act as adviser or sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Currencies (including Spot FX);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Holding physical commodities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 529 Plans provided that the plan is not invested in MSIM Sub-Advised or Proprietary Funds

Refer to <u>Schedule A</u> for application of the Code to various security types and additional requirements for Morgan Stanley Asia Limited Employees who hold a Hong Kong Type 9 license.

**"Firm"** means Morgan Stanley, MSIM's parent company.

**"Fully Managed Account"** means an account (including fully managed Individual Savings Accounts ("ISAs") and an account managed on a discretionary basis by a professional financial adviser or investment adviser (e.g., a robo adviser)) for which an MSIM Employee or Immediate Family has authorized a professional financial advisor or investment manager, in its sole discretion, to acquire and dispose of assets held in the account. Neither the MSIM Employee nor the Immediate Family may make, directly or indirectly, any investment decision, be made aware of any such decisions before transactions are executed by the advisor or manager, or otherwise direct the advisor or manager to effect any transactions in the account. A Fully Managed Account is not considered a Personal Securities Account.

**"Hong Kong Type 9 License Holder"** means MSIM Public Side Investment Personnel housed in Hong Kong entity Morgan Stanley Asia Limited who holds a Hong Kong Type 9 license.

**"Immediate Family"** pursuant to this Code includes a Covered Persons spouse or domestic partner, dependents and all other persons for whom the Covered Person, their spouse, or domestic partner contributes substantial financial support. This does not include an unrelated person who shares the same residence with the employee provided that the unrelated person and employee are financially independent of one another.

**"Initial Public Offering" ("IPO")** means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities and Exchange Act of 1934. As used in this Code, the term "Initial Public Offering" shall also mean a one- time offering of stock to the public by the issuer of such stock which is not an initial public offering.

**"Investment Personnel"** means MSIM Employees and any other Covered Persons who (i) obtain or have access to information concerning investment recommendations made to any Client; (ii) any persons designated as Investment Personnel by Compliance; (iii) who, with respect to a Client: (a) provides information or advice with respect to the purchase or sale of a financial instrument for the Client (e.g., portfolio manager, or, in some cases a Research Analyst) or (b) helps execute the investment decisions of a portfolio manager, or, where applicable, Research Analyst on behalf of a Client.

**"Morgan Stanley Broker"** means a broker-dealer affiliated with Morgan Stanley, including

------

E\*TRADE.

**"Morgan Stanley Investment Management"** or **"MSIM"** for purposes of this Code means the companies and businesses comprising the Public Side of Morgan Stanley's Investment Management Division, but excluding the Private Side companies and businesses.

**"Morgan Stanley Securities"** means equity, preferred and debt securities issued by Morgan Stanley, including the Morgan Stanley Stock Fund, but excludes structured products, such as equity-linked or credit- linked notes.

**"Mutual Funds"** means (i) all open-end mutual funds; and (ii) similar pooled investment vehicles established in non-U.S. jurisdictions, such as registered investment trusts in Japan. For purposes of the Code, Mutual Fund does not include shares of open-end money market mutual funds (unless otherwise advised by Compliance).

**"Omni Personnel and Those Who Have Access to Flex One"** means designated Omni Investment Personnel who are involved in the portfolio management, trading, and research & strategy, as well as others who may have access to Flex One transactions and may have additional pre-clearance requirements as determined by Compliance.

**"Outside Business Activity"** means any organized or business activity conducted by a MSIM Employee outside of MSIM. This includes, but is not limited to, participation on a board of directors or advisory board, including that of a charitable organization, working part-time outside of MSIM, establishing a holding company for investments, establishing an LLC that invests in rental properties, or forming a limited partnership.

**"Personal Securities Accounts"** are any accounts in your own name and other accounts you could be expected to influence or control, in whole or in part, directly or indirectly, whether for securities or other financial instruments, and that can hold Covered Securities, whether or not such capability is utilized. Personal Securities Accounts include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts owned by you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts owned by your Immediate Family (as defined above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts where you obtain benefits substantially equivalent to ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts that you or the persons described above could be expected to influence or control, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Joint accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Family accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Retirement accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Corporate accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Trust accounts for which you act as trustee where you have the power to effect investment decisions or that
you otherwise guide or influence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Arrangements similar to trust accounts that benefit you directly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Accounts for which you act as custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Partnership accounts.

**"PPA Model Personnel"** means designated PPA Investment Personnel who are involved in portfolio management, trading, and research & strategy, as well as other departments who may have access to pre-execution model portfolio transaction information and may have additional pre-clearance requirements as determined by Compliance. PPA Model Personnel includes, but is not limited to, employees who were Seattle Investment Personnel prior to January 1, 2022.

**"Portfolio Managers"** means MSIM Employees who are primarily responsible for the day- to-day

------

management of a Client portfolio.

**"Preferred Broker"** means a Firm-approved third-party broker for Personal Securities Accounts.

**"Private Investment"** means a securities offering that is exempt from registration under certain provisions of the U.S. securities laws and/or similar laws of non-U.S. jurisdictions. It includes investments in hedge funds, private equity funds, limited partnerships, real estate, peer to peer lending clubs and private businesses.

**"Proprietary or Sub-advised Mutual Fund"** means any open-end Mutual Fund for which MSIM acts as investment adviser or sub-adviser.

"**Proprietary or Sub-advised Exchange-Traded Funds**" means any Exchange-Traded Fund for which MSIM acts as the investment adviser or sub-adviser.

**"Public Side"** means the MSIM businesses and entities and their Employees who work in the public securities markets (e.g., equities, fixed income and money markets).

**"Research Analysts"** are MSIM Employees who (1) perform financial, qualitative and/or quantitative analysis of financial instruments or their issuers that result in a recommendation or conclusion to Investment Personnel regarding investments for a Client; or (2) is involved in the construction or rebalancing of an index (as applicable); or (3) are assigned to make investment recommendations to, or for the benefit of, any Client portfolio; or (4) anyone deemed by Compliance to have access to investment recommendations.

**"Restricted Lists"** means any list of issuers or securities maintained by Morgan Stanley where trading in Personal Securities Accounts is restricted due to Firm policies or regulation.

**"Single-Stock Exchange-Traded Funds"** ("ETFs")" are exchanged-traded funds that track the performance of a single underlying stock.

------

**SCHEDULE B** 

**INVESTMENT MANAGEMENT** 

**(Excluding Private Side)** 

**<u>Registered Investment Advisers</u>** 

Morgan Stanley Investment Management Inc.\*

Morgan Stanley AIP GP LP\*

Morgan Stanley Investment Management Limited (MSIM Ltd.)

Morgan Stanley Investment Management Company

Eaton Vance Management (EVM)\*

Boston Management and Research (BMR)

Eaton Vance Advisers International Ltd. (EVAIL)

Parametric Portfolio Associates LLC (PPA)\*

Atlanta Capital Management Company, LLC (ACM)

Calvert Research and Management (CRM)

**<u>Registered Commodity Pool Operator/Commodity Trading Advisor</u>** 

Ceres Managed Futures LLC

**<u>Investment Advisers that are not registered</u>** 

MSIM Fund Management (Ireland) Limited

Morgan Stanley Investment Management (ACD) Limited

Morgan Stanley Investment Management Private Limited (MSIM Private Limited) (with respect to Public Side Investment Management Employees only)

Morgan Stanley Investment Management (Australia) Pty Limited

Morgan Stanley Asia Limited (MSAL) (with respect to Public Side Investment Management Employees only)

Morgan Stanley Investment Management (Japan) Co., Ltd. (MSIMJ)

Private Investment Partners, Inc.

Morgan Stanley Investment Management (China) Co. Ltd.

**<u>Broker-Dealer</u>**

Morgan Stanley Distribution Inc.

Eaton Vance Distributors, Inc. (EVD)

\*The entity is also a registered Commodity Trading Advisor and/or a registered Commodity Pool Operator.

**<u>Transfer Agent</u>**

Morgan Stanley Services Company Inc.

**<u>Global In-house Centers (India)</u>**

Morgan Stanley Advantage Services Pvt. Ltd. (with respect to Public Side Investment Management Employees only)

**<u>Others:</u>**

Eaton Vance Management International Limited (EVMI)

Eaton Vance Asia Pacific Ltd. (EVAPac)

Eaton Vance Trust Company (EVTC)

MSIP Seoul Branch ("MSK") (with respect to Public Side Invest)

## Ex-99.(P)(6)

POLICY ON GSAM CODE OF ETHICS

*Applicability: All GSAM; Additional details found on the <u>Document Landing Page</u>* 

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **A.** | **SCOPE AND SUMMARY** | **2** |
| **B.** | **GOVERNANCE AND OVERSIGHT** | **7** |
| **C.** | **POLICY REQUIREMENTS** | **7** |
| **D.** | **ROLES AND RESPONSIBILITIES** | **13** |
| **E.** | **EXCEPTIONS** | **13** |
| **F.** | **REPORTING AND ESCALATIONS** | **14** |
| **G.** | **IMPLEMENTATION PLAN** | **16** |

---

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POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Scope and Summary** 

It is the policy of the Adviser that the Adviser and its Supervised Persons shall comply with applicable Federal Securities Laws and that no Supervised Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1 under the Investment Company Act or Sections 204 and 206 of the Investment Advisers Act. No Supervised Person shall engage in, or permit anyone within his or her control to engage in, any act, practice or course of conduct which would operate as a fraud or deceit upon, or constitute a manipulative practice with respect to, an Investment Company or other investment advisory clients or an issuer of any security owned by an Investment Company or other investment advisory clients. In addition, the fundamental position of the Adviser is, and has been, that each Access Person shall place at all times the interests of each Investment Company and its shareholders and all other investment advisory clients first in conducting personal securities transactions. Accordingly, private securities transactions by Access Persons of the Adviser must be conducted in a manner consistent with this Code and so as to avoid any actual or potential conflict of interest or any abuse of an Access Person's position of trust and responsibility. Further, Access Persons should not take inappropriate advantage of their positions with, or relationship to, any Investment Company, any other investment advisory client, the Adviser or any affiliated company.

Without limiting in any manner the fiduciary duty owed by Access Persons to the Investment Companies under the provisions of this Code, it should be noted that purchases and sales may be made by Access Persons in the marketplace of securities owned by the Investment Companies; provided, however, that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in, this Code. Such personal securities transactions should also be made in amounts consistent with the normal investment practice of the person involved and with an investment, rather than a trading, outlook. Not only does this policy encourage investment freedom and result in investment experience, but it also fosters a continuing personal interest in such investments by those responsible for the continuous supervision of the Investment Companies' portfolios. It is also evidence of confidence in the investments made. In making personal investment decisions with respect to any security, however, extreme care must be exercised by Access Persons to ensure that the prohibitions of this Code are not violated. Further, personal investing by an Access Person should be conducted in such a manner so as to eliminate the possibility that the Access Person's time and attention is being devoted to his or her personal investments at the expense of time and attention that should be devoted to management of an Investment Company's or other investment advisory client's portfolio. It bears emphasis that technical compliance with the procedures, prohibitions and limitations of this Code will not automatically insulate from scrutiny personal securities transactions which show a pattern of abuse by an Access Person of his or her fiduciary duty to any Investment Company or other investment advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Framework Linkages** 

This Policy has linkages to the following Framework(s):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● FIRMWIDE FRAMEWORK ON GOLDMAN SACHS CODE OF BUSINESS CONDUCT AND ETHICS

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POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● FIRMWIDE FRAMEWORK FOR MARKET CONDUCT RISK MANAGEMENT FOR COVERED BUSINESSES AND ACTIVITIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Policy Linkages** 

This Policy has linkages to the following Tier I Policy(ies):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● <u>Firmwide Policy on Market Conduct Risk</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● <u>Firmwide Policy on Personal Trading</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Regulatory Linkages** 

Section 17(j) of the Investment Company Act provides, among other things, that it is unlawful for any affiliated person of the Adviser to engage in any act, practice or course of business in connection with the purchase or sale, directly or indirectly, by such affiliated person of any security held or to be acquired by an Investment Company in contravention of such rules and regulations as the Commission may adopt to define and prescribe means reasonably necessary to prevent such acts, practices or courses of business as are fraudulent, deceptive or manipulative. Pursuant to Section 17(j), the Commission has adopted Rule 17j-1 which provides, among other things, that it is unlawful for any affiliated person of the Adviser in connection with the purchase or sale, directly or indirectly, by such person of a Covered Security held or to be acquired by an Investment Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) To employ any device, scheme or artifice to defraud such Investment Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To make any untrue statement of a material fact to such Investment Company or omit to state a material fact necessary in
order to make the statements made to such Investment Company, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) To engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon any such
Investment Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) To engage in any manipulative practice with respect to such Investment Company.

Similarly, Section 206 of the Investment Advisers Act provides that it is unlawful for any investment adviser, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) To employ any device, scheme or artifice to defraud any client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To engage in any transaction, practice or course of business which operates as a fraud or deceit upon any client or
prospective client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) To engage in any act, practice or course of business which is fraudulent, deceptive or manipulative.

In addition, Section 204A of the Investment Advisers Act requires the Adviser to establish written policies and procedures reasonably designed to prevent the misuse in violation of the Investment Advisers Act or Securities Exchange Act or rules or regulations thereunder of material, non-public information by the Adviser or any person associated with the Adviser. Pursuant to Section 204A, the Commission has adopted Rule 204A-1 which requires the Adviser to maintain and enforce a written code of ethics.

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POLICY ON GSAM CODE OF ETHICS

This Policy is governed by LRR's within multiple jurisdictions. Furthermore, the Firm may deem any other LRRs subject to this policy on a case-by-case basis.

This Policy has linkages to the following key Market Conduct Risk (MCR) Laws, Rules, and Regulations (LRR) obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Rule 17J-1 of the Investment Company Act – <u>17 C.F.R. § 270.17J-1</u> – Personal investment activities of investment company personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Section 204A-1 of the Investment Advisers Act – <u>17 C.F.R. § 204A-1</u> – Investment adviser codes of ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Section 206 of the Investment Advisers Act – <u>15 U.S.C. § 80b–6</u> – Prohibited transactions by investment advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Risk Taxonomy Linkages** 

Applicable risks for this document include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 (L2) Risk: Inappropriate Sales or Advisory Practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 (L3) Risk: Fiduciary Responsibility Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 4 (L4) Risk: Failure to Exercise Fiduciary Responsibility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 (L2) Risk:Conflicts of Interest Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 (L3) Risk: Client or Firm Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 4 (L4): Client or Firm Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 (L3) Risk: Personal Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 4 (L4): Unauthorized Personal Outside Business Activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 4 (L4): Unauthorized Personal Investments or Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "Access Person" with respect to Goldman Sachs & Co. LLC ("GS&Co.") and Goldman
Sachs International ("GSI") the principal underwriters of any Investment Company (as defined below), means any director, officer or general partner who, in the ordinary course of business, makes, participates in or obtains information
regarding the purchase or sale of Covered Securities by any Investment Company or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Investment Company regarding the purchase or sale of
Covered Securities.

"Access Person" with respect to Goldman Sachs Asset Management, L.P. and GSAM related entities other than GS&Co. and GSI ("GSAM") means any of their Supervised Persons (as defined below) who: (1) has access to (a) non-public information regarding any client's purchase or sale of securities, or (b) non-public information regarding the portfolio holdings of any Reportable Fund (as defined below) or (2) is involved in making securities recommendations to clients or who has access to such recommendations that are non-public. For these purposes, all GSAM directors, officers and partners are considered to be Access Persons. In addition, "Access Person" means (1) any employee of GSAM (and any director, officer, general partner or employee of any company in a

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POLICY ON GSAM CODE OF ETHICS

control relationship to GSAM) who, in connection with his or her regular functions or duties, makes, participates in or obtains information regarding the purchase or sale of a Covered Security by an Investment Company, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (2) any natural person in a control relationship to the Adviser who obtains information concerning the recommendations made to an Investment Company with regard to the purchase or sale of a Covered Security by an Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. "Adviser" means each GSAM related entity so long as it serves as investment adviser, sub-adviser, or principal underwriter to any Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. "Automatic Investment Plan" means a program in which regular periodic purchases or withdrawals are made
automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. "Beneficial Ownership" of a security shall be interpreted in the same manner as it would be under Rule 16a-1 (a) (2) under the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act"), in determining whether a person is the beneficial owner of a security for purposes of
Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. "Board of Trustees" means the board of trustees, directors or managers, including a majority of the
disinterested trustees/directors/managers, of any Investment Company for which an Adviser serves as an investment adviser, sub-adviser or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Investment Company
Act of 1940, as amended (the "Investment Company Act"). Section 2(a)(9) generally provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless such
power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. "Covered Security" means a security as defined in Section 202(a)(18) of the Investment Advisers Act
of 1940, as amended (the "Investment Advisers Act") or Section 2(a)(36) of the Investment Company Act, and open-end ETF shares and UIT ETF shares, except that it does not include:
(1) direct obligations of the Government of the United States; (2) banker's acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments (any instrument having a maturity at issuance of less
than 366 days and that is in one of the two highest rating categories of a nationally recognized statistical rating organization), including repurchase agreements; (3) shares issued by money market funds registered under the Investment Company
Act; (4) shares issued by open-end investment companies registered under the Investment Company Act other than Reportable Funds; and (5) shares issued by unit investment trusts that are invested
exclusively in one or more open-end investment companies registered under the Investment Company Act, none of which are Reportable Funds (6) qualified tuition

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POLICY ON GSAM CODE OF ETHICS

programs established pursuant to Section 529 of the Internal Revenue Code of 1986 ("529 Plans"), including interests in pre-paid tuition 529 plans and college savings 529 plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. "Exchange-traded fund (ETF)" means an investment company registered under the Investment Company Act as a
unit investment trust ("UIT ETF") or as an open-end investment company ("open-end ETF") that is comprised of a basket of securities to replicate
a securities index or subset of securities underlying an index. ETFs are traded on securities exchanges and in the over-the-counter markets intra-day at negotiated prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "Federal Securities Laws" means the Securities Act of 1933, the Securities Exchange Act, the
Sarbanes-Oxley Act of 2002, the Investment Company Act, the Investment Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission (the "Commission") under any of these statutes, the
Bank Secrecy Act as it applies to investment companies and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933, the
issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. "Investment Company" means a company registered as such under the Investment Company Act, or any series
thereof, for which the Adviser is the investment adviser, sub-adviser or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. "Investment Personnel" of the Adviser means (i) any employee of the Adviser (or of any company in a
control relationship to the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by an Investment Company or (ii) any natural
person who controls the Adviser and who obtains information concerning recommendations made to an Investment Company regarding the purchase or sale of securities by an Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. A "Limited Offering" means an offering that is exempt from registration under the Securities Act of 1933
pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505 or Rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. "Purchase or sale of Covered Security" includes, among other things, the writing of an option to purchase
or sell a Covered Security or any security that is exchangeable for or convertible into another Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. "Reportable Fund" means any investment company registered under the Investment Company Act for which the
Adviser serves as an investment adviser as defined in Section 2(a)(20) of the Investment Company Act or any investment company registered under the Investment Company Act whose investment adviser or principal underwriter controls the Adviser,
is controlled by the Adviser or is under common control with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. "Review Officer" means the officer of the Adviser designated from time to time by the Adviser to receive
and review reports of purchases and sales by Access Persons. The

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POLICY ON GSAM CODE OF ETHICS

term "Alternative Review Officer" means the officer of the Adviser designated from time to time by the Adviser to receive and review reports of purchases and sales by the Review Officer, and who shall act in all respects in the manner prescribed herein for the Review Officer. It is recognized that a different Review Officer and Alternative Review Officer may be designated with respect to each Adviser. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. "Supervised Person" means any partner, officer, director (or other person occupying a similar status or
performing similar functions), or employee of GSAM or other person who provides investment advice on behalf of GSAM and is subject to the supervision and control of GSAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. A security is "being considered for purchase or sale" when a recommendation to purchase or sell a security
has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. With respect to an analyst of the Adviser, the foregoing period shall commence on the day
that he or she decides to recommend the purchase or sale of the security to the Adviser for an Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. A security is "held or to be acquired" if within the most recent 15 days it (1) is or has been held
by the Investment Company, or (2) is being or has been considered by the Adviser for purchase by the Investment Company, and (3) includes any option to purchase or sell and any security convertible into or exchangeable for a security
described in (1) or (2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Governance and Oversight** 

The Board of Trustees of each Investment Company shall approve this Code of Ethics. Any material amendments to this Code of Ethics must be approved by the Board of Trustees of each Investment Company no later than six months after the adoption of the material change. Before their approval of this Code of Ethics and any material amendments hereto, the Adviser shall provide a certification to the Board of Trustees of each such Investment Company that the Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating the Code of Ethics.

The Policy on GSAM Code of Ethics is a Tier II policy as defined in the Firmwide Policy on <u>Frameworks, Policies, Standards, Procedures and Annexes</u> and a Market Conduct Risk Document as defined in the <u>Standard for Market Conduct Risk Documents and Controls Related to Designated Market Activities</u>. As such, this document is required to be reviewed at least annually by Asset Management Compliance.

Asset Management Compliance is responsible for approving this Policy. The Asset Management Compliance team owns the Policy and is responsible for maintaining and overseeing the Policy, reviewing conformance with the Policy requirements, and providing guidance to divisions on consistency of the associated divisional Standards / Procedures created in support of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Policy Requirements** 

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POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **PROHIBITED PURCHASES AND SALES** 

1a. While the scope of actions which may violate the Statement of Policy set forth above cannot be exactly defined, such actions would always include at least the following prohibited activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. No Access Person shall purchase or sell, directly or indirectly, any Covered Security in which he or she has, or by
reason of such transaction acquires, any direct or indirect beneficial ownership and which to his or her actual knowledge at the time of such purchase or sale the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● is being considered for purchase or sale by an Investment Company or other investment advisory clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● is being purchased or sold by an Investment Company or other investment advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. No Access Person shall enter an order for the purchase or sale of a Covered Security which an Investment Company or other
investment advisory clients is purchasing or selling or considering for purchase or sale until the later of (i) the day after the Investment Company's or other investment advisory clients' transaction in that Covered Security is
completed or (ii) such time as the Investment Company or other investment advisory clients is no longer considering the security for purchase or sale, unless the Review Officer determines that it is clear that, in view of the nature of the
Covered Security and the market for such Covered Security, the order of the Access Person will not adversely affect the price paid or received by the Investment Company or other investment advisory clients. Any securities transactions by an Access
Person in violation of this Subsection 2 must be unwound, if possible, and the profits, if any, will be subject to disgorgement based on the assessment of the appropriate remedy as determined by the Adviser.

The preceding restrictions of this Section C-1 are not applicable to particular Access Persons with respect to transactions by Investment Companies or other advisory clients whose trading and holdings information is unavailable to such Access Persons due to the presence of an information barrier. Access Persons in GSAM's XIG group for example, are generally "walled off" from non-public trading and holdings information of GSAM's direct investing businesses, such as GSAM's Fixed Income or Fundamental Equity business. As a result, these Access Persons would not be subject to the restrictions of Section C-1 with respect to those particular client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. No Access Person shall, in the absence of prior approval by the Review Officer, sell certain Covered Securities that were
purchased, or purchase certain Covered

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Securities that were sold, within the prior 30 calendar days (measured on a last-in first-out basis).

1b. In addition to the foregoing, the following provisions will apply to Access Persons of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. No Access Person shall reveal to any other person (except in the normal course of his or her duties on behalf of an
Investment Company or other investment advisory clients) any information regarding securities transactions by an Investment Company or other investment advisory clients or consideration by an Investment Company or other investment advisory clients
or the Adviser of any such securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Access Persons must, as a regulatory requirement and as a requirement of this Code, obtain prior approval before directly
or indirectly acquiring beneficial ownership in any securities in an Initial Public Offering or in a Limited Offering. In addition, Access Persons must comply with any additional restrictions or prohibitions that may be adopted by the Adviser from
time to time.

1c. In addition to the foregoing, the following provision will apply to Investment Personnel of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. No Investment Personnel shall serve on the board of directors of any publicly traded company, absent prior written
authorization and determination by the Review Officer that the board service would be consistent with the interests of the Investment Companies and their shareholders or other investment advisory clients. Such interested Investment Personnel may not
participate in the decision for any Investment Company or other investment advisory clients to purchase and sell securities of such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **BROKERAGE ACCOUNTS** 

Access Persons are required to direct their brokers to supply for the Review Officer on a timely basis duplicate copies of confirmations of all securities transactions in which the Access Person has a beneficial ownership interest and related periodic statements, whether or not one of the exemptions listed in Section E applies. If an Access Person is unable to arrange for duplicate copies of confirmations and periodic account statements to be sent to the Review Officer, he or she must immediately notify the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **PRECLEARANCE PROCEDURE** 

With such exceptions and conditions as the Adviser deems to be appropriate from time to time and consistent with the purposes of this Code (for example, exceptions based on an issuer's market capitalization, the amount of public trading activity in a security, the size of a particular

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transaction or other factors), prior to effecting any securities transactions in which an Access Person has a beneficial ownership interest, the Access Person must receive approval by the Adviser. Any approval is valid only for such number of day(s) as may be determined from time to time by the Adviser. If an Access Person is unable to effect the securities transaction during such period, he or she must re-obtain approval prior to effecting the securities transaction.

The Adviser will decide whether to approve a personal securities transaction for an Access Person after considering the specific restrictions and limitations set forth in, and the spirit of, this Code of Ethics, including whether the security at issue is being considered for purchase or sale for an Investment Company or other investment advisory clients (taking into account the Access Person's access to information regarding the transactions and holdings of such Investment Company or other investment advisory client). The Adviser is not required to give any explanation for refusing to approve a securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **ANNUAL CERTIFICATION OF COMPLIANCE** 

Each Supervised Person shall certify to the Review Officer annually that he or she (A) has read and understands this Code of Ethics and any procedures that are adopted by the Adviser relating to this Code, and recognizes that he or she is subject thereto; (B) has complied with the requirements of this Code of Ethics and such procedures; and (C) if an Access Person, has disclosed or reported all personal securities transactions and beneficial holdings in Covered Securities required to be disclosed or reported pursuant to the requirements of this Code of Ethics and any related procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **CONFIDENTIALITY** 

All reports of securities transactions, holding reports and any other information filed with the Adviser pursuant to this Code shall be treated as confidential, except that reports of securities transactions and holdings reports hereunder will be made available to the Investment Companies and to the Commission or any other regulatory or self-regulatory organization to the extent required by law or regulation or to the extent the Adviser considers necessary or advisable in cooperating with an investigation or inquiry by the Commission or any other regulatory or self-regulatory organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **REVIEW OF REPORTS** 

6a. The Review Officer shall be responsible for the review of the quarterly transaction reports required under VIII-C, and the initial and annual holdings reports required under Sections F-4 and F-5, respectively, of this Code of Ethics. In connection with the review of these reports, the Review Officer or the Alternative Review Officer shall take appropriate measures to determine whether each reporting person has complied with the provisions of this Code of Ethics and any related procedures adopted by the Adviser. Any violations of the Code of Ethics shall be reported promptly to the Adviser's chief compliance officer by the Review Officer, or Alternate Review Officer, as applicable.

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6b. On an annual basis, the Review Officer shall prepare for the Board of Trustees of each Investment Company and the Board of Trustees of each Investment Company shall consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. A report which describes any issues arising under this Code or any related procedures adopted by the Adviser including
without limitation information about material violations of the Code and sanctions imposed in response to material violations. An Alternative Review Officer shall prepare reports with respect to compliance by the Review Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. A report identifying any recommended changes to existing restrictions or procedures based upon the Adviser's
experience under this Code, evolving industry practices and developments in applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. A report certifying to the Board of Trustees that the Adviser has adopted procedures that are reasonably necessary to
prevent Access Persons from violating this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **SANCTIONS** 

Upon discovering a violation of this Code, the Adviser may impose such sanction(s) as it deems appropriate, including, among other things, a letter of censure, suspension or termination of the employment of the violator and/or restitution to the affected Investment Company or other investment advisory client of an amount equal to the advantage that the offending person gained by reason of such violation. In addition, as part of any sanction, the Adviser may require the Access Person or other individual involved to reverse the trade(s) at issue and forfeit any profit or absorb any loss from the trade. It is noted that violations of this Code may also result in criminal prosecution or civil action. All material violations of this Code and any sanctions imposed with respect thereto shall be reported periodically to the Board of Trustees of the Investment Company with respect to whose securities the violation occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **INTERPRETATION OF PROVISIONS** 

The Adviser may from time to time adopt such interpretations of this Code as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **IDENTIFICATION OF ACCESS PERSONS AND INVESTMENT PERSONNEL; ADDITIONAL DISTRIBUTION TO SUPERVISED PERSONS** 

The Adviser shall identify all persons who are considered to be Access Persons and Investment Personnel and shall inform such persons of their respective duties and provide them with copies of this Code and any related procedures or amendments to this Code adopted by the Adviser. In addition, all Supervised Persons shall be provided with a copy of this Code and all amendments. All Supervised Persons (including Access Persons) shall provide the Review Officer with a written acknowledgment of their receipt of the Code and any amendments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **RECORDS** 

The Adviser shall maintain records in the manner and to the extent set forth below, which records may be maintained using micrographic or electronic storage medium under the conditions described in Rule 204-2(g) of the Investment Advisers Act and Rule 31a-2(f)(1) and Rule 17j-1 under the Investment Company Act, and shall be available for examination by representatives of the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be
preserved for a period of not less than five years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an
easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. A copy of each initial holdings report, annual holdings report and quarterly transaction report made by an Access Person
pursuant to this Code (including any brokerage confirmation or account statements provided in lieu of the reports) shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years
in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. A record of the names of all persons who are, or within the past five years have been, required to make initial holdings,
annual holdings or quarterly transaction reports pursuant to this Code shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. A record of all written acknowledgements for each person who is currently, or within the past five years was, required to
acknowledge their receipt of this Code and any amendments thereto. All acknowledgements for a person must be kept for the period such person is a Supervised Person of the Adviser and until five years after the person ceases to be a Supervised Person
of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. A record of the names of all persons, currently or within the past five years who are or were responsible for reviewing
initial holdings, annual holdings or quarterly transaction reports shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. A record of any decision and the reason supporting the decision to approve the acquisition by Access Person of Initial
Public Offerings and Limited Offerings shall be maintained for at least five years after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. A copy of each report required by Section C-3 of this Code shall be maintained
for at least five years after the end of the fiscal year in which it was made, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **SUPPLEMENTAL COMPLIANCE AND REVIEW PROCEDURES** 

The Adviser may establish, in its discretion, supplemental compliance and review procedures (the "Procedures") that are in addition to those set forth in this Code in order to provide additional assurance that the purposes of this Code are fulfilled and/or assist the Adviser in the administration of this Code. The Procedures may be more, but shall not be less, restrictive than the provisions of this Code. The Procedures, and any amendments thereto, do not require the approval of the Board of Trustees of an Investment Company or other investment advisory clients.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Roles and Responsibilities** 

Asset Management Compliance is responsible for advising on the requirements contained in this Policy and ensuring the guidance herein is revised and updated, as appropriate. All relevant Asset Management personnel are responsible for complying with, and escalating issues relating to, this policy when engaging in relevant activities. Other groups at the firm, including, but not limited to, Asset Management Legal and other control-side personnel, may, in certain instances, be involved in helping to provide advice in connection with potential concerns related to the activities covered by this policy. The relevant Asset Management businesses that engage in activities to which this policy applies are responsible for managing the risks related to those activities, including implementing relevant controls, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Exceptions** 

Although exceptions to the Code will rarely, if ever, be granted, a designated Officer of the Adviser, after consultation with the Review Officer, may make exceptions on a case by case basis, from any of the provisions of this Code upon a determination that the conduct at issue involves a negligible opportunity for abuse or otherwise merits an exception from the Code. All such exceptions must be received in writing by the person requesting the exception before becoming effective. The Review Officer shall report any exception to the Board of Trustees of the Investment Company with respect to which the exception applies at its next regularly scheduled Board meeting.

The Statement of Policy set forth above shall be deemed not to be violated by and the prohibitions of Section C of this Code shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Purchases or sales of securities effected for, or held in, any account over which the Access Person has no direct or
indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Purchases or sales of securities which are not eligible for purchase or sale by an Investment Company or other investment
advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Purchases or sales of securities which are non-volitional on the part of the
Access Person, an Investment Company or other investment advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Purchases or sales of securities which are part of an Automatic Investment Plan provided that no adjustment is made by
the Access Person to the rate at which securities are purchased or sold, as the case may be, under such a plan during any period in which the security is being considered for purchase or sale by an Investment Company or other investment advisory
clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Purchases of securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of
its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Tenders of securities pursuant to tender offers which are expressly conditioned on the tender offer's acquisition
of all of the securities of the same class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Purchases or sales of publicly-traded shares of companies that have a market capitalization in excess of $5 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Chief Investment Officer ("CIO") signature approved de minimis per day purchases or sales ($50,000 or less)
of publicly traded shares of companies that have a 10-day average daily trading volume of at least $1 million, subject to the following additional parameters:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● VIII(1). Access Persons must submit a current (same day) printout of a Yahoo Finance, Bridge or Bloomberg (or similar
service) screen with the minimum 10-day average daily trading volume information indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● VIII(2). No Access Person (together with related accounts) may own more than <sup>1</sup>⁄<sub>2</sub> of 1% of the outstanding securities of an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● VIII(3). Multiple trades of up to $50,000 on different days are permitted so long as each day the trade is approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● VIII(4). A security purchased pursuant to this exemption must be held for a minimum of 360 days prior to sale unless it
appears on the Adviser's "$5 billion" Self Pre-Clearance Securities List or normal pre-clearance pursuant to Section VII of this Code is obtained, in which case the security must be held for
at least 30 days prior to sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Purchases or sales of securities with respect to which neither an Access Person, nor any member of his or her immediate
family as defined in Rule 16a-1(c) under the Exchange Act, has any direct or indirect influence, control or prior knowledge, which purchases or sales are effected for, or held in, a "blind
account." For this purpose, a "blind account" is an account over which an investment adviser exercises full investment discretion (subject to account guidelines) and does not consult with or seek the approval of the Access Person,
or any member of his or her immediate family, with respect to such purchases and sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Other purchases or sales which, due to factors determined by the Adviser, only remotely potentially impact the interests
of an Investment Company or other investment advisory clients because the securities transaction involves a small number of shares of an issuer with a large market capitalization and high average daily trading volume or would otherwise be very
unlikely to affect a highly institutional market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. Transactions within a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Reporting and Escalations** 

Every Supervised Person shall promptly report any violation of this Code of Ethics to the Adviser's Chief Compliance Officer and/or the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Every Access Person shall report to the Review Officer the information: (1) described in Section F-3 of this Code with respect to transactions in any Covered Security in which such Access Person has, or by reason of such transaction acquires or disposes of, any direct or indirect beneficial ownership in the
Covered Security, and (2) described in Sections F-4 or VIII-E of this Code with respect to securities holdings beneficially owned by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Notwithstanding Section F-1 of this Code, an Access Person need not make a report
to the extent the information in the report would duplicate information recorded pursuant to Rule 204-2(a)(13) under the Investment Advisers Act or if the report would duplicate information contained in broker
trade confirmations or account statements so long as the Adviser receives confirmations or statements no later than 30 days after the end of the applicable calendar quarter. The quarterly transaction reports required under Section F-

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1 shall be deemed made with respect to (1) any account where the Access Person has made provision for transmittal of all daily trading information regarding the account to be delivered to the designated Review Officer for his or her review or (2) any account maintained with the Adviser or an affiliate. With respect to Investment Companies for which the Adviser does not act as investment adviser or sub-adviser, reports required to be furnished by officers and trustees or managers of such Investment Companies who are Access Persons of the Adviser must be made under Section F-3 of this Code and furnished to the designated review officer of the relevant investment adviser. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transaction and New Account Reports. Unless quarterly transaction reports are deemed to have been made under
Section F-2 of this Code, every quarterly transaction report shall be made not later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and
shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● III(1). The date of the transaction, the title, and as applicable the exchange ticker or CUSIP number, the interest rate
and maturity date, class and the number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● III(2). The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● III(3). The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● III(4). The name of the broker, dealer or bank with or through whom the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● III(5). The date that the report was submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● III(6). With respect to any account established by an Access Person in which any securities were held during the quarter
for the direct or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o III(6)(a). The name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o III(6)(b). The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o III(6)(c). The date that the report was submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Initial Holdings Reports.* No later than 10 days after becoming an Access Person, each Access Person must submit a
report containing the following information (which information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● IV(1). The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and
principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● IV(2). The name of any broker, dealer or bank with which the Access Person maintained an account in which any securities
(not just Covered Securities) were held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● IV(3). The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Annual Holdings Reports.* On an annual basis, every Access Person shall submit the following information (which
information must be current as of a date no more than 45 days before the report is submitted):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● V(1). The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and
principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● V(2). The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities (not
just Covered Securities) are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● V(3). The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. These reporting requirements shall apply whether or not one of the exemptions listed in Section E applies except that:
(1) an Access Person shall not be required to make a report with respect to securities transactions effected for, and any Covered Securities held in, any account over which such Access Person does not have any direct or indirect influence or
control; and (2) an Access Person need not make a quarterly transaction report with respect to the transactions effected pursuant to an Automatic Investment Plan or a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Any such report may contain a statement that the report shall not be construed as an admission by the person making such
report that (1) he or she has or had any direct or indirect beneficial ownership in the Covered Security to which the report relates (a "Subject Security") or (2) he or she knew or should have known that the Subject Security
was being purchased or sold, or considered for purchase or sale, by an Investment Company or other investment advisory clients on the same day.

Anyone who believes that business has been conducted contrary to the policies and procedures set forth in this document should promptly contact their supervisor, Asset Management Compliance, and/or Asset Management Legal as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Implementation Plan** 

This Policy does not have an implementation plan.

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RELATED DOCUMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>FIRMWIDE FRAMEWORK ON GOLDMAN SACHS CODE OF BUSINESS CONDUCT AND ETHICS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>FIRMWIDE FRAMEWORK FOR MARKET CONDUCT RISK</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>FIRMWIDE POLICY ON PERSONAL TRADING</u> 

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REVISION HISTORY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Version 9.11, January 23, 2026 (Current version: Minor change(s)/no change(s), full review; Routine review cycle;
Reviewed in entirety and signed off by an MD.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Version 9.10, July 03, 2025 (Minor change(s)/no change(s), partial review; Other; Updated to comply with Policy on
Policies requirements as per Implementation Plan)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Version 9.9, June 27, 2025 (Minor change(s)/no change(s), partial review; Other; Updated to comply with Policy on
Policies requirements as per Implementation Plan)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Version 9.8, December 04, 2024 (Minor change(s)/no change(s), full review; Routine review cycle)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Version 9.7, September 17, 2024 (Minor change(s)/no change(s), partial review; Other; FXCO)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Version 9.6, September 09, 2024 (Minor change(s)/no change(s), partial review; Other; Updated certain metadata changes.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Version 9.5, September 26, 2023 (Minor change(s)/no change(s), full review; Routine review cycle; Minor edits for
formatting; updates from AIMS to XIG; minor revisions for clarity in Section V(A)(3))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Version 9.4, September 07, 2022 (Minor change(s)/no change(s), partial review; New or changed business products or
processes; Updated to include the acquisition of NextCapital Advisers, Inc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Version 9.3, February 26, 2021 (Minor change(s)/no change(s), partial review; New or changed business products or
processes; Removal of application to PWM ISG.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Version 9.2, October 07, 2020 (Minor change(s)/no change(s), full review; Routine review cycle; Reviewed and approved
without change.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Version 9.1, November 26, 2019 (Minor change(s)/no change(s), partial review; Other; Migration to GS Docs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Version 9.0, September 09, 2019 (Spelling error correction in title)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Version 8.0, August 29, 2019 (Updated to reflect the name change of Standard & Poor's Investment
Advisory Services to GSAM Strategies Portfolios, LLC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Version 7.0, August 20, 2019 (Updated to specify additional GSAM related entities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Version 6.0, February 15, 2019 (Revision)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Version 5.0, January 17, 2018 (Typo)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Version 4.0, May 10, 2017 (Entity change)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Version 3.0, December 04, 2014 (Reviewed and reapproved w/o change)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Version 2.0, March 13, 2012 (Revision of policy to address the ALGO entity.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Version 1.0, March 10, 2012 (New Document)

Publication Date: January 23, 2026 *For Internal Use Only* Page 18 of 18

## Ex-99.(P)(7)

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CODE OF ETHICS

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I. PREAMBLE

This Code of Ethics ("COE") is adopted in compliance with requirements adopted by the United States Securities and Exchange Commission (the "SEC") under Rule 17j-1 of the Investment Company Act of 1940, as amended (the "Company Act"), and Section 204A and Rules 204-2 and 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), to effectuate the purposes and objectives of the provisions contained therein. Rule 17j-1 of the Company Act requires that investment advisers to mutual funds adopt written codes of ethics; Section 204A of the Advisers Act requires the establishment and enforcement of policies and procedures reasonably designed to prevent the misuse of material non-public information by investment advisers; Rule 204-2 of the Advisers Act imposes recordkeeping requirements with respect to Personal Securities Transactions of Advisory Representatives (Capitalized terms are generally defined in Section IX); and Rule 204A-1 requires SEC registered investment advisers to adopt codes of ethics prescribing ethical standards under which they operate and also imposes recording and recordkeeping requirements with respect to Personal Securities Transactions of Access Persons. This COE of Thompson, Siegel & Walmsley LLC (the "Firm" or "TSW") is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Protect the Firm's clients by deterring misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Educate Supervised Persons regarding the Firm's expectations and the laws governing their conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Remind Supervised Persons that they are in a position of trust and must always act with complete propriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Protect the reputation of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Guard against violation of the Federal Securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Establish procedures for Supervised Persons to follow so that the Firm may determine whether Supervised Persons are
complying with its ethical principles.

II. STANDARDS OF BUSINESS CONDUCT

TSW adopted the COE which sets forth standards of business conduct and fiduciary obligations that the Firm requires of its Supervised Persons. Supervised Persons are required to maintain the highest ethical standards in carrying out the Firm's business activities. The Firm's reputation is one of its most important assets and maintaining the trust and confidence of clients is a vital responsibility. This section sets forth the Firm's business conduct standards.

*Compliance Review: Third Quarter 2025* 

*Last Update: September 15, 2025* 

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General Principles

Our principles and philosophy regarding ethics stress the Firm's fiduciary duty to its clients and the obligation of Firm personnel to uphold that fundamental duty. In recognition of the trust and confidence placed in the Firm by its clients and to give effect to the belief that the Firm's operations should be directed to benefit its clients, the Firm has adopted the following general principles to guide the actions of its Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The interests of clients are paramount. All Supervised Persons must conduct themselves and their operations to always
give maximum effect to this belief by placing the interests of clients before their own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All personal transactions in Securities by Supervised Persons must be accomplished to avoid even the appearance of a
conflict of interest on the part of such Supervised Persons with the interests of any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All Supervised Persons must avoid actions or activities that allow (or appear to allow) a Person to profit or benefit
from his or her position with respect to a client, or that otherwise bring into question the Supervised Person's independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All information concerning the specific Security holdings and financial circumstances of any client is strictly
confidential. Supervised Persons are expected to maintain such confidentiality, secure such information and disclose it only to other Supervised Persons with a need to know that information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All Supervised Persons will conduct themselves honestly, with integrity and in a professional manner to preserve and
protect the Firm's reputation.

Supervised Persons must comply with applicable Federal Securities laws and are prohibited from engaging in any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ a device, scheme or artifice to defraud a client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make to a client or prospective client any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements made, in light of the circumstances in which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon a client
or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To act as principal for his/her own account, knowingly to sell any Security to or purchase any Security from a client,
or acting as a broker for a Person other than such client, knowingly to effect any sale or purchase of any Security for the account of such client, without disclosing to such client in writing before the

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completion of such transaction the capacity in which he/she is acting and obtaining the consent of the client to such transaction. The prohibitions of this paragraph shall not apply to any transaction with a customer of a bank, broker or dealer if such broker or dealer is not acting as an investment adviser in relation to such transaction; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To engage in any act, practice or course of business which is fraudulent, deceptive or manipulative, including with
respect to Securities (i.e., price manipulation); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To originate or circulate, except as permitted below, in any manner a false or misleading rumor about a security or
its issuer for the purpose of influencing the market price of the security. Where a legitimate business reason exists for discussing a rumor, for example, where a client is seeking an explanation for an irregular share price movement which could be
explained by the rumor, care should be taken to ensure that the rumor is communicated in a manner that:

◾ Sources the origin of the information (where possible);

◾ Gives it no additional credibility or embellishment;

◾ Makes clear that the information is a rumor; and

◾ Makes clear that the information has not been verified.

This formulation has the benefit of allowing discussions of a rumor for legitimate purposes while including some safeguards against building to the rumor's credibility and effect on the market. These guidelines would permit, for example, a money manager to call an analyst or trader at another firm to report a rumor that the manager thinks are untrue and to ask if the analyst or trader has heard the rumor and has any relevant information. These conversations should be conducted with care, in a professional manner and without exaggeration.

This COE contains provisions reasonably necessary to prevent Supervised Persons of the Firm from engaging in acts in violation of the above standards and procedures reasonably necessary to prevent violations of the COE.

Federal law requires that this COE not only be adopted but that it will also be enforced with reasonable diligence. Failure to comply with the COE may result in disciplinary action, including termination of employment. Noncompliance with the COE has severe ramifications, including enforcement actions by regulatory authorities, criminal fines, civil injunctions and penalties, disgorgement of profits and sanctions on your ability to be employed in an investment advisory business or in a related capacity. This COE is based upon the principle that the Supervised Persons of the Firm, and certain Affiliated Persons of the Firm, owe a fiduciary duty to, among others, the clients of the Firm to conduct their affairs, including their Personal Securities Transactions, in such a manner as to avoid: (i) serving their own personal interests ahead of clients; (ii) taking inappropriate advantage of their position with the Firm; and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility. This fiduciary duty includes the duty of the Review Officer of the Firm to report material violations of this COE to the TSW Executive Committee and to the Board of Directors

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of any U.S. registered investment company client advised or sub-advised by the Firm and of the actions taken as a result of such violations.

III. INSIDER TRADING

The Firm forbids any Supervised Person from trading, either personally or on behalf of others, including accounts managed by the Firm, on material non-public information or communicating material non-public information to others in violation of the law. This conduct is frequently referred to as "insider trading." The Firm's policy applies to every Supervised Person and extends to activities within and outside their duties at the Firm. Any questions regarding the Firm's policy and procedures should be referred to the Review Officer. Trading Securities while in possession of material non-public information or improperly communicating that information to others may expose you to severe penalties. Any person who engages in insider trading or tipping can face a substantial jail term (up to 20 years), civil penalties of up to three times the profit gained (or loss avoided) by that person and/or his or her "tippee", and criminal fines of up to $5,000,000. In addition, if it is found that TSW failed to take appropriate steps to prevent insider trading, TSW or Perpetual Limited ("Perpetual") may be subject to significant criminal fines and civil penalties not to exceed the greater of $1,000,000 or three times the profit gained (or loss avoided) from the insider trading. Regardless of whether a government inquiry occurs, the Firm views seriously any violation of its insider trading policies, and such violations constitute grounds for disciplinary sanctions, including immediate dismissal.

The term "material non-public information" relates not only to issuers but also to the Firm's Securities recommendations and client Securities holdings and transactions. The term "insider trading" is not defined in the Federal Securities laws, but generally is used to refer to the use of material non-public information to trade in Securities (whether or not one is an "insider") or to communications of material non-public information to others. Information about a significant order to purchase or sell Securities may, in some contexts, be deemed material. Similarly, prepublication information regarding reports in the financial press also may be deemed material.

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trading by an insider while in possession of material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Trading by a non-insider, while in possession of material non-public information, where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Communicating material non-public information to others.

The concept of "insider" is broad. It includes officers, directors and associated persons of a company. In addition, a Person can be a "temporary insider" if they enter a special confidential relationship in the conduct of a company's affairs and as a result is given

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access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers and the associated persons of such entities. The Firm's Review Officer will make the determination if a Person is to be deemed a "temporary insider." In addition, the Firm may become a temporary insider of a company it advises or for which it performs other services. For that to occur the company must expect the Firm to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the Firm will be considered an insider.

Trading on inside information is not a basis for liability unless the information is material. "Material information" generally is defined as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's Securities. Information that officers, directors and associated persons should consider material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

Information is non-public until it has been effectively communicated to the marketplace. Tangible evidence of such dissemination is the best indication that the information is public. One must be able to point to some publicly available fact to show that the information is generally public. For example, information found in a report filed with the SEC or some other governmental agency, The Wall Street Journal and other publications of general circulation, media broadcasts, over public internet websites and after sufficient time has passed so that the information has been disseminated widely would be considered public.

Before trading for yourself or others in the Securities of a company about which you may have potential inside information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Is the information material? Is this information that an investor would consider important in making his or her
investment decisions? Is this information that would substantially affect the market price of the Securities if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Is the information non-public? To whom has this information been provided? Has
the information been effectively communicated to the marketplace?

If, after consideration of the above, you believe that the information is material and non-public, or if you have questions as to whether the information is material and non-public, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Report the matter immediately to a member of the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Do not purchase or sell the Securities on behalf of yourself or others, including clients.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Do not communicate the information inside or outside the Firm, other than to the Firm's Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. After the Firm's Review Officer has reviewed the issue, you will be instructed to continue the prohibitions
against trading and communication, or you will be allowed to trade and communicate the information.

Information in your possession that you identify as material and non-public may not be communicated to anyone, including Supervised Persons within the Firm, except as provided above. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed, access to computer files containing material non-public information should be restricted and conversations containing or related to such information, if appropriate at all, should be conducted in private to avoid potential interception.

The role of the Firm's Review Officer is critical to the implementation and maintenance of the Firm's policy and procedures against insider trading. The Firm enforces prevention of insider trading and detection of insider trading.

To prevent insider trading, the Firm will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide, an educational program to familiarize Supervised Persons with the Firm's policy and procedures, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When it has been determined that a Supervised Person of the Firm has material non-public information, the Firm will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) implement measures to prevent dissemination of such information, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) if necessary, restrict Supervised Persons from trading the Securities.

To detect insider trading, the Compliance Department will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review the trading activity reports filed by each Supervised Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Review the trading activity of accounts managed by the Firm.

IV. PAY-TO-PLAY RULE

TSW requires pre-approval by Compliance of all Political Contributions, political fundraising activities, and political volunteer activities by all Firm employees. However, many such activities may be approved if they are allowable or represent exemptions under the Pay-to-Play Rule as described below, and in the related policy in the Firm's Policies & Procedures Manual or "PPM" under the policies for Solicitor Arrangements (in the ***Marketing*** policy) and Pay-to-Play Rule. This policy is necessary to prevent the result of the Firm not being compensated for certain investment

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advisory services for two years if such rules are violated. See Appendix for definitions and further clarifications under the Pay-to-Play Rule.

Notwithstanding this policy, it is never permitted for TSW and its employees to make, or direct or solicit any other person to make, any Political Contribution or provide anything else of value for the purpose of influencing or inducing the obtaining or retaining of investment advisory services business.

TSW has adopted various procedures and internal controls to review, monitor and ensure the Firm's Third-Party Promotor Arrangements (in the ***Marketing*** policy) and ***Pay-to-Play*** policy are observed, implemented properly and amended or updated, as appropriate, which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Political Contributions: All associates are required to obtain approval from Compliance prior to making any Political
Contribution of any value. Associates may obtain such pre-approval from Compliance by completing and submitting a "Political Contribution Request Form" or "Political
Volunteering/Solicitation/Fundraising Form" via StarCompliance ("STAR"), the Firm's automated personal trading and compliance system. Compliance will review and evaluate each completed and submitted form to determine whether
the Contribution is permissible based upon the requirements of Rule 206(4)-5 and Firm policy. Associates will be notified in writing and/or via the STAR system of Compliance's final determination..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Coordinating or Soliciting Political Contributions, and Political Fundraising: In addition, all associates need to
obtain approval from Compliance prior to engaging in Coordinating or Soliciting Political Contributions or engaging in any other political fundraising efforts. Employees should use the "Political Volunteering/Solicitation/Fundraising
Form" via STAR to request pre-approval for such activities. Coordinating or Soliciting Political Contributions, or political fundraising, may even include, for example, merely having one's name
appear in the letterhead or any other portion of a political fundraising letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Indirect Political Contributions: Employees are forbidden from performing any act which would result in a violation of
Rule 206(4)-5 and/or the provisions of the Code, whether directly or indirectly, or through or by any other person or means. Employees may not use other persons or entities, including family members or friends
or any other conduits to circumvent Rule 206(4)-5 and/or the Code. Activities conducted at the direction or suggestion of a Firm employee are considered to be made by the employee in the context of political
contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Annual Political Contributions Certification Form: At the end of each year, Compliance will distribute to all Firm
associates an Annual Political Contributions Certification Form also via STAR. This Form is intended to capture information regarding any Political Contribution made by each such associate, both directly and indirectly, during that calendar year.

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Employees return the forms either (1) acknowledging that no Political Contributions were made, or (2) disclosing all Political Contributions made, including Contributions for which the employee received pre-clearance. To protect the privacy of employees, the records shall be treated as confidential and may only be accessed and/or reviewed by person(s) with a "need to know" or for purposes of making necessary disclosures to the SEC, if required.

In addition, a question is included on the quarterly reporting forms via STAR to be certain all such contributions and fundraising efforts are properly pre-cleared and reported.

Please consult TSW's PPM for definitions or more details on this issue.

V. PROHIBITED TRANSACTIONS AND ACTIVITIES

The following prohibitions apply to all Access Persons, unless indicated otherwise and unless exempted under Section VI. In addition to these prohibitions, the Review Officer may prohibit transactions other than those specifically indicated below if they determine that a proposed transaction presents a potential conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access Persons are prohibited from directly or indirectly using any act, device, scheme, artifice, practice or course
of conduct to defraud, mislead or manipulate a client in connection with the Purchase or Sale of a Security held or to be acquired by the client. Access Persons are also prohibited from making any untrue statement of material fact to a client and
from omitting to state a material fact necessary to make the statement made to the client, under the circumstances, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Access Persons are generally prohibited from purchasing or selling, directly or indirectly, any Security (excluding
ETFs and other Securities excluded from pre-clearance under the Firm's COE) in which he/she has, or by reason of time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) is on the Restricted List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) is being purchased or sold by any Portfolio (Firm managed accounts, including WPS strategies, but excluding any WPS
limit orders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) was purchased or sold by any Portfolio during the previous trading day or the day following (thus violating the 3-day black-out period); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) is less than $3.0 billion in market capitalization and held in a TSW Primary Product (or Primary Strategy which
includes any long-only equity strategy and fixed income strategies (and thus excludes long/short strategies) offered to outside clients and described in TSW's Form ADV).

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Exemptions from the black-out period may be permitted in certain circumstances where the Chief Compliance Officer or their designee has determined there is no conflict of interest or appearance of impropriety. In such cases, this will not be considered a violation of the Firm's COE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unless exempted under Section VI or otherwise above, Access Persons are prohibited from purchasing or selling a
Reportable Security without prior approval through the STAR automated system. However, even if exempted for prior approval/pre-clearance, all Securities will be reported on transactions statements or otherwise
as dictated under Section VIII Reporting Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Access Persons are prohibited from acquiring a beneficial interest in any Securities in a Limited Offering commonly
referred to as a private placement, without prior approval of the CCO. The CCO (or designee) will maintain a record of any decision, and the reasons supporting the decision to approve the Access Person's acquisition of a private placement.

Before granting such approval, the CCO (or designee) should carefully evaluate such investment to determine that the investment could create no material conflict between the Access Person and any Portfolio. The Review Officer may make such determination by looking at, among other things, the nature of the offering and the particular facts surrounding the purchase. For example, the CCO may consider approving the transaction if he or she can determine that: (i) the investment did not result from directing Portfolio or Firm business to the underwriter or issuer of the Security; (ii) the Access Person is not misappropriating an opportunity that should have been offered to any Portfolio; and (iii) the Access Person's investment decisions for a Portfolio would not be unduly influenced by his or her personal holdings, and investment decisions are based solely on the best interests of that Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Access Persons are prohibited from acquiring Beneficial Ownership of a Security, excluding new issues of tax-exempt Securities or corporate bonds, as part of an Initial Public Offering. However, such new issues of tax-exempt Securities or corporate bonds, if purchased, should be pre-cleared and reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Access Persons and their family members are discouraged from accepting or giving any gift, favor, service, special
accommodation or other thing of more than de minimis material value from or to any Person or entity that does business with or seeks to do business with or on behalf of the Firm. Such gifts may be prohibited where they could be viewed as overly
generous or reasonably could be expected to compromise an Access Person's or another's independence and objectivity. For Gifts and Entertainment purposes under this COE, "de minimis" shall be the annual receipt/provision of
gifts from or to the same source valued at $100 or less per individual recipient/source, when the gifts are in relation to the Firm's business. Gifts do not include business

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entertainment; however, entertainment, and the pre-clearance process for gifts and business entertainment, is addressed in more detail below in the next section. Any exceptions to this policy need to be approved by the Firm's Review Officer or Chair of the Executive Committee. Access Persons will acknowledge, quarterly, the receipt or gift of any business-related gifts, services or other things of material value via the STAR system. In addition, a gift log for all gifts, even those of de minimis value, will be maintained by the Review Officer or their designee via STAR. Finally, Political Contributions, discussed separately, are not considered gifts. <br>

**<u>Exception</u>: Promotional gifts of little intrinsic value such as coffee mugs, calendars, plaques, trophies or similar items solely for the purpose of presentation and display of a company's logo, where the estimated value of the item is under $10, are not required to be logged or reported quarterly, as such items are not included in the calculation of the aggregate value of gifts required to be reported by the DOL.** That said, this exception does not cover a gift that clearly has a value in excess of $10—for example, a $400 golf club embossed with a company logo would likely be prohibited but should be pre-cleared and reported; a pen valued at $75 and embossed with a company logo would likely not be prohibited, but should be reported.

For accounts related to ERISA plans (involving increased fiduciary responsibility) or Taft-Hartley plans (involving union officials or labor unions) or for gifts to elected officials, any gifts considered at all value levels need to be pre-approved, logged and reported. Access persons should bear in mind that for Taft-Hartley plans, the DOL has established a $250 per person annual aggregate limit which should not be exceeded. This limit will be applied to ERISA plans as well due to the increased fiduciary responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Access Persons may host or attend a business entertainment event of reasonable value, such as a dinner or sporting
event that serves a legitimate and appropriate business purpose. Such business entertainment may be prohibited where it could be viewed as overly generous or reasonably could be expected to compromise an Access Person's or another's
independence and objectivity. Access Persons should seek prior approval or pre-clearance from the Firm's Review Officer or a member of the TSW Executive Committee in cases where they are unsure of
whether the entertainment (or a gift as described above) may be viewed as overly generous, or in any case where a proposed gift is over $100 or business entertainment is over $250 in estimated value. What may constitute "overly generous"
gifts or entertainment may be determined on a case-by-case basis by the Review Officer or Chair of the Executive Committee. In cases where pre-approval is necessary, it will occur automatically via the STAR system.

It is acknowledged that such pre-clearances (as described above) will only be submitted and reviewed in cases where the entertainment event or gift is prospective in nature, quantifiable, and can be properly analyzed. In other

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cases, an approval may be obtained and reported after the gift is received or the event has taken place. **<u>Exceptions</u>: Where an entertainment event or gift is included as part of an educational conference, seminar, research conference or similar event which may entail multiple meals and entertainment events. In such cases, the associate will log the event and it must always be approved, but it is not necessary to include the value or estimated cost—just a description of the event and other details.**

**Business entertainment of little intrinsic value, such as group lunches where the estimated value of the expense is under $10 per person does not need to be reported. However, this exception does not apply in cases involving ERISA plans or Taft-Hartley plans where any gifts or entertainment provided at all value levels need to be pre-approved, logged and reported.** 

Except for the exemptions described above, all business entertainment events (either hosted or attended by Access Persons) will be acknowledged and reported quarterly via the STAR system. Finally, an entertainment log for all business entertainment events (either hosted or attended) will also be maintained by the Review Officer or their designee via STAR.

For accounts related to ERISA plans (involving increased fiduciary responsibility) or Taft-Hartley plans (involving union officials or labor unions) or for business entertainment provided to elected officials, any entertainment considered at all value levels must be pre-approved, logged and reported. Access persons should bear in mind that for Taft-Hartley plans, the DOL has established a $250 per person annual aggregate limit which should not be exceeded. This limit will be applied to ERISA plans as well due to the increased fiduciary responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Access Persons are prohibited from profiting in the purchase and sale, or sale and purchase, of the same (or
equivalent) Reportable Securities, including Firm Managed Funds, within 30 calendar days. Trades made in violation of this prohibition should be unwound, if possible.

**<u>Exception</u>:** The Review Officer may allow exceptions to this policy on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running or conflicts of interest, are not present and the equity of the situation strongly supports an exemption. An example is the involuntary sale of Securities due to unforeseen corporate activity such as a merger. The ban on short-term trading profits is specifically designed to deter potential conflicts of interest and front running transactions, which typically involve a quick trading pattern to capitalize on a short-lived market impact of a trade by one of the Portfolios. The Review Officer shall consider the policy reasons for the ban on short-term trades, as stated herein, in determining when an exception to the prohibition is permissible. The Review Officer may consider granting an exception to this prohibition if the Securities involved in the

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transaction are not being considered for purchase or sale by a Portfolio. The Review Officer shall retain a record in STAR of any exceptions granted and the reasons supporting the decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Access Persons are prohibited from serving on the Board of Directors of any publicly traded company without prior
authorization of the Review Officer of the Firm. Any such authorization shall be based upon a determination that the board service would be consistent with the interests of the Firm and any Portfolios. Authorization of board service shall be subject
to the implementation by the Firm of "Chinese Wall" or other procedures to isolate such Access Persons from making decisions about trading in that company's Securities.

VI. EXEMPTED TRANSACTIONS

Prohibited transactions described in Section V above, which appear upon reasonable inquiry and investigation to present no reasonable likelihood of harm to a Portfolio may be permitted within the discretion of the Review Officer on a case-by-case basis. Such exempted transactions may include the following, and even if not required to be pre-cleared, should be reported as dictated under Section VIII Reporting Requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases or sales of securities which are not held by a Portfolio and which are not related economically to
Reportable Securities held by a Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other exemptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) purchase or sale that is non-volitional on the part of the Access Person,
including (i) a purchase or sale upon the exercise of puts or calls written by the Access Person, (ii) sales from a margin account, pursuant to a bona fide margin call and (iii) a purchase or sale performed by an independent financial
professional acting with sole discretion and performed pursuant to an arrangement previously approved by the Review Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) purchase that is part of an automatic dividend reinvestment plan or other similar program, including any sale through
a systematic withdrawal plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) purchase effected upon the exercise of rights issued by an issuer pro rata to all holders of the Security, to the
extent such rights were acquired from the issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) an acquisition of a Security through a gift or bequest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) a disposition of Security through gift.

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The CCO may, on a case-by-case basis, exempt Reportable Accounts which appear upon reasonable inquiry and investigation to present no reasonable likelihood of harm to a Portfolio from pre-clearance requirements.

VII. COMPLIANCE PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Pre-Clearance Procedures for Personal Trading** 

Unless exempted under Section VI above or otherwise, all Access Persons need to receive prior approval from the Firm's Review Officer via STAR before purchasing or selling Reportable Securities in an account for which such Access Person has Beneficial Ownership. The Access Person should request pre-clearance by completing and submitting a personal trading Pre-Clearance Form via the STAR system to the Review Officer.

Pre-clearance approval will expire at the close of business on the trading date on which authorization is received. If the trade is not completed before such pre-clearance expires, the Access Person is required to again obtain pre-clearance for the trade. No Review Officer may pre-clear their own trades. In addition, if an Access Person becomes aware of any additional information with respect to a transaction that was pre-cleared, such Person is obligated to disclose such information to the Review Officer prior to executing the pre-cleared transaction.

Access Persons are excluded from pre-clearing Reportable Securities purchased, sold, acquired or disposed in the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. purchase or sale that is non-volitional on the part of the Access Person,
including (i) a purchase or sale upon the exercise of puts or calls written by the Access Person, (ii) sales from a margin account, pursuant to a bona fide margin call and (iii) a purchase or sale performed by an independent financial
professional acting with sole discretion and performed pursuant to an arrangement previously approved by the Review Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. purchase that is part of an automatic dividend reinvestment plan or other similar program, including any sale through
a systematic withdrawal plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. purchase effected upon the exercise of rights issued by an issuer pro rata to all holders of the Reportable Security,
to the extent such rights were acquired from the issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. an acquisition of a Reportable Security through a gift or bequest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. a disposition of Reportable Security through a gift;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. purchase or sale of Exchange Traded Funds ("ETFs"), options on ETFs, indexes, commodities and currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. entry into futures contracts on ETFs, indexes, commodities and currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. purchase or sale of tax-exempt and corporate bonds (unless they are new
issues);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. purchase or sale of shares of foreign unit trusts and foreign mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. purchase or sale of shares of open- and/or closed-end funds except Firm
Managed Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Pre-Clearance Procedures for Political Contributions, Fundraising Efforts, and Other Similar Actions** 

Political Contributions or Fundraising Efforts: All associates are required to obtain approval from Compliance prior to making any Political Contribution of any value or prior to participating in any fundraising efforts or similar actions.

Associates may obtain such pre-approval from Compliance by completing and submitting a "Political Contribution Request Form" or "Political Volunteering/Solicitation/Fundraising Form" via the STAR system. Compliance will review and evaluate each completed and submitted form to determine whether the Contribution is permissible based upon the requirements of Rule 206(4)-5 and Firm policy. Associates will be notified in writing and/or via the STAR system of Compliance's final determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Logging and Pre-Clearance Procedures for Gifts and Entertainment** 

All associates are required to obtain approval from the Firm's CCO prior to giving/receiving a gift valued at more than $100 or business entertainment valued at more than $250 per person (unless it is exempted from approval or reporting as described above). Associates may obtain pre-approval by completing and submitting a "Gift Request" or "Entertainment Request" via STAR. Associates will be notified of the final determination. Please note that for virtual events, consumable items provided or received in advance for use/consumption during the virtual event may, if used/consumed during the virtual event, be considered as part of a 'virtual' entertainment event. Non-consumable items provided or received in connection with a virtual event are deemed gifts. TSW Associates are encouraged to reach out to members of the Compliance Department with questions concerning virtual events.

All associates are required to log all gifts (except those described as promotional gifts under $10 as described above) and all business entertainment (except that which is exempted as described above), either given or received.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Excessive Trading/Market Timing** 

The Firm understands that it is appropriate for Access Persons to participate in the public Securities markets as part of their overall personal investment programs. As in other areas, however, this should be done in a way that minimizes potential conflicts with the interests of any Portfolio. Further, it is important to recognize that otherwise appropriate trading, if excessive (measured in terms of frequency, complexity of trading programs, numbers of trades or other measures, as deemed appropriate by the Review Officer or senior management at the Firm, may compromise the best interests of any Portfolios if such excessive trading is conducted during business hours or using Firm resources. Accordingly, if personal trading rises to such a level as to create an environment that is not consistent with the COE, such personal transactions may not be approved or may be limited by the Review Officer of the Firm.

Each Firm Managed Fund is intended for long-term investment purposes only and does not permit "market timing" or other types of excessive short-term trading by Access Persons and other shareholders. Excessive short-term trading into and out of the Firm Managed Funds can disrupt Portfolio investment strategies and may increase fund expenses for all shareholders, including long-term shareholders who do not generate these costs. Each Firm Managed Fund reserves the right to reject any purchase request (including purchases by exchange) by any investor or group of investors for any reason without prior notice, including if the fund reasonably believes that the trading activity would be disruptive to the fund. Access Persons shall not be permitted to make a "round trip" trade in any Firm Managed Fund within 30 calendar days without the direct approval of the Review Officer of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Conflicts of Interest** 

Every Supervised Person shall notify the Review Officer of the Firm of any personal conflict of interest relationship which may involve a Portfolio, such as the existence of any economic relationship between their transactions and Securities held or to be acquired by any Portfolio. Such notification shall occur in the pre-clearance process.

VIII. REPORTING REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Disclosure of Personal Holdings & Outside Business Activities** 

All Access Persons shall submit to the Review Officer:

A holdings report that includes: (1) information regarding all holdings in Securities in which Access Persons have Beneficial Ownership; and (2) the name of any broker, dealer, bank or other entity for any Reportable Account. All Securities accounts which hold or could hold Securities should be reported—

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those are all considered Reportable Accounts. New associates should submit these reports within 10 days of employment with the Firm. Information contained in the initial reports should be current as of a date not more than 45 days before the associate became an Access Person or prior to the date the report is submitted for annual reports.

In addition to reporting Securities holdings, every Access Person shall certify in their initial report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. They have received, read, and understand the COE and recognize that they are subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. They have no knowledge of the existence of any personal conflict of interest relationship which may involve a
Portfolio, such as any economic relationship between their transactions and Securities held or to be acquired by a Portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. They do not serve on the Board of Directors of any publicly traded company.

The initial report shall be made through affirmations via the STAR system and shall be delivered to the Review Officer/Compliance via STAR.

**Outside Business Activities**

In accordance with Firm policy, associates must disclose and provide prior written notice of reportable Outside Business Activities ("OBAs"). An outside business activity is defined as any business activity outside the scope of the relationship with TSW. These include any activities that a Supervised Person may be engaged in outside of their employment with the Firm, including, but not limited to, service as an officer, director, partner, employee, consultant or independent contractor with any for profit or non-profit organization. A person may be engaged in an OBA if they are a) employed by any other person or entity; b) receiving compensation from any other person or entity; c) serving as an officer, director, or partner of another entity; or d) serving in a fiduciary capacity (e.g. trustee, executor or power of attorney) for someone other than a family member.

Prior approval from the CCO or designee is required prior to engaging in the activity. Associates are not permitted to participate in an OBA that would interfere with or otherwise compromise their responsibilities to TSW. No OBA will be allowed unless approved by the CCO. The Firm expects associates to devote their business day to the work of the Firm, and associates are expected to avoid any outside activity, employment, position, or association that might interfere or appear to interfere with the independent exercise of the associate's judgment regarding the best interests of the Firm and its clients. Violations of OBA protocols will result in disciplinary action which may include termination.

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The initial and subsequent disclosure(s) shall be made through STAR and shall be delivered to the Review Officer/Compliance via STAR for review and pre-approval. In the event an existing activity changes or ceases, an updated disclosure is required in STAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Quarterly Reporting Requirements** 

All Access Person shall disclose to the Review Officer/Compliance all transactions in Reportable Securities conducted during the period as of the calendar quarter ended within 30 calendar days after quarter-end. Access Persons do not need to pre-clear Personal Securities Transactions effected in any account over which the Access Person has no direct or indirect influence or Control; however, custodian statements in any such accounts must be sent to the Review Officer via STAR not less than quarterly.

In addition, on a quarterly basis via STAR, with respect to all Reportable Accounts, the Access Person must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. not less than quarterly, a custodian statement disclosing the transactions for any Reportable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the name of the broker, dealer, bank or other entity that acts as custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. if a new Reportable Account, the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the date the report is submitted by the Access Person.

This quarterly report shall be made through affirmations via the STAR system and shall be delivered to the Review Officer/Compliance via STAR. This quarterly affirmation also includes a section for Pay-to-Play Rule reporting and Gifts and Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Report Certification of Compliance with Code of Ethics** 

All Access Persons shall disclose to the Review Officer via the STAR system all holdings in Reportable Securities as of the calendar year ended within 30 calendar days after year end. In addition to reporting Reportable Securities holdings, every Access Person shall certify annually via STAR that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. they have read and understand the COE and recognize that they are subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. they have complied with the requirements of the COE and that they have reported all Personal Securities Transactions
required to be reported pursuant to the requirements of the COE;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. they do not serve on the Board of Directors of any publicly traded company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. they have not disclosed pending "buy" or "sell" orders for a Portfolio to any associate of any
other Management Company, except where the disclosure occurred subsequent to the execution or withdrawal of an order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. they have disclosed all Reportable Accounts-all Securities accounts which hold
or could hold Securities should be reported—those are all considered Reportable Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. they have no knowledge of the existence of any personal conflict of interest relationship which may involve any
Portfolio, such as any economic relationship between their transactions and Securities held or to be acquired by a Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. they have not received any gift or other thing valued at more than $100 or $250 for business entertainment (de minimis
amount) in relation to the Firm's business and have disclosed all gifts and entertainment both given and received via the Firm's Gift and Entertainment Log; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. they have or have not made or previously pre-cleared any political
contributions or fundraising activities.

These annual reports shall be made via affirmations on the STAR system and shall be delivered to the Review Officer/Compliance via STAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Confidentiality of Reports** 

Reports submitted pursuant to this COE shall be confidential and shall be provided only to those Supervised Persons of the Firm with a need to know and, upon appropriate request, Compliance Departments of Perpetual Limited ("Perpetual", TSW's parent company) and any registered investment company the Firm advises or sub-advises, counsel, and/or regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Acknowledgement of Receipt of Code of Ethics** 

Each Supervised Person shall be provided with a copy of this COE or access to it, and any amendments, and Supervised Persons shall submit a written acknowledgment of their receipt of this Code and any amendments to this COE. Written acknowledgement of the Code will be made via affirmations on the STAR system, both initially and annually.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Review of Reports** 

The Review Officer shall review reports submitted under this COE. The Review Officer shall not review his/her own reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Duplicate Confirmation and Statements** 

The Review Officer of the Firm may require Access Persons to provide duplicate copies of confirmation of each disclosable transaction in their accounts and will require duplicate copies of account statements, all provided via the STAR system where possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Reporting of Violations to the TSW Executive Committee and Sanctions** 

Supervised Persons are required to report any violations of this COE promptly to the Review Officer. The Review Officer of the Firm shall report all violations (including non-material, technical violations) to the Compliance Committee and shall report material violations of this COE to the TSW Executive Committee. The TSW Executive Committee, and outside counsel, if deemed appropriate, shall consider reports made to it and shall determine whether there has been a violation of the Firm's COE and what sanctions, if any, should be imposed, including, among other things, a letter of censure or suspension, fines, or termination of the employment of the violator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Annual Reporting** 

The Review Officer of the Firm shall prepare an annual report relating to this COE to TSW Executive Committee and of any U.S. registered investment company client advised or sub-advised by the Firm that request such reporting. Such annual report shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. summarize existing procedures concerning personal investing and any changes in the procedures made during the past
year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. identify any violations during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. identify any recommended changes in the existing restrictions or procedures based upon the Firm's experience
under its COE, evolving industry practices or developments in applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. state that the Firm had adopted procedures reasonably necessary to prevent Access Persons from violating the Code of
Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Retention of Records** 

The Firm shall maintain the following records as required under Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Advisers Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a copy of any Code of Ethics in effect within the most recent five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a list of all Supervised Persons required to make reports hereunder within the most recent five years and a list of
all Supervised Persons who were responsible for reviewing the reports, as shall be updated by the Review Officer of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. a copy of each report made by an Access Person hereunder and submitted to the Firm's Review Officer for a period
of five years from the end of the fiscal year in which it was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. each memorandum made by the Review Officer of the Firm hereunder for a period of five years from the end of the fiscal
year in which it was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. a record of any violation under the Code of Ethics and any action taken as a result of such violation for a period of
five years following the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. a record of all written acknowledgements as required by Rule 204A-1(a)(5) for
each Person who is currently, or in the past five years was, a Supervised Person of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. a record of any decision, and the reasons supporting the decision, to approve the acquisition of securities by Access
Persons under Rule 204A-1(c), for at least five years after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. a copy of any reports which describe any issues arising under the Code of Ethics and certifies that the Firm has
adopted procedures reasonably necessary to prevent Access Persons from violating the Code of Ethics.

IX. DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *"Access Person"* means any Manager, officer, general partner or Advisory Representative of the Firm.
As the nature and philosophy of the Firm tends to expose a large range of Supervised Persons to client information, all Supervised Persons are treated as Access Persons. Supervised Persons that are subject to another code of ethics that has been
reviewed and approved by the Review Officer are not subject to the Access Person requirements of this Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *"Advisory Representative"* means any Supervised Person, who in connection with his or her regular
functions or duties, normally makes, participates in, or otherwise obtains current information regarding the Purchase or Sale of a Security by the Firm, or whose functions relate to the making of any recommendations with respect to such purchases or
sales, and any natural Person in a Control relationship to the Firm who obtains information concerning recommendations made concerning a Purchase or Sale of a Security. This definition includes but is not limited to the following: partner, officer,
Manager, investment person, Portfolio Manager and any other Supervised Person of the Firm designated as an "Advisory Representative" from time to time by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *"Affiliated Person"* of another Person means (a) any Person directly or indirectly owning,
Controlling, or holding with power to vote, five percent (5%) or more of the outstanding voting securities of such other person; (b) any Person five percent (5%) or more of whose outstanding voting securities are directly or indirectly owned,
Controlled, or held with power to vote, by such other person; (c) any Person directly or indirectly Controlling, Controlled by, or under common Control with, such other person; (d) any officer, director, partner, copartner, or associate of
such other person; (e) if such other Person is an investment company, any investment adviser thereof or any member of an advisory board thereof; and (f) if such other Person is an unincorporated investment company not having a board of
directors, the depositor thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *"Affiliated Fund"* means any investment vehicle registered under the Investment Company Act which
the Firm or an Affiliated Person acts as manager, adviser or sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *"Beneficial Ownership"* shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), in determining whether a Person is the beneficial owner of a Security for purposes of Section 16 of the 1934 Act and
the rules and regulations thereunder, that, generally speaking, encompasses those situations where the beneficial owner has the right to enjoy a direct or indirect economic benefit from the ownership of the Security. A Person is normally regarded as
the beneficial owner of securities held in (i) the name of his or her spouse, domestic partner, minor children, or other relatives living in his or her household; (ii) a trust, estate or other account in which he/she has a present or
future interest in the income, principal or right to obtain title to the securities; or (iii) the name of another Person or entity by reason of any contract, understanding, relationship, agreement or other arrangement whereby he or she obtains
benefits substantially equivalent to those of ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *"Control"* means the power to exercise a Controlling influence over the management or policies of a
company, unless such power is solely the result of an official position with such company. Any Person who owns beneficially, either directly or through one or more Controlled companies, more than twenty-five

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percent (25%) of the voting securities of a company shall be presumed to Control such company. Any Person who does not so own more than twenty-five percent (25%) of the voting securities of any company shall be presumed not to Control such company. A natural Person shall be presumed not to be a Control person. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *"Exchange Traded Fund ("ETF")" means a portfolio of securities that trades throughout the day on an exchange. A closed-end fund* is not an ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *"Firm" means* TSW, an investment adviser registered with the SEC under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *"Firm Managed Fund"* means any investment company registered under the Investment Company Act or
pooled investment vehicle for which the Firm acts as investment adviser or sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *"Initial Public Offering"* means an offering of securities registered under the Securities Act of
1933, as amended (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *"Investment Personnel"* means (a) any Portfolio Manager of the Firm; (b) any associate of
the Firm (or of any company in a Control relationship to a fund or the Firm) who, in connection with his regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Firm, including
securities analysts, traders and marketing Supervised Persons; or (c) any Person who Controls a fund or the Firm and who obtains information concerning recommendations made to any Portfolio regarding the purchase or sale of securities by the
Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *"Limited Offering"* means an offering that is exempt from registration under the Securities Act
pursuant to Section 4(2) or Section 4(6) or Rules 504, 505 or 506 under the Securities Act. Limited offerings are commonly referred to as private placements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *"Maintenance Trades"* (also called "*Non-Rotational Trades*") refer to any trades effected by Portfolio Managers for specific accounts including those in "SMA" accounts. Maintenance trades typically occur to get Portfolios in line with guidelines, raise cash for specific
purposes, etc. These are not to be confused with Firm-wide block trades (also called "Rotational Trades" which affect large numbers of accounts at one time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *"Management Company"* refers to investment advisers that are subsidiaries of, or organizations
otherwise affiliated with, Perpetual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *"Manager"* refers to individual member of the TSW Executive Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. *"Person"* means a natural Person or a company.

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CODE OF ETHICS

Thompson, Siegel & Walmsley LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. *"Personal Securities Transactions"* means any transaction in a Security pursuant to which an Access
Person would have a Beneficial Ownership interest with the exception of obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit, money market fund shares, commercial paper, high quality short-term debt
instruments and registered open-end investment companies, none of which are funds advised or sub-advised by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. *"Portfolio"* means any account, trust or other investment vehicle over which the Firm has investment
management discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. *"Portfolio Manager"* means an associate of the Firm entrusted with the direct responsibility and
authority to make investment decisions affecting the Portfolios or Firm Managed Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. *"Primary Product"* or *"Primary Strategy"* means any long-only equity strategy and
fixed income strategy (and thus excludes long/short strategies) offered to outside clients and described in TSW's Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. *"Purchase or Sale of a Security"* includes, among other things, the writing of an option to purchase
or sell a Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. *"Reportable Account"* means any account held at a broker, dealer or bank with which an Access Person
maintains Beneficial Ownership in any Security and for any account held at a broker, dealer, bank or other entity for which an Access Person has the ability to obtain Beneficial Ownership of any Security. All Securities accounts which hold or could
hold Securities should be reported—those are all considered Reportable Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. *"Reportable Security"* shall include any Firm Managed Fund and commodities contracts as defined in
Section 2(a)(1)(A) of the Commodity Exchange Act. This definition includes but is not limited to futures contracts on equity indices.

*"Reportable Security"* means any stock, bond, future, investment contract or any other instrument that is considered a "Reportable Security" or "Covered Security" under the Investment Company Act. The term "Reportable Security" is very broad and includes items you might not ordinarily think of as "Reportable Securities," including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Options on securities, on indexes and on currencies (options on securities defined as one option contract covering 100
shares of stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All kinds of limited partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Foreign unit trusts and foreign mutual funds;

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CODE OF ETHICS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Private investment funds, hedge funds, and investment clubs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ETF's, iShares and unit investment trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Closed-end Funds.

*"Reportable Security"* specifically does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt obligations
(including repurchase agreements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Shares issued by money market funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Shares of open-end funds, none of which are Affiliated Funds or Firm Managed
Funds.

Any question as to whether a particular investment constitutes a "Reportable Security" should be referred to the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. *"Restricted List"* is an actively monitored list of Securities being considered for purchase or sale
by any equity and/or international Portfolios or funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. *"Review Officer"* refers to the personnel, appointed and approved by the TSW Executive Committee to
oversee its COE, or a designee appointed by the Chief Compliance Officer. In most cases, the Review Officer will be the CCO or a designee but will vary based on the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. "*Security(ies)*" means a security as defined in Section 2(a)(36) of the Investment Company Act
and includes any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or
subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security
(including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to
foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to
subscribe to or purchase, any of the foregoing.

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CODE OF ETHICS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. "*Supervised Person"* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any Manager or officer of the Firm (or other Person occupying a similar status or performing a similar function);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any other associate of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any other Person who provides advice on behalf of the Firm and is subject to the Firm's supervision and Control;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any temporary worker, consultant, independent contractor, certain Supervised Persons of affiliates of the Firm or any
particular Person designated by the Review Officer.

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## Ex-99.(P)(8)

**CODE OF ETHICS** 

Most Recent Amendment: October 2025

Implementation Date: 2004

**PURPOSE** 

Sands Capital Management, LLC ("*Sands Capital Management*") and its investment advisory affiliates (*"Sands Capital"*) have adopted this Code of Ethics and its related policies (this "*Code*") pursuant to Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "*Advisers Act*"), and Rule 17j-1 of the Investment Company Act of 1940, as amended (the "'*40 Act*").

The Advisers Act requires an investment adviser to adopt, maintain and enforce a written code of ethics regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The investment adviser's fiduciary duties to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Compliance with applicable federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The reporting and review of personal securities transactions and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The pre-approval of certain investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The reporting of violations of the code of ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The delivery of the code of ethics and any amendments thereto to each supervised person of the investment
adviser and a written acknowledgment of receipt.

The '40 Act requires the investment adviser to an investment company to adopt, maintain and enforce a written code of ethics reasonably necessary to prevent relevant persons from engaging in fraudulent, deceptive, or manipulative practices in connection with their personal transactions in securities when those securities are held or to be acquired by the investment company.

**SCOPE** 

This Code applies to each Access Person (as defined below). The Chief Compliance Officer ("*CCO*") has the discretion to exempt any Supervised Person (as defined below) from provisions of this Code, provided doing so would not violate applicable law or regulation.

**DEFINITIONS** 

"***Access Person***" means Sands Capital's directors, officers, partners, and Supervised Persons who (1) have access to nonpublic information regarding any client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund, or (2) are involved in making securities recommendations to clients, or who have access to such recommendations that are nonpublic. Sands Capital generally considers all Staff Members to be Access Persons.

"***Beneficial Owner***" means any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares a direct or indirect pecuniary interest in a security.

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"***Federal Securities Laws***" includes the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, and any rules adopted by the U.S. Securities and Exchange Commission (the "SEC") under any of those statutes, the Bank Secrecy Act as it applies to registered investment advisers and investment companies, and any rules adopted thereunder by the SEC or the Department of the Treasury.

"***Free Trading Securities***" means securities that are freely tradable without seeking preclearance and without regard to an open trading window. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Exchange-traded funds ()"*ETFs* "), except for highly concentrated ETFs\*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mutual funds\*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Exchange-traded notes (*"ETNs"*)\*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Annuities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● REITs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Systematic investment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Foreign currency contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Cryptocurrency on Coinbase's listed assets (<u>https://www.coinbase.com/browse</u>); and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any securities that are not Reportable Securities.

\* ETFs and mutual funds advised or sub-advised by Sands Capital are Free Trading Securities. However, Staff Members should contact the Compliance team to obtain pre-clearance before trading in any ETF or ETN that holds few positions or is otherwise highly concentrated.

"***Immediate Family Member***" means the following persons sharing an Access Person's household: child, stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships.

"***Outside Business Activity***" means any employment or other outside activity by a Supervised Person.

"***Reportable Security***" means any security, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transactions and holdings in direct obligations of the U.S. government (e.g., U.S. Treasury bills, notes and
bonds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Money market instruments — bankers' acceptances, U.S. bank certificates of deposit, commercial
paper, repurchase agreements and other high quality short-term debt instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares of money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Transactions and holdings in shares of other types of open-end investment companies (i.e., mutual funds), unless the adviser or a control affiliate acts as the investment adviser or principal underwriter for the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Transactions in units of a unit investment trust that are invested exclusively in unaffiliated mutual funds.

"***Staff Member***" means Sands Capital's directors, officers, partners, and employees. Any consultant, intern, or independent contractor hired or engaged by Sands Capital may also be considered a Staff Member for purposes of this Code at the discretion of the CCO.

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"***Supervised Person***" means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of Sands Capital, other person who provides investment advice on behalf of Sands Capital and is subject to the supervision and control of Sands Capital, or any individual the CCO deems a Supervised Person. Sands Capital considers all Staff Members to be Supervised Persons.

**CODE OF CONDUCT, FIDUCIARY STANDARDS, AND COMPLIANCE WITH FEDERAL SECURITIES LAWS** 

Each Staff Member is considered a Supervised Person and generally considered an Access Person of Sands Capital Management. Staff Members whose responsibility involves performing services with respect to an investment advisory affiliate are also Supervised Persons of Sands Capital Management. Staff Members must act ethically with integrity, competence, and dignity when dealing with the public, existing and prospective clients, third-party service providers, and colleagues. Staff Members must not engage in risky activity or improper behavior that would embarrass or harm Sands Capital's reputation. Staff Members must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting Sands Capital's services, and engaging in other professional activities. In addition, Staff Members must comply with all applicable Federal Securities Laws and adhere to these general principals and the specific provisions of this Code at all times. All Staff Members shall certify in writing upon hire and at least annually that they have received, read and understand this Code, which should be read together with the Sands Capital Policies and Procedures Manual (the "*Manual*") and will comply with the requirements of this Code and the Manual.

Sands Capital owes fiduciary obligations to its clients. As a fiduciary, Sands Capital stands in a special relationship of trust, confidence, and responsibility to its clients. Accordingly, Sands Capital and its Staff Members must avoid activities, interests, and relationships that might interfere, or appear to interfere, with making decisions in clients' best interests. Staff Members must always seek to place clients' interests before their interests or the interests of Sands Capital. Staff Members may not cause a client to take any action, or not to take any action, for the personal benefit of the Staff Member, and must act for the sole benefit of Sands Capital's clients and investors.

**VIOLATIONS OF THE CODE** 

Improper actions by Sands Capital or its Staff Members could have severe negative consequences for Sands Capital and its clients, investors, and Staff Members. Impropriety, or even the appearance of impropriety, could negatively impact all Staff Members, including those who were not involved in the inappropriate activity.

Staff Members must promptly report any improper or suspicious activities to the CCO, including any suspected violations of this Code or applicable laws. Issues can be reported to the CCO in person, by telephone, email, or anonymously through Navex Global, which is available through the Sands Capital intranet. The CCO will investigate any reports of potential problems.

Sands Capital's senior executives will view a Staff Member's identification of a material compliance issue favorably. Retaliation against any Staff Member who reports a violation of this Code in good faith is strictly prohibited and will be cause for corrective action, up to and including dismissal. If Staff Members believe

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they have been retaliated against, they should notify the Head of Human Resources or Sands Capital's other senior management.

Violations of this Code, or other policies and procedures outlined in the Manual, which should be read together with this Code, may warrant sanctions including, without limitation, requiring that personal trades be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, reporting to the Staff Member's supervisor, suspending personal trading rights, imposing a fine, taking misconduct into account when making compensation decisions, suspending employment (with or without compensation), making a civil referral to the SEC, making a criminal referral, terminating employment for cause, and a combination of the preceding. Violations may also subject a Staff Member to civil, regulatory, or criminal sanctions. Sanctions and other actions will be in accordance with applicable employment laws and regulations. All violations of the Code will be recorded on the violations log.

If the CCO determines that a material violation of the Code has occurred, the CCO will promptly report the offense and any association action(s) to Sands Capital's senior management. If senior management determines that the material violation may involve a fraudulent, deceptive, or manipulative act, Sands Capital will report its findings to the relevant registered investment company's Board of Directors or Trustees to the extent required under Rule 17j-1.

For the avoidance of doubt, nothing in this Code prohibits Staff Members from reporting potential violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agency's inspector general, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Staff Members do not need prior authorization from their supervisor, the CCO, or any other person or entity affiliated with Sands Capital to make any such reports or disclosures and do not need to notify Sands Capital that they have made such reports or disclosures. Additionally, nothing in this Code prohibits Staff Members from recovering an award under a whistleblower program of a government agency or entity.

In certain circumstances, violations of the Code or Federal Securities Laws may warrant Sands Capital to disclose the misconduct to regulators or other governmental authorities. In such an instance, the CCO and General Counsel will determine whether self-disclosure is in the best interest of Sands Capital's clients and investors. Sands Capital is committed to fostering a strong culture of compliance at all levels of the firm.

**INELIGIBLE PERSONS** 

Under Section 9 of the '40 Act, persons who have committed various acts are prohibited from serving in certain capacities with respect to mutual funds. Under Section 9(a), an "ineligible person" generally cannot serve as an employee, officer, trustee, member of the advisory board, investment adviser, or principal underwriter of a fund. Ineligible persons include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● persons with convictions within the last ten years who are tied to securities transactions or employment in
the securities field;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● persons with permanent or temporary injunctions from acting in certain capacities in the securities arena;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● persons who have an affiliate that is ineligible under clause (1) or (2) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● persons subject to an SEC order declaring them ineligible under Section 9 of the '40 Act.

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A Staff Member who becomes an "ineligible person" (or who believes they may have hired or employed an "ineligible person") as described above must promptly notify Compliance.

**CONFLICTS OF INTEREST** 

Conflicts of interest may exist between various individuals and entities, including Sands Capital, Staff Members, third-party service providers, and current or prospective clients and investors. Failure to identify or adequately address a conflict can have severe negative repercussions for Sands Capital and its Staff Members, clients, and investors. In some cases, the improper handling of a conflict could result in litigation and disciplinary action.

Sands Capital's policies and procedures have been designed to identify and adequately disclose, mitigate, and/or eliminate applicable conflicts of interest. However, written policies and procedures cannot address every potential conflict, so Staff Members must use good judgment in identifying and responding appropriately to actual or apparent conflicts. Conflicts of interest that involve Sands Capital or Staff Members on the one hand, and clients or investors on the other, will generally be fully disclosed or resolved in a way that favors the interests of clients or investors over the interests of Sands Capital and its Staff Members. Staff Members must promptly report any actual or potential conflict of interest to Compliance.

In some instances, conflicts of interest may arise between clients or investors. Responding appropriately to these types of conflicts can be challenging and may require robust disclosures if there is any appearance that one or more clients or investors have been unfairly disadvantaged. Staff Members should notify a member of the Compliance team promptly if it appears that any actual or apparent conflict of interest between clients or investors has not been appropriately identified or addressed.

<u>Sands Capital Conflicts Board</u>. The Conflicts Board is responsible for providing oversight over actual, potential, or apparent material conflicts of interest on behalf of Sands Capital. The Conflicts Board reviews and resolves situations involving enterprise or investment risks escalated to it by Compliance or Legal.

**PERSONAL SECURITIES TRANSACTIONS** 

Personal trades should be executed in a manner consistent with Sands Capital's fiduciary obligations to clients. Trades should avoid actual improprieties, as well as the appearance of impropriety. Personal trades must not be timed to precede orders placed for any client, nor should the trading activity be so excessive as to conflict with the Staff Member's ability to fulfill daily job responsibilities.

In the event of a material change to this section of this Code, the CCO shall notify each applicable registered investment company's board of directors or trustees of such modification and ensure that the change is approved by each no later than six months after the change is adopted.

<u>Reportable Accounts</u>. Sands Capital's policies and procedures apply to all personal accounts holding securities in which Staff Members or their Immediate Family Members have any beneficial ownership interest.

Non-discretionary accounts, also known as managed accounts, must be reported and require an attestation

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from the Staff Member and account manager stating that the Staff Member does not exercise direct or indirect influence or control the investment decisions for the account. Staff Members should contact Compliance to obtain the appropriate forms. Staff Members are required to confirm the attestations and must report managed account holdings upon hire and on an annual basis.

<u>Reportable Securities</u>. Sands Capital requires Staff Members to provide periodic reports regarding transactions and holdings in Reportable Securities, including investments in private investments, IPOs and/or ICOs (See *Required Reporting*, below). ETFs, and ETNs, are, or are somewhat similar to, open-end registered investment companies. However, both ETFs and ETNs are subject to the reporting requirements described in *Required Reporting* below.

<u>Pre-Clearance Requirements</u>. Staff Members and Immediate Family Members are required to pre-clear all personal securities transactions (for example, individual stocks and corporate bonds) except for personal securities transactions in Free Trading Securities, those pursuant to an automatic investment plan (including dividend reinvestment plans), and those made within a non-discretionary account. Staff Members must submit pre-clearance requests through Sands Capital's compliance management system and obtain written Compliance approval prior to engaging in relevant personal securities transactions.

Compliance has the discretion to approve or decline any pre-clearance request. Any Compliance pre- approval, if granted, is valid until the end of the day when the pre-clearance request is approved plus the following trading day, unless determined otherwise by the CCO. Pre-clearance requests may be denied for various reasons, including but not limited to, the existence of conflicts of interest or the appearance of conflicts of interest, the security being listed on the Sands Capital restricted list (a confidential list of securities for which personal trading is not permitted), and/or Sands Capital's possession of material, nonpublic information.

<u>Open Windows</u>. Sands Capital allows personal securities transactions during "Open Windows," which generally occur monthly, and permits Staff Members to buy and sell equities for the duration of the Open Window. Sands Capital may, in its discretion, establish Open Windows for specific securities between monthly Open Windows.

Compliance will communicate the dates of Open Windows to all Staff Members in advance.

<u>Private Investments, IPOs, and ICOs</u>. All investments and redemptions involving private or limited offerings, initial public offerings ("IPOs"), and initial coin offerings ("ICOs") require Staff Members to submit a pre-clearance request through Sands Capital's compliance management system. Pre-clearance requests should include relevant documentation, such as pitch decks, PPMs, LPAs, etc. Reviews of these requests require additional Compliance scrutiny and may take several days to complete. Compliance advises Staff Members to submit the pre-clearance request as early as possible so as not to delay the review.

Investments into Sands Capital's private funds do not require Staff Members to submit a preclearance request through Sands Capital's compliance management system, however, Staff Members will be required to submit subscription agreements to Sands Capital before an investment in such private fund can occur. Sales of distributions of stock from a Sands Capital private fund are subject to the same trading restrictions

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and reporting requirements as other individual equity securities, however, the 90-day holding requirement does not apply. Information on investing in any such private fund will be communicated to eligible Staff Members.

Investments by Staff Members in Sands Capital Management, LP do not require pre-approval or reporting through Sands Capital's compliance management system.

<u>Trading</u>. Staff Members seeking approval to transact during an Open Window are subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Sales**: Compliance will consider pre-clearance requests to sell
any Reportable Security held by the Staff Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Purchases**: Compliance will only consider pre-clearance requests
to purchase individual equity securities that are included in the portfolio of a Sands Capital strategy.

<u>Holding Periods</u>. Individual equity securities must be held for a minimum of 90 calendar days. All other securities must be held for a minimum of 30 calendar days unless the sale of the security would result in a loss.

<u>Options, Other Derivatives, and Short Sales</u>. Staff Members are strictly prohibited from engaging in personal trading activities involving options, derivatives, and short selling.

<u>Exceptions</u>. The CCO has the sole discretion to grant exceptions to this Personal Securities Transaction policy, for example, due to an unforeseen hardship (e.g., the purchase of a home or a significant medical expense). From time to time, an exception may be granted on a case-by-case basis after the consideration of all relevant facts and circumstances, if appropriate.

**REQUIRED REPORTING** 

<u>Initial and Annual Holdings Report(s)</u>. All Staff Members are required to disclose their Reportable Accounts, and holdings in Reportable Securities, including private investments, at the time of hire and at least once a year thereafter. The Initial Holdings Report must be submitted within 10 days of the individual becoming a Staff Member and on an annual basis thereafter (the Annual Holdings Report). The holdings report information contained in a Staff Member's Initial Holdings Report and Annual Holdings Report must be current as of a date no more than 45 days prior to the date of submission through Sands Capital's compliance management system.

<u>Quarterly Transactions Report</u>. Staff Members are required to submit a Quarterly Transactions Report of all personal transactions in Reportable Securities, including any investments in private investments, IPOs and/or ICOs, which is due no later than 30 days after the relevant calendar quarter-end. For purposes of clarity, personal securities transactions that are executed pursuant to an automatic investment plan or through a managed account do not need to be disclosed on the Quarterly Transactions Report (although any such holdings must be included on a Staff Member's Initial Holdings Report and Annual Holdings Report).

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Staff Members should connect their Reportable Accounts that hold Reportable Securities to Sands Capital's compliance management system to satisfy their reporting requirements. In the event this is not possible, Staff Members should notify the CCO or a Compliance team member. If approved by the CCO, monthly or quarterly account statements can be used to satisfy the disclosure requirements as an alternative to the compliance management system, provided the account statement(s) includes all transactions in Reportable Securities effected during the period and includes, at a minimum, all the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the date of each transaction, the title, and as applicable, the exchange ticker symbol or CUSIP number,
interest rate and maturity date, number of shares, and principal amount of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the name of the firm with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the date the Staff Member submits the report.

Staff Members will receive an automated notification and periodic reminders that they must complete the Quarterly Transaction Report in Sands Capital's compliance management system. The Compliance team will review Quarterly Transaction Reports to ensure that Staff Members have followed the policies.

<u>Additional Reporting</u>. Staff members are also required to report and certify to any outside business activities, political contributions, and disciplinary history upon hire and annually thereafter. Compliance may also require Staff Members to seek approval for outside business activities and political contributions, as further described in this Code.

**GIFTS AND ENTERTAINMENT** 

Sands Capital holds its Staff Members to high ethical standards and prohibits giving or receiving things of value that are designed to improperly influence the recipient. Anti-bribery and anti-corruption statutes in the U.S. and globally are broadly written, so Staff Members should consult with the CCO if there is even an appearance of impropriety associated with the giving or receipt of anything of value.

Under the U.S. Employee Retirement Income Security Act of 1974, as amended ("*ERISA*"), plan sponsors and fiduciaries of covered pension plans must exercise caution in accepting any gifts or gratuities from a service provider (including investment advisers), even those of reasonable value. Specifically, Section 406(b)(3) of ERISA makes it unlawful for a plan fiduciary to receive any consideration for its own personal account from any party dealing with the plan in connection with a transaction involving the assets of the plan.

While these requirements apply primarily to plan fiduciaries as the potential recipients of gifts or entertainment (rather than the giver), to prevent Sands Capital as a service provider from running afoul of ERISA and non-ERISA rules in these areas, Sands Capital requires that, with respect to ERISA and non- ERISA public pension plan clients, **no gifts be given** (other than immaterial token gifts, e.g., investor conference gift handouts) and no extravagant entertainment be provided without consulting with the CCO so they may be reviewed in advance for reasonableness and appropriateness. Certain clients or prospects

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maintain internal policies that prohibit Sands Capital and its Staff members from giving anything of value to their employees and/or representatives. In such cases, relevant Staff members will be notified by the Compliance team of such restrictions.

The Foreign Corrupt Practices Act of 1977 ("*FCPA*") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may apply the FCPA to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit giving gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona fide travel costs for certain legitimate business purposes. However, the availability of these exceptions is limited and is dependent on the relevant facts and circumstances. Civil and criminal penalties for violating the FCPA can be severe. See Sands Capital's Foreign Corrupt Practices Act Policy for additional information.

Staff Members are prohibited from giving or receiving gifts or entertainment that may appear lavish or excessive and must obtain Compliance approval to give or receive gifts of more than $250 USD per year or entertainment of more than $500 USD per year (the "*de minimis amount*") per individual that Sands Capital does or seeks to do business with. These limitations are in addition to the FCPA-related restrictions and the restrictions regarding pension plans described herein. Gifts such as holiday baskets or lunches delivered to Sands Capital offices, which are received on behalf of Sands Capital, do not require reporting.

Staff Members must pre-clear and obtain Compliance approval for any gifts and/or entertainment requests above the relevant de minimis amounts through Sands Capital's compliance management system.

**OUTSIDE BUSINESS ACTIVITIES** 

Business activities outside of work may present a conflict of interest or risk that could harm Sands Capital, its clients, or its investors. For instance, work that is investment-related or involves a significant amount of time or provides substantial income may conflict with a Staff Member's work at Sands Capital. For Sands Capital to identify and manage conflicts and risks, Staff Members must disclose and request Compliance pre-approval through Sands Capital's compliance management system prior to participating in any outside business activity. Staff Members may not share confidential information obtained through their outside business activities with other Staff Members. Any outside business activity that involves service on the board of directors of a publicly traded company will generally not be permitted. At all times, the interests of Sands Capital's clients take priority over the outside business activities of Staff Members.

<u>Exceptions</u>. Staff Members are not required to disclose or seek pre-clearance for unpaid service as a volunteer for a non-profit entity, including civic organizations (e.g., a local homeowners or resident association) unless the Staff Member performs investment-related functions on its behalf. Staff Members

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may also serve on a Sands Capital portfolio company's board of directors without separate disclosure or pre-clearance under this Code; however, such participation on a board may be subject to other policies of Sands Capital.

**POLITICAL AND CHARITABLE CONTRIBUTIONS** 

Rule 206(4)-5 under the Advisers Act (the "*Pay-to-Play Rule*") was adopted by the SEC to combat "pay- to-play" arrangements in which investment advisers are chosen based on their campaign contributions to political officials rather than on merit. Such arrangements are viewed by the SEC as a breach of an investment adviser's fiduciary duties.

The Pay-to-Play Rule prohibits an investment adviser from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. receiving compensation from a government entity for advisory services for two years following contributions
by the investment adviser (or non de minimis contributions by a covered associate) (as defined below) to any official of that government entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. paying (or agreeing to pay) any person, directly or indirectly, to solicit a government entity for
investment advisory services unless such person is a regulated person (such as certain investment advisers or brokers) or an employee of the investment adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. coordinating, or soliciting any person or political action committee to make, (a) any contribution to
an official of a government entity to which the adviser is providing or seeking to provide investment advisory services; or (b) payment to a political party of a State or locality where the adviser is providing or seeking to provide investment
advisory services to a government entity.

A "*covered associate*" of an investment adviser means any: (1) general partner, managing member or executive officer, or other individuals with a similar status or function, of the adviser; (2) any employee of the adviser that solicits a government entity for the adviser, as well as any direct or indirect supervisor of that employee; and (3) political action committee controlled by the adviser or any person that meets the definition of a "covered associate".

"*Contributions*" means any gifts, loans, payment of debts, or provision of any other thing of value made for purposes of influencing a federal, state, or local election, including payments of campaign debts and transition or inaugural expense incurred by successful candidates for state or local (but not federal) office. The definition may also include contributions to political parties or political action committees if such contributions are attributed to a particular candidate. The definition does not include the provision of personal time (such as volunteering time to a political campaign outside of working hours).

To ensure compliance with the Pay-to-Play Rule, Sands Capital has adopted in this Code certain policies and procedures with respect to political and charitable contributions and solicitation arrangements.

<u>Political Contributions</u>. Staff Members and their Immediate Family Members are prohibited from soliciting from others, or coordinating, contributions to certain elected officials or candidates or payments to political parties where the adviser is providing or seeking government business. Further, Staff Members and their Immediate Family Members are prohibited from making any other political contributions unless they receive CCO approval.

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If a Staff Member or their Immediate Family Member intends to make any political contribution (whether to a state or local government entity, an official, a candidate, a political party, or political action committee) the Staff Member must seek pre-clearance using Sands Capital's compliance management system. If pre- clearance is granted, it is valid for seven days before and after the intended contribution date. Any contributions outside of this date range require re-approval. The CCO will consider whether the proposed contribution is consistent with restrictions imposed by the Pay-to-Play Rule, and to the extent practicable, the CCO will seek to protect the confidentiality of all information regarding each proposed contribution. Generally, pre-clearance requests will be approved if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Staff Member is entitled to vote at the time of the contribution and contributions in the aggregate do
not exceed **$350** to any one official, per election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Staff Member is not entitled to vote at the time of the contribution and contributions in the aggregate
do not exceed **$150** to any one official, per election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The contribution is requested to be made to a national political candidate or party and the recipient does
not otherwise hold a state or local political office.

Sands Capital generally requires that a Staff Member donating to a political action committee or similar group obtain a certification from such committee or group that contributions will not be used to make or provide, directly or indirectly, (i) any gift, subscription, loan, advance or deposit of money or anything of value, to any official of, or candidate for, a U.S. state or local office or political subdivision, including any agency, authority or instrumentality of such U.S. state or political subdivision or any official of a U.S. state or local office or political subdivision seeking a federal elective office, or (ii) payment to a political party of a U.S. state or locality, including any election committee.

Any political contribution by Sands Capital must receive CCO approval, regardless of the proposed amount or recipient of the contribution. The CCO or his or her designee will maintain a chronological list of contributions in accordance with the requirements of the Pay-to-Play Rule and Rule 204-2(a)(18) under the Advisers Act, as well as a list of all clients and investors that meet the definition of a "government entity" for purposes of Rule 206(4)-5.

The restrictions imposed by the Pay-to-Play Rule can apply to the activities of Staff Members involved in soliciting clients or investors for the two years before they became covered associates of Sands Capital and the six months before they became covered associates for those not involved in soliciting clients or investors.

<u>Solicitation Arrangements</u>. Sands Capital will only compensate third parties for referrals of clients or investors that are affiliated with government entities if the solicitor is an eligible "regulated person," as defined by Rule 206(4)-5 and if the solicitor and its covered associates have not made any disqualifying contributions during the past two years.

The CCO is responsible for reviewing the eligibility of all solicitation arrangements that involve, or are expected to involve, government entities.

<u>Charitable Donations</u>. Donations by Sands Capital or Staff Members to charities with the intention of

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influencing such charities to become clients or investors are prohibited. Staff Members should notify the CCO about any actual or apparent conflict of interest in connection with any charitable contribution or any contribution that could give an appearance of impropriety.

**BOOKS AND RECORDS** 

Sands Capital will maintain records relating to this Code in the manner and as required by Rule 204-2(a)(12) and (13) under the Advisers Act and Rules 17j-1(f) and 31a-1(f) under the '40 Act.

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## Ex-99.(P)(10)

**IV. CODE OF ETHICS** 

**A. General** 

This Code of Ethics is predicated on the principle that KACALP owes a fiduciary duty to its clients. Accordingly, KACALP's employees must avoid activities, interests and relationships that run contrary (or appear to run contrary) to the best interests of clients. At all times, KACALP employees must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  ***Place client interests ahead of KACALP's interests:*** As a fiduciary, KACALP must serve in
its clients' best interests. In other words, employees may not benefit at the expense of advisory clients. This concept is particularly relevant when employees are making personal investments in securities traded by advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  ***Engage in personal investing that is in full compliance with KACALP's Code of Ethics:*** Employees must review and abide by KACALP's Personal Securities Transactions and Insider Trading/Ethical Walls Policies. The Personal Securities Transactions Policy and the Insider Trading/Ethical Walls Policy are incorporated into the Code of
Ethics by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  ***Avoid taking advantage of your position:*** Employees should not accept inappropriate gifts,
favors, entertainment, special accommodations, or other things of material value that could influence (or appear to influence) their decision-making or make them feel beholden to a person or firm.

Compliance with the provisions of this Code of Ethics is a basic condition of employment with KACALP. KACALP's reputation for fair and honest dealing with its clients and the investment community in general is of paramount importance. Employees are urged to seek the advice of the CCO or GC for any questions as to the application of this Code of Ethics to their individual circumstances.

All employees deemed to be Access Persons are subject to these policies. A list of employees considered Access Persons is maintained by Compliance. For purposes of this policy, any reference to "employee(s)" means those employees who are Access Persons, including temporary employees involved in investment management or brokerage activities and have access to material non-public information. Note, however, that the scope of persons subject to Section C ("Anti-Bribery Policy/Foreign Corrupt Practices Act Policy") below is broader than Access Persons, as described therein.

Access Persons may not, in connection, with the purchase or sale of a security held or to be acquired by any fund client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  ***Employ any device, scheme, or artifice to defraud the fund*** *;* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  ***Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading*** ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  ***Engage in any act, practice or course of business that operates or would operate as a fraud or deceit; or*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  ***Engage in any manipulative practice with respect to the fund*** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<u>Certification of Compliance</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● <u>Initial Certification</u>. KACALP provides all employees with a copy of the Regulatory Compliance Manual at
the time of initial employment. KACALP requires all new employees to certify in writing that they have (i) received a copy of the Manual; (ii) read and understand all provisions of the Manual; and (iii) agreed to comply with the terms
of Manual including the Code of Ethics (the "Code").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● <u>Acknowledgement of Amendments</u>. KACALP provides all employees with any material amendments to the Code.
KACALP requires all employees to certify in writing they have received, read, and understood the amendments to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● <u>Annual Certification</u>. Annually, all employees certify that they have read, understood, and complied
with the Code of Ethics. The certification includes a representation that the employee has made all reports required by the Code and has not engaged in any prohibited conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<u>Recordkeeping</u>. KACALP maintains the following records in a readily accessible place:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A copy of each Code that has been in effect at any time during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A record of any violation of the Code and any action taken as a result of such violation for five years from
the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A record of all written acknowledgments of receipt of the Code and amendments for each person who is
currently, or within the past five years was deemed an Access Person. These records are kept for five years after an individual ceases to be an Access Person of KACALP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Holdings and transaction reports made pursuant to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A list of the names of persons who are currently, or within the past five years, were Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A record of any decision and supporting reasons for approving acquisition of securities

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by Access Persons in limited offerings for at least five years after the end of the fiscal year in which approval was granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A record of any decisions that grant an Access person a waiver from or exception to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<u>Administration and Enforcement of the Code</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● <u>Form ADV Disclosure</u>. KACALP includes a description of its Code of Ethics in Form ADV, Part 2A, and
provides a copy of this Code to any client or prospective client upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● <u>Training and Education</u>. The CCO or his designee periodically conducts training regarding the Code of
Ethics. Employees are required to attend training sessions and/or read all applicable materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● <u>Annual Review</u>. The CCO, at least annually, reviews the adequacy of the Code and the effectiveness of
its implementation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● <u>Reporting Violations</u>. KACALP requires all employees to promptly report any apparent or suspected
violations, in addition to actual or known violations of the Code of Ethics to the CCO or GC. Reports are treated confidentially to the extent permitted by law and investigated promptly and appropriately. Reports may be submitted anonymously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● <u>Types of Reporting</u>. Employees should report the following types of violation: non- compliance with applicable laws, rules and regulations; fraud or illegal acts involving any aspect of the firm's business; material misstatements in regulatory filings, internal books and records, client
records or reports; activity that is harmful to clients, including fund shareholders; and deviations from required controls and procedures that safeguard clients and the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● <u>Retaliation</u>. Retaliation against an individual who reports a violation is prohibited and constitutes an
additional independent violation of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *<u>Sanctions</u>.* Any violation of the Code by an employee can result in sanctions as deemed
appropriate by Senior Management. Sanctions can include but are not limited to a letter of reprimand, disgorging of any profits made, temporary or permanent suspension of trading for any employee or related accounts, monetary fines or suspension or
termination of employment. **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *<u>Waivers to Policy</u>.* Upon written request to Compliance, Compliance may waive any non- regulatory imposed constraint for sufficient business reasons. Waivers and supporting rationale will be maintained by the CCO. **  

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Please direct any questions concerning the Code of Ethics to the CCO or GC.

**B. Officers, Trustees or Directors of Outside Organizations** 

Employees are prohibited from engaging in outside business activities without written approval from his/her direct supervisor and KACALP's GC or CCO. Approval will be granted on a case-by-case basis, subject to proper resolution of potential conflicts of interest. Outside activities will be approved only if all conflict of interest issues can be satisfactorily resolved and all necessary disclosures are made on Part 2A of Form ADV. Such approval, if granted, may be subject to restrictions or qualification and is revocable at any time. Examples of activities requiring prior written approval include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Full- or part-time service as an officer, director, partner, manager, consultant, trustee, advisory board member,
or employee of another business organization (including acting as a director of a publicly traded company)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Service on a creditors committee for a business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any agreement to be employed or to accept directly or indirectly compensation in any form (such as a commission,
salary, fee, bonus, contingent compensation, etc.)

No approval is required to serve as a director of a charitable or non-profit organization (unless it has a political purpose/mission); however, employees should notify the CCO if serving in such a capacity. Serving as a director of a KACALP private equity portfolio company requires approval from the head of the applicable investment team, but no GC or CCO approval.

Except with the approval of the GC or CCO, employees are not permitted to serve as an officer, director, partner, manager, consultant, trustee, advisory board member, or employee of a competitor of KACALP, other than a related party. This prohibition extends to having any substantial interest in or business relationship with such a competitor.

**C. Anti-Bribery Policy/Foreign Corrupt Practices Act Policy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<u>Introduction</u>* 

KACALP is committed to conducting its business ethically and in compliance with all applicable laws and regulations, including the U.S. Foreign Corrupt Practices Act (FCPA) and other laws that prohibit improper payments to obtain a business advantage. Private equity sponsors can also be held liable for violations of the FCPA by portfolio companies in which the sponsor has made an investment or otherwise has an ownership or controlling interest. Accordingly, where necessary and appropriate, KACALP will review portfolio companies' compliance with the FCPA and will evaluate whether they have sufficient policies, procedures, training and controls in place to mitigate the risks of bribery and corruption in their businesses.

This document describes KACALP's policy prohibiting bribery and other improper

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payments in the conduct of KACALP's business operations and employee responsibilities for ensuring implementation of the policy. Questions about the policy or its applicability to particular circumstances should be directed to the CCO or GC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<u>Compliance with U.S. Foreign Corrupt Practices Act</u>* 

The prohibition on bribery and other improper payments applies to all business activities but is particularly important when dealing with government officials. The U.S. Foreign Corrupt Practices Act and similar laws in other countries strictly prohibit improper payments to gain a business advantage and impose severe penalties for violations. The following summary is intended to provide personnel engaged in international activities a basic familiarity with applicable rules so that inadvertent violations can be avoided and potential issues recognized in time to be properly addressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<u>Overview of the FCPA</u>* 

The FCPA is a criminal statute that prohibits improper payments, made directly or indirectly, to government officials to influence performance of their official duties. It makes it unlawful for any U.S. company and its employees or agents to offer, promise, pay or authorize the payment of "anything of value" to any "foreign official" - a term that is very broadly defined - to help the company obtain or keep business or secure some other "improper business advantage." This prohibition applies whether the offer or payment is made directly or through another person.

In addition to prohibiting improper payments to foreign officials, the FCPA requires U.S. companies and their controlled affiliates to keep accurate books and records of the transactions in which they engage and to maintain a system of internal controls that, among other things, can prevent "slush funds" and "off-the-books" accounts that might be used to facilitate or conceal questionable foreign payments. FCPA accounting requirements apply to all business activities, not just those involving foreign officials.

The penalties for violating the FCPA are severe. For a company, potential sanctions range from multi-million dollar fines and "disgorgement" of any business profits from an improper payment to loss of export privileges or eligibility to compete for U.S. government contracts. These sanctions are in addition to potential reputational damage and investigation and defense costs, which may arise even without a formal government prosecution. The penalties for individuals can be even more severe, including substantial fines and imprisonment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *<u>Policy Overview</u>* 

KACALP strictly prohibits bribery or other improper payments in any of its business operations. This prohibition applies to all business activities, anywhere in the world, whether they involve government officials or are wholly commercial. A bribe or other improper payment to secure a business advantage is never acceptable and can expose employees and KACALP to possible criminal prosecution, reputational harm or other serious consequences.

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This Policy is not limited to Access Persons, but rather applies to everyone employed by or otherwise acting on behalf of KACALP, including all officers, employees and agents or other intermediaries acting on KACALP's behalf. Each officer and employee of KACALP has a responsibility and obligation to conduct KACALP's business activities ethically and in compliance with the law. Failure to do so may result in disciplinary action, up to and including termination of employment.

Improper payments prohibited by this policy include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bribes and kickbacks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Gifts or entertainment or other business promotional activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Covering or reimbursing an official's expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Offers of employment or other benefits to a family member or friend of a foreign official

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Political party and candidate contributions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Charitable contributions and sponsorships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any other payment made or offered to obtain an undue business advantage.

These payments should not be confused with reasonable and limited expenditures for gifts, business entertainment and other legitimate activities directly related to the conduct of KACALP's business. No employee may offer or make any type of gift or payment to or on behalf of a foreign official without prior approval from the CCO.

The CCO has overall responsibility for the program, supported by Senior Management. The GC is responsible for giving advice on the interpretation and application of this Policy, supporting training and education, and responding to reported concerns. Notify the CCO immediately of any suspected or actual violations of the FCPA policies.

Other less obvious items of value provided to a foreign official can also violate the FCPA. Examples include in-kind contributions, investment opportunities, stock options or positions in joint ventures, internships to family members, friends or associates of foreign officials (whether paid or unpaid), and favorable or steered subcontracts. The prohibition applies whether an item would benefit the official directly or another person, such as a family member, friend or business associate.

**D. Gifts and Entertainment** 

A conflict of interest occurs when the personal interests of employees interfere or could potentially interfere with their responsibilities to the firm and its clients. Employees should not accept inappropriate gifts, favors, entertainment, special accommodations, or other things of material value that could influence (or appear to influence) their decision-making or make them feel beholden to a person or firm. Employees should not offer gifts, favors, entertainment, or other things of value that could be viewed as overly generous or aimed at influencing decision- making or making a client feel beholden to the firm or the employee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *<u>Gifts</u>.* All gifts, services, or other things of value received by an employee from any person or
entity that does business with or on behalf of KACALP must be reported to Compliance. All gifts, services, or other things of value given or offered by an employee to any existing clients, prospective clients, or any entity that does business with
or on behalf of KACALP must also be reported to Compliance. No employee may receive any gift(s), service(s), or other things that individually or cumulatively amount to more than a $150.00 value per calendar year from any person or entity that does
business with or on behalf of KACALP without the pre-approval of Compliance. The $150.00 gift receiving pre-approval threshold is cumulative on a per gift giver basis.
No employee may give or offer any gift(s) that individually or cumulatively amount to more than a $150.00 value per calendar year to any existing clients, prospective clients, or any entity that does business with or on behalf of the adviser without pre-approval by Compliance. The $150.00 gift giving pre-approval threshold applies on a per client/entity basis, regardless of how many individuals at the company the
gift is directed towards. The threshold is also cumulative on a per client/entity basis. Compliance will maintain a gift log of all gifts given or received from or by any KACALP employees to track this annual $150 threshold per employee. The gift
log will include employee name, type of gift, dollar amount of gift, and sender of the gift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *<u>Cash</u>.* No employee may give or accept cash gifts or cash equivalents to or from a client,
prospective client, or any entity that does business with or on behalf of KACALP without approval from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *<u>Entertainment</u>.* No employee may provide or accept extravagant or excessive entertainment to or
from a client, prospective client, or any person or entity that does or seeks to do business with or on behalf of KACALP.

**E. Charitable Contributions** 

Any employee seeking to sponsor or participate in a charity fundraiser or other charitable event, or otherwise making any monetary or in-kind contribution to such event or charity, at the request of a client, prospective client, vendor, or other potential business partner must obtain the prior approval of his/her direct supervisor and the GC or CCO. Employees are prohibited from soliciting charitable contributions from clients, prospective clients, or business partners without prior approval from the same.

Further, any contribution made through a KACALP management company requires the prior approval of KACALP's executive management team (i.e. the COO or CEO) in addition to the GC or CCO.

**F. Political Contributions** 

Supervised Persons are prohibited from making political contributions for the purpose of obtaining or retaining advisory contracts with government entities. KACALP prohibits its supervised persons from considering KACALP's current or anticipated business relationships as a factor in soliciting political or charitable donations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *Political Contributions by Employees:* The SEC has adopted a "pay-to-play" anti-fraud

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rule for advisers. The rule prohibits advisers from seeking to influence the award of advisory contracts by a "government entity" (e.g., public pension plans) through political contributions to or for those officials who are in a position to influence the awards.

There are three major aspects to this rule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A two-year time out. The two-year "time-out" prohibits an adviser from receiving compensation from a government entity for two years after the adviser or its covered associate makes
a political contribution to a covered official of the government entity that is in a position to influence the award of the advisory business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The adviser is prohibited from paying third-party solicitor, placement agents, and other consultants to
solicit government entities for advisory business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The adviser and its covered associates are prohibited from coordinating (or soliciting any person or PAC to
make) any: (1) contribution to an official of a government entity to which the adviser is providing or seeking to provide advisory services, or (2) payment to a political party of a state or locality where the adviser is providing or
seeking to provide advisory services to a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *General Prohibition:* All employees (and their immediate family members as defined below) are
prohibited from making any contributions or gifts to, or soliciting or coordinate any contributions or gifts for, any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any incumbent US state or local officeholder (including one who is a candidate for federal office);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any candidate or elections winner for US state or local office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any staff member or employee of a US public pension fund, or any elected or appointed trustee, fiduciary, or
other official whose official duties involve responsibility for such a fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● KACALP's facilities, personnel, equipment or other corporate resources and funds, may not be used in
connection with any national, federal, state or local election or other political activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. *Permissible Contributions:* Political contributions to US federal officeholders and candidates that
fall outside of the following exemptions will require pre-clearance from Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If you are entitled to vote for the federal government official or candidate, you may contribute $350 or less
to the official, per election (no pre-clearance required);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If you are not entitled to vote for the federal government official or candidate, you may contribute $150 or
less to the official, per election (no pre-clearance required);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any political contributions outside of the above parameters require pre- clearance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Donations to Political Action Committees (PACs) are permissible subject to the

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pre- clearance thresholds, unless the donation is a means to circumvent what the policy prohibits directly (e.g., contributions earmarked or known to benefit a particular political official). See *General Prohibition* above.

As a side note, political contributions to national parties (e.g., Democratic National Party, Republican National Party) are not subject to the above rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*d.* *Reporting:* 

All employees are required to report the political contributions made by themselves and their immediate family members, including any not subject to the pre-clearance requirements, on a quarterly and annual basis to Compliance via the quarterly and annual Code of Ethics Certification process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*e.* *Lobbying:* 

KACALP recognizes that its employees may wish to participate, on a personal basis, in Lobbying Activity (as described below). Many jurisdictions have laws requiring registration and reporting by lobbyists and in some cases, also by the lobbyist's employer.

Lobbying Activity generally includes attempts to influence the passage, or defeat of, pending legislation. In the US, the government and many states, however, have extended the definition of Lobbying Activity to cover efforts to influence formal rulemaking by executive branch agencies (legislative lobbying and such regulatory lobbying collectively referred as "Traditional Lobbying") or other official actions of agencies, including the decision to enter into a contract or other financial arrangements (Procurement Lobbying). "Grassroots" activity (involving communication with the public or a segment of the public, encouraging them to call their representative or another public official for the purpose of influencing the passage or rejection of legislation or a rulemaking) is in many cases also considered Lobbying Activity.

While KACALP employees generally may use their own resources to seek to influence legislation, rulemaking or otherwise participated in Lobbying Activity on a personal basis, no employee may engage in lobbying activities on behalf of KACALP except with prior approval of Legal and Compliance. For example, KACALP employees must consult with Legal and Compliance before scheduling meetings with personnel of any governmental agencies or pension plans of public agencies in connection with any opportunities for new or additional business in order to ensure compliance with the laws restricting Procurement Lobbying.

If it is determined that an employee must register as a lobbyist in order to comply with applicable law when conducting Lobbying Activity (including Procurement Lobbying) on behalf of KACALP, that employee will be registered as required and may become subject to reporting obligations, restrictions on making political contribution or providing gifts and entertainment, and possibly training requirements, depending on the applicable law.

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**G. Conflicts of Interest** 

The policies and procedures set forth in the Code recognize that as an investment adviser, KACALP is in a position of trust and confidence with respect to its clients and has a duty to place the interests of its clients before the interests of KACALP, its affiliates and employees. This duty includes an obligation to address or mitigate both conflicts of interest and the appearance of any conflicts of interest. Conflicts of interest, or the appearance thereof, should be escalated to the CCO for review and further escalation and/or disclosure, as appropriate.

**H. Definition of Immediate Family Member** 

Immediate family member is defined as any individual residing in the same household including a spouse, child, parent, sibling or other relative. Adoptive relationships are included.

**I. Live-In Partner** 

A live-in partner is not considered to be an immediate family member however, we expect that employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Will not discuss trades or otherwise provide any advice with respect to trades conducted in the account(s) of
the live-in partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Do not have a beneficial ownership interest in the account(s) of the live-in partner in which trading occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Acknowledge that KACALP policies and procedures (and where applicable U.S. securities laws) prohibit sharing
of material non-public information and confidential information involving the firm and its clients with the live-in partner.

## Ex-99.(P)(12)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MIM Code of Ethics** 

**Policy Owner:** Head of Investments Compliance

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Category** | Policy |
| &nbsp;&nbsp;&nbsp;**Scope** | All MIM entities and Access Persons as defined in Section 1.2 |
| &nbsp;&nbsp;&nbsp;**Version Effective Date** | January 20, 2026 |
| &nbsp;&nbsp;&nbsp;**Version** | Version 4.1 |
| &nbsp;&nbsp;&nbsp;**Authoring Department** | Investments Compliance |
| &nbsp;&nbsp;&nbsp;**Contact** | Any questions or escalations regarding this Policy should be directed to Investments Compliance at <u>InvestmentsCompliance@metlife.com</u> |
| &nbsp;&nbsp;&nbsp;**Document Summary** | The MIM Code of Ethics sets forth requirements for Access Persons (including MIM personnel, MII personnel, related functional partners, and those with access to investments systems) with respect to personal securities accounts and trading. The Code of Ethics includes requirements related to (i) disclosure of personal securities accounts and transactions, (ii) pre-clearance of securities transactions, (iii) holding periods, (iv) restricted lists and MNPI, (v) MetLife, Inc. securities transactions, (vi) blackout periods, (vii) options trading, and (viii) the approved broker-dealer policy. |

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☐ **For Internal Use Only**

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**Contents** 

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| | |
|:---|:---|
|  **1 Introduction** | **3** |
| 1.1 Purpose | 3 |
| 1.2 Scope | 3 |
| 1.3 Policy Ownership | 4 |
| 1.4 Exceptions and Escalation | 4 |
| 1.5 Resources | 4 |
|  **2 Code Requirements** | **5** |
| 2.1 Code of Ethics Requirements | 5 |
| 2.2 Violations and Related Disciplinary Action | 6 |
|  **3 Reportable Accounts, Securities and Funds** | **7** |
| 3.1 Reportable Accounts Definition | 7 |
| 3.2 Reportable Accounts Disclosure Requirements | 7 |
| 3.3 Managed Accounts | 8 |
| 3.4 Approved Broker-Dealer Policy (US Only) | 8 |
| 3.5 Reportable Securities | 8 |
| 3.6 Reportable Funds | 9 |
|  **4 Pre-Clearance Requirement** | **10** |
| 4.1 Pre-Clearance | 10 |
| 4.2 Pre-Clearance Exemptions | 11 |
|  **5 Holding Period** | **12** |
| 5.1 Holding Period Requirement | 12 |
| 5.2 Holding Period Exemptions | 12 |
|  **6 Blackout Period Restrictions** | **12** |
|  **7 Requirements for MetLife, Inc. Securities** | **13** |
| 7.1 Disclosure, Pre-Clearance, and Holding Period Requirements for MetLife Securities | 13 |
| 7.2 Restrictions related to MetLife Securities | 13 |
|  **8 Transactions in Options** | **13** |
|  **9 Additional Personal Trading Restrictions** | **14** |
| 9.1 Initial Currency Options | 14 |
| 9.2 Investment Clubs | 14 |
| 9.3 Private Placements | 14 |
|  **10 Material Non-Public Information (MNPI)** | **14** |
| 10.1 MNPI Definition | 14 |
| 10.2 Prohibitions | 14 |
| 10.3 Reporting MNPI | 15 |
| 10.4 MNPI Restricted List(s) and Watch List | 15 |
| 10.5 Sharing MNPI with Clients | 15 |
| 10.6 Information Barriers | 15 |
|  **11 Recordkeeping and Data Sheet** | **16** |
|  **12 Appendix A: List of Approved Broker-Dealers** | **18** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

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**1 Introduction** 

**1.1** **Purpose** 

MetLife Investment Management (MIM)<sup>1</sup> holds its employees to a high standard of integrity and business practice and has an obligation to act in the best interests of its clients. Accordingly, MIM strives to disclose, mitigate, or otherwise avoid activities which may present conflicts of interest.

The Code of Ethics (the Code) is intended to address fundamental principles that must guide the personal investment activities of Access Persons (as defined in Section 1.2 below) in light of their fiduciary duties:

1. **Place the interest of MIM's client first.** As fiduciaries, Access Persons must avoid serving personal
interests ahead of the interest of MIM's clients

2. **Avoid taking inappropriate advantage of one's position as an Access Person** 

3. **Conduct personal investing activities in such a way as to avoid even the appearance of a conflict of interest with investment activities undertaken for MIM's client.** 

**Conflicts identified may be subject to review by the MIM Ethics Committee and disciplinary action in accordance with the Code and the MIM Policy on Policy Violations.** 

This Code should be read in conjunction with other MetLife, Inc. and MetLife Investments policies including but not limited to the (i) MetLife Code of Business Ethics; (ii) MetLife Global Insider Trading Policy; (iii) MIM Information Barrier Policy; and (iv) MetLife Insurance Investments Confidential Transaction Information Process and Information Barrier Policy.

**1.2** **Scope** 

The Code applies to all Access Persons, which includes all persons in the groups below:

● MIM and MII Personnel: All personnel who report, directly or indirectly to the Head of MIM or the Chief Investment
Officer of MetLife Insurance Investments (MII)<sup>2</sup>.

● MIM Functional Partners: All personnel in functions who are primarily dedicated to MIM, including those who report,
directly or indirectly, to MIM's Chief Compliance Officer (CCO), Chief Risk Officer (CRO), Chief Counsel, Chief Financial Officer (CFO), and Heads of Human Resources, Internal Audit, Marketing, Communications, and Information Technology (IT)<sup>3</sup>.

● Personnel with Access to MIM Systems: All personnel who have access to holdings and/or trade information of any account
owned, managed, or controlled by MIM Investments (collectively, "MIM Accounts"), including through MetLife Investments systems.

<sup>1</sup> For purposes of this policy, MIM includes MetLife Investment Management, LLC (MIM, LLC), MIM I, LLC, MetLife Investment Management Limited (MIML), MetLife Investment Management Europe Limited (MIMEL), MetLife Investment Management Japan, Ltd (MIM Japan), MetLife Investments Asia Limited (MIAL), MetLife Investments Securities, LLC (MISL), MetLife Real Estate Lending (MREL), and MetLife Latin America Asesorias e Inversiones Limitada (MILA). It also includes MetLife Insurance Investments (MII). 

<sup>2</sup> For the avoidance of doubt, the Head of MIM and the CIO of MII are Access Persons

<sup>3</sup> For the avoidance of doubt, the Heads of the MIM support functions are Access Persons

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Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

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**1.3** **Policy Ownership** 

This Policy is owned by the Head of Investments Compliance and will be reviewed at least every other year. Material changes must be approved by Investments Legal, Investments Compliance, and the MIM Risk Committee or its designee. Investments Compliance will promptly communicate material amendments to all Access Persons.

Any questions regarding this Policy should be directed to Investments Compliance.

**1.4** **Exceptions and Escalation** 

This Code is to be adhered to in all circumstances. Investments Compliance, in consultation with the Ethics Committee as applicable, may grant case-by-case exceptions to any of the requirements, restrictions, or prohibitions in this Code that do not violate its general principles or applicable regulatory requirements. Requests for exceptions must be made in writing to Investments Compliance.

**1.5** **Resources** 

For any questions regarding this Code, please contact Investments Compliance at <u>personaltradinghelp@metlife.com</u>.

Resources:

● <u>Personal Trading System</u> 

● <u>MIM Information Barrier Policy</u> 

● <u>MetLife Insider Trading Policy</u> 

● <u>MetLife Code of Business Ethics</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

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**2 Code Requirements** 

**2.1** **Code of Ethics Requirements** 

All Access Persons are required to:

● Conduct business and personal trading activities in accordance with the requirements of the Code and consistent with
MIM's duty to its clients

● Comply with the Code with respect to disclosure, certification, pre-clearance, and other restrictions related to securities transactions in personal brokerage accounts

○ *Note: obtaining pre-clearance for a securities transaction does not relieve an Access Person of their responsibilities to comply with requirements in the Code (including, but not limited to, holding period and blackout period restrictions and prohibitions on trading while in possession of material non-public information).* 

● Comply with applicable securities laws and regulations

● Promptly notify Investments Compliance upon receipt of Material Non-public Information (MNPI)<sup>4</sup>;

● Promptly report any violations of the Code to Investments Compliance

● Acknowledge that they have received, read, and understand the Code

**All managers of Access Persons are required to:** 

● Serve as a role model for the highest ethical standards and create and sustain a culture of trust, honesty, integrity
and respect.

● Be a resource for Access Persons. Ensure that they are aware of, understand, and know how to apply this Code and the
MIM's policies, applicable laws and regulations in their daily work.

● Seek assistance from other managers, Investments Compliance, Legal or Human Resources when unsure of the best response
to any given situation.

● Be proactive. Take reasonable actions to prevent and identify misconduct. Report situations that might impact the
ability of Access Persons to act ethically on behalf of MIM.

**In addition to the obligations set forth in the Code, MIM Personnel and Functional Partners are also required to:** 

● Disclose and request approval for outside business activities in accordance with the MIM and MetLife Conflicts of
Interest Policies

● Report and request approval for gifts and entertainment both given and received as required by the MIM Gifts and
Entertainment / Anti-Bribery and Corruption Standard

● Adhere to the MIM Information Barrier Policy with respect to sharing information between public and private asset
classes

● For in-scope employees, report and request approval for certain political
contributions as required by the MIM Political Contributions and Pay to Play Policy

<sup>4</sup> For transactions or deals where a non-disclosure agreement (NDA) or confidentiality agreement has been signed; the project lead is responsible for reporting to Compliance.

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Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

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**2.2** **Violations and Related Disciplinary Action** 

**Violations of the Code by Access Persons or their Family Members are serious and may result in discipline, up to and including termination of employment.** 

Violations are reported to senior leadership on a routine basis. Material violations and repeat violations are reviewed by the MIM Ethics Committee.

<u>Violations</u> include, but are not limited to:

● Failure to disclose a Reportable Account owned by (or for the benefit of) an Access Person of their Family Member

● Failure to obtain pre-clearance approval for a transaction in Reportable
Securities (including pre-clearance of the wrong symbol or wrong transaction type (buy/sell))

● Transaction in a security on the Restricted List

● Violation of the 30-day Holding Period (or other relevant holding period)

● Violation of the Blackout Period restriction

● Failure to complete a required certification or disclosure within the required time period

Violations are reviewed in light of the facts and circumstances of each individual violation and may result in <u>disciplinary action</u> pursuant to the MIM Policy on Policy Violations, including but not limited to:

● Warning letters

● Suspension of personal trading privileges

● Disgorgement of profits (required for any restricted list or holding period violations that result in a financial gain)

● Impact to performance rating, compensation, or promotion eligibility

● Termination of employment

In accordance with the MIM Policy on Policy Violations, the severity and number of violations will be considered when recommending consequences to management. A wilful violation of a policy may have more severe and immediate consequences. Sanctions issued will be subject to local laws. Disciplinary action will generally follow the framework below but may differ given the facts and circumstances of each violation:

● **First Violation**: Compliance will issue a formal policy violation and warning letter to the employee, with a copy
sent to his or her direct manager. The employee may be required to meet with Compliance for additional training on the relevant policy requirements.

● **Second Violation**: Compliance will issue a formal policy violation and final warning letter to the employee, with
a copy sent to his or her direct manager, the senior manager of his or her line of business, and the MIM Chief Compliance Officer. The employee may be subject to additional disciplinary action such as impact to compensation, performance rating,
promotion eligibility, or suspension of trading privileges at the discretion of MIM senior management and the Ethics Committee.

● **Third Violation**: In addition to the disciplinary actions noted above, the employee may be subject to additional
disciplinary actions and/or termination of employment, at the discretion of MIM senior management and the Ethics Committee

Any transactions that appear to indicate a pattern of abuse of an Access Person's fiduciary duties to MIM's Clients will be subject to scrutiny regardless of technical compliance with the Code.

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Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

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**3 Reportable Accounts, Securities and Funds** 

**3.1** **Reportable Accounts Definition** 

Reportable Accounts are any accounts that (i) are owned by, or for the benefit of, <sup>5</sup> an Access Person or their Family Member(s) and (ii) are able to transact in Reportable Securities.

● Family Member includes:

○ Any family member (e.g., spouse, domestic partner, child, dependent, stepchild, sibling, etc.) that (i) is living
in the Access Person's household or (ii) is economically dependent on the Access Person

○ Any other person whose investments are directly or indirectly controlled by the Access Person

Exemptions: The following types of accounts are non-reportable and exempt from disclosure and reporting requirements:

● 401k accounts (if administered by employer and not able to purchase securities)

● 529 College Saving Plans (if unable to allocate investments)

● Other retirement accounts, savings accounts, or any bank account so long as the account is unable to purchase reportable
securities or allocate investments

● Annuities and Variable Annuities (unless MetLife)

● Directly held mutual fund accounts

Dividend Reinvestment Plans (DRIPs) and Systematic Investment Plans (SIPs) must be disclosed.

**3.2** **Reportable Accounts Disclosure Requirements** 

Access Persons are required to:

1. Disclose all Reportable Accounts and Reportable Securities (as defined in 3.4 below) in the personal trading system
within 10 days of being hired (or becoming an Access Person)

2. Disclose any new Reportable Accounts immediately

3. Attest to the accuracy of their Reportable Accounts on an annual basis (by January 31 of each year)

**Failure to disclose a Reportable Account within the required time period is considered a violation of the Code and is subject to disciplinary action.** 

<sup>5</sup> This includes the ownership of a security, by a person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a Direct Pecuniary Interest or an Indirect Pecuniary Interest in such security. Pecuniary Interest means the opportunity, directly or indirectly, to profit or share in any profit derived from a security or transaction affecting a security. A person has a Direct Pecuniary Interest in each security (a) held in that person's name or in the name of any nominee for, or Personal Account of, that person, or (b) as to which a person, by contract, arrangement, power of attorney, understanding, relationship or otherwise has Control.

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Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

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**3.3** **Managed Accounts** 

Managed Accounts are accounts in which neither the Access Person nor their Family Member has discretion over the transactions in the accounts.<sup>6</sup> Access Persons must provide a Managed Account Letter to Investments Compliance in order for an account to be classified as a Managed Account.

● Managed Accounts must be disclosed

● Transactions and holdings in Managed Accounts are not reportable and do not require pre-clearance

**3.4** **Approved Broker-Dealer Policy (US Only)** 

**Access Persons based in the United States must hold Reportable Accounts with an approved broker-dealer.** The full list of approved broker-dealers is available in Appendix A. If an Access Person holds Reportable Account(s) at a non-approved broker-dealer prior to becoming an Access Person, the account(s) must be transferred to an approver-broker dealer within 90 days of becoming an Access Person.

The following Reportable Accounts are exempt from the approver broker-dealer requirement; *however, a formal exemption request must be submitted in writing to Investments Compliance for review and approval*.

● **Managed Accounts** where the Access Person (or their Family Member), does not have discretion over the transactions
in that account.

● Accounts where a Family Member is required to hold their account with their employer.

● Additional exceptions that may be evaluated on a case-by-case basis by Compliance

**3.5** **Reportable Securities** 

**Reportable Securities** must be disclosed and are subject to additional requirements as described in the Code, including pre-clearance and holding periods.

**Reporting transactions in Reportable Securities:** 

● For Reportable Accounts held with an approved broker-dealer, completed transactions in Reportable Securities will feed
into the personal trading system automatically

● For Reportable Accounts not with an approved broker-dealer, Access Persons must upload each transaction confirmation in
Reportable Securities

● For all accounts (regardless of type of broker), Access Persons must satisfy pre-clearance and other requirements in the Code

**Certifying transactions in Reportable Securities:** 

● On a quarterly basis (within 30 days after the end of each quarter), Access Persons must certify that all transactions
in Reportable Securities are reflected in the personal trading system. This includes confirming that all transactions have correctly fed into the system from an approved broker.

**Failure to complete required certifications within the required time period is considered a violation of the Code and is subject to disciplinary action.** 

<sup>6</sup> Robo-advisors in which the Access Person selects allocation percentages but does not have control over the individual investments are also considered Managed Accounts.

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Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Reportable Securities** | **Non-Reportable Securities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;● American Depository Receipts (ADRs)<br>&nbsp;&nbsp;&nbsp;&nbsp;● Bonds, including Corporate and Municipal Bonds\*<br>&nbsp;&nbsp;&nbsp;&nbsp;● Closed-end funds<br>&nbsp;&nbsp;&nbsp;&nbsp;● Convertible Bonds<br>&nbsp;&nbsp;&nbsp;&nbsp;● Currency Options<br>&nbsp;&nbsp;&nbsp;&nbsp;● Equity Linked Notes (ELNs)<br>&nbsp;&nbsp;&nbsp;&nbsp;● ETFs not listed on the ETF Exclusion List<br>&nbsp;&nbsp;&nbsp;&nbsp;● Hedge Funds<br>&nbsp;&nbsp;&nbsp;&nbsp;● MetLife investment-linked insurance products (e.g., Group Variable Universal Life)<br>&nbsp;&nbsp;&nbsp;&nbsp;● Options<br>&nbsp;&nbsp;&nbsp;&nbsp;● Real Estate Investment Trusts (REITs)<br>&nbsp;&nbsp;&nbsp;&nbsp;● Stocks<br>&nbsp;&nbsp;&nbsp;&nbsp;● Unlisted, private, or unformed companies<br>&nbsp;&nbsp;&nbsp;&nbsp;● Municipal bonds do not require pre-clearance<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;● Bankers' Acceptance (BA)<br>&nbsp;&nbsp;&nbsp;&nbsp;● Certificates of Deposit (CDs)<br>&nbsp;&nbsp;&nbsp;&nbsp;● Commercial Paper<br>&nbsp;&nbsp;&nbsp;&nbsp;● Commodities<br>&nbsp;&nbsp;&nbsp;&nbsp;● Currencies, including Cryptocurrencies<br>&nbsp;&nbsp;&nbsp;&nbsp;● Exchange Offers<br>&nbsp;&nbsp;&nbsp;&nbsp;● Forward Contracts<br>&nbsp;&nbsp;&nbsp;&nbsp;● Futures Contracts (unless Securities Future)<br>&nbsp;&nbsp;&nbsp;&nbsp;● Money Market Funds<br>&nbsp;&nbsp;&nbsp;&nbsp;● Non-affiliated investment-linked insurance products<br>&nbsp;&nbsp;&nbsp;&nbsp;● Open-end Mutual Funds<br>&nbsp;&nbsp;&nbsp;&nbsp;● Sovereign Investment Funds<br>&nbsp;&nbsp;&nbsp;&nbsp;● Spot Contracts<br>&nbsp;&nbsp;&nbsp;&nbsp;● Swap Agreements<br>&nbsp;&nbsp;&nbsp;&nbsp;● Unit Investment Funds<br>&nbsp;&nbsp;&nbsp;&nbsp;● Sovereign Treasury Securities<br>|

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**3.6** **Reportable Funds** 

A **Reportable Fund** is any fund in which MIM or another MetLife entity serves as an investment adviser or sub-adviser. This includes any funds advised or sub-advised by PineBridge Investments.

● A list of Reportable Funds is available in the personal trading system

● Access Persons are required to report any holdings and pre-clear transactions in Reportable Funds in accordance with Section 4 below

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Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

------

![LOGO](g93604dsp102.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4 Pre-Clearance Requirement** 

**4.1** **Pre-Clearance** 

**Generally, all transactions in Reportable Securities must be pre-cleared in the personal trading system<sup>7</sup>. Access Persons must receive pre-clearance approval prior to making a transaction in Reportable Securities.** 

● Access Persons are responsible for ensuring that all information required in the pre-clearance request (e.g., brokerage accounts, transaction type, symbol, amount) is accurate and complete

● **Once received, all pre-clearance approvals are valid for the same day and the next trading day through market close where the security is being traded (the Approval Period).** If an approved transaction is not fully executed within the Approval Period, Access Persons must obtain a new pre-clearance approval the following day before executing the transaction.

For example, if a Hong Kong based employee receives trading approval for a security traded on the Hong Kong exchange on Friday that approval is valid for Friday and Monday, up until the Hong Kong market close on Monday. If an approval is received after trading hours, the approval remains valid only for the next trading day. For example, if a Hong Kong based employee receives trading approval for a security traded on the Hong Kong exchange after the Hong Kong market close on a Friday, the approval is still only valid for Friday and through Monday's market close. <br>

When determining the length of the approval period for securities traded on a foreign market, employees must look to the local market time in which the security is being traded and then apply the pre-approval rules. For the avoidance of doubt, an approval received by an Access Person in Asia relating to any transactions in US Securities is dependent on the US market in which the security is being traded. For example, if a Hong Kong employee receives trading approval for a security traded on a US exchange on Monday 10:00am (CHST), then the approval expires on Monday 4:30pm (EST), which is Tuesday 4:30am (CHST). Looking to the US Market, the trade was approved on Sunday at 10:00pm (EST) (the day the approval is granted) and is valid through Monday's market close local time. <br>

- Access Persons are ultimately responsible for knowing in which market they are trading and for complying with the pre-clearance requirement.

● Limit orders beyond one day (e.g., Good-Till-Cancelled orders) are prohibited

<sup>7</sup> If an Access Person is unable to access the personal trading system, they may request off-line approval from Investments Compliance via email.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

------

![LOGO](g93604dsp102.jpg)

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Access Persons will receive an automatic approval or denial in the personal trading system and via email:

*Approval:*![LOGO](g93604dsp112.jpg)

*Denial:*![LOGO](g93604dsp0112a.jpg)

**4.2** **Pre-Clearance Exemptions** 

● Transactions in Managed Accounts are exempt from pre-clearance requirements

● ETFs on the ETF exclusion list, or options on these ETFs, and municipal bonds are exempt from pre-clearance requirements

***Obtaining pre-clearance does not relieve Access Persons of responsibilities to comply with other provisions of the Code (incl. holding period and blackout period restrictions and prohibitions on trading while in possession of material non-public information).***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

------

![LOGO](g93604dsp102.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5 Holding Period** 

**5.1** **Holding Period Requirement** 

**Reportable Securities may not be (i) purchased and sold *or* (ii) sold and then repurchased within 30 calendar days (the "Holding Period").** <sup>8</sup>

● For purchases and sales of MetLife, Inc. securities<sup>9</sup>acquired in
the market, the Holding Period is 60 days

● For Access Persons that are part of MIM Japan, the Holding Period is 6 months

**5.2** **Holding Period Exemptions** 

● Sales of MetLife, Inc. securities that are received as part of a performance award or restricted stock grant are not
subject to the holding period requirement, but the transaction must be pre-cleared

● Transactions in ETFs on the ETF exclusion list, or options on these ETFs, are not subject to the holding period
requirement

**6 Blackout Period Restrictions** 

**Access Persons that are involved in portfolio management, trading, or research** (e.g., recommending securities or transactions) are prohibited from trading a security in a Reportable Account on the same day or within 7 calendar days before or after an account managed by MIM or PineBridge Investments transacts in the same security. This restriction does not apply to:

● Purchases or sales or issuers or securities that have a market capitalization of $5 billion or more

● Transactions in issues or securities executed in a MIM-managed account that replicates a broad-based securities market index

**All Access Persons who are part of the MIM Equity Management Team** are prohibited from trading a security in a Reportable Account if that security is held in any account managed by MIM Equity Management.

<sup>8</sup> Access Persons may reach out to Compliance requesting a written exception to the Holding Period requirement; exceptions will be reviewed and may be approved on a case-by-case basis.

<sup>9</sup> See section 7.2 for additional information on restrictions related to MetLife, Inc. securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

------

![LOGO](g93604dsp102.jpg)

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**7 Requirements for MetLife, Inc. Securities** 

**7.1 Disclosure, Pre-Clearance, and Holding Period Requirements for MetLife Securities** 

● All transactions in MetLife, Inc. securities must receive pre-clearance approval, regardless of whether the securities were acquired in the market or as part of a performance award / restricted stock grant

● For purchases and sales of MetLife, Inc. securities acquired in the market, the Holding Period is 60 days

● Sales of MetLife, Inc. securities that are received as part of a performance award or restricted stock grant are not
subject to the holding period requirement, but the transaction must be pre-cleared

● If MetLife opens a Fidelity account on behalf of an Access Person for purposes of a performance award / restricted stock
grant, the Access Person must disclose the account in the personal trading system as a Reportable Account

● Allocations to the MetLife Company Stock Fund in a SIP or Auxiliary SIP Account are not reportable in PTA and are not
subject to the 60-day holding period

**7.2** **Restrictions related to MetLife Securities** 

● Access Persons that are also deemed Restricted Persons under MetLife's Insider Trading Policy are prohibited from
transacted in MetLife, Inc. securities during MetLife enterprise blackout periods

● Access Persons that file Section 16 filings for the purchase and sale of MetLife, Inc. securities must pre-clear transactions through the MetLife Corporate Secretary's Office

● Access Persons are prohibited from engaging in speculative transactions in MetLife, Inc. securities, including purchases
and sales of options in the market

**8 Transactions in Options** 

Access Persons are permitted to transact in options pursuant to the following requirements:

● The expiration of the option must be greater than 30 days from the trade date

● Pre-clearance approval must be obtained for both (i) the initial purchase
of the option and (ii) the underlying transaction if the Access Person elects to take the option (on the transaction date)

● The option may not be closed out within 30 days of the initial trade date

Access Persons are prohibited from transacting in options whereby they are effectively causing a purchase and sale in the same security within 30 days, such as:

● Buying a call and a put in the same security

● Selling a call and buying a call with different strike prices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

------

![LOGO](g93604dsp102.jpg)

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**9 Additional Personal Trading Restrictions** 

**9.1** **Initial Currency Options** 

● Access Persons are prohibited from investing in Initial Currency Options (ICOs)

**9.2** **Investment Clubs** 

● Access Persons are prohibited from forming or participating in an Investment Club without prior approval from
Investments Compliance

**9.3** **Private Placements** 

● Access Persons are prohibited from investing in Private Placements without prior approval from Investments Compliance.
Such approval may only be granted if the investment does not present a conflict of interest.

**10 Material Non-Public Information (MNPI)** 

**Access Persons are expressly prohibited from transaction in securities about which the Access Person, MIM, or MetLife, has MNPI.** 

**10.1** **MNPI Definition** 

● Information is considered **material** if it would likely affect the market price of a security or if a reasonable
investor would consider the information important in deciding whether to buy or sell the security

● Information is considered **non-public** if it has not been widely
disseminated and investors have not had time to absorb the information.

● Examples of MNPI may include:

○ Financial plans, projections, or results

○ Mergers or acquisitions

○ Purchases or sales of a business;

○ New products or businesses;

○ Changes in executive management; or

○ Potential or ongoing contractual negotiations

**10.2** **Prohibitions** 

Access Persons are prohibited from:

● **Insider Trading** – transacting in securities while aware of MNPI related to the securities issuer or its
securities

● **Tipping** – providing MNPI to others who act on the information by transacting those securities

● **Gifting** – giving securities to others as gifts while aware of MNPI related to the securities issuer or its
securities

● **Advising** – advising others to transact in securities while aware of MNPI related to the securities issuer
or its securities, even if the MNPI is not shared

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Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

------

![LOGO](g93604dsp102.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10.3** **Reporting MNPI** 

Any Access Persons who become aware of MNPI are required to:

● Promptly report the MNPI to Compliance by <u>completing the request form</u> or emailing <u>InvestmentsCompliance@metlife.com</u> 

● Refrain from sharing MNPI with (i) anyone within MetLife / MIM without a valid business purpose and
(ii) anyone outside of MetLife / MIM

When the information is no longer material or non-pubic, Access Persons should notify Investments Compliance immediately to remove it from the Restricted List.

**10.4** **MNPI Restricted List(s) and Watch List** 

● If MIM, or any Access Person, has MNPI about a securities issuer, the issuer may be added to the applicable restricted
list or watch list

● Access Persons are generally prohibited from transacting in issuers on the Restricted List and pre-clearance requests will result in a denial

● The Watch List contains issuers about which a select group of Access Persons may have access to MNPI (such as during a
confidential project or transaction)

○ While an issuer is on the Watch List, that select group of Access Persons are restricted from transacting in the issuer
or its securities

If any Access Person acquires MNPI outside of the course of their employment at MIM / MetLife, they should not disclose it to anyone, including their manager and Investments Compliance. They are still prohibited from transacting in the relevant security issuer on behalf of themselves or in any MIM accounts and from making any investment recommendations to advisory clients on the basis of such information.

**10.5** **Sharing MNPI with Clients** 

There may be certain circumstances under which MIM shares MNPI with client for a valid business reason. Prior to sharing any MNPI with any client, Access Persons must contact Investments Compliance (<u>InvestmentsCompliance@metlife.com</u>) for approval.

**10.6** **Information Barriers** 

There is an Information Barrier in place separating MIM's asset classes that primarily trade in public securities and those that trade in private securities. Additional Information can be found in the MIM Information Barrier Policy.

In addition, there is an Information Barrier in place between MIM and MII; see the <u>policy</u> for additional details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

------

![LOGO](g93604dsp102.jpg)

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**11 Recordkeeping and Data Sheet** 

---

| | |
|:---|:---|
| <br> **Policy Data Sheet** | <br> **Policy Data Sheet** |
| &nbsp;&nbsp; **Policy Author** | Head of Investments Core Compliance |
| &nbsp;&nbsp; **Policy Owner** | Investments Chief Compliance Officer |
| &nbsp;&nbsp; **Policy Approval Committee** | MIM Policy Working Group |
| &nbsp;&nbsp; **Policy Approval Date** | January 2026 |
| &nbsp;&nbsp; **Last Review Date** | September 2025 |
| &nbsp;&nbsp; **Next Review Date** | September 2027 |
| &nbsp;&nbsp; **Applicable Laws, Rules, and Regulations** | Investment Advisors Act of 1940 (Advisors Act) Rule 204A-1<br>Investment Company Act of 1940 (1940 Act) Rule 17J-1<br>All Requirements of other Applicable Foreign Jurisdictions |
| &nbsp;&nbsp; **Related Policies/Standards** | MetLife Code of Business Ethics<br>MetLife Global Insider Trading Policy<br>MIM Information Barrier Policy<br>MetLife Insurance Investments Confidential Transaction Information Process and Information Barrier Policy |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Revision History** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **Revision History** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **Revision History** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **Revision History** |
| &nbsp;&nbsp;&nbsp;**Version #** | **Effective Date** | **Summary of Changes** | **Approver** |
| &nbsp;&nbsp;&nbsp;2.0 | October 2023 | *Policy refresh; clarified various requirements and aligned to MIM Policy Template* | MIM Policy Working Group |
| &nbsp;&nbsp;&nbsp;3.0 | January 2025 | *Policy refresh; update to policy structure and order of sections; addition of violations examples and framework; no material changes to any policy requirements.* | MIM Policy Working Group |
| &nbsp;&nbsp;&nbsp;4.0 | October 2025 | *Updated certain policy requirements for alignment with PineBridge Investments including addition of key principles, Access Persons obligations, and violations information, change to pre-clearance approval period, requirements for Reportable Funds* | MIM Policy Working Group |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

------

![LOGO](g93604dsp102.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <u>4.1</u>   <u>January 2025</u>   <u> *Updated Appendix A: List of Approved Broker-Dealers*</u>   <u>MIM Policy Working Group</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

------

![LOGO](g93604dsp102.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12 Appendix A: List of Approved Broker-Dealers** 

● Ameriprise

● Bank of America / Merrill Lynch / Merrill Edge

● Charles Schwab (including transitioned TD Ameritrade accounts)

● Chase Investments

● Citigroup

● Edward Jones

● Fidelity

● Goldman Sachs

● Hargreaves London

● Interactive Brokers

● Janney Montgomery Scott

● JP Morgan

● LPL Financial

● Morgan Stanley (including transitioned E-Trade accounts)

● Pershing

● Raymond James

● Robinhood

● Stifel Nicolaus

● T. Rowe Price

● UBS

● Vanguard

● Wells Fargo

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

## Ex-99.(P)(13)

## Raymond James Investment Management

## Code of Ethics
April 1, 2025

Carillon Fund Distributors

Chartwell Investment Partners

ClariVest Asset Management

Eagle Asset Management

Gibbs Capital Management "A division of Eagle Asset Management"

Strategic Investment Management services "A division of Eagle Asset Management"

Scout Investments

Reams Asset Management

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Contents

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| | | | |
|:---|:---|:---|:---|
| I. | Introduction | Introduction | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. |  | The Firms | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. |  | Purpose of the Code of Ethics | 4 |
| II. | Fiduciary Duty and Client Interests | Fiduciary Duty and Client Interests | 4 |
| III. | Compliance with Laws, Rules, and Regulations | Compliance with Laws, Rules, and Regulations | 5 |
| IV. | Defined Terms | Defined Terms | 5 |
| V. | Prohibited Acts: Conflicts of Interest | Prohibited Acts: Conflicts of Interest | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. |  | Personal Trading | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. |  | Gifts and Entertainment | 9 |
|  | 1. | &nbsp;&nbsp; Receiving or Offering of Gifts: | 9 |
|  | 2. | &nbsp;&nbsp; Receiving or Giving of Entertainment: | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. |  | Outside Business Activities | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. |  | Political Contributions | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. |  | IPO Allocation Policy for Clients | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;F. |  | Taking Advantage of Advisory Client or Fund Opportunities | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;G. |  | Diversion of Firm Business or Investment Opportunity | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;H. |  | Using Position or Influence for Personal Benefit at Expense of Clients | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;I. |  | Conflicts of Interest Among Clients | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;J. |  | Disclosure of Confidential Information | 10 |
| VI. | Prohibited Acts: Off-Channel Communications | Prohibited Acts: Off-Channel Communications | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. |  | Social Media | 11 |
|  | 1. | &nbsp;&nbsp; Personal Sites Prohibited from Business Uses | 11 |
|  | 2. | &nbsp;&nbsp; Personal Messaging Apps Prohibited from Business Use | 11 |
|  | 3. | &nbsp;&nbsp; Reporting Requirements | 11 |
| VII. | Reporting Violations | Reporting Violations | 11 |
| VIII. | Code of Ethics Review Committee | Code of Ethics Review Committee | 12 |
| IX. | Review and Sanctions | Review and Sanctions | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. |  | Determination | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. |  | Sanctions | 12 |
| X. | Approval and Amendment | Approval and Amendment | 14 |
| XI. | Annual Certification | Annual Certification | 14 |
| XII. | Inquiries Regarding the Code | Inquiries Regarding the Code | 15 |
| Annex: Insider Trading Policy | Annex: Insider Trading Policy | Annex: Insider Trading Policy |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Whom Does the Policy Cover? | &nbsp;&nbsp;&nbsp;&nbsp; Whom Does the Policy Cover? | &nbsp;&nbsp;&nbsp;&nbsp; Whom Does the Policy Cover? |  |
| &nbsp;&nbsp;&nbsp;&nbsp; What Information is Material? | &nbsp;&nbsp;&nbsp;&nbsp; What Information is Material? | &nbsp;&nbsp;&nbsp;&nbsp; What Information is Material? |  |

---

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What Information is Non-Public?

Selective Disclosure

Procedures to follow if an Employee Believes that he/she Possesses Material, Non-Public Information

Restrictions on spreading false or misleading rumors

Annex: Personal Trading Policy

Scope of the Policy

Pre-Clearance Requirements

Prohibited Transactions

Reporting Requirements for Access Persons

Personal Trading Policy Annex Definitions

Appendix 1: Statement of General Policy Regarding IPO Allocations

Appendix 2: RJIM Reportable Funds

Appendix 3: Code of Ethics Review Committee

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I. Introduction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Firms

This Code of Ethics "the Code" has been adopted by Raymond James Investment Management ("RJIM") and its Affiliates. At the time of this publication RJIM's affiliates are comprised of Carillon Fund Distributors, Chartwell Investment Partners, ClariVest Asset Management, Eagle Asset Management, Gibbs Capital Management "A division of Eagle Asset Management", Strategic Investment Management services "A division of Eagle Asset Management", Scout Investments and Reams Assert Management. References herein to "the Firm" means RJIM and each individual Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Purpose of the Code of Ethics

This Code has been adopted by the Firm in order to establish rules of conduct for persons who are associated with the Firm and in order to comply with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "IC Act"), and Rule 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act"). Under Rule 204A-1 of the Advisers Act, investment advisers registered with the Securities and Exchange Commission ("SEC") must establish codes of ethics that define conduct standards and ensure compliance with federal securities laws. Our Code is predicated on the principle that each Firm owes a fiduciary duty to its Clients.<sup>1</sup> Accordingly, Employees must avoid activities, interests and relationships that run contrary (or appear to run contrary) to the best interests of their Firm's Clients.

The Code cannot cover every law, rule, or policy and should not replace common sense, good judgment, or the need for additional guidance when necessary. This Code applies to all Employees, Access Persons, their Immediate Family, and Independent Fund Trustees, in each case as described more fully herein. It is the responsibility of each person subject to this Code to read and understand which sections apply to you.

The Code is accompanied by other policies that are referred to in this document. The Firm reserves the right to modify the Code and related policies at any time without prior notice. Additionally, the Firm has exclusive authority to administer and interpret all policies within this Code.

Please remember that Employees and Access Persons also are subject to all Raymond James Financial policies, including the <u>Raymond James Code of Business Conduct and Ethics, Insider Trading Policy, and Political Contribution Policy</u>. Should any portion of this Code conflict with a Raymond James policy, the more restrictive policy shall apply.

Any questions with respect to the Firm's Code of Ethics should be directed to the Firm's Chief Compliance Officer (CCO) or their designee. As discussed in greater detail below, Employees must promptly report any violations of the Code of Ethics to the CCO. All reported Code of Ethics violations will be treated as being made on an anonymous basis. Independent Fund Trustees should consult with the Fund CCO with regard to any questions concerning their responsibilities under the Code.

II. Fiduciary Duty and Client Interests

Employees must avoid activities, interests and relationships that run contrary (or appear to run contrary) to the best interests of their Clients. At all times, Employees must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Place Client interests ahead of the Firm's – As a fiduciary, the Firm must act in the best
interests of its Clients. This means avoiding conflicts of interest and not putting personal or financial interests ahead of the Clients' interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Engage in personal investing only if in full compliance with the Firm's Code of Ethics – Access
Persons must review and abide by the Firm's Personal Trading Policy, and all Employees must review and abide by the Firm's Insider Trading Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Avoid taking advantage of your position – Employees must not accept investment opportunities, gifts or
other gratuities from individuals seeking to conduct business with the Firm, or on behalf of an Advisory Client, unless in compliance with the Gifts and Entertainment Policy set forth in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Maintain full compliance with the Federal Securities Laws – Employees must abide by the standards set
forth in Rule 204A-1 under the Advisers Act and Rule 17j-1 under the IC Act.

<sup>1</sup> S.E.C. v. Capital Gains Research, Inc., 375 U.S. at 191-192 (1963).

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The fiduciary duty owed to each Firm's Clients establishes a relationship of trust and confidence. It requires the Firm to always act with the utmost integrity, honesty, and good faith. Failure to fulfill these duties can lead to legal consequences and damage the Firm's reputation in the industry.

III. Compliance with Laws, Rules, and Regulations

All persons subject to this Code are subject to the general anti-fraud prohibitions under Section 17(j) of the IC Act. This Code should be read in conjunction with RJIM or each Affiliate's Compliance Manual and policies and procedures, as applicable. Accordingly, it is unlawful for an Employee, in connection with the purchase or sale, directly or indirectly, of a Security held or to be acquired by a Reportable Fund (hereafter referred to as Fund) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employ any device, scheme or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Make any untrue statement of a material fact to a Fund or omit to state a material fact necessary in order to
make the statements made to a Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon any
Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Engage in any manipulative practice with respect to a Fund.

In addition, pursuant to Section 206 of the Advisers Act, it is unlawful for the Firm or its Employees directly or indirectly to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employ any device, scheme or artifice to defraud any Advisory Client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Engage in any transaction, practice or course of business which operates as a fraud or deceit upon any Advisory
Client or prospective client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Engage in any act, practice or course of business which is fraudulent, deceptive or manipulative.

IV. Defined Terms

**Access Person**— means (1) any Employee who has access to nonpublic information regarding any Clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any Reportable Fund, (2) any Employee who is involved in making securities recommendations to Clients, or who has access to such recommendations that are nonpublic, (3) any natural person in a control relationship of any Carillon Fund or affiliate who obtains information concerning recommendations made to a Carillon Fund with regard to the purchase and sale of securities by the Carillon Fund; and (4) excludes those persons defined as 'contractors' via human resources, unless it is deemed such contractor would have ongoing access to Material, Nonpublic Information; and (5) excludes Non-Employee directors of the Firm, provided they have no knowledge of pending or current program trading activity in the securities they are trading.

**Advisory Client** or **Client**—Each Carillon Fund and any other client who is provided investment advice by Raymond James Investment Management or its affiliates.

**Affiliate –** the following Registered Investment Adviser ("RIA") affiliates of Raymond James Investment Management: (i.) Chartwell Investment Partners; (ii.) ClariVest Asset Management LLC; (iii.) Eagle Asset Management, Inc.; (iv.) Gibbs Capital Management; (v.) Strategic Investment Management; (vi.) Scout Investments, including its Reams Asset Management Division. The term Affiliate also includes (vii.) Carillon Fund Distributors, Inc.; and (viii.) Carillon Family of Funds.

**Automatic Investment Plan**—a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**Beneficial Ownership**— In accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (the "34 Act"), Access Persons are deemed to have beneficial ownership of securities if they possess a direct or indirect pecuniary interest, enabling them to profit from securities transactions. Indirect pecuniary interests include securities held by Immediate Family, partnerships where an Access Person serves as a general partner, limited liability companies where an Access Person acts as a manager/member, an entity in which the Employee has an equity interest, provided the Employee also has or shares investment control over the securities held by such entity, and any account over which the Employee may otherwise be deemed to have control. Access Persons are not deemed to have a pecuniary interest in securities held by entities where they

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have equity stakes, unless they exert significant control. Access Persons are considered beneficial owners of trust-held securities if they are trustees with vested interests, possess vested beneficial interests, or are settlors/grantors of trusts (excluding cases where beneficiary consent is necessary to revoke the trust).

**Carillon Fund(s)**—The investment companies of the Carillon Family of Funds

**Chief Compliance Officer (CCO)** – The CCO is the chief compliance officer of RJIM.

**Compliance Department**—Employees designated to administer components of the compliance program for Raymond James Investment Management and its Affiliates. The CCO is a member of, and is responsible for supervising, the Compliance Department.

**Contribution —** a gift, subscription, loan, advance, deposit of money, or any item of value provided to an Official, political party, political action committee, or organization classified under IRC 501c(4), as applicable**.** 

**Covered Associate** – (a) the Firm's general partner, managing member or executive officer, or other individual with a similar status or function; (b) any Employee; (c) any political action committee controlled by the Firm or by any of its Covered Associates; or (d) Immediate Family.

**Cryptocurrency Securities** – Any security that is associated with a company and/or issuer that is affiliated with a cryptocurrency business operation. A listing of prohibited Cryptocurrency Securities is provided on the <u>RJ Cryptocurrency Related Securities List</u>.

**Dual Employee** — any person who is employed by two or more of RJIM, an Affiliate, or another affiliated company of RJIM that has adopted its own Code of Ethics subject to Rule 204A-1 and/or 17j-1.

**Employee** — any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of the Firm, or other person who provides investment advice on behalf of the Firm and is subject to the supervision and control of the Firm. This includes individuals who serve as Carillon Fund officers, trustees or directors working in any Raymond James Investment Management or CFD business unit (including sales staff or other personnel performing duties for Raymond James Investment Management and Affiliates, even if employed by another entity such as Raymond James Financial, Inc.). May include contract and temporary Employees.

Certain of the policies, procedures, and restrictions referred to in this Code also apply to Immediate Family. The Code also applies to any other account over which the Employee is deemed to have Beneficial Ownership.

Independent Fund Trustees, as defined below, are not Employees hereunder.

**Equivalent Security** — any Reportable Security issued by the same entity as the issuer of a security, including options, rights, warrants, preferred stock, restricted stock, bonds, and other obligations of that issuer.

**Excluded Accounts** — The following account types or their non-U.S. equivalents, provided they do not have individual securities or commodity trading capabilities:

Account held directly with a mutual fund company;

Company retirement account (e.g., 401(k));

Donor-advised fund

Health Savings Account;

Account holding exclusively unit investment trusts;

Accounts holding exclusively commodities

Municipal fund-only account;

Qualified tuition program (e.g., 529 plans);

Account restricted to variable contracts (e.g., annuities);

Treasury Direct accounts which hold EE Series and/or I Series savings bonds only

Monthly investment plan account; or

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Bank or credit union accounts

Digital asset, cryptocurrency, or virtual currency accounts

Peer-to-peer payment applications (e.g., PayPal, Venmo)

These account types are exempt from regulatory disclosure requirements. .

**Federal Securities Laws** — Means the Securities Act of 1933 (the "33 Act"), 34 Act, the Sarbanes-Oxley Act of 2002, IC Act, Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

**Government Entity** –means any State or political subdivision of a State, including: (i) any agency, authority, or instrumentality of the State or political subdivision; (ii) a pool of assets sponsored or established by the State or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to a "defined benefit plan" as defined in section 414(j) of the Internal Revenue Code (26 U.S.C. 414(j)), or a State general fund; (iii) a plan or program of a government entity; and (iv) officers, agents, or employees of the State or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity.

**Immediate Family** — Immediate Family includes an Access Person's or Covered Person's spouse or domestic partner, children under the age of 18 (regardless of whether or not sharing the same household) and any of the following relationships sharing the same household: child over the age of 18, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in- law, including adoptive relationships.

**Independent Fund Trustee**— a trustee of the Carillon Funds who is not an "interested person" of the Carillon Funds as that term is defined in the IC Act.

**Initial Public Offering (IPO)**— an offering of securities registered under the 33 Act by an issuer which immediately before the registration of such securities was not subject to the reporting requirements of Sections 13 or 15(d) of the 34 Act.

**Investment Company** — a company registered as such under the IC Act, including but not limited to, open-end mutual funds, closed-end mutual funds, and unit investment trusts, but does not include a money market mutual fund.

**Large Cap Securities**—specific securities exempted from the Short-Term Trading and Blackout Period restrictions of the Personal Trading Policy, due to their substantial market capitalization or significant trading volumes. The current exempted securities are the constituents of the S&P 500 Index as of January 1, 2025. The securities will be reevaluated periodically by the Compliance Department.

**Limited Offering**—a Security that has a market capitalization of less than $500 million or a security that is exempt from registration pursuant to Rules 504, 505 or 506 or under Section 4(2) or 4(6) of the Securities Act of 1933.

**Managed Account** – Blind trusts (where there is no visibility over the selection of investments and no control over them), discretionary accounts (where a broker/wealth manager acts with complete discretion and with no direction from the Employee's or Immediate Family's financial advisor, or self-direction capability for the Employee or Immediate Family) or other accounts over which you do not have any influence or control are Reportable Investment Accounts but do not require pre-clearance of Reportable Securities.

**Material Investigation**—an investigation that leads to the imposition of a significant remedial action for a violation of the Code.

**Material, Nonpublic Information** – undisclosed information that, if revealed, could be reasonably deemed significant to an investor's decision in buying or selling a company's securities. While not exhaustive, examples include financial results, future earnings projections, merger news, changes in management, and other sensitive details not yet made public. This information is both undisclosed and unavailable to the general public, and its potential impact on investment decisions necessitates careful consideration.

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**Official**—An incumbent, candidate or successful candidate for elective office of a Government Entity.

**Outside Investment Account –** is a Reportable Investment Account held at a non-Raymond James broker/dealer, or at any other financial institution, in which individual securities transactions can be affected.

**Pre-Clearance Officer**—the so-designated individual at RJIM (or that person's designee) as set forth below as amended from time to time.

**Raymond James or RJF**—includes Raymond James Investment Management's parent company, Raymond James Financial, Inc. (RJF), and affiliated broker dealers of RJF including Raymond James & Associates, Inc. (RJA) and Raymond James Financial Services, Inc. (RJFS).

**Reportable Fund or Fund** – Any pooled investment vehicle for which the Firm serves as an investment adviser as defined in section 2(a)(20) of the IC Act. (See Appendix 2 RJIM Reportable Funds)

**Reportable Investment Account**—means the following Securities accounts: any personal account of an Access Person and any account in which an Access Person has Beneficial Ownership, except for Excluded Accounts.

**Reportable Security—** a Security, except that it does not include: (i) direct obligations of the Government of the United States; (ii) bankers' acceptances, bank certificate of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (iii) shares issued by money-market funds; (iv) shares issued by open-end registered investment companies other than a Reportable Fund; (v) shares issued by unit investment trusts that are invested exclusively in one or more open-end investment companies other than a Reportable Fund.

**Securities Transaction**— a purchase or sale of Reportable Securities or Equivalent Securities.

**Security**—any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, real estate investment trust, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

**Social Media** — defined as Facebook, X (formerly, Twitter), YouTube, LinkedIn, as well as Internet blogs and other interactive forums.

V. Prohibited Acts: Conflicts of Interest

All Employees have an affirmative duty of care, loyalty, honesty, and good faith, and to act in the best interests of their Clients. Compliance with this duty is best served by avoiding conflicts of interest and by fully disclosing all material facts concerning any conflict that does arise with respect to any Client. A "conflict of interest" occurs when an individual's personal interests interfere or appear to interfere with Client interests. A conflict may arise when a person takes actions or has interests that make it difficult to perform their duties with respect to the client objectively and effectively. Conflicts of interest may also arise when a person receives improper benefits, or members of their family receive improper personal benefits resulting from their position.

Employees must avoid conduct or activities that may appear to be a conflict or impropriety. Any Employee that becomes aware of a potential conflict is required to bring it to the attention of their supervisor and/or the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Personal Trading

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In accordance with Rule 17j-1 under the IC Act and Rule 204A-1 under the Advisers Act, the purpose of the Personal Trading Policy is to prevent fraudulent, deceptive, or manipulative conduct and to ensure that the personal securities transactions of Access Persons do not interfere with the best interests of Clients. All Access Persons are expected to adhere to the highest ethical standards and comply with the provisions outlined in Personal Trading Policy Annex attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Gifts and Entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Receiving or Offering of Gifts:

The Firm and its Employees are prohibited from giving or receiving anything of value exceeding $100 per year as a result of their relationship with the Firm. The appropriateness of gifts must be evaluated on a case-by-case basis, and gifts must not be part of a pattern of frequent giving. Cash or cash equivalents cannot be given or received as gifts. Customary and reasonable gifts given or received in recognition of infrequent, commonly recognized life events or based on a long-standing personal relationship are excluded from the gift limit threshold. Promotional materials that display the corporate or other business logo do not count toward the $100 limit, so long as they do not exceed $25 in value. Gifts must be appropriately documented in the company records, including the value and name of the recipient, in accordance with the company's recording system. Compliance will review these records, and gifts given/received by registered representatives will be reported to the Board of Directors of the Carillon Funds principal underwriter. Note that a meal or other entertainment is considered a gift when the giver does not attend the event with the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Receiving or Giving of Entertainment:

Employees are prohibited from offering, giving, accepting, authorizing or soliciting anything of value to improperly obtain, retain, award or reward business or secure any other advantage. (See Raymond James Anti-Bribery and Anti-Corruption Policy). It is also the policy of the Firm that Employees are prohibited from giving or accepting entertainment in excess of five hundred dollars ($500) per person per event to/from clients, prospects, vendors, etc. Entertainment must be appropriately documented (with value and name of the recipient) in the company records in accordance with the company's recording system. This reporting obligation will not apply to entertainment of insubstantial value (such as promotional items or meals, provided it does not exceed $50 in value.). These records will be reviewed by Compliance. Gift and Entertainment records of FINRA-registered Employees will be reported to the Board of Directors of the Carillon Funds principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Outside Business Activities

Outside business activities by Employees must be disclosed to the RJIM CCO or their designee using the Firm's Outside Business Activity system, or designated disclosure process. While employed or affiliated with RJIM, you must receive approval prior to engaging in an outside business activity. If you are not participating in an outside business activity, you must attest annually in the Outside Business Activity System, when received, by selecting "Disclose None". This attestation confirms that you are not participating in an outside business activity. Outside business activities include, but are not limited to:

◾ Engaging in an activity or providing a service for which compensation or benefits (direct or indirect) are received, or where there is a reasonable expectation of compensation or benefits

◾ Acting or serving as a control person as described below:

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| ◾ | Acting as, or being named as, a control person [e.g., power of attorney (such as financial or medical), successor trustee, executor named in will] for an individual that is a non-immediate family member. For purposes of the Outside Business Activities Policy, immediate family members include a person's parents, mother-in-law or father-in-law, spouse or domestic partner, brother or sister, brother-in-law or sister-in- law, son-in-law or daughter-in-law, children (including stepchildren), and any other individual to whom the person provides, directly or indirectly, more than 25% of a person's income in the prior calendar year.  |

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◾ Serving as a control person for an immediate family member, as defined immediately above (e.g., current trustee, current executor, active power of attorney).

◾ Knowingly being named as a beneficiary of a client of Raymond James who is not an immediate family member, as defined above.

◾ Being an employee or independent contractor of a non-Raymond James entity.

◾ Owning, operating, or engaging in a business venture independent of Raymond James.

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◾ Founding or serving in a leadership capacity (e.g., director, officer, or board/committee/council member) of a non-Raymond James entity.

◾ Sponsoring or hosting a non-profit or charitable event, when the purpose of the event is to solicit contributions or donations in which you have control of the funds.

◾ Holding or seeking election or appointment to a political or government office of a federal, state, provincial, municipal, or local government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Political Contributions

Covered Associates are prohibited from making Contributions without prior approval on Form 1828. Employees must abide by the Anti- Bribery & Corruption policy and submit Form 1828 and receive approval from Compliance before making any political contributions. The maximum allowable contribution to a candidate for whom a contributor can vote is $350 per election. If the contributor cannot vote for the candidate, the maximum allowable contribution is $150 per election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. IPO Allocation Policy for Clients

All Access Persons must comply with the Statement of General Policy Regarding IPO Allocations which is attached as (Appendix 1) to this Code. In general, the policy prohibits improper actions taken in order to obtain greater access to Initial Public Offerings for Clients. Access Persons should not purchase or commit to purchase from certain brokers additional shares of an IPO in the immediate after-market trading in order to obtain larger IPO allocations. Access Persons should not engage in excessive trading or increase portfolio turnover in order to obtain larger IPO allocations by generating more commission business for brokers that provide access to IPOs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Taking Advantage of Advisory Client or Fund Opportunities

Access Persons are prohibited from taking personal advantage of any opportunity properly belonging to Advisory Clients. This includes, but is not limited to, acquiring Securities for one's own account that would otherwise be acquired for an Advisory Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Diversion of Firm Business or Investment Opportunity

No Employee may acquire, or receive personal gain or profit from, any business opportunity that comes to their attention as a result of their association with the Firm and in which they know the Firm might be expected to participate or have an interest in participating, without disclosing in writing all necessary facts to the CCO, offering the particular opportunity to the Firm, and obtaining written authorization to participate from the CCO.

Any personal or family interest of an Employee in any Firm business activity or transaction must be immediately disclosed to the CCO. For example, if an Employee becomes aware that a transaction being considered or undertaken by the Firm may benefit, either directly or indirectly, an Employee or a family member thereof, the Employee must immediately disclose this possibility to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Using Position or Influence for Personal Benefit at Expense of Clients

Access Persons are prohibited from causing or attempting to cause an Advisory Client to purchase, sell or hold any Security in a manner calculated to create any personal benefit to the Access Person.

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| ◾ | If an Access Person or an Immediate Family member stands to materially benefit from an investment decision for an Advisory Client that the Access Person is recommending or participating in, the Access Person must disclose that interest to persons with authority to make investment decisions and to the CCO. Based on the information given, a decision will be made as to whether to restrict the Access Person's participation in causing the Advisory Client to purchase or sell a Security in which the Access Person has an interest.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Conflicts of Interest Among Clients

Employees should not favor the interests of one Client over another Client. Inappropriate favoritism of one client over another client constitutes a breach of fiduciary duty. Dual Employees should ensure each client is treated equitably to mitigate any potential conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Disclosure of Confidential Information

Employees are prohibited from revealing non-public information relating to the investment intentions, activities or portfolios of an Advisory Client except to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) persons whose responsibilities require knowledge of the information,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) regulatory authorities who have appropriate jurisdiction with respect to such matters, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) third parties who utilize such information for ratings or performance analysis or who provide services pursuant to a written contract with confidentiality provisions.

Further details regarding disclosure may be found in the Compliance Manual. Dual Employees will not disclose confidential information of RJIM, any one of its Affiliates, or any of their Clients to the personnel of RJIM, any of its other Affiliates or any of their Clients except as necessary to conduct business of the Firm without the prior approval of the impacted entity's Chief Compliance Officer. Dual Employees will not disclose confidential information of RJIM, any of its Affiliates, or any of their Clients, to the personnel of other Raymond James subsidiaries without the prior approval of RJIM's CCO.

VI. Prohibited Acts: Off-Channel Communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Social Media

The following policy is being adopted to minimize the risk that the use of social media websites by Employees could be deemed advertising by the Firm. The use of social media websites by Employees could be deemed advertising depending on the content, context and recipient of the information disclosed on such a site.

In addition to complying with this policy all Employees are expected to read and comply with all standards set forth in the Raymond James Social Media policy as listed in the Raymond James Associate Handbook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Personal Sites Prohibited from Business Uses

Employees may not post or share any information on any social media site, blog or bulletin board regarding RJIM, its Affiliates, any of its/their Clients, investment products or anything related to business of any Firm without pre-approval from the Compliance Department, other than basic "resume like" professional biography data such as the company name, the Employee's correct title and employment dates, and other information included in the Employee's biography. In addition, Employees may not like, share, or repost content created and posted on the social media pages for Raymond James Financial, any of its affiliates, RJIM, the Affiliates and any employees thereof unless otherwise approved by the Compliance Department to re-post.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Personal Messaging Apps Prohibited from Business Use

Employees may not use text messaging, social media communications apps, or encrypted messaging apps, including but not limited to WhatsApp, to discuss or promote business of the Firms without pre-approval from the Compliance Department. All communication regarding business of the Firms must be conducted via approved and monitored channels such as the Firm's email systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Reporting Requirements

On a quarterly basis, the Compliance Department will request that all Employees attest that they have not used a personal social media account or web page for any business uses. Additionally, a member of the Compliance Department will periodically review the activity on the Firm's Social Media Accounts to confirm compliance with this Social Media Policy.

VII. Reporting Violations

All Employees are required to report any violation of this Code of Ethics promptly to their CCO. The CCO will periodically report to the RJIM Code of Ethics Review Committee to discuss any violations and any corresponding waivers. Additionally, the CCO shall report violations to the RJIM, Carillon Fund Distributors Board of Directors and to the Carillon Family of Funds CCO, who will inform Carillon Family of Funds' **Independent Fund Trustees** as well as any third-party funds' boards pursuant to 17j-1 under the IC Act.

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VIII. Code of Ethics Review Committee

The Code of Ethics Review Committee (the "COE Committee") shall investigate any reported or suspected violation of the Code and, as appropriate, take such actions as are authorized by this Code. The COE Committee also shall review the Code at least once a year, in light of legal and business developments and experience in implementing the Code. The RJIM CCO will prepare an annual report to the President of RJIM, CFD, and the Affiliates that:

◾ initially summarizes existing procedures concerning personal investing and, thereafter, any changes in the procedures made during the past year,

◾ identifies any Material Investigations during the past year, and

◾ identifies any recommended changes in existing restrictions or procedures based on the experience under the Code, evolving industry practices, or developments in applicable laws or regulations.

Members of the COE Committee are set forth in Appendix 3.

IX. Review and Sanctions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Determination

The COE Committee is charged with the responsibility of conducting informal hearings, assessing mitigating factors, and imposing sanctions consistent with the Code's Sanction Guidelines. The RJIM CCO will arrange for a meeting of the Committee in cases where a violation of one or more applicable provisions of this Code has occurred and the guidelines suggest a monetary penalty, written reprimand, termination or more serious action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Sanctions

The CCO and the COE Committee have the authority to impose sanctions which may include, but are not limited to, a letter of censure, suspension or termination of employment. As part of any sanction, the Committee may require the Employee to reverse the trade(s) in question and forfeit any profit or absorb any loss derived therefrom. Any amounts that are paid/disgorged by an Access Person under this Code shall be paid to RJIM and held by the Firm to be paid to a charity of RJIM's choosing. Failure to abide by a directive to reverse a trade may result in the imposition of additional sanctions or termination.

The table below is a sanction guide for failure to comply with the Code. Actual sanction may vary based on severity and the discretion of CCO or COE Committee. The Committee will document instances in which variations from the Sanctions Guidelines were authorized due to mitigating factors.

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sanctions applicable to all Employees of RJIM and its Affiliates subject to this Code of Ethics** | &nbsp;&nbsp;**Sanctions applicable to all Employees of RJIM and its Affiliates subject to this Code of Ethics** | &nbsp;&nbsp;**Sanctions applicable to all Employees of RJIM and its Affiliates subject to this Code of Ethics** | &nbsp;&nbsp;**Sanctions applicable to all Employees of RJIM and its Affiliates subject to this Code of Ethics** |
| &nbsp;&nbsp;&nbsp;**Violation** | **Sanction for First Offense** | **Sanction for Second<br>Offense** | **Sanction for Third<br>Offense** |
| &nbsp;&nbsp;&nbsp;Unapproved posting or sharing business material on social media | Written reprimand; social account must be added to Firm social media monitoring system within 30 days. | Defined as second social post after the written reprimand or failure to link social account to social media monitoring in 30 days.<br>Written reprimand and/or monetary penalty. | Defined as third social media post after two written reprimands or failure to link social accounts in 60 days.<br>Monetary penalty, suspension or Termination. |
| &nbsp;&nbsp;&nbsp;**Use of unapproved marketing materials** | Warning or written reprimand. | Defined as the second instance of utilizing unapproved marketing materials following the issuance of a warning <sup>or</sup> written reprimand. A warning or written | Defined as the third instance of utilizing unapproved marketing materials following two warnings or written reprimands. Sanctions may |

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| | | | |
|:---|:---|:---|:---|
|  |  | reprimand and/or monetary penalty may be imposed.<br>If the first offense is deemed severe, the sanctions for a second offense may be applied. | include a monetary penalty, suspension, or termination.<br>If the first or second offense is deemed severe, the sanctions for a third offense may be applied. |
| &nbsp;&nbsp;&nbsp;No broker statements or confirms on file or evidence that duplicate statements have been requested | Written warning | Defined as after 30 days of no action: Written reprimand and/or monetary penalty | Defined as after 60 days of no action: Monetary penalty, freeze trading accounts for 30-90 days and/or suspension or termination |
| &nbsp;&nbsp;&nbsp;Trading without receiving appropriate pre-clearance or trading outside the approval period | Written warning | Written reprimand and/or freeze trading accounts for 30- 90 days and/or monetary penalty | Monetary penalty, freeze trading accounts for 30- 180 days and/or suspension or termination |
| &nbsp;&nbsp;&nbsp;Trading after being denied approval | Monetary penalty, freeze trading accounts for 30-90 days and/or suspension or termination | See 1<sup>st</sup> Offense | See 1<sup>st</sup> Offense |
| &nbsp;&nbsp;&nbsp;Trading within the 7-day blackout period | Written reprimand, Reversal of trade and forfeiture of profits, Monetary Penalty, Freeze Trading accounts for 30-90 days and/or Suspension / Termination | See 1<sup>st</sup> Offense | See 1<sup>st</sup> Offense |
| &nbsp;&nbsp;&nbsp;Failure to file an Initial or Annual Holdings Report | Defined as not filed within 10 or 30 days, as applicable: Written warning | Defined as not filed within 30 days on more than one occasion or not filed within 60 days: Written reprimand and/or monetary penalty | Defined as not filed within 30 days on more than two occasions or not filed within 90 days: Monetary penalty, freeze trading accounts for 30- 90 days and/or suspension or termination |
| &nbsp;&nbsp;&nbsp;Failure to file a Quarterly Transaction Report | Defined as not filed within 30 days: Written warning | Defined as not filed within 30 days on more than one occasion or not filed within 60 days: Written reprimand and/or monetary penalty | Defined as not filed within 30 days on more than two occasions or not filed within 90 days: Monetary penalty, freeze trading accounts for 30- 90 days and/or suspension or termination |

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Failure to file an Annual Code Acknowledgement and Certification Form | Defined as not filed within 30 days: Written warning | Defined as not filed within 30 days on more than one occasion or not filed within 60 days: Written reprimand and/or monetary penalty |
| &nbsp;&nbsp;&nbsp;Commission of a Prohibited Act not otherwise specifically addressed in this Code section | Written reprimand, Monetary penalty, freeze trading accounts for 30-90 days and/or suspension or termination | See 1<sup>st</sup> Offense |
| &nbsp;&nbsp;&nbsp;Purchasing a Security within 60 days of a sale of the same Security or selling a Security within 60 days of the purchase of the same Security, if the Security is held by the Firm and results in a profit. | Written Reprimand, Reversal of trade and forfeiture of profits, and/or Monetary Penalty | Monetary Penalty, Freeze Trading accounts for 30- 90 days and/or Suspension / Termination See 2<sup>nd</sup> Offense |
| &nbsp;&nbsp;&nbsp;Serving on the Board of a publicly traded company without prior written consent | Written reprimand, Monetary Penalty, and/or Suspension / Termination | See 1<sup>st</sup> Offense |

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| | |
|:---|:---|
|  **Monetary penalties that may be assessed depending on the Employee's title:** | **Monetary penalties that may be assessed depending on the Employee's title:** |
|  Assistant Vice President and Staff: | $100 to $500 |
|  Vice President: | $500 to $1,000 |
|  Senior Vice President: | $1,000 to $2,500 |
|  Executive Vice President and above: | $2,500 to $5,000+ |

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X. Approval and Amendment

The CCO may delegate any of the responsibilities, powers and authorities conferred by this Code. Such delegation may be to an individual, a committee or both. This Code may be amended from time to time by the RJIM CCO. The RJIM CCO will communicate any amendments to the Affiliate CCOs so that they may report the changes to their Clients as necessary. The CCO may establish, in their discretion, certain supplemental procedures to this Code in order to provide additional assurance that the purposes of this Code are fulfilled and/or to assist the CCO in administration of the Code.

XI. Annual Certification

Within 10 days of their hire date, each newly hired Employee shall certify that they have received, read and understand this Code of Ethics by executing the Initial Holdings Report in StarCompliance. Thereafter, annually, each Employee will be required to certify that they have received, read, understand and complied with each section of this Code of Ethics on the certification form set forth in StarCompliance. Additionally, annually, each Employee will complete the RJF Code of Ethics certification page certifying they have received, read, understood and complied with all the requirements of the RJF Code.

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XII. Inquiries Regarding the Code

Please contact the Compliance Department or the CCO if you have any questions about this Code or any other compliance-related matters.

Page \| 15

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**<u>Code of Ethics –</u>** 

**<u>Insider Trading Policy Annex</u>** 

Section 204A of the Advisers Act requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of Material, Non-Public Information by any person associated with such investment adviser. In accordance with Section 204A, the Firm has instituted the following procedures to prevent the misuse of Material, Non-Public Information.

Securities laws have been interpreted to prohibit the following activities:

◾ Trading by an insider while in possession of Material, Non-Public Information; or

◾ Trading by a non-insider while in possession of Material, Non-Public Information, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential; or

◾ Communicating Material, Non-Public Information to others in breach of a fiduciary duty.

**<u>Whom Does the Policy Cover?</u>**

This policy covers all Employees. This policy also covers any transactions in any securities participated in by family members, trusts or corporations directly or indirectly controlled by such persons. In addition, the policy applies to transactions engaged in by corporations in which the Employee is an officer, director or 10% or greater stockholder and a partnership of which the Employee is a partner unless the Employee has no direct or indirect control over the partnership.

**<u>What Information is Material?</u>**

Individuals may not be held liable for trading on inside information unless the information is material. Information is generally viewed to be "material" where: (i) there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision; (ii) the disclosure of the information would be viewed by the reasonable investor as having significantly altered the 'total mix' of information made available; or (iii) the disclosure of the information is reasonably certain to have a substantial effect on the market price of the security. Advance knowledge of the following types of information is generally regarded as Material:

◾ Dividend or earnings announcements

◾ Write-downs or write-offs of assets

◾ Additions to reserves for bad debts or contingent liabilities

◾ Expansion or curtailment of company or major division operations

◾ Merger, joint venture announcements

◾ New product/service announcements

◾ Discovery or research developments

◾ Criminal, civil and government investigations and indictments

◾ Pending labor disputes

◾ Debt service or liquidity problems

◾ Bankruptcy or insolvency problems

◾ Tender offers, stock repurchase plans, etc.

◾ Recapitalization

Information provided by a company could be material because of its expected effect on a particular class of a company's securities, all of the company's securities, the securities of another company, or the securities of several companies. The misuse of Material, Non-Public Information applies to all types of

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securities, including equity, debt, commercial paper, government securities and options.

Material Information does not have to relate to a company's business. For example, Material Information about the contents of an upcoming newspaper column may affect the price of a security, and therefore be considered material.

**<u>What Information is Non-Public?</u>**

In order for issues concerning inside trading to arise, information must not only be material, but also Non-Public.

Once Material, Non-Public Information has been effectively distributed to the investing public, it is no longer classified as Material, Non-Public Information. However, the distribution of Non-Public Information must occur through commonly recognized channels for the classification to change. In addition, the information must not only be publicly disclosed, but also there must be adequate time for the public to receive and digest the information. Lastly, Non-Public Information does not change to public information solely by selective dissemination.

Employees must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving Material, Non-Public Information. Whether the "tip" made to the Employee makes him/her a "tippee" depends on whether the corporate insider expects to benefit personally, either directly or indirectly, from the disclosure. The "benefit" is not limited to a present or future monetary gain; it could be a reputational benefit or an expectation of a quid pro quo from the recipient by a gift of the information. Employees may also become insiders or tippees if they obtain Material, Non-Public Information from acquaintances, at social gatherings, by overhearing conversations, etc.

**<u>Selective Disclosure</u>**

Employees must never disclose proposed/pending trades to any client or other individual/entity outside of the Firm (other than the entity trading the security for the Firm), except in connection with the transition of a client's funds into or out of a Firm strategy. Additionally, the Firm must be careful when disclosing the composition of Clients' portfolios without obtaining consent from the Compliance Department. Federal Securities Laws may specifically prohibit the dissemination of such information and doing so may be construed as a violation of the Firm's fiduciary duty to Clients. Selectively disclosing the portfolio holdings of a client's portfolio to certain investors/outside parties may also be viewed as the Firm engaging in a practice of favoritism. Including information regarding Clients' portfolio holdings in marketing materials and the Firm's website is subject to the Compliance Department's approval in accordance with the Firm's Marketing policy and procedures. All inquiries that are received by Employees to disclose portfolio holdings must be reported to the Compliance Department before such holdings are provided. In determining whether or not to approve the dissemination of holdings information, the Compliance Department will consider, among other things, how current the holdings information is. However, in no case will the Compliance Department approve the dissemination of holdings information that is less than one (1) month old (except for limited holdings information (such as top-ten holdings) or information provided in connection with an upcoming account funding or transition, which may be disseminated before it is one (1) month old). the Firm may also maintain other practices applicable to holdings disclosure policies as agreed with clients.

The Firm will provide Clients with certain information relating to the holdings or performance of their accounts, as requested. All Clients are provided with the opportunity to request such information to ensure that no selective disclosure of such information has occurred.

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**<u>Procedures to follow if an Employee Believes that he/she Possesses Material, Non-Public Information</u>**

If an Employee has questions as to whether they are in possession of Material, Non-Public Information, they must inform the CCO as soon as possible. From this point, the Employee and CCO will conduct research to determine if the information is likely to be considered important to investors in making investment decisions, and whether the information has been publicly disseminated.

Given the severe penalties imposed on individuals and firms engaging in inside trading, Employees:

◾ Shall not trade the securities of any company in which they are deemed insiders who may possess Material, Non-Public Information about the company.

◾ Shall only engage in personal securities transactions in accordance with the Firm's Personal Trading Policy and the securities laws.

◾ Shall not discuss any potentially Material, Non-Public Information with colleagues, except as specifically required by their position.

◾ Shall not proceed with any trading of a company if they possess Material, Non-Public Information about that company until the CCO informs the Employee of the appropriate course of action.

The Firm's Compliance Department (or its designee) will periodically review a sampling of employee emails and instant messages to look for evidence of violations of this policy.

**<u>Restrictions on spreading false or misleading rumors</u>**

Market events in 2008 highlighted the potential impact of false rumors on stock prices, and regulators including the SEC responded by reminding market participants that they are prohibited from intentionally spreading false rumors to impact the financial condition of an issuer.

Employees are prohibited from spreading rumors that they know are false or misleading with the intention of impacting a security price and/or profiting from its dissemination; for example, by shorting a stock and saying the company is in danger of collapse. If an Employee obtains information that it believes may be false or misleading, the Employee will notify the CCO before conducting any trading based on that information.

The Firm's Compliance Department (or its designee) will periodically review a sampling of Employee emails and instant messages to look for evidence of violations of this policy. The Compliance Department will maintain documentation regarding any such violations.

**<u>Insider Trading Policy Annex Definitions</u>**

The terms defined herein shall carry the same meaning as ascribed to them in the Raymond James Investment Management Code of Ethics.

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**<u>Annex – Code of Ethics</u>**

**<u>Personal Trading Policy</u>**

This Personal Trading Section of the Code of Ethics (the "Code") is established pursuant to Rule 17j-1 under the Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisers Act of 1940 and applies to all Access Persons of each Firm. The purpose of this policy is to prevent fraudulent, deceptive, or manipulative conduct and to ensure that the personal securities transactions of Access Persons do not interfere with the best interests of Clients. All Access Persons are expected to adhere to the highest ethical standards and comply with the provisions outlined herein.

**Scope of the Policy** 

**Employees and Access Persons** 

This Policy applies to all Access Persons and Immediate Family members.

**Fund Independent Trustees** 

The Code's reporting requirements do not apply to Fund Independent Trustees as long as they had no knowledge that the Firm traded or considered trading in a security within 15 days of their own transaction in that security. The report must be submitted to the Fund CCO within 30 days of the quarter end.

**Reportable Investment Accounts** 

The trading and reporting rules set forth herein apply to all Reportable Investment Accounts.

**Outside Investment Account Approval:** 

Outside Investment Accounts that are not Managed Accounts must be closed and the positions transferred to a Raymond James account within 90 calendar days of becoming an Employee with Raymond James unless the outside account is approved by the CCO and the RJF Compliance Department. No Access Person shall open an Outside Investment Account without receiving written pre-approval from the Compliance Department. Approval for opening or maintaining an Outside Investment Account is requested using the Account Disclosure form located in StarCompliance. All Access Persons must maintain Reportable Investment Accounts with an affiliated Raymond James Broker-Dealer, as per RJF corporate policy, unless the Reportable Investment Account is a Managed Account or the Access Person is granted an exception by the Compliance Department and the RJF Compliance Department. The trading and reporting rules set forth herein apply to all Outside Investment Accounts granted an exception. Access Persons seeking permission to open a Managed Account must provide a fully executed account management agreement to the CCO as part of their request.

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**Short-Term Trading** 

Unless otherwise approved by the Compliance Department, no Access Person shall purchase a Security within 60 calendar days of the sale of that Security (or an Equivalent Security) or sell a Security within 60 calendar days of the purchase of the Security (or an Equivalent Security), if that Security is an equity holding of the Firm, and if the transaction would result in a profit. Notwithstanding the foregoing, the short-term trading restriction described in this section shall not apply to Large Cap Securities.

If an Access Person violates this provision, then the Access Person must sell the position and must forfeit all profits on the transaction to a charitable organization designated by Raymond James Investment Management. (Does not apply to transactions involving Raymond James Financial, RJF, stock).

This restriction shall not apply to Securities Transactions where pre-clearance is not required under the Code.

**Blackout Period** 

No Access Person may execute a Securities Transaction within seven calendar days of a purchase or sale of the same Reportable Security (or an Equivalent Security) by any Advisory Client managed by the Firm. For example, if an Advisory Client trades a Security on day one, day eight (or the next trading day, whichever is later) is the first day Access Persons may execute a Securities Transaction for that Security. This provision does not apply to transactions made in Managed Accounts. If an Access Person executes a Securities Transaction within seven calendar days of a purchase or sale of the same Reportable Security (or an Equivalent Security) by any Advisory Client managed by the Firm, then the RJIM CCO or their designee will review the trade, trade size, trade patterns, indication of insight, and determine whether or not a violation of the Code has occurred. Notwithstanding the foregoing, the blackout period restriction described in this section shall not apply to Large Cap Securities.

**Contrary Trades** 

Access Persons who trade contrary to Advisory Client account activity in a security within seven calendar days before or after the conclusion of an investment strategy's activity may need to submit a memo to the CCO or their designee explaining the decision to buy/sell contrary to the activity.

**Pre-Clearance Requirements** 

Access Persons are required to obtain pre-clearance from the Pre-clearance Officer or designated compliance personnel before executing any Securities Transactions for which pre-authorization is required as outlined herein. Access Persons must submit a request for pre-clearance, providing details of the proposed transaction, including the Security to be traded, the quantity, and the account. The Pre-Clearance Officer may authorize or deny any pre-clearance request based upon the provisions contained in this Policy and the overall Code of Ethics, including any transaction deemed by the CCO or their designee to involve a conflict of interest, possible diversion of corporate opportunity, or an appearance of impropriety.

Cryptocurrency Trading Restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Access Person may trade any Cryptocurrency Securities not listed on a national exchange or prohibited under
RJF's Higher Risk Securities Policy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Access Person may be involved in any crypto-based activities (e.g., cryptocurrency mining or participation in
an Initial Coin Offering) beyond purchasing cryptocurrency for their own cryptocurrency wallet.

**Preclearance Process** 

Pre-clearance requests must be submitted via an electronic system (StarCompliance) or, in limited circumstances (e.g., in the event of a system malfunction) via email to <u>RJIMCompliance@RJInvestmentManagement.com</u>. If the request is approved, the authorization is valid until the end of the day in which the approval is granted. Any personal trade subject to these pre-clearance requirements that is placed as a "limit order" must also be placed as a "day order."

No Access Person may engage in activities that would be considered "market timing" and in violation of the respective Fund's frequent trading policy. No Access Person may participate in an IPO in a Reportable Investment Account. Access Persons must have written pre-clearance from the Chief Compliance Officer or their designee for securities transactions involving Limited Offerings. The Chief Compliance Officer or the designee shall (a) obtain from the Access Person full details of the proposed transaction; and (b) conclude that the Security does not fit the investment strategy recommended by the Firm and if so, that no Clients have any foreseeable interest in the Firm purchasing such Security on their behalf. The Chief Compliance Officer or the designee may request a copy of any offering materials (subscription agreement, etc.) associated with the Limited Offering. Pre-clearance requests for Limited Offerings must be submitted via

**Advisor Access > My Practice > Compliance >Outside Business Activities** 

Initial participation in any of the following types of investments or trading activities must be pre-approved by the Firm's Chief Compliance Officer. If approval is granted, the Access Person must arrange to have periodic statements sent to the Firm's Chief Compliance Officer or their designee:

• Direct Participation Programs/Limited Partnerships (DPP/LP)

• Hedge Funds

• Interval Funds

• Investment Clubs

In some instances, should pre-clearance be approved and the Access Person place the trade, revocation of the initial approval may be necessary. For example, should the position approved be executed by the Firm after the Access Person placed the trade, their trade may need to be canceled. Any costs associated with the cancellation will be at the Access Person's expense.

**Preclearance Requirements** 

Access Persons are responsible for obtaining pre-clearance for these specified investment types before engaging in any transactions for themselves or their Immediate Family. Failure to obtain pre-clearance for these investments is a violation of the personal trading policy and may result in disciplinary action as described in the Sanctions section of the Code of Ethics.

<u>*Pre-clearance Securities*:</u>

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Corporate Securities | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• Individual company stocks<br>&nbsp;&nbsp;&nbsp;&nbsp;• Bonds issued by corporate entities<br>&nbsp;&nbsp;&nbsp;&nbsp;• Options where the underlying investment is a corporate stock<br>&nbsp;&nbsp;&nbsp;&nbsp;• American Depository Receipts (ADRs)<br>Exceptions: Commercial paper and face amount certificates do not require pre-clearance.<br>|
| &nbsp;&nbsp;&nbsp;Reportable Funds | &nbsp;&nbsp;&nbsp;&nbsp; Trading of any Reportable Fund in any type of account (including IRAs, 401(k)s, 529 plans, etc.)<br>Exceptions:<br> • Subsequent pre-clearance of a Reportable Fund is not required for transactions that are part of an Automatic Investment Plan, automatic rebalancing, or redemption plan (i.e., systematic withdrawal). Changes in the total amount of the Automatic Investment Plan or systematic withdrawal do not require pre-clearance.<br>• Loans from plans including Reportable Funds do not require pre-clearance.<br>|
| &nbsp;&nbsp;&nbsp;Real Estate Based Investments | &nbsp;&nbsp;&nbsp;&nbsp; • Real Estate Investment Trusts (REITs)<br>• Collateralized Mortgage Obligations (CMOs)<br>|
| &nbsp;&nbsp;&nbsp;Certain Exchange Traded Products | &nbsp;&nbsp;&nbsp;&nbsp; • Closed-end funds that are not continuously offered do require pre-clearance.<br>• Exchange Traded Products restricted by RJF's Higher Risk Security Policy. Refer to the Raymond James <u>Restricted Trading List</u>.<br>|

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*Exemptions from Pre-Clearance Requirements*:

Access Persons are not required to obtain pre-clearance for the following types of transactions:

**1. Securities Transactions in Managed Accounts:** 

Securities Transactions within Managed Accounts are exempt from pre-clearance requirements.

**2. Discretionary Transactions by Financial Advisors:** 

Access Persons are not required to obtain pre-clearance for transactions involving Reportable Securities that are executed at the discretion of their financial advisor.

**3. Acquisition of Reportable Securities through Corporate Actions:** 

Access Persons are not required to pre-clear transactions involving Reportable Securities acquired through stock dividends, dividend reinvestments, stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions applicable to all holders of the same class of securities.

**4. Tender Offers and Rights Exercise:** 

Pre-clearance is not necessary for tender offers in Reportable Securities conditioned on the tender offer's acquisition of all securities of the same class. Additionally, the exercise of rights issued by an issuer pro rata to all holders of a class of its securities does not require pre-clearance.

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Pre-clearance is not necessary for tender offers in Reportable Securities conditioned on the tender offer's acquisition of all securities of the same class. Additionally, the exercise of rights issued by an issuer pro rata to all holders of a class of its securities does not require pre-clearance.

**5. Certain Collective Investment Vehicles:** 

Transactions involving open-end funds that are not Reportable Funds are exempt from pre-clearance. This includes open-end mutual funds, money-market mutual funds, continuously offered closed-end funds, and index funds. Unit investment trusts <sup>1</sup>also fall under this exemption.

**6. Certain Banking Products:** 

Most banking products, including Bankers Acceptances and Certificates of Deposit (CDs), do not require pre-clearance. For specific inquiries, Access Persons are encouraged to contact compliance.

**7. Securities Issued by the US Government:** 

Securities issued by the federal government, such as Treasury Bills, T-Bonds, and municipal bonds and notes, are exempt from pre-clearance requirements.

**8. Annuities & Life Insurance:** 

Both fixed and variable annuities, as well as life insurance products, can be purchased without pre-clearance. Trading in variable accounts also does not require pre-clearance, except when the underlying investment is a Reportable Fund.

**9. Securities Transactions in Excluded Accounts** 

Securities Transactions within Excluded Accounts are exempt from pre-clearance requirements.

**Prohibited Transactions** 

Access Persons and their Immediate Family are generally prohibited from trading securities subject to Raymond James Higher Risk Securities Policy. Refer to the Raymond James <u>Restricted Trading List</u>.

**Reporting Requirements for Access Persons** 

**Access Persons and Immediate Family** 

All Access Persons, including their Immediate Family, are required to provide certain periodic information to the Firm's CCO or their designee regarding their trading activity and holdings. Certain transactions that are exempt from the reporting requirements are listed below. Failure to provide the required data in a timely fashion will subject the Access Person to disciplinary action as outlined in the Code.

<sup>1</sup> **<u>Please Note</u>:** Unit Investment Trusts do not require pre-clearance if the unit investment trust is invested exclusively in unaffiliated mutual funds; securities which are not eligible for purchase or sale by an investment company or other Investment Advisory Clients.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Initial Holdings Report.* 

Any person who becomes an Access Person must submit, within 10 days of becoming an Access Person, an Initial Holdings Report (via StarCompliance) listing all of their Reportable Securities and all of their Reportable Investment Accounts. The information in the Initial Holdings Report must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Quarterly Transaction Reports / Duplicate Confirmations and Statements.* 

Every Access Person who establishes a Reportable Investment Account during the quarter or who gains Beneficial Ownership in a Reportable Investment Account during a quarter, must complete the required section pertaining to new accounts in the Quarterly Transaction Report. This Report must be submitted to the Compliance Department via StarCompliance within 30 business days after the completion of each calendar quarter unless the Annual Holdings Report is also being completed during that quarter.

When possible, and unless transmitted to the Firm electronically, every Access Person must arrange for the Compliance Department to receive directly from any external broker, dealer, mutual fund company, or bank in question, duplicate copies of each confirmation and periodic statement for any Securities Transaction in any Reportable Securities during the quarter for which that Access Person is required to obtain pre-clearance. All copies must be received no later than 30 business days after the end of the calendar quarter or submit a Quarterly Transaction Report within 30 business days after the completion of each calendar quarter. Each confirmation or statement must disclose the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. description of the Security (including the title, exchange ticker symbol or CUSIP, interest rate and maturity
date, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the number of shares and principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the nature of the transaction (e.g., purchase, sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. the price of the Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. the name of the broker, dealer, bank, or mutual fund through which the trade was effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Annual Holdings Report.* 

Each RJIM Access Person must submit an Annual Holdings Report via StarCompliance listing all Reportable Securities in a Reportable Investment Account. The information in the Annual Holdings Report must be current as of a date no more than 45 days prior to the date the report is submitted. The completed report should be submitted to the CCO or their designee within 30 days of the request from the CCO or their designee.

**Exemptions, Disclaimers and Availability of Reports** 

*Availability of Reports.* 

All information supplied pursuant to this Code will be kept in the strictest of confidence unless disclosed for legal, regulatory or business reasons as described in this section. The information may be available for inspection by the Trustees of the Carillon Family of Funds, President of CFD, the Code of Ethics Review Committee, the applicable CCO, the Pre-Clearance Officer, the Access Person's department manager (or designee), any party to which any investigation is referred by any of the foregoing, the Securities and

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Exchange Commission, any self-regulatory organization with appropriate jurisdiction, and any state securities commission with appropriate jurisdiction.

*Retention of Records.* 

All reports or information supplied will be retained according to the retention policies of the Funds or the applicable Firm, unless otherwise noted.

**Personal Trading Policy Annex Definitions** 

Capitalized terms used herein shall carry the same meaning as ascribed to them in the Raymond James Investment Management Code of Ethics.

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**<u>Appendix 1</u>**

**<u>Statement of General Policy Regarding IPO Allocations</u>**

◾ Portfolio managers and traders may not take any improper action in order to obtain greater access to IPOs.

◾ Portfolio managers and traders should not engage in excessive trading or increase portfolio turnover in order to obtain larger IPO allocations by generating more commission business for brokers that provide access to IPOs.

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| | |
|:---|:---|
| ◾ | Portfolio managers and traders may not purchase or commit to purchase from certain brokers additional shares of an IPO in the immediate after-market trading in order to obtain larger IPO allocations; i.e., portfolio managers and traders may not explicitly or implicitly engage in a quid pro quo between the initial IPO allocation and the subsequent after-market purchases by the Firm. (However, absent such an explicit or implicit quid pro quo, portfolio managers and traders properly can determine to fill an unfilled IPO order with purchases in the secondary market from the same broker from whom they acquired the IPO shares.)  |

---

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| | |
|:---|:---|
| ◾ | Portfolio managers and traders may not pay commissions to certain brokers in excess of customary and reasonable commissions in order to obtain larger IPO allocations. (However, subject to best execution standards and appropriate disclosures in the Firm's Form ADV registration statement and any applicable mutual fund registration statements, portfolio managers and traders may consider access to IPOs as one factor, among others, in selecting broker-dealers with whom they trade.)  |

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◾ Portfolio managers and traders may not make IPO allocation decisions regarding client accounts based upon subsequent market movements or based upon any factors or guidelines not articulated in the applicable compliance policies and applicable disclosures.

◾ Allocations should be fair and equitable to all clients to the extent practicable.

◾ Allocations should comply with information disclosed to clients in, as applicable, the advisory contracts, the Firm's Form ADV registration statement, and any applicable mutual fund registration statement.

◾ Allocations should be pro rata to applicable groups of clients where feasible. If not pro rata, allocations should comply with applicable policies and procedures and should be consistent with information disclosed to clients.

◾ Allocations may not continually favor particular accounts unless such practice has been disclosed to clients.

◾ Hot IPOs generally may not be allocated to accounts where the Firm, its principals, or its affiliates maintain an ownership interest.

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<u>Appendix 2</u> 

<u>RJIM Reportable Funds</u> 

<u>Carillon Family of Funds</u>

Carillon Chartwell Real Income Fund

Carillon Chartwell Mid Cap Value Fund

Carillon Chartwell Short Duration High Yield Fund

Carillon Chartwell Small Cap Growth Fund

Carillon Chartwell Small Cap Value Fund

Carillon ClariVest Capital Appreciation Fund

Carillon ClariVest International Stock Fund

Carillon Eagle Growth & Income Fund

Carillon Eagle Mid Cap Growth Fund

Carillon Eagle Small Cap Growth Fund

Carillon Reams Core Bond Fund

Carillon Reams Core Plus Bond Fund

Carillon Reams Unconstrained Bond Fund

Carillon Scout Mid Cap Fund

Carillon Scout Small Cap Fund

<u>Advised by RJIM Affiliates</u>

Acuitas US Microcap Fund

Bridge Builder Small / Mid Cap Fund

First Trust Enhanced Equity Income Fund

Pear Tree Quality Fund

Principal Mid Cap Growth Fund III

Prudential Investment Select Mid Cap Retirement Portfolio

PSF Mid-Cap Equity

Russell Investment Company Russell Short Duration Bond Fund

Russell RIIFL Core Bond Fund (Russell Institutional Funds, LLC)

Russell RIIFL Low Duration Bond Fund (Russell Institutional Funds, LLC)

Russell RTC Fixed Income II Fund (Russell Trust Company Commingled Employee Benefit Funds Trust)

Russell RTC Multi-Manager Bond Fund (Russell Trust Company Commingled Employee Benefit Funds Trust)

The Timothy Plan Aggressive Growth Fund (open-end)

The Timothy Plan Large/Mid Cap Growth Fund (open-end)

TransAmerica International Stock Fund

Variable Portfolio - Partners Small Cap Growth Fund a series of Columbia Funds Variable Series Trust II

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**Appendix 3** 

**Code of Ethics Committee** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Javier Alvarez | 727-567-5383 |
| &nbsp;&nbsp;&nbsp;Damian Sousa | 727-567-4656 |
| &nbsp;&nbsp;&nbsp;Eric Wilwant | 727-567-4677 |
| &nbsp;&nbsp;&nbsp;Bob Kendall | 727-567-4685 |
| &nbsp;&nbsp;&nbsp;Ed Rick | 727-573-3858 |
| &nbsp;&nbsp;&nbsp;Susan Walzer | 727-567-3526 |
| &nbsp;&nbsp;&nbsp;Robert Morrison\* | 727-567-4246 |
| &nbsp;&nbsp;&nbsp;Chih-Pin Lu\* | 727-567-5820 |
|  | \*Non-Voting Members |

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## Ex-99.(P)(14)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Great Lakes Advisors, LLC

## CODE OF INVESTMENT ETHICS
Effective September 15, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Contents** 

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| | |
|:---|:---|
| **1. Preamble** | **3** |
| **2. Definitions** | **3** |
| **3. Statement of General Fiduciary Principles** | **6** |
| **4. Personal Securities Reporting by Access Persons** | **7** |
| **5. General Prohibitions** | **8** |
| **6. Personal Trading Pre-Clearance** | **9** |
| **7. Special Rules Applicable to GLA OMS Users** | **11** |
| **8. Special Rules Applicable to the Stamford Fundamental Equity Team** | **12** |
| **9. Pre-Approval of Privately Placed Securities (Hedge Funds and other Private Funds)** | **12** |
| **10. Exempted Transactions** | **13** |
| **11. Trustee Approval and Reports** | **13** |
| **12. Record Keeping** | **14** |
| **13. Sanctions** | **15** |
| **14. Condition of Employment** | **15** |
| **15. Descriptive Headings/Gender/Number** | **15** |

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**1. Preamble** 

This Code of Ethics ("Code") has been adopted by Great Lakes Advisors ("GLA" or "Adviser") pursuant to and in recognition of the policies and requirements of Section 17(j) of the Investment Company Act of 1940 (the "Act") and Rule 17j-1 thereunder, and Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"). In addition, when managing accounts of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 ("ERISA") and individual retirement accounts, the Adviser must comply with all applicable provisions of ERISA, the Internal Revenue Code of 1986, and applicable rules thereunder. This Code is intended to be in furtherance of and not in limitation of the duties and responsibilities to GLA and the persons subject to its provisions, whether arising by statute, regulation or otherwise.

In developing these policies and procedures, the Adviser considered the material risks associated with administering the Code. This analysis includes risks such as:

● Access Persons do not understand the fiduciary duty that they, and the Adviser, owe to clients;

● Access Persons and/or the Adviser fail to identify and comply with all applicable Federal Securities Laws;

● Access Persons do not report personal securities transactions;

● Access Persons trade personal accounts ahead of client accounts;

● Violations of the Federal Securities Laws, the Code, or the policies and procedures set forth in the Adviser's
Compliance Manual, are not reported to the CCO and/or appropriate supervisory personnel and/or Access Persons;

● The Adviser does not provide its Code and any amendments to all Access Persons; and The Adviser does not retain Access
Persons' written acknowledgements that they received the Code and any amendments.

**2. Definitions** 

Unless the context requires otherwise, the following definitions shall apply:

a. "**Adviser**" shall mean:

i. GLA, a Delaware Limited Liability Company that acts as the investment adviser, sub-adviser and manager for regulated
investment companies registered under the Act, as well as other, non-investment company advisory clients.

b. "**Access Person**" shall mean:

i. Any director, officer, or employee of the Adviser (including interns, temporary, contract employees; and/or

ii. Any company in a control relationship to the Adviser who obtains information concerning recommendations made to the Sub-Advised Fund or to or for the account of an Advisory Client regarding the purchase or sale of a security.

iii. Any other person determined by the Adviser's Compliance Department to be an Access Person.

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c. "**Advisory Client**" shall mean any client (including investment companies, managed accounts, and
trust accounts) for which GLA serves as an investment adviser, renders investment advice, or makes investment decisions.

d. "**Beneficial Ownership**" of a security by a person shall be interpreted in the same manner as it
would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is subject to the provisions of Section 16 of that act and the rules and regulations thereunder,
except that the determination of direct or indirect Beneficial Ownership shall apply to all securities which an Access Person has or acquires. For example, in addition to a person's own accounts the term "Beneficial Ownership"
encompasses securities held in the name of a spouse or equivalent domestic partner, minor children, a relative sharing the person's home, or certain trusts under which the person or a related party is a beneficiary or held under other
arrangements indicating a sharing of financial interest.

e. "**Control**" shall have the same meaning as that set forth in Section 2(a) (9) of the Act.

f. **"Decision Trade"** shall mean changes in a model portfolio.

g. "**De Minimis Trade**" shall mean the purchase or sale of 1000 or fewer shares (in aggregate) of
High-Volume Security over seven calendar days.

h. **"GLA Trade Order Management System ("OMS") Users"** shall mean GLA OMS users who are
not part of the Stamford Fundamental Equity Team.

i. "**High-Volume Security**" shall mean a security of an issuer with a market capital value of
$1 billion or more which, over a period of five (5) trading days prior to the time it is to be purchased or sold, had an average daily trading volume on a major United States securities exchange of 40,000 shares or more.

j. "**Initial Public Offering**" means an offering of securities registered under the Securities Act of
1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

k. "**Investment Personnel**" shall mean an Access Person who makes or participates in decisions
regarding the discretionary purchase or sale of securities by or on behalf of the Sub-Advised Funds or an Advisory Client and any person such as an analyst or trader who directly assists in the process.

l. "**Limited Offering**" means an offering that is exempt from registration under the Securities Act of
1933 pursuant to section 4(2) or section 4(6) or pursuant to rule 504, rule 505 or rule 506 thereunder.

m. "**Outside Director of the Adviser**" means an independent member of the Adviser's board of
directors who would not be deemed to be an "Interested Person" of the Adviser, as the term "interested person" is defined in Section 2(a)(19)(B) of the Act for any reason other than the fact that the person:

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i. is a director of the Adviser and/or

ii. knowingly has any direct or indirect beneficial interest in securities issued by Wintrust Financial Corporation.

n. "**Person**" means any director, officer or employee of GLA, or any person deemed as an Access
Person.

o. "**Purchase or sale of a security**" and "**transaction**" mean any acquisition or
disposition (or agreement for the same) of a security and include the buying or writing of an option to purchase or sell a security.

p. "**Reportable Funds/Investment Vehicles**" means exchange traded products ("ETPs"), e.g.,
exchange traded funds ("ETFs) exchange traded notes ("ETNs"), etc., unit investment trusts ("UITs"), any open-end funds (including ETFs) advised or sub-advised by the Adviser or open-end funds whose adviser, sub-adviser, or principal underwriter controls, is controlled by or is under common control with the Adviser.

q. "**Security**" shall have the meaning set forth in Section 2(a)(36) of the Act and includes,
without limitation, stocks, bonds, notes, bills and debentures and any interest commonly known as a security including investments in Limited Offerings. It shall not include shares of non-affiliated registered open-end investment companies, direct obligations of the Government of the United States, short term debt securities which are "government securities" within the meaning of Section 2(a)(16) of
the Act, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high- quality short-term debt securities. For the avoidance of doubt, the term "security" includes all open-end funds (including ETFs) advised or sub-advised by the Adviser, open-end funds (including ETFs) whose adviser, sub-adviser, or principal underwriter controls, is controlled by or is under common control with the Adviser, closed-end funds ("CEFs), private funds and private
placements. The term "security" shall include any separate security:

i. which is convertible into, exchangeable for or which confers a right to purchase a security into which a security is
convertible, for which it is exchangeable, or which may be purchased upon the exercise of a right conferred by such security.

r. **"Stamford Fundamental Equity Securities"** shall mean securities held in or being considered for
purchase in Stamford Fundamental Equity strategies, i.e., Large Cap Core, Large Cap Value, Focused Large Cap Value, Small Cap Core, Small Cap Value and Small/Mid Cap strategies managed out of GLA's Stamford, CT office.

s. **"Stamford Fundamental Equity Team Personnel"** shall mean Stamford Fundamental Equity portfolio
managers, analysts, traders, compliance, operations, client service, and marketing personnel supporting those investment teams. Additional personnel may be included in this definition as deemed necessary by the CCO or designee.

t. **"Sub-Advised Fund"** shall mean a Reportable Fund
established as an open-end fund (including ETFs) registered under the Investment Company Act of 1940 which is sub-advised by GLA.

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u. **Virtual currency or cryptocurrency coins**: Any Access Person who purchases or sells virtual currency or
cryptocurrency coins or tokens that are being offered, or previously were offered, as part of an initial coin offering ("ICO"), should consult with the CCO as to whether such coins or tokens would be considered Securities for purposes of
this policy. If the CCO determines, based on the structure of the ICO and relevant SEC guidance, that such coins or tokens should be considered securities, the coins or tokens will be considered Securities for purposes of this policy. For the
avoidance of doubt, virtual currency or cryptocurrency coins or tokens that were created outside the context of an ICO are not deemed Securities under this policy.

v. A security is "**being considered for purchase or sale**" when a recommendation to purchase or sell a
security has been made and communicated or, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. The fact that a security is included in a data base utilized by the Adviser shall
not itself mean that a transaction in such security is being considered.

**3. Statement of Fiduciary Principles** 

While the Adviser believes that individual investment activities should not be prohibited, their philosophy has always been to avoid conflicts of interest (or even the appearance of conflict) between client services, investment adviser transactions, and personal investments. This inevitably places restrictions on the freedom in investment activities of persons associated with the Adviser. This Code of Ethics has been adopted to meet these concerns.

The general fiduciary principles governing this Code shall be that:

a. in any situation where the potential for conflict exists, transactions for clients must take precedence over
personal transactions,

b. all personal securities transactions must be conducted consistent with this Code and in such a manner as to avoid
any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility,

c. no person associated with the Adviser shall take inappropriate advantage of his or her position, and

d. the policy of the firm is to encourage long-term investing and discourage rapid trading or market timing strategies.

Should any situation arise not specifically governed by this Code, these general fiduciary principles shall govern the resolution of the matter. Accordingly, this Code shall be interpreted in furtherance of such general fiduciary principles and the general policies of Section 17(j) of the Act and Rule 17j-1 thereunder, and Rule 204A-1 of the Advisers Act.

Compliance with the Code of Ethics is a condition of employment/registration with the Adviser and willful violation of its provisions may be cause for termination of employment/registration. Taking into consideration all relevant circumstances, management of the entity employing the individual in question will determine what action is appropriate for any breach of its provisions, subject to the recommendation of the CCO, or designee as described below. The decision of management will also govern questions of interpretation arising under this Code.

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**4. Personal Securities Reporting by Access Persons** 

The Code requires Access Persons to conduct any personal securities trading activities in compliance with the provisions of the code and to report their personal securities transactions and holdings to the CCO, or designee, which is required to review these reports. Non-affiliated, broad-based ETPs and UITs are required to be reported, however **not required** to be pre-cleared. All non-broad-based ETPs require pre-clearance.

Additional rules are in place for the Stamford Fundamental Equity Team Personnel and GLA OMS Users.

a. Except as provided in Sections 4.b. of this Code, every Access Person shall report the information as described in Section 4.c. of this Code with respect to transactions in any security in which such Access Person has, or by reason of such transaction acquires, any Beneficial Ownership; provided, however, that an Access Person shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence or control. A transaction by or for the account of the spouse, or any other family member living in the home is considered to be the same as a transaction by the Access Person. Also, a transaction for any account in which the Access Person has any economic interest (other than an economic interest arising solely from fees paid by an account of an unrelated client) and has or shares investment control is generally considered the same as a transaction by the Access Person.

b. An Outside Director of the Adviser need not report a transaction unless such director knew or, in the ordinary course of fulfilling his or her official duties as a director of the Adviser, should have known at the time of the transaction that, within 15 days before or after the date of the transaction by the director, such security is or was purchased or sold by the Sub-Advised Fund or Advisory Client or was being considered for purchase or sale by the Sub-Advised Fund or Advisory Client.

c. Every transaction report required under Section 4.a. shall be made no later than 30 days after the end of the calendar quarter through the Firm's web-based personal trade monitoring system. Information captured shall include:

i. Transaction Information (date, title, rate, maturity, quantity, nature, price),

ii. Name of Broker where Brokerage Accounts are held,

iii. Date of the Report,

iv. Opening of New Brokerage Accounts, and

v. Date the Account(s) was/were established.

d. Each Access Person (except for Outside Directors) shall disclose to the CCO, or designee, using the firm's web-based monitoring system all of his or her personal securities holdings at the time his or her employment commences (or upon becoming an Access Person) and annually thereafter. An initial holdings report shall be made within 10 days after the commencement of employment (or becoming an Access Person). Annual reports shall be made within 45 days after the end of the calendar year. The information contained in either report must be current as of a date within 45 days of the date of submission. Information captured shall include:

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i. Securities Held (title, quantity),

ii. Name of Broker where Brokerage Accounts are Held, and

iii. Date of the Report.

e. The Adviser shall identify all Access Persons who are under a duty to make reports pursuant to this Section 4 and shall inform such persons of such duty.

f. The CCO, or designee, shall be responsible for implementing compliance procedures to review reports made pursuant to this Section.

**5. General Prohibitions** 

a. Unless an exception exists elsewhere in the Code, no Access Person shall purchase or sell, directly or indirectly, for himself/herself or any relative or associate, any security in which he or she has, or by reason of such transaction acquires, any Beneficial Ownership and which to his or her actual knowledge at the time of such purchase or sale:

i. Is being considered for purchase or sale by the Sub-Advised Funds or an
Advisory Client;

ii. Is being purchased or sold by the Sub-Advised Funds or an Advisory Client;

iii. Until the Sub-Advised Fund's or the Advisory Client's
transaction has been completed or consideration of such transaction is abandoned.

b. No Access Person shall subscribe to any Initial Public Offering ("IPO") or sell short any security held by the Sub-Advised Funds or the account of an Advisory Client, including "short sales against the box".

c. No Access Person shall trade in any Option.

d. No Access Person shall sell any security or other property in which he has Beneficial Ownership to the Sub-Advised Funds or the account of an Advisory Client or purchase any security or other property in which he acquires Beneficial Ownership by reason of the transaction from the Sub- Advised Funds or the account of an Advisory Client except, in the case of the Sub-Advised Funds, securities issued by the Sub-Advised Funds.

e. No Access Person shall discuss with or otherwise inform others of any contemplated security transaction by the Sub-Advised Funds or an Advisory Client, including nonpublic portfolio holdings information of the Sub-Advised Funds, except in the performance of his or her duties of employment or in an official capacity and in no event for personal gain or for the benefit of others. No such person shall release information to dealers or brokers or otherwise (except to those concerned with a transaction) as to any investment portfolio changes on behalf of the Sub-Advised Fund or an Advisory Client, proposed or in process, except:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. when the disclosure results from the publication of a prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. pursuant to the Sub-Advised Funds' Policy on Release of Portfolio Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. in conjunction with a regular report to shareholders or to any governmental authority resulting in such information becoming public knowledge; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. as legally required.

f. Trading on "inside information" is prohibited, under all circumstances. For more information, refer to the GLA policies on "inside information."

g. No Access Person or his or her spouse shall serve on the board of directors of a publicly traded company without first having received authorization of the CCO, or designee, based upon its determination that the board service would be consistent with the interests of the Adviser and its clients.

h. Access Persons are forbidden from serving on the board of directors of a publicly traded company that is a portfolio holding of a Sub-Advised Fund or Advisory Client.

No Access Person shall:

i. Employ any device, scheme or artifice to defraud;

ii. Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements, in light of the circumstances under which they are made, not misleading;

iii. Engage in any act, practice or course of business that operates or would operate as a fraud or deceit; or

iv. Engage in any manipulative practice.

**6. Personal Trading Pre-Clearance** 

a. Access Persons must pre-clear every purchase or sale of a Security, (including CEFs, Non-Broad-Based ETFs, Private Funds, Private Placements and Limited Offerings) unless they are excluded from pre-clearance per Section 10 sub-paragraphs (a) through (c). Securities transactions must be pre-cleared using the firm's web-based personal trade monitoring system. Limit orders are only allowable if entered as day limit orders. In granting or withholding approval of any purchase or sale of a security, the CCO, or designee, shall give due consideration to the type of security involved, the number of shares or units of the security outstanding, whether the security is traded only over the counter or is listed on an exchange, the volume of trading in such security, the possible effect of the proposed transaction on the market price of the security, and any other factors it deems relevant. Any transaction for which pre-clearance was granted must be entered on the date of approval plus one (1) business day after. A new request is required for transactions entered after that period. The CCO shall establish procedures to monitor investment activity of persons to whom pre-clearances have been granted. The CCO, or designee, shall not approve a pre-clearance for his or her own trade request.

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b. All brokerage or commodity account relationships of Access Persons are to be disclosed to the CCO, or designee, and instructions given to the brokers that a copy of each confirmation and account statement related to those accounts must be captured by the Firm's designated system for review by the CCO, or designee. Access Persons are required to maintain brokerage accounts at approved brokers where electronic feeds are available in the personal trade monitoring system. The CCO, or designee, may grant exceptions to other brokers in limited circumstances, provided that adequate justification is documented. For the procedures and a detailed list of approved brokers, see Appendix A. The CCO, or designee, shall receive, on a timely basis, copies of all transaction confirmations in such accounts as well as copies of periodic statements in the system.

c. It is prohibited for any Access Persons to influence the allocation of brokerage for direct or indirect personal or familial benefit. Access Persons must disclose to the CCO, or designee, if any of their family members are in the securities business and might be in a position to benefit as a result of the Access Person's activities. Such disclosure shall not be deemed evidence that they have conferred any benefit, directly or indirectly, on such family member.

d. Investment Personnel owning an equity security being added to a "buy list" or an "approved list" or having a convertible or equivalent (for example, single stock ETFs) position in such security must disclose the fact of their ownership or position to the respective CIO. The CIO will subsequently report this information for review by the CCO or designee. The CCO, or designee, may require sale of the security or closure of the option position by the Investment Personnel to avoid the appearance of any impropriety. The CCO, or designee, shall maintain a written record of such disclosures and any actions taken in response to them.

e. No Access Person shall purchase or sell, directly or indirectly, for himself or any relative or associate, any security in which he or such relative or associate has, or by reason of such transaction acquires, any Beneficial Ownership (a "personal transaction") without first having obtained the prior approval of the CCO, or designee, as provided in Section 6.a. of this Code.

f. No Access Person shall accept favors of more than de minimis value (Access Persons may not accept gifts valued at more than $250 per provider per year) or preferential treatment from broker-dealers or any special benefit or consideration because of his or her association with GLA. To this end, no Access Person who is in a position to influence the placement of brokerage for the Sub-Advised Fund or for the account of any Advisory Client shall subscribe to Limited Offerings other than for bona fide investment in accordance with the normal investment practice of such person or shall own beneficially any security of a brokerage or investment banking firm (other than Wintrust Investments), and after having received specific approval of the CCO, or designee, pursuant to Section 6.a. of this Code. Additionally, such person, who has received the approval required by the preceding sentence, and who purchases such security shall disclose such investment when he plays a part in any subsequent consideration of an investment in the securities of such issuer by the Sub-Advised Fund or an Advisory Client, and any decision to so invest in the securities of such issuers shall further be subject to confirmation by personnel with no such personal interest in the matter.

g. No Access Person shall buy or sell a security (other than through a "de minimis Trade," which has been precleared by the CCO, or designee, pursuant to Section 6.a. of this Code) within seven (7) calendar days before and after the Sub-Advised Funds or an account of an Advisory Client those trades in that security. Any profits realized on trades within the proscribed periods shall be disgorged. Exceptions may be made, on a case-by-case basis, by the CCO, or designee.

h. Access Persons are strongly discouraged from engaging in excessive short-term trading of Securities. The purchase and sale, or sale and purchase, of the same or equivalent Securities within thirty (30) days are generally regarded as short-term trading. Exceptions may be made, on a case-

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i. Regarding Sections 6.g. and 6.h., personal transactions will be reviewed by the CCO, or designee, taking into consideration all relevant factors and based on the review, may require that the profits from the personal transaction be disgorged. Any profits disgorged under Sections 6.g. or 6.h., above, shall be paid to a charity to be selected by the Adviser in consultation with the Access Person who realized such profits, subject to approval of the CCO, or designee.

**7. Special Rules Applicable to GLA Trade Order Management System ("OMS") Users** 

This section applies to GLA OMS users who are not part of the Stamford Fundamental Equity Team. Additional personnel may be included in this definition as deemed necessary by the CCO or designee.

**a.** **General Prohibition on Personal Trading of Stamford Fundamental Equity Securities** 

GLA OMS Users are prohibited from buying, selling, selling short or otherwise trading in Stamford Fundamental Equity Securities (other than through a "de minimis trade," which has been precleared by the CCO, or designee, pursuant to Section 6.a. of this Code).

An exception to this prohibition may be made, on a case-by-case basis, by the CCO, or designee.

**b.** **Pre-Clearance to sell securities in the firm's web-based trading system** 

Notwithstanding the general prohibition in paragraph a. above, GLA OMS users may sell Stamford Fundamental Equity Securities held prior to employment with the Adviser by obtaining pre-clearance by the Compliance Department. Generally, the pre-clearance request should apply to the GLA OMS User's entire position in the Stamford Fundamental Equity Security. Any such pre-clearance exception will be documented by the Compliance Department.

The Compliance Department will generally pre-clear a request to sell a Stamford Fundamental Equity Security if the request meets de minimis trade criteria or, in the case of a non de minimis request, (i) the Adviser has not decided to trade in the security on the same day or within the past 7 trading days and the security is not being considered by the Adviser for a future decision trade, and (ii) the security does not otherwise present a conflict with the Adviser's business. Any transaction for which preclearance was granted must be entered on the day of approval. A new request is required for transactions entered after that period.

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**8. Special Rules Applicable to the Stamford Fundamental Equity Team** 

**a.** **General Prohibition on Personal Trading of Securities** 

Except as otherwise provided herein, Stamford Fundamental Equity Team personnel are prohibited from buying, selling, selling short or otherwise trading in Securities (with the exception of open- end funds (including ETFs) and private funds advised or sub-advised by the Adviser or open-end funds (including ETFs) and private funds whose adviser, sub-adviser, or principal underwriter controls, is controlled by or is under common control with the Adviser) in their personal accounts.

An exception to this prohibition may be made, on a case-by-case basis, by the CCO, or designee. The Compliance Department will review quarterly account statements to confirm that Stamford Fundamental Equity Team Personnel have not traded any Securities in personal accounts in violation of this policy in the personal trade monitoring system. Access Persons are required to confirm that they have not traded in Covered Securities in their Quarterly Transactions Report.

**b.** **Pre-Clearance to sell securities in the firm's web-based trading system** 

Notwithstanding the general prohibition in paragraph a. above, an Access Person on the Stamford Fundamental Equity Team may sell Securities held prior to employment with the Adviser by obtaining pre-clearance by the Compliance Department. Generally, the pre-clearance request should apply to the Stamford Fundamental Equity Team Personnel's entire position in the Security. Any such pre-clearance exception will be documented by the Compliance Department.

The Compliance Department will pre-clear a request to sell a Security if (i) the Adviser has not decided to trade in the security on the same day or within the past 7 trading days and the security is not being considered by the Adviser for a future decision trade, and (ii) the security does not otherwise present a conflict with the Adviser's business. Any transaction for which preclearance was granted must be entered on the day of approval. A new request is required for transactions entered after that period. Trading in Reportable Funds is not subject to trading prohibition or pre- clearance requirement but is subject to reporting and review by the Compliance Department.

**9. Pre-Approval of Privately Placed Securities (Hedge Funds and other Private Funds)** 

Since brokerage statements and confirmations generally do not include privately placed securities, any privately placed securities, including investments - whether initial or add-on investments - in hedge funds, private equity funds and other private funds, or derivatives purchased or sold by an Access Person, must be pre-cleared by the CCO, or designee.

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**10. Exempted Transactions**<br>

The prohibitions of Section 5(a) and Section 6 of this Code shall not apply to the following transactions:

a. Purchases or sales of Wintrust Financial Corporation's securities, or securities of any other affiliated
entity of the Adviser.

b. Purchases that are part of an automatic dividend reinvestment plan, or automatic investment plan.

c. Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its
securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

d. Purchases or sales, which receive the prior approval of the CCO, or designee, because they would be very unlikely to
affect an institutional market or because they clearly are not related economically to the securities to be purchased, sold, or held by the Sub-Advised Funds or an Advisory Client. The decision of the CCO, or
designee, shall be final regarding any request for prior approval; provided however, in cases involving a director of the Adviser, the CCO, or designee, may in its discretion refer the decision to the Board of Directors of the Adviser, and such
Board shall act without the participation of any member who may be seeking such approval.

**11. Trustee Approval and Reports** 

a. At the request of Sub-Advised Funds, the Adviser will prepare an annual
report to the Board of Trustees of the Sub-Advised Funds that summarizes existing procedures concerning personal investing and any additional procedures adopted during the year; describes any material issues
arising under the Code or such procedures since the last report, including but not limited to any material violations of the Code or such procedures and any sanctions imposed in response thereto; identifies material conflicts that arose during the
year; identifies any recommended changes in existing restrictions or procedures based upon the Adviser's experience under this Code of Ethics, evolving industry practices, or developments in applicable laws or regulations; and certifies
adoption of such procedures reasonably necessary to prevent Access Persons from violating the code of ethics and any other certifications as required by Rule 17j-1.

b. The Adviser shall submit this Code to the Board of Trustees of any Sub-Advised Funds for approval within the time frames required by Rule 17j-1. Any material changes to this Code shall be submitted to such board.

c. All reports required to be made hereunder shall be delivered to and preserved by the Adviser in accordance with this
Code and applicable regulations for the benefit of the entity for which such report is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. Record Keeping** 

The Adviser shall maintain the following records in the manner specified:

a. A copy of this Code and any amendment thereof which is or at any time within the past five years has been in effect
shall be preserved in an easily accessible place;

b. A record of any violation of this Code, or any amendment thereof, and of any action taken as a result of such
violation, shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

c. A copy of each report made by an Access Person pursuant to this Code shall be preserved by the entity receiving the
report for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

d. A list of all persons who are, or within the past five years have been, required to make reports pursuant to this
Code shall be maintained in an easily accessible place.

e. A list of the names of all persons who are, or within the past five years, have been, responsible for reviewing the
reports filed pursuant to Section 4 of this Code shall be maintained in an easily accessible place.

f. A record of any approvals granted pursuant to Section 6.a. shall be preserved for a period of five years from
the end of the fiscal year in which such approval is given.

g. A record of any decision, and the reasons therefore, to permit investments in IPOs and Limited Offerings shall be
preserved for at least five years after the end of the fiscal year in which the approval was granted.

h. A copy of each report made pursuant to Sections 7, 8 and 9 of this Code must be maintained for at least five years
after the end of the fiscal year in which it was made, the first two years in an easily accessible place.

i. Copies of all records required under Section 10 of this Code must be maintained for at least five years after
the end of the fiscal year in which it was made, the first two years in an easily accessible place.

The Adviser shall maintain and preserve the records in a central location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**13. Sanctions** 

Upon discovery of a violation of this Code, the Adviser may impose such sanctions as they deem appropriate including, without limitation, a letter of censure, suspension, or termination of employment. Additionally, all violations of this Code which involve the portfolio securities of the Sub-Advised Funds, if any, shall be reported to the Board of Trustees of the Sub-Advised Funds.

The Board of Directors of the Adviser may in its or their discretion delegate to the CCO some or all of the responsibility for investigating and reviewing possible violations of this Code and determining appropriate sanctions, therefore.

**14. Condition of Employment or Service** 

a. All Access Persons shall always conduct themselves in the best interests of the Sub-Advised Funds and Advisory Clients. Compliance with the Code shall be a condition of employment or continued affiliation with the Adviser and conduct which is not in accordance therewith shall constitute
grounds for the imposition of sanctions including those herein provided.

b. Each Access Person must certify annually through the firm's web-based monitoring system that he or she has read and understands this Code, has complied with its requirements, and has disclosed or reported all personal securities transactions as required.

**15. Descriptive Headings/Gender/Number** 

Titles to Sections are intended for informational purposes only. The use of any gender shall include all genders, and the use of any number shall be construed as singular or plural.

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**Appendix A: Employee Personal Trading Requirements for Brokers** 

**Overview** 

All employees must maintain personal brokerage accounts only at approved brokers. This ensures timely monitoring of accounts, prevents conflicts of interest, and maintains regulatory adherence.

**Approved Brokers** 

Approved Brokers are pre-approved for employee personal accounts that includes family member accounts (e.g., spousal accounts, custodial accounts) based on availability of direct feeds into MyComplianceOffice (MCO), the automated personal trading monitoring system.

---

| | | | |
|:---|:---|:---|:---|
| The following represent the approved brokers list: | The following represent the approved brokers list: |  |  |
| 1. | Ameriprise Financial | 9. | LPL Financial |
| 2. | Charles Schwab | 10. | Merrill Lynch |
| 3. | Citi Global Markets | 11. | Morgan Stanley |
| 4. | Edward Jones | 12. | Raymond James |
| 5. | Fidelity Investments | 13. | Robinhood |
| 6. | Interactive Brokers | 14. | UBS |
| 7. | Interactive Investor | 15. | Vanguard |
| 8. | JP Morgan Chase | 16. | Wells Fargo |

---

Employee Guidelines for Approved Brokers

• Personal accounts are permitted with Compliance approval.

• Standard pre-clearance and reporting all apply.

• Restrictions follow applicable policies and procedures.

**Unapproved Brokers** 

Unapproved Brokers are not approved for employee personal accounts due to insufficient compliance monitoring capabilities through MCO. The list is all other brokers not included above in the Approved Brokers section.

Employee Guidelines for Unapproved Brokers

• There are no new accounts permitted.

• Existing accounts must be addressed through transfer or closure.

• Limited exceptions may be granted for specific circumstances as determined by Compliance (e.g., health savings
accounts or accounts with no trading discretion). In this case, statements must still be provided in MCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Ex-99.(P)(15)

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## Ranger Investment Management, L.P.

## Code of Ethics
April 15, 2025

*Effective: 4/15/2025* *Ranger Investment Management, L.P.*

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Summary

All Employees of Ranger Investment Management, L.P. are deemed Access Persons and as such you are responsible for reading, understanding, and consenting to comply with the policies and procedures herein. The Code of Ethics elaborates on the guiding principles found in the Ranger Investment Management, L.P. Employee Manual, specifically,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Personal Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Insider Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Outside Business Activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Political Contributions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Gifts and Entertainment Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Whistleblower Policy

The Code of Ethics is predicated on the principle that the Firm owes a fiduciary duty to its investors. As such, the Code of Ethics as well as all policies and procedures in the Manual and other compliance resources are created and implemented to mitigate conflicts of interest and risks which are inherent to the investment industry and/or applicable to the Firm. Accordingly, Employees must avoid activities, interests and relationships that run contrary (or appear to run contrary) to the best interests of investors.

At all times, Employees must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Place investor interests ahead of the Firm – As a fiduciary, the Firm must serve in its investors' best
interests. In other words, Employees may not improperly benefit at the expense of investors. This concept is particularly relevant when Employees are making personal investments in securities traded by investors which are restricted by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engage in personal investing that is in full compliance with the Firm's Code of Ethics. Employees must review and
abide by the Firm's personal securities transaction and insider trading policies.

**Prohibited Transactions** 

It is unlawful for the Firm or any Employee by use of the mail or any means or instrumentality of interstate commerce, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To employ any device, scheme, or artifice to defraud any client or prospective client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or
prospective client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To act as principal for his/her/their own account, knowingly to sell any security to or purchase any security from a
client, or act as broker for a person other than such client, knowingly to effect any sale or purchase of any security for the account of such client, without disclosing to such client in writing before the completion of such transaction the
capacity in which he is

*Effective: 4/15/2025* *Ranger Investment Management, L.P.*

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acting and obtaining the consent of the client to such transaction. The prohibitions of this paragraph shall not apply to any transaction with a customer of a broker or dealer if such broker or dealer is not acting as an investment adviser in relation to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To engage in any act, practice, or course of business which is fraudulent, deceptive, or manipulative.

**ALL EMPLOYEES MUST COMPLY WITH APPLICABLE PROVISIONS OF FEDERAL SECURITIES LAWS AND ARE REQUIRED TO PROMPTLY REPORT ANY VIOLATIONS OF THE CODE OF ETHICS TO THE CCO.** 

**<u>PERSONAL SECURITIES TRANSACTIONS POLICY</u>** 

Access Persons are prohibited from front running client accounts and/or acting upon inside information. Under no circumstance may an Employee, or family member living in the Employee's household, or any account over which an Employee has control, benefit at the expense of investors or the Firm.

***Beneficial Ownership***

Employees and immediate family members living in their household are considered to have beneficial ownership of securities if they have or share a direct or indirect pecuniary interest in the securities.

Employees have a pecuniary interest in securities if they have the ability to directly or indirectly profit from a securities transaction.

The following are examples of indirect pecuniary interests in securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Securities held by members of Employees' immediate family sharing the same household. Immediate family means any
child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law. Adoptive relationships are included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Employees' interests as a general partner in securities held by a general or limited partnership; Employees'
interests as a manager/member in the securities held by a limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Employees do not have an indirect pecuniary interest in securities held by entities in which they hold an equity interest
unless they are a controlling equity holder, or they share investment control over the securities held by the entity.

The following circumstances constitute beneficial ownership by Employees of securities held by a trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Ownership of securities as a trustee where either the Employee or members of the Employees' immediate family have a
vested interest in the principal or income of the trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Ownership of a vested beneficial interest in a trust.

*Effective: 4/15/2025* *Ranger Investment Management, L.P.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An Employee's status as a settler of a trust, unless the consent of all the beneficiaries is required in order for
the Employee to revoke the trust.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Summary Policy** | | | |
| &nbsp;&nbsp;&nbsp;**Asset Class or Investment Vehicle** | **Policy** | **Pre-**<br> **Clearance** | **Reporting** |
|  | Permitted |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● auto approval when market cap >$20B AND total trade value <$250K<br>|  |  |
| &nbsp;&nbsp;&nbsp;**Equity Securities — including options, warrants, or any other derivative** | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● PM & CCO approval when market cap <$20B<br>| Yes | Yes |
|  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 30 day holding limit on all purchases (exempt if acquired as a gift or bequest)<br>|  |  |
| &nbsp;&nbsp;&nbsp;**Initial Public Offering (IPO)** | Prohibited | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**Fixed Income – Municipal** | Permitted | Not required | Yes |
| &nbsp;&nbsp;&nbsp;**Fixed Income — Corporate** | Permitted | Required | Yes |
| &nbsp;&nbsp;&nbsp;**Treasury securities, certificates of deposit, commercial paper and other similar money market instruments, and shares of open-end mutual fund companies (with the exception of certain investment companies to which the Firm serves as adviser or sub-adviser)** | Permitted | Not required | No |
| &nbsp;&nbsp;&nbsp;**ETFs and Mutual Funds** | Permitted | Not required | Yes |
| &nbsp;&nbsp; **Ranger Investment Management, L.P. Private Pooled Investment Vehicles** | Permitted | Required–all applicable subscription documents | Yes |
| &nbsp;&nbsp; **Private Placements** | Permitted | Required–all applicable subscription documents | Initial Investment |

---

*Effective: 4/15/2025* *Ranger Investment Management, L.P.*

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**Cloud-Based Pre-Clearance Procedures** 

Ranger Investment Management, L.P. utilizes the ACA ComplianceAlpha platform for pre-clearance and reporting of all reportable brokerage accounts held by Access Persons. Access Persons must receive pre-clearance for permissible personal securities transactions in which they have direct or indirect beneficial ownership before executing such transactions as outlined in the table above.

Per the chart above, Access Persons must complete a pre-clearance request via the ComplianceAlpha system. As an alternative to the pre-clearance form, the Chief Compliance Officer (CCO) may grant pre- clearance via e-mail. Once pre-clearance is granted, the Access Person has the remainder of the day to execute the transaction, or for a period specified by the CCO. The President or Managing Director will review and pre-clear the CCO's trade requests. The Firm will maintain the pre- clearance forms and/or periodic e-mail approvals in conjunction with the record- keeping rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trade requests for securities with a market cap greater than $20 Billion AND the total transaction cost is estimated at
less than $250,000 will receive automatic approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trade requests for securities with a market cap less than $20 Billion require approval from one of two Portfolio Managers
and the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trades must be executed within the same trading day as the request (with exceptions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Approval of trade requests for securities with a market cap less than $20 Billion may be delayed due to Portfolio Manager
review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 30-day holding period for individual equities.

**Reporting** 

**Trade Duplicates from Broker-dealers - Cloud-Based Personal Trade Reporting** 

Employees may only personally trade securities through a registered broker-dealer or through a company sponsored DRIP. Each Employee must either 1) have the brokerage account linked within the ACA ComplianceAlpha platform for electronic capture; or 2) instruct the broker send duplicate trade confirmations and statements to the Compliance Team. The CCO can assist in drafting a sample letter to be sent to your brokers regarding the Firm's reporting requirements.

Employee trades that do not occur through a broker/dealer (i.e., purchase of a private investment fund), will report such transactions separately.

**Initial Quarterly and Annual Holdings Reports** 

New Employees/Access Persons are required to submit all their personal reportable securities holdings via the ACA ComplianceAlpha platform or by having the Employee's broker-dealers send account statements no later than 10 days after the commencement of their employment. The Initial Holdings Report must be current as of a date no more than 45 days prior to the date the person becomes an Employee.

Access Persons are required to provide the Firm with a complete list of reportable securities holdings (Annual Holdings Report or account statements) on an annual basis, by January 30th of each year. The

*Effective: 4/15/2025* *Ranger Investment Management, L.P.*

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report will be current as of a date no more than 45 days prior to the final date the report is due to be submitted.

Each holdings report or account statement must contain, at a minimum: (a) the title and type of security, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each reportable security in which the Employee has any direct or indirect beneficial ownership; (b) the name of any broker, dealer or bank with whom the Employee maintains an account in which any securities are held for the person's direct or indirect benefit; and (c) the date the Employee submits the report.

In addition, Employees are required to certify a summary of any transactions within the quarter no later than 30 days after the end of each calendar quarter via the ACA ComplianceAlpha platform.

All Employees must sign the Initial or Annual Holdings Report even if they do not have any reportable securities. The Firm will maintain these records in accordance with the record-keeping rule.

**Trading and Review** 

The Firm strictly forbids "front-running" investor accounts, which is a practice generally understood to be an Employee placing a personal trade(s) ahead of investor accounts. The Compliance Team will closely monitor Employees' investment patterns to detect these abuses. The Managing Director will monitor the CCO's personal securities transactions for compliance with the Personal Securities Transaction Policy.

If the Firm discovers that an Employee is personally trading contrary to the policies set forth above, the Employee will meet with the CCO to review the facts surrounding the transactions. This meeting will help the Firm determine an appropriate course of action.

**Remedial Actions** 

The Firm takes the potential for conflicts of interest caused by personal investing very seriously. As such, the Firm has implemented remedial actions that are designed to discourage its Employees from violating the personal securities transaction policy. Employees should be aware that the Firm reserves the right to impose varied sanctions on policy violators including possible termination of employment depending on the frequency and severity of the policy violation.

**<u>INSIDER TRADING</u>**

The information contained herein is in conjunction with the Trading-Insider Trading and Expert Networks Policy included in the Ranger Investment Management Compliance Manual.

**<u>Background</u>**

*Effective: 4/15/2025* *Ranger Investment Management, L.P.*

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Section 204A of the Advisers Act requires every investment adviser to establish, maintain, and enforce written policies and procedures, taking into consideration the nature of such investment adviser's business, reasonably designed to prevent the misuse of material, nonpublic information by such investment adviser or any person associated with such investment adviser. In accordance with Section 204A, the Firm has instituted procedures to reasonably prevent the misuse of nonpublic information.

Insider trading is generally considered to be (i) trading either personally or on behalf of others based on advanced knowledge of material non-public information or (ii) communicating material non- public information to others in violation of the law. The Firm prohibits the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trading by an insider while in possession of material non-public information
about such applicable security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trading by a non-insider while in possession of material non-public information, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Communicating material non-public information to others in breach of a fiduciary
duty.

This policy covers all Employees as well as any transactions in any securities participated in by family members, trusts or corporations directly or indirectly controlled by such persons. In addition, the policy applies to transactions engaged in by corporations in which the Employee is an officer, director or 10% or greater stockholder and a partnership of which the Employee is a partner unless the covered person has no direct or indirect control over the partnership.

***What Information is Material?***

Individuals may not be held liable for trading on inside information unless the information is material. Material information is generally defined as information for which there is a substantial likelihood that an investor would consider it important in making his/her/their investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. Knowledge in advance of such as the following types of information is generally regarded as material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Dividend or earnings announcements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Write-downs or write-offs of assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Additions to reserves for bad debts or contingent liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Expansion or curtailment of company or major division operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● New product/service announcements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Discovery or research developments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pending labor disputes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Criminal, civil and government investigations and indictments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Debt service or liquidity problems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Merger, joint venture announcements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Tender offers, stock repurchase plans, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bankruptcy or insolvency problems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Recapitalization

*Effective: 4/15/2025* *Ranger Investment Management, L.P.*

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Information provided by a company could be material because of its expected effect on a particular class of a company's securities, all of the company's securities, the securities of another company, or the securities of several companies. The misuse of material non-public information applies to all types of securities, including equity, debt, commercial paper, government securities and options.

Material information does not have to relate to a company's business. For example, material information about the contents of an upcoming newspaper column may affect the price of a security and therefore be considered material.

***What Information is Non-Public?***

For issues concerning insider trading to arise, information must not only be material, but also non-public. Non-public information generally means information that has not been made available to the investing public.

Once material, non-public information has been effectively distributed to the investing public, it is no longer classified as material, non-public information. However, the distribution of non-public information must occur through commonly recognized channels for the classification to change. In addition, the information must not only be publicly disclosed, but there must also be adequate time for the public to receive and digest the information. Lastly, non-public information does not change to public information solely by selective dissemination.

***Penalties for Trading on Insider Information***

Severe penalties exist for firms and individuals that engage in the act of insider trading, including civil injunctions, treble damages, disgorgement of profits and jail sentences. Further, fines for individuals and firms found guilty of insider trading are levied in amounts up to three times the profit gained, or loss avoided, and up to the greater of $1,000,000 or three times the profit gained, or loss avoided, respectively.

If an Employee has questions as to whether he/she is in possession of material, non-public information, he/she is required to (i) promptly inform the CCO and (ii) not disclose the information to anyone else. From this point, the Employee and CCO will conduct research to determine if the information is likely to be considered important to investors in making investment decisions, and whether the information has been publicly disseminated.

***<u>Responsibility</u>***

The CCO has responsibility for the implementation and monitoring of the firm's Insider Trading Policy, practices, disclosures and recordkeeping.

***<u>Procedure</u>***

*Effective: 4/15/2025* *Ranger Investment Management, L.P.*

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Ranger Investment Management, L.P. has adopted various procedures to implement the firm's insider trading policy and conducts reviews to monitor and ensure the firm's policy is observed, implemented properly and amended or updated, as appropriate, which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Insider Trading Policy is distributed to all Employees, and new Employees upon hire, and requires a written
acknowledgement by each Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Access persons (supervised persons) must disclose personal securities accounts, initial/annual securities holdings and
report at least quarterly any reportable transactions in their Employee and Employee-related personal accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Employees must report to the President and CCO all business, financial or personal relationships that may result in
access to material, non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● CCO reviews all reportable personal investment activity for Employee and Employee-related accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● CCO provides guidance to Employees on any possible insider trading situation or question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Ranger Investment Management, L.P.'s Insider Trading Policy is reviewed and evaluated annually and updated as may
be appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● CCO prepares a written report for management and/or legal counsel of any possible violation of the firm's Insider
Trading Policy for implementing corrective and/or disciplinary action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Will not discuss any potentially material, non-public information with
colleagues, except as specifically required by their position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Will submit personal security trading reports in accordance with the personal securities transaction policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Will not trade the securities of any company in which they are deemed insiders who may possess material, non-public information about the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The security may be placed on the Firms restricted list (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Will not engage in securities transactions of any company, except in accordance with the Firm's personal securities
transaction policy and securities laws.

**Outside Business Activities** 

Under certain circumstances, Employees may be granted permission to serve as directors, trustees or officers of outside organizations such as, public or private corporations, partnerships, charitable foundations and other not-for- profit institutions only after receiving pre-clearance from the CCO. Employees may also receive compensation for such activities. Pre-clearance will be granted on a case-by-case basis, subject to proper resolution of potential conflicts of interest.

The Firm may determine that it is in its investors' best interests for an Employee to serve as an officer or on the board of directors of an outside organization. Serving as an officer or director with organizations outside of the Firm can, however, raise serious regulatory issues and concerns, including conflicts of interests and access to material non-public information.

An Employee may come into possession of material non-public information about an outside company, or other public companies. It is critical that a proper information barrier be in place between the Firm and the outside organization, and that the Employee does not communicate such information to other

*Effective: 4/15/2025* *Ranger Investment Management, L.P.*

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Employees in violation of the information barrier.

Similarly, the Firm may have a business relationship with the outside organization or may seek a relationship in the future. In those circumstances, the Employee must not be involved in the decision to retain or hire the Firm.

Pre-clearance will be granted on a case-by-case basis, subject to proper resolution of potential conflicts of interest. All Employees are required to certify the existence of any outside business activities within the ACA ComplianceAlpha platform no less than annually.

**Gifts and Entertainment** 

For investment advisory firms, there is not a specific SEC rule that addresses gifts and entertainment. Rather, the fiduciary rules advisors must abide by the anti-fraud provisions of the Investment Adviser's Act that regulate gifts, gratuities, and entertainment. That means advisory personnel should not give or accept gifts of an extravagant nature or gifts designed to influence the recipient.

Accepting gifts and/or attending sponsored entertainment events present real and/or perceived.

conflicts of interest for the Firm and the Employee. An Employee's acceptance of a gift or invitation to a sponsored entertainment event may suggest a quid pro quo arrangement whereby the Employee feels obligated to return the favor by improperly directing Firm business, commissions or influence on the service provider from which the gift or entertainment originated.

Employees must avoid activities, interests and relationships that run contrary (or appear to run contrary) to the best interests of investors. The Firm takes the potential for conflict of interest presented by an Employee's receipt of inappropriate gifts and/or participation in extravagant entertainment events seriously and expects each Employee to use his/her/their or her best judgment and integrity if presented with such an offer.

As a general guideline, accepting gifts and participating in entertainment activities should be consistent with accepted business practices. Employees are encouraged to consult with the CCO if there is a question about the appropriateness of accepting a gift or participating in an entertainment event.

Under no circumstances should an Employee ever accept gifts or entertainment from a service provider which the Employee may reasonably believe there is an expectation to compensate such service provider with the inappropriate use of Firm resources.

To be clear:

***A gift is an item that is given or received. Tickets for an event where the giver is not in attendance are considered a gift.***

***Entertainment is participating in an event (whether given or received) with the host or "giver" is in attendance.***

*Effective: 4/15/2025* *Ranger Investment Management, L.P.*

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The Firm, from time to time, the Firm may sponsor entertainment in the form of meals for prospective and/or current clients. Depending on the circumstance, entertainment for this type of entertainment could include individuals from marketing, trading, and the entire investment team. The President reviews and approves the final expenditure of the event.

In general:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Solicitation</u> of gifts or entertainment from a client, broker-dealer, vendor, or other person is unprofessional and strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Entertainment sponsored by Ranger Investment Management, L.P., more than $1,000 must be reported via ACA
ComplianceAlpha within 15 days of the event. The President reviews and/or approves expenses charged on the corporate credit card or submitted as an expense to the Accounting Team.

When considering an entertainment offer sponsored by a current or prospective service provider, Employees are expected to take into consideration the actual and/or perceived conflict of interest participation in the event poses to the Firm and its clients. Generally, Employees may attend business meals, sporting activities and other entertainment events at the expense of a giver, as long as:

◾ The event takes place locally or at a destination the Employee is otherwise travelling to for research or other normal business purposes.

◾ The expense is reasonable.

◾ Both the sponsor(s) and the Employee(s) are present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any event or activity which an Employee would reasonably believe to be excessive (i.e. Super Bowl Tickets) must be pre-approved by the CCO. The nature, cost, and extent of the entertainment must be reasonable in context to its stated purpose and reasonably judged to lack actual or perceived conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Gifts given or received, with a stated value of less than $250 are allowable and are not required to be pre-cleared or reported. This includes promotional items such as water bottles, bags, notepads, etc. with a company logo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Gifts given or received with a stated value greater than $250 must be reported and/or pre-cleared via ACA ComplianceAlpha. This includes promotional items with an excess value of $250.

***Political Contributions***

SEC Rule 206(4)-5 (the "Rule") prohibits an investment adviser from receiving compensation for providing investment advisory services to a government client within two years of any contribution made by the investment adviser or a "Covered Associate" to an elected official in a position to direct or influence the investment activities of the government client. The rule generally applies to contributions at the state or local level.

For purposes of the Firm's political contribution policy (the "Policy") described below, "Covered Associates" for the Firm include(s) all members of the Investment Team, Traders, Management team

*Effective: 4/15/2025* *Ranger Investment Management, L.P.*

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members and family members living in a Covered Associate's immediate household. The rule is very context specific. For example, a contribution from a Covered Associate's spouse would likely be considered a violation of the rule. In addition, the definition of "an elected official in a position to direct or influence investment activities" may be broadly interpreted depending upon the circumstances.

**De Minimis Contributions Provisions** 

The Rule includes a deminimis provision that permits Covered Associates and family members to make political contributions of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● up to $350 per election per candidate if the contributor is entitled to vote for the candidate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● up to $150 per election per candidate if the contributor is not entitled to vote for the candidate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 6-Month to 2-Year Penalty and Look Back.

An inappropriate contribution would severely penalize both the Firm and the Covered Associate that made the contribution. For example, say a Covered Associate that also solicits for the firm makes an inappropriate political contribution to a California elected official with influence over a state plan. Upon discovery of the contribution, the Firm would have to promptly send back any state money it manages for California government entities along with all compensation it has received as of the date of the inappropriate political contribution. The Firm and the Covered Associate would not be able to manage money for California government entities for up to two years. In addition, should the Covered Associate leave the Firm, the sanction would follow him or her to future employers until the two-year period expires. The look back period is 6 months for a Covered Associate that does not solicit clients for the Firm.

**Political Contribution Policy** 

The Firm and its general partner are prohibited from making political contributions. In addition, the Firm, its general partner and the Covered Associates are prohibited from soliciting or coordinating campaign contributions from others on behalf of an elected official or soliciting or coordinating payment to political parties.

**Covered Associates – Contributions in excess of the De Minimis Exception** 

Covered Associates are prohibited from making political contributions in excess of the de minimis exception, without receiving written preapproval from the President and CCO prior to the intended contribution date. To receive prior written preapproval, Covered Associates must complete the Political Contribution Approval Form.

**Covered Associates – Donated Time** 

There is no limit on a Covered Associate's donated time if the Firm does not solicit such person's efforts or provide the use of its resources.

**Record Keeping Requirements** 

*Effective: 4/15/2025* *Ranger Investment Management, L.P.*

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The Firm will maintain records for all political contributions made by Covered Associates or their immediate family members on or after March 14, 2011. Information the Firm will need to know about each political contribution includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The contributor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The candidate's name,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The office the candidate is seeking,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The state or jurisdiction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The dollar amount and proposed or actual date of the contribution, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any further knowledge that may provide insight into a potential conflict of interest for the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Signature of the contributor and the CCO or his/her/their designee.

In the CCO's absence, Employees may receive preclearance from the President.

*Effective: 4/15/2025* *Ranger Investment Management, L.P.*

## Ex-99.(P)(17)

![LOGO](g93604dsp177.jpg)

## PineBridge Code of Ethics
The information contained herein is the property of PineBridge Investments and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording or otherwise) without the prior written permission of PineBridge Investments.

Effective: December 2025

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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|:---|:---|
|  Definitions and Abbreviations | 3 |
| I. Introduction | 6 |
| II. Fiduciary Duties | 9 |
| III. Code of Conduct | 11 |
| IV. Insider Trading | 16 |
| V. Personal Securities Transactions | 22 |
| VI. Outside Business Activities | 32 |
| VII. Gifts & Entertainment | 35 |
| VIII. Political & Charitable Contributions | 38 |
| IX. MetLife Stakeholder Engagement Policies | 40 |
|  Appendix A: Exempt Transactions | 42 |
|  Appendix B: Acknowledgement & Waiver Letter | 43 |

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&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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Definitions and Abbreviations

**Access Person**: For the purpose of this Code, all employees and Non-Executive Directors of PineBridge are considered Access Persons. Access Persons may also include consultants, temporary workers, and interns, (each a "Contingent Worker") who have direct or indirect access to sensitive information. Sensitive information includes, but is not limited to, client or trade (PineBridge or personal) information, non-public information per the Insider Trading Policy set out within this Code, litigation-related and any information that the Contingent Worker's direct supervisor reasonably believes should be determined to be sensitive. It is the responsibility of the employee with direct supervision of a Contingent Worker to (1) determine whether the Contingent Worker has direct or indirect access to sensitive information; and (2) notify the Compliance Department and Human Resources upon the hire and termination of a Contingent Worker.

*Note: For purposes of this Code, a prohibition or requirement applicable to any Access Person applies also to transactions in Securities or Related Securities for any account for which the Access Person or a Household Member has control and/or Beneficial Ownership.* 

**Beneficial Ownership**: A direct or indirect Pecuniary Interest in the securities or shares that an Access Person has. An Access Person is presumed to have a Beneficial Ownership interest in any Security held, individually or jointly, by the Access Person and/or a Household Member.

*Note: Access Persons should consult the Compliance Department if in doubt as to whether he/she has Beneficial Ownership of Securities.* 

**Client**: An entity that has signed an agreement with PineBridge for the provision of discretionary or non-discretionary investment management services.

**Closed-End Fund**: Type of fund that has a fixed number of shares usually listed on a major stock exchange. Unlike open-ended mutual funds, closed-end funds do not issue and redeem shares on a continuous basis.

**Consultant**: An individual or organization providing professional services to PineBridge Investments for a fee.

**Cryptocurrency**: A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Examples include Bitcoin, Ethereum, Ripple, NEO and Litecoin.

**De Minimis Amount**: Gifts from any single individual representing an organization that in aggregate do not exceed $50 in value in a calendar month.

**Disinterested Director/Non-Employee Investment Committee Personnel**: A director of any Fund managed by PineBridge who is not in the position to influence the operations of a Client. Disinterested Directors are not subject to the requirements of this Code.

**Entertainment**: An event where a business contact, counterparty or vendor is present with the employee and where business matters can be discussed.

**Exchange Traded Funds (ETF)**: A fund that typically tracks an index, but can be traded like a stock. An ETF holds assets such as stocks, commodities or bonds, and trades close to its net asset value over the course of a

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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trading day. Because ETFs are traded on stock exchanges, they can be bought and sold at any time during the day (unlike most mutual funds).

**Fund**: Registered open-end and closed-end investment companies or commingled vehicles advised or sub-advised by PineBridge.

**Gift**: Anything of value that is received and/or offered from/to a business contact, vendor, counterparty or regulatory body.

**Household Member**: A member of an Access Person's family and/or legal dependent that shares the same residence as the Access Person.

**Investment Personnel**: Any employee entrusted with the direct responsibility and authority, either alone or as part of a co-manager team or group, to make investment decisions affecting a Client's investment plans and interests, as well as other personnel, such as research analysts, trading personnel, individuals who provide information or advice to portfolio managers and those individuals who execute portfolio manager decisions.

**Manager**: Any employee who has one or more other employees who report to him or her.

**Non-Executive Director**: Any person appointed as a Non-Executive Director of PineBridge Investments, L.P. or a member company.

**Pecuniary Interest**: The opportunity to profit directly or indirectly or share in any profit derived from a transaction in a security.

**PineBridge or the "Firm"**: Member company of PineBridge Investments, L.P.

**Private Placement**: The sale of a bond or other security directly to a limited number of investors in a private offering (e.g. hedge fund and private equity fund).

**Related Security**: Any instrument related in value to that Security, including, but not limited to, any option or warrant to purchase or sell that Security, and any Security convertible into or exchangeable for the Security.

**Robo-Adviser**: A type of managed account or financial adviser that provides financial advice or investment management, primarily online, with moderate to minimal human intervention. Robo-Advisors generally use algorithms to provide an automated portfolio management service based on a client's risk tolerance and time horizon. The account holder at a qualifying Robo-Adviser does not generally have the ability to direct the purchase or sale of any individual investments within the account. Typically, investment options will be limited to ETFs, mutual funds or other Exempt Securities. Examples include Betterment, Wealthfront, Acorns, MarketRiders, Creditease's Toumi RA, and Algebra.

**Securities**: Any REIT, note, stock (including ADRs), treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, futures contracts and options traded on a commodities exchange, including: currency futures; fractional undivided interest in oil, gas, or other mineral rights; any put, call, straddle, option or privilege on any security or on any group or index of securities (including any interest therein or based on the value thereof); or any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency or; in general, any interest

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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or instrument commonly known as a security or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any security.

For the purposes of the Code, please note the following:

*-* *Commodities <u>are not</u> considered Securities.* 

*-* *Futures and options on any group or index of Securities are considered Securities.* 

**StarCompliance**: A web based application used by Access Persons to submit all necessary forms/reports under the requirements of this Code. Access Persons must, whenever possible, use StarCompliance to comply with the reporting requirements of this Code. However, in cases where an Access Person does not have access to the system, the Access Person must receive approval from the Compliance Department prior to submitting any required forms/reports manually.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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| **PineBridge Code of Ethics** |  |

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I. Introduction

***A. Purpose***

PineBridge believes that individual investment activities by its officers and employees should not be prohibited or discouraged. Nonetheless, the nature of the Firm's fiduciary obligations necessarily requires some restrictions on the investment activities of Access Persons and their Household Members.

Access Persons are agents of PineBridge. In managing assets for the Firm's Clients, Access Persons have a fiduciary responsibility to treat the Firm's Clients fairly. This duty requires a course of conduct, consistent with other statutory obligations, that seeks to be prudent and in the Client's best interest.

This Code of Ethics (the "Code") is intended to address three fundamental principles that must guide the personal investment activities of Access Persons in light of his or her fiduciary duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Place the interests of the Firm's Clients first.** As fiduciaries, Access Persons must avoid serving
personal interests ahead of the interests of the Firm's Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Avoid taking inappropriate advantage of one's position as an Access Person.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Conduct personal investing activities in such a way as to avoid even the appearance of a conflict of interest with investment activities undertaken for the Firm's Clients.** 

This Code, along with other PineBridge policies and procedures, is designed to be consistent with the ethical and professional principals of conduct as identified in the CFA Institute's Asset Manager Code of Professional Conduct for which the Firm has claimed compliance.

This Code has been adopted pursuant to applicable regulations, which require that every registered investment company and registered investment adviser adopt a code of ethics regarding personal investment activities of persons having access to information about portfolio transactions of the Firm's Clients. In addition, investment advisers must keep certain records regarding personal investment activities of Access Persons and make them available for regulatory inspection.

***B. Compliance with this Code***

Compliance with this Code and the applicable securities laws is a condition of employment or contract for services. A violation of this Code may be cause for disciplinary action by PineBridge, including termination of employment or service contract. Other disciplinary actions may include exceptions, warnings, disgorgement of trading profits, and periods of "probation" during which all personal investment activities (except for specifically approved liquidation of current positions) are prohibited.

Meeting our responsibilities enables our business to succeed and grow, today and in the future. Each of us is expected to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Understand and act according to this Code and the Firm's policies, applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Seek guidance from management, compliance personnel or the Firm's legal counsel when you have questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Promptly report concerns about possible violations of this Code or applicable laws and regulations to management.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Participate in training to keep up-to-date on current standards and expectations. All Access Persons, with the exception of Non-Executive Directors, will receive
an electronic mail requiring completion of Code of Ethics training.

No reason, including the desire to meet business goals, can ever be an excuse for violating laws or regulations.

**Manager/Supervisor Responsibility**: It is the responsibility of the employee with direct supervision of a Contingent Worker to: (1) determine whether the Contingent Worker has direct or indirect access to sensitive information; and (2) to notify the Compliance Department and Human Resources upon the hire and termination of a Contingent Worker.

Each Manager is expected to fulfill the following additional responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Serve as a role model for the highest ethical standards and create and sustain a culture of trust, honesty, integrity
and respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Be a resource for Access Persons. Ensure that they are aware of, understand, and know how to apply this Code and the
Firm's policies, applicable laws and regulations in their daily work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Seek assistance from other Managers or the Firm's legal counsel, compliance officers or human resource
professionals when unsure of the best response to any given situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Be proactive. Take reasonable actions to prevent and identify misconduct. Report situations that might impact the
ability of Access Persons to act ethically on behalf of PineBridge.

Any transactions that appear to indicate a pattern of abuse of an Access Person's fiduciary duties to the Firm's Clients will be subject to scrutiny regardless of technical compliance with the Code.

**This Code shall be superseded by local regulatory practices as applicable. Each regional compliance officer shall communicate such exceptions to all Access Persons in their respective region.** 

**Access Persons are required to report any violations of this Code to the Chief Compliance Officer (or his or her designee). Most concerns can be resolved by talking to and working with management, Human Resources and/or Compliance. If further review and inquiry are required, the Chief Compliance Officer and/or other applicable parties will promptly investigate any reported items. Access Persons will not face retaliation if he/she reports violations of this Code. Retaliation itself constitutes a violation of this Code.** 

**In addition, Access Persons may ask questions, raise concerns or report instances of non-compliance with this Code, PineBridge policies or applicable laws and regulations by contacting their regional compliance officer.** 

***Note: To the extent that Access Persons are away from work on extended leave and will be accessing the Firm's email or computer systems, the Access Person is required to comply with the requirements outlined in the Code. Special arrangements regarding submission of pre-clearance requests should be cleared with the Compliance Department prior to the commencement of leave.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Certificate of Compliance** 

Access Persons will receive a copy of this Code and any amendments as they are made. New hires are required to certify that they have received a copy of the Code and that they understand its contents. All Access Persons are required to certify their receipt and understanding of amendments to the Code. In

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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addition, all Access Persons other than Non-Executive Directors, must make annual certifications within 30 days of the calendar year-end using StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Code Violations** 

For the purpose of this policy, violations may include, but are not limited to, the failure to: (a) pre-clear a trade, (b) file a certification within established timeframes, (c) disclose a brokerage account, (d) complete any required training in the specified time period and (e) report a gift, entertainment, political contribution, or outside business activity in accordance with the Code. Violators of the Code may be reported to senior management and the Board of PineBridge Investments, L.P. and/or its subsidiaries. The Global Chief Compliance Officer and regional compliance officers have the ability to consider the application of the Code on a case-by-case basis including the ability to grant waivers, exceptions, or warnings as deemed appropriate, on the assumption that there is sufficient reason and any instances are appropriately documented.

• **First Violation –** Following assessment of all relevant facts, the Compliance Department may issue a
violation memo to the Access Person, with a copy sent to his or her direct supervisor and/or the senior manager of his or her business group. If deemed sufficiently serious, Human Resources may be consulted.

• **Second Violation –** The Access Person shall receive a disciplinary memo from the Compliance Department, with
a copy sent to his or her direct supervisor, the senior manager of his or her business group, and the Global Chief Compliance Officer. Using their discretion, Compliance may choose to include the Regional Head of Human Resources and the Regional
Chief Executive Officer ("CEO"). The Access Person will be required to meet with a Compliance Officer to discuss the importance of complying with this policy and may be required to complete additional training. An offending Access Person
may be excluded from the bonus pool for a second violation at the discretion of PineBridge senior management.

• **Third Violation –** In addition to the disciplinary actions applicable to second violations, the Access
Person shall be subject to disciplinary and/or monetary sanctions including but not limited to the following: suspension of trading privileges, disgorgement of trading profits and/or termination of employment or service contract. The sanction shall
be at the discretion of the senior manager of the Access Person's business group, the Global Chief Compliance Officer and the Firm's CEO.

Please note that any violation of the Insider Trading Policy included in this Code may lead to immediate termination.

Compliance will retire a Code of Ethics violation from an Access Person's record following two (2) years of activity without incurring any new violations.

Certain countries may have procedures for handling violations that differ from those discussed above. In those countries, PineBridge will follow the local procedures, which may be more stringent than those included in this Code.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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II. Fiduciary Duties

***A. Fraudulent Practices***

If an Access Person purchases or sells, directly or indirectly, a Security or commodity, which is held or is to be acquired by a Client, the Access Person may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) employ any device, scheme or artifice to defraud a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) make any untrue statement of a material fact or omit to state to a Client a material fact which makes the statement misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) engage in any act, practice or course of business which would operate as a fraud or deceit upon a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) engage in any manipulative practice with respect to such Client.

***B. Conflicts of Interest***

Your position at PineBridge cannot be used for inappropriate personal gain or advantage to you or a member of your family. Any situation that creates, or even appears to create, a conflict of interest between personal interests and the interests of PineBridge and/or a Client must be avoided in the first instance or if avoidance is not possible the senior manager of the Access Person's business group and relevant compliance officer need to determine what steps should be taken to manage the conflict of interest and initiate any disclosures, for example to clients, which may be deemed necessary. Potential conflicts of interest should be reported to management, who will work with the compliance officer assigned to your business to determine how best to handle the situation.

**Corporate Opportunities** 

Access Persons are prohibited from taking for themselves or directing to a third party a business opportunity that is discovered through the use of PineBridge corporate property, information or position, unless PineBridge has already been offered and declined the opportunity. Access Persons are prohibited from using corporate property, information or position for personal gain to the exclusion of PineBridge and from competing with PineBridge.

**Personal Relationships** 

Immediate family members, members of your household and individuals with whom you have a close personal relationship should never improperly influence business decisions.

***C. Dispensing Information***

Access Persons must obtain prior written approval from the Compliance Department before dispensing any reports, recommendations or other information concerning securities holdings or securities transactions for Clients to anyone, other than the Clients themselves. No approval is needed if such persons have a business need for this information as a part of their normal duties and activities. Access Persons may disclose this information if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) there is a public report containing the same information;

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information is dispensed in accordance with compliance procedures established to prevent conflicts of interest between PineBridge and a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the information is reported to directors or trustees of a Client or to an administrator or other fiduciary of a Client and if these persons receive the information in the course of carrying out their fiduciary duties.

*Note: The above does not apply to certain information that is required to be dispensed by registered investment companies.* 

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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III. Code of Conduct

This section of the Code discusses general standards of conduct that must be followed. Any Access Person who has knowledge of, or in good faith suspects, a violation of any of these laws, regulations or policies must report them promptly to the compliance officer assigned to your business.

***A. Access Person Privacy***

PineBridge respects the personal information and property of Access Persons. Access to personal information or Access Persons property is only authorized for appropriate personnel with a legitimate reason to access such information or property. Nonetheless, from time to time, PineBridge may access and monitor Access Person internet usage and communications. Subject to local laws, Access Persons shall have no expectation of privacy with regard to workplace communication or use of PineBridge information technology resources.

***B. Customer Privacy and Data Security***

PineBridge Clients expect us to carefully handle and safeguard the business and personal information they share with us. Access Persons must never compromise a PineBridge Client's trust by disclosing private information other than to those with a legitimate business need to know.

The classification of information as personal information or business data may differ by country. Access Persons who handle customer information are responsible for knowing and complying with applicable information privacy and information security laws. In all cases Access Persons must maintain appropriate physical, administrative and technical safeguards for personal information and business data.

Access Persons must be especially vigilant in following laws, regulations and policies when transferring personal information and business data across country borders. Access persons should raise any questions about information privacy and/or data security they have to their manager, Legal, or Compliance.

***C. Relations with Business Partners***

The Firm's business partners<sup>1</sup> serve as extensions of PineBridge. When working on behalf of PineBridge, business partners are expected to adhere to the spirit of the Code, and to any applicable contractual provisions. Access Persons must ensure that business partners do not exploit their relationship with PineBridge or use the Firm's name in connection with any fraudulent, unethical or dishonest transaction.

***D. Fair Dealing***

PineBridge seeks competitive advantages only through legal and ethical business practices. Access Persons must conduct business in a fair manner with customers, service providers, suppliers and competitors. Access Persons must not disparage competitors or their products and services. Improperly taking advantage of anyone through manipulation, concealment, abuse of privileged information, intentional misrepresentation of facts or any

<sup>1</sup> Parties such as agents and consultants, who represent PineBridge to the public.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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other unfair practice is not tolerated. (Please also refer to the Firm's Global Anti-Corruption Policy for additional information.)

***E. Antitrust and Fair Competition***

PineBridge competes vigorously and fairly around the world. PineBridge seeks to maintain and grow its business through superior products and services, not through improper or anti-competitive practices. PineBridge strives to understand and comply with global competition and anti-trust laws. These laws are complex. Access Persons who are unsure of appropriate practices should consult with the compliance officer assigned to their business for additional information and clarification.

The following guidelines will help ensure fair business conduct and appropriate competition.

Do:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain information about the Firm's competitors only from lawful and appropriate sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comment on competitors or their products or services based only on factual information.

Do not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agree formally or informally with a competitor to fix prices or other terms of sale, rig bids, set production or sales
levels, or allocate customers, markets, or territories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discuss any of the following with a competitor: prices, bids, customer sales, commissions, terms of sale, profits,
margins, costs, production, inventories, supplies, marketing plans or other competitively sensitive information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attend meetings with competitors at which competitively sensitive information, including the subjects mentioned in the
above two bullets, is discussed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agree with others outside of PineBridge as to which suppliers or customers to do business with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make unsubstantiated or untruthful comparisons to competitors or their products or services.

***F. Safeguarding PineBridge Resources***

To best serve our customers and shareholders, it is vital that Access Persons demonstrate proper care and use of our resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Physical Property** 

The Firm's property, including real estate, equipment and supplies, must be protected from misuse, damage, theft or other improper handling.

Generally, the Firm's property is meant solely for the Firm's business, though incidental personal use, such as local telephone calls, appropriately limited personal use of email, minor photocopying or computer use is permitted.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Intellectual Property** 

The Firm's intellectual property consists of any business ideas or information that PineBridge owns, such as unique products and methodologies. PineBridge protects its intellectual property through patents, trademarks and copyrights. Access Persons are required to safeguard the confidential information and trade secrets belonging to PineBridge and its business partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Funds** 

The Firm's funds are to be used responsibly and solely for the Firm's business. Corporate credit cards issued to employees for payment of business expenses may not be used for personal expenses. Access Persons have a responsibility to safeguard PineBridge funds from misuse or theft and ensure that PineBridge receives good value when spending the Firm's funds. You should only seek reimbursement for actual, reasonable and authorized business expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Information Technology Systems** 

The Firm's information technology systems include computers, networking resources, email systems, telephone, voice systems and other computer-processed information. Each of us has a responsibility to protect these systems and the data resident on these systems, from improper access, damage or theft.

Subject to applicable local laws, PineBridge may have the right to review all electronic mail and other electronic information to determine compliance with this Code, laws, regulations or the Firm's policy. Electronic information in this context includes without limitation, emails, instant messages, and voicemails sent or received from the Firm's computer, Blackberry or other handheld electronic device, or work station or to/from a PineBridge email address. All may be subject to review.

The electronic mail and messaging systems are the Firm's property and are intended for business purposes. Occasional, incidental, appropriate personal use of these systems may be permitted if the use does not interfere with any employee's work performance, have undue impact on the operation of the email system, or violate any other PineBridge policy, guideline, or standard.

Email messages and any other communications sent or received using the Firm's information technology systems are not to be used to create, store, or transmit information that is hostile, malicious, unlawful, sexually explicit, discriminatory, harassing, profane, abusive or derogatory. These systems also are not to be used to intentionally access web sites, which contain illegal, sexually explicit or discriminatory content.

***G. Money Laundering Prevention***

PineBridge is committed to meeting its responsibilities to help prevent money laundering and terrorist financing. These responsibilities generally include identifying clients, monitoring client activity and reporting suspicious or unusual activity consistent with applicable laws. Access Persons are required to familiarize themselves with and abide by anti-money laundering programs established by PineBridge and its business units. Suspicious activity reporting requirements are time sensitive. Access Persons should contact their manager or the compliance officer responsible for money laundering prevention as soon as they have a concern that an activity may be unusual or suspicious. (Please also refer to the Firm's anti-money laundering policies for additional information.)

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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***H. Economic Sanctions***

In compliance with U.S. and other applicable economic sanctions programs, Access Persons are prohibited from conducting business with or benefiting designated governments, individuals and entities (such as suspected terrorists and narcotics traffickers), as well as individuals and entities that are located in, have certain dealings with or are nationals or agents of particular countries. To determine if a government, individual or entity is subject to these prohibitions, consult with a member of the Compliance Department. (Please also refer to the Firm's Global Economic Sanctions Policy for additional information.)

***I. Communicating with Regulators and Other Government Officials***

Inquiries from regulators, outside the normal course of the Firm's regulatory relationships, must be reported immediately to the regional compliance officer before a response is made. Financial reporting related inquiries may be responded to by authorized members of the Finance Department. Responses to regulators must contain complete, factual and accurate information. During a regulatory inspection or examination, documents must never be concealed, destroyed or altered, nor should lies or misleading statements be made to regulators. Requests from auditors are subject to the same standards.

***J. Government Business***

Doing business with governments may present different risks than business in the commercial marketplace. Laws relating to contracts with international, federal, state and local agencies generally are more stringent and complex. Certain conduct and practices that might be acceptable in the commercial setting are prohibited in the public sector. You should therefore consult with management, or the compliance officer assigned to your business before you make any decision about doing business with government entities.

***K. Former Government Officials***

PineBridge is committed to compliance with all laws and regulations applicable to any Access Person who has previously worked in government. Many jurisdictions have laws and regulations in place that are designed to prohibit former government officials from taking improper advantage of his or her previous position. Any Access Person who has served as a government official, in any capacity, must be aware of and comply with all laws and regulations applicable to former government officials.

***L. Anti-corruption and Bribery***

PineBridge is committed to compliance with all applicable laws and regulations designed to prevent violations of the Foreign Corrupt Practices Act ("FCPA") and other U.S. and international anti-bribery laws.

Access Persons must never use improper means to influence another's business judgment. No PineBridge employee, agent, or independent contractor may provide bribes or other improper benefits, financial or otherwise, to another person in order to obtain or retain business, bring about the improper performance of a relevant function or activity, or an unfair advantage in any business interaction that involves PineBridge, our customers, or employees. Applicable laws, regulations and government agencies define improper benefits very broadly and continue to expand the definition (e.g. the hiring of children of foreign government officials). Payments or promises to pay something of value to obtain or retain business or otherwise secure an improper advantage must never be made to a government official or employee, or other public officials who hold legislative, administrative or judicial

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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positions. Government officials may include senior management of enterprises that are controlled or owned in whole or in part by a government.

Anti-corruption laws also prohibit the creation of inaccurate or false books and records and they require companies to develop and maintain adequate controls regarding corporate assets and accounting. All PineBridge employees and officers are required to familiarize themselves with and comply with all applicable PineBridge policies and procedures. (Please also refer to the Firm's Global Anti-Corruption Policy for additional information.)

***M. Whistleblower Protection Policy***

PineBridge must adhere to all applicable laws and regulations. The support of all Access Persons is needed to assist PineBridge in achieving compliance with applicable laws and regulations. If any Access Person reasonably believes that a policy, practice, or activity of PineBridge, or of another individual or entity with which PineBridge has a business relationship is in violation of an applicable law or regulation, a report must be filed by that Access Person with the Compliance Department. PineBridge will seek to protect the identity of the individuals making the report and Access Persons may remain anonymous. Access Persons may submit such reports via the PineBridge Speak Up Program, which offers both phone and web reporting methods. The PineBridge Speak Up Program is available on the PineBridge Intranet homepage <u>here</u> (Source > Employee > Speak Up Program).

A report submitted through the PineBridge Speak Up Program will be reviewed by the Firm's Global Chief Compliance Officer ("CCO"). The Global CCO is responsible for conducting a review or investigation of the report. The Global CCO may utilize all resources available to him in conducting the review or investigation including consultation with the General Counsel or another member of the Firm's Legal Department, or if deemed necessary, retain independent outside advisors or consultants.

PineBridge will not retaliate against an Access Person who, in good faith and with reasonable belief, has made a report with the Compliance Department or lawfully provided information to or assisted the Securities Exchange Commission ("SEC") or any other relevant regulator concerning some practice of PineBridge, or of another individual or entity with whom PineBridge has a business relationship, on the basis of a reasonable belief that the practice is in violation of an applicable law or regulatory requirement. Although internal reporting is encouraged, no one may take any action to impede an individual from communicating with the SEC or other regulatory body about a possible securities law violation. In addition, certain individuals reporting such practices (subject to restrictions and requirements) may be eligible for a reward. For further information, please contact the Compliance Department.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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IV. Insider Trading

Insider trading refers to the buying and selling of a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, non-public information about the security. Please refer to the PineBridge Global Information Barriers Compliance Policy for a more detailed description of the Firm's Insider Trading Policy.Insider trading laws generally prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Trading by an insider, while in possession of material, non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Trading by a non-insider, while in possession of material, non-public information, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Communicating material, non-public information to others in breach of a
fiduciary duty.

In addition to the policy outlined below, all Access Persons are subject to the MetLife Insider Trading Policy. A copy of the <u>MetLife Insider Trading Policy</u> is available on SOURCE. All Access Persons are currently deemed "Restricted Persons". MetLife's Insider Trading Policy prohibits Restricted Persons from trading in MetLife securities during "Blackout Periods," as outlined below.

**Scheduled MetLife Blackout Periods\*** 

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| &nbsp;&nbsp;&nbsp; **Blackout Start Date** | **Blackout End Date**<br> **(4:00 PM New York Time)** | **First Trading Day** |
| &nbsp;&nbsp;&nbsp; Wednesday, October 1, 2025 | Thursday, November 6, 2025 | Friday, November 7, 2025 |
| &nbsp;&nbsp;&nbsp; Thursday, January 1, 2026 | Thursday, February 5, 2026 | Friday, February 6, 2026 |
| &nbsp;&nbsp;&nbsp; Wednesday, April 1, 2026 | Thursday, May 7, 2026 | Friday, May 8, 2026 |
| &nbsp;&nbsp;&nbsp; Wednesday, July 1, 2026 | Thursday, August 6, 2026 | Friday, August 7, 2026 |
| &nbsp;&nbsp;&nbsp; Thursday, October 1, 2026 | Thursday, November 5, 2026 | Friday, November 6, 2026 |

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*\* Please note: the Chief Legal Officer may designate additional Blackout Periods* 

***A. Material Information***

Material information generally is information that an investor would consider important in making his or her investment decision or information that is reasonably certain to have a substantial effect on the price of a company's securities. Material information does not have to relate directly to a company's business.

Information is considered material if it relates to matters such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) dividend or earnings expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) write-downs or write-offs of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) proposals or agreements involving a joint venture, merger, acquisition, divestiture or leveraged buy-out;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) criminal indictments, civil litigation or government investigations;

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) substantial changes in accounting methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) major litigation developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) bankruptcy or insolvency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) public offerings or private sales of debt or equity securities.

*Note: The above list of examples is non-exhaustive. Please contact the Legal or Compliance Department with any questions regarding the materiality of information.*

Information provided by a company can be material because of its expected effect on a particular class of the company's securities, all of the company's securities, the securities of another company or the securities of several companies. This policy applies to all types of securities, as well as any option related to that security.

***B. Non-public Information***

Non-public information is information that has not generally been made available to investors. Information received in circumstances indicating that it is not yet in general circulation or where the recipient knows or should know that the information could only have been provided by an insider is also considered non-public information.

For non-public information to become public, it must be disseminated through recognized channels of distribution designed to reach the securities marketplace. Once the information has been distributed, it is no longer considered non-public. Disclosure in a national business and financial wire service (e.g., Dow Jones, Bloomberg or Reuters), a national news service (AP), a national newspaper (e.g., The Wall Street Journal or The New York Times), or a publicly disseminated disclosure document (a proxy statement or prospectus) constitutes public information.

*Note: Generally, information is considered non-public until 24 hours after public disclosure.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Information Provided in Confidence** 

Occasionally, one or more Access Persons may become temporary insiders because of a fiduciary (a person or entity to whom property is entrusted for the benefit of another) or commercial relationship.

As an insider, PineBridge has a fiduciary responsibility not to breach the trust of the party that has communicated the material, non-public information by misusing that information. The fiduciary duty arises because PineBridge has entered or has been invited to enter into a commercial relationship with the client or prospective client and has been given access to confidential information solely for the corporate purposes of that client. The obligation remains regardless of whether PineBridge ultimately participates in the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Information Disclosed in Breach of Duty** 

Even where there is no expectation of confidentiality, a person may become an insider upon receiving material, non-public information in circumstances where (i) a person knows, or should know, that a corporate insider or tipper is disclosing information in breach of the fiduciary duty he/she owes the corporation and its shareholders and (ii) the corporate insider or tipper is receiving a personal benefit, directly or indirectly, from the disclosure of the information. A prohibited personal benefit could include a present or future monetary gain, a benefit to one's reputation, an expectation of quid pro quo from

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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the recipient or the recipient's employer by a gift of the inside information. The definition of a prohibited personal benefit continues to be litigated in the courts and the regulators seek to expand the definition.

A person may, depending on the circumstances, also become an insider when he/she obtains material, non-public information by happenstance. This includes information derived from social institutions, business gatherings, overheard conversations, misplaced documents and tips from insiders or other third parties.

***C. Guidance on Insider Trading***

Any Access Person who is uncertain as to whether the information he/she possesses is material, non-public information should take the following steps immediately:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Report the matter to the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Refrain from purchasing or selling the securities on behalf of oneself or others, including Clients managed by the
Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Refrain from communicating the information inside or outside of PineBridge, other than to the Compliance Department.

The Compliance Department will instruct the Access Person on how to proceed.

***D. Penalties for Insider Trading***

The penalties for insider trading are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to civil and/or criminal penalties even if he/she does not benefit personally from the violation.

***E. Procedures to Implement the Policy against Insider Trading***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Trading Restrictions and Reporting Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) No Access Person who possesses material, non-public information relating to
PineBridge or any of its affiliates or subsidiaries, may buy or sell any securities of PineBridge or engage in any other action to take advantage of, or pass on to others, such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) No Access Person who obtains material, non-public information which relates to
any other company or entity in circumstances in which such person is deemed to be an insider or is otherwise subject to restrictions under the securities laws, may buy or sell securities of that company or otherwise take advantage of, or pass on to
others, such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Access Persons shall submit reports concerning each Securities transaction and should verify their personal ownership
of such Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Access Persons should not discuss any potentially material, non-public information concerning PineBridge or other companies except as specifically required in the performance of their duties.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Information Barrier Policy** 

Information barriers are designed to restrict the flow of inside information and to prevent Access Persons on the public side (e.g., trading desks) from gaining access to material, non-public information, which came from the private side.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Cross-Barrier Procedures** 

A "cross-barrier communication" is a communication between an Access Person on the public side and Access Person on the private side. The communication can be in the form of a conversation, an email, a memo, a research report or any other communication of an Access Person's opinion about the value of a security.

Access Persons are permitted to have cross-barrier communications regarding (a) investments generally, which communications do not relate to any specific issuer (e.g. industry related investment communications) and (b) communications which are issuer specific, but which involve only public information (Legal or Compliance should be consulted prior to these conversations to determine if such communication should be monitored by the Legal or Compliance Department).

Access Persons on the private side of the information barrier are prohibited from communicating non-public information (including impressions or information derived from non-public information) regarding an issuer of public securities to any Access Person on the public side of the information barrier unless the communication is notified in advance and monitored by the Compliance Department and the public side has agreed to receive the information prior to the information being communicated.

The Access Person who was brought across the barrier must maintain the confidentiality of the information received at all times and may use it only for the business purposes for which it was disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **The Watch List** 

The Watch List is a highly confidential list of companies about which PineBridge may have received or may expect to receive material, non-public information. The contents of the Watch List and any related restrictions imposed by the Compliance Department are extremely confidential therefore access to the Watch List is strictly limited and tightly controlled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i.***  ***<u>Placement of Securities On/Off the Watch List</u>*** 

A company normally will be placed on the Watch List when PineBridge has received or expects to receive material, non-public information concerning that company. This usually occurs when PineBridge is involved in an assignment or transaction that has not been publicly announced or when PineBridge otherwise determines that there is a need to monitor the trading activity in such company.

A company will be removed from the Watch List at the request of the person who initiated placement on the list, usually when the company's involvement in the transaction relating

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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to the company has ended. Companies also may be removed from the Watch List when they are moved to the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***ii.***  ***<u>Implementation and Monitoring</u>*** 

The person who initially places a company on the Watch List is responsible for notifying the Compliance Department when it should be removed. The Compliance Department maintains the Watch List. In addition, the Compliance Department monitors trading activity in any company on the Watch List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The Restricted List** 

The Restricted List is a confidential list of companies that are subject to restrictions in trading. Restrictions apply to trading for Advisory Clients, proprietary accounts, and trading for Access Person and related accounts.<sup>2</sup> Companies on the Restricted List are to be kept confidential and are not to be disclosed to anyone outside of PineBridge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i.***  ***<u>Placement of Securities On/Off the Restricted List</u>*** 

The placement of a company on the Restricted List generally restricts all trading in the securities of that company. Since a company may be placed on the Restricted List for a number of reasons, no inferences should be drawn concerning a company or its securities due to its inclusion on such list.

A company will be removed from the Restricted List at the request of the person who initiated placement on the list, usually when the company's involvement in the transaction relating to the company has ended.

For public companies in which an Access Person (other than a Non-Executive Director) sits on the Board of Directors or acts in a similar capacity, the relevant issuer will be placed on the Restricted List upon notification to Compliance. Access Persons (other than Non-Executive Directors) are required to report their "outside business activities" or "related board level activities" in StarCompliance (see "Outside Business Activities" within this Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***ii.***  ***<u>Implementation and Monitoring</u>*** 

The Compliance Department is responsible for placing or removing a Security from the Restricted List and has the ultimate responsibility for maintaining the Restricted List.

<sup>2</sup> Certain issuers on the Restricted List that have been added by the Leveraged Finance team may not restrict the trading of leveraged loans for the issuer in question. The issuers for whom this is true will be designated as such on the Restricted List.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Confidentiality** 

In carrying out business activities, Access Persons often learn confidential or proprietary information about PineBridge, its customers, suppliers and/or third parties. Access Persons must maintain the confidentiality of all information entrusted to them, except where disclosure is authorized or legally required.

***F. Anti-Fraud and Anti-Manipulation***

In connection with the purchase or sale of any Securities, Access Persons shall not, directly or indirectly, (i) employ any device, scheme or artifice to defraud, (ii) make any untrue statement of a material fact or omit to state a material fact, (iii) engage in any act, practice or course of business which would operate as a fraud or deceit, (iv) engage in any manipulative practice, or (v) trade ahead of or in conflict with an investment recommendation.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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V. Personal Securities Transactions

The key purpose of this policy is to ensure that conflicts of interest between Access Persons and Clients arising from the personal securities transactions of Access Persons are limited. The main driver for the potential conflict of interest is the differential of information available to employees and Clients.

***A. Trading in General***

Access Persons may not knowingly engage in the purchase or sale of a Security or Related Security (other than an Exempt Security, as explained below) of which they have Beneficial Ownership (other than an Exempt Transaction, as explained in Appendix A) and which, within seven (7) calendar days before and after the transaction (also known as the "Blackout Period"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Client, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Client.

The Blackout Period restriction applies on an issuer-level basis, such that an employee is prohibited from placing an equity trade where the Firm is placing a fixed-income trade in the same issuer<sup>3</sup>. In certain circumstances, the Compliance Department may provide an exception to an Access Person that permits the Access Person to trade within seven (7) calendar days of a Client transaction. If an Access Person has been unable to receive approval for a pre-clearance request for 30 calendar days (by receiving at least one pre-clearance denial per week over the 30 days) due to Advisory Client transactions, the Access Person may contact the Compliance Department and the Compliance Department will undertake an analysis (which may include factors such as prior exceptions granted, the Access Person's group and its relation to the Security in question, and the Firm's current and prior trading of the Security), and may attempt to designate a day on which the Access Person may transact. Such an exception may only be given when closing a position (either in part or in full) and will typically be in instances where PineBridge has not transacted on the prior business day.

*S&P 500 Exemption to the Blackout Period:* 

The Blackout Period does not apply to Securities in the S&P 500 Index where the quantity of Securities requested for pre-clearance is 500 shares or fewer for the period described above as the Blackout Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exempt Securities** 

Exempt Securities are Securities that do not have to be pre-cleared or reported to the Compliance Department and are not subject to the short-term trading limitation requirement of this Code.

The following are Exempt Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Securities that are direct obligations of the U.S. and foreign governments.

<sup>3</sup> When the ultimate parent company for an issuer is a government entity, trading in one state-owned entity does not prohibit trading in all other state-owned entities controlled by that government.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Bankers' acceptances, bank certificates of deposit, commercial paper, money market funds and certain high
quality debt instruments (e.g., structured notes / deposits including currency linked notes, interest rate linked notes and index-linked notes), including repurchase agreements. ADRs do not fall into this category;

*Note: High quality debt instruments are interpreted to mean any instrument that is rated in one of the two highest rating categories by a Nationally Recognized Statistical Rating Organization.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Shares of unaffiliated registered open-end investment companies (e.g. open-end non-affiliated mutual funds), annuities, or other commingled vehicles.

Exchange Traded Funds ("ETFs") on the ETF Exclusion List, options on those ETFs and closed-end funds (including business development companies) do not require pre-clearance in StarCompliance, but accounts holding these instruments are not exempt from reporting under the Code and must be disclosed in StarCompliance. The ETF Exclusion List is available on SOURCE. <br>

Accounts that only have the ability to invest in Exempt Securities (such as unaffiliated mutual funds, certain 529 Plans investing in only Exempt Securities, as well as 401(k) plans investing in only Exempt Securities, such as the PineBridge 401(k) plan) are not required to be reported in StarCompliance. <br>

Affiliated Funds<sup>4</sup> (including MetLife Investment Management ("MIM") funds) are considered Non-Exempt and thus require pre-clearance prior to transacting. The <u>Current Lists</u> of Affiliated funds for both PineBridge and MIM are available on SOURCE (excluding affiliated fund purchases in the PineBridge 401(k) plan). <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any transactions and/or holdings in Securities in a blind trust over which an Access Person has no direct or indirect
influence, control or knowledge. An Access Person must notify the Compliance Department of the establishment of such blind trust as part of their initial certifications on StarCompliance or of any opening of such blind trust thereafter.
Documentation must be provided to the Compliance Department as evidence that the Access Person has no direct or indirect influence, control or knowledge of the transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Investment linked insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Compulsory savings plans for the retirement of residents (e.g. mandatory provident fund/occupational retirement
schemes in Hong Kong, central provident fund in Singapore, or equivalent in other jurisdictions).

<sup>4</sup> PineBridge employees in Taiwan do not require pre-clearance for affiliated fund purchases. Taiwan employees can invest in PineBridge Funds via a PineBridge omnibus account, provided they have opened a PineBridge brokerage account before investing. These transactions will be kept in the Taiwan fund administration system and meet compliance requirements.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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*Note 1: In addition to the above, there are certain transactions designated by the Compliance Department as Exempt ("Exempt Transactions"), which are not required to be pre-cleared, but are required to be reported to Compliance. These transactions are discussed in Appendix A.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Circumstances Requiring Pre-clearance** 

All Access Persons must obtain pre-clearance via StarCompliance and/or from the Compliance Department prior to purchasing or selling a Security that is neither an Exempt Security nor can be bought or sold in an Exempt Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Pre-clearance Approval**: Once received, pre-clearance approval is valid for the same day and the next trading day through the market close in which the security is being traded (the **"Approval Period"**). For example, if a Hong Kong based
employee receives trading approval for a security traded on the Hong Kong exchange on Friday that approval is valid for Friday and Monday, up until the Hong Kong market close on Monday. If an approval is received after trading hours, the approval
remains valid only for the next trading day. For example, if a Hong Kong based employee receives trading approval for a security traded on the Hong Kong exchange after the Hong Kong market close on a Friday, the approval is still only valid for
Friday and through Monday's market close.

When determining the length of the approval period for securities traded on a foreign market, employees must look to the local market time in which the security is being traded and then apply the pre-approval rules. For the avoidance of doubt, an approval received by an Access Person in Asia relating to any transactions in US Securities is dependent on the US market in which the security is being traded. For example, if a Hong Kong employee receives trading approval for a security traded on a US exchange on Monday 10:00am (CHST), then the approval expires on Monday 4:30pm (EST), which is Tuesday 4:30am (CHST). Looking to the US Market, the trade was approved on Sunday at 10:00pm (EST) (the day the approval is granted) and is valid through Monday's market close local time. <br>

To avoid confusion, the trade request approval generated from the system will contain a "Local Expiry Date/Time", indicating the end of the Approval Period. An order that is not executed within the Approval Period must be re-submitted for pre-clearance approval. Approval for a private placement purchase or initial public offerings ("IPOs") is valid until the closing of the private placement transaction or IPO period. <br>

Access Persons wishing to enter a limit order for a Security that is neither an Exempt Security nor can be bought or sold in an Exempt Transaction are only permitted to enter limit orders that are good for the day they are entered ("Day Order"). **Access Persons may not enter limit orders with durations exceeding a day (e.g., good-til-cancelled, stop loss) for transactions other than Exempt Securities or Securities that can be bought or sold in an Exempt Transaction.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Procedures for Approval:** Access Persons must request pre-clearance electronically, using StarCompliance. Pre-clearance approval is granted if the purchase or sale complies with this Code and the foregoing restrictions.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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Non-Executive Directors are not subject to the pre-clearance requirement referred to above unless at the time of the transaction, knew or, in the ordinary course of fulfilling the Non-Executive Director's official duties as a director of PineBridge, should have known that: (a) PineBridge engaged in a transaction in the same security within the last seven (7) calendar days or is engaging or going to engage in a transaction in the same security within the next seven (7) calendar days; or (b) PineBridge has within the last seven (7) calendar days considered a transaction in the same security or is considering a transaction in the same security within the next seven (7) calendar days. In addition, the following requirements of this Policy, Sections V.A.3, 4, 5 and 7 do not apply to Non-Executive Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Initial Public Offerings<sup>5</sup>** 

The purchase of equity Securities in IPOs by Access Persons can create an appearance that such personnel have taken inappropriate advantage of their positions for personal benefit. Accordingly, Access Persons who are Investment Personnel are prohibited from purchasing an IPO. All other Access Persons must obtain pre-clearance from the Compliance Department prior to participating in an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Private Placements** 

Access Persons must obtain prior approval through StarCompliance from the Compliance Department before acquiring Beneficial Ownership of any Securities offered in a Private Placement (other than a Private Placement sponsored by PineBridge). Access persons may be requested to supply to Compliance copies of any private placement memorandum, subscription documents, offer sheets, term sheets or other written documentation pertaining to the deal. Approval will be given only if it is determined that the investment opportunity should not be reserved for Advisory Clients and that the opportunity to invest has not been offered to the Access Person by virtue of his or her position.

Access Persons must disclose investments in a Private Placement if an investment in the issuer of the Private Placement is being considered for a Client and the Access Person is involved in the decision making process. A decision to make such an investment must be independently reviewed by the Access Person's manager or a Managing Director who does not have Beneficial Ownership of any Securities of the issuer.

The Private Placement must be reported in StarCompliance and confirmation of the purchase must be provided to the Compliance Department once complete. Investments by Access Persons in Private Placements sponsored by PineBridge are required to be reported in StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Short-Term Trading** 

Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Realizing profits from selling a Security fewer than 30 calendar days after the purchase of the position (i.e. trade
date + 30 days).

<sup>5</sup> Exemptions to the Firm's policy on IPOs may be granted provided that PineBridge follows local regulatory requirements and the Compliance Department provides prior approval.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Realizing profits from closing a short position within 30 calendar days of opening the position (i.e. trade date + 30
days).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Realizing a profit on a put or call option (whether through expiration or through automatic execution) fewer than 30
calendar days after the purchase or sale of the underlying position (i.e. trade date + 30 days).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To clarify with an example, if a trade is executed on January 1<sup>st</sup>,
it cannot be sold at a profit until February 1<sup>st</sup>. If that position is sold on January 31<sup>th</sup> or earlier, it will be considered a violation.

A last-in, first-out ("LIFO") methodology will be applied to a series of Securities purchases for determining compliance with this holding rule. (Note: gains are calculated differently under this rule than they would be for tax purposes.)

There are a few exceptions to this prohibition: (1) Exempt Securities; (2) ETFs that track an index; (3) futures and options on ETFs; (4) redemption of funds with a cooling off period; (5) non-volitional margin calls (employees receiving margin calls that result in hardship should contact their local Compliance Department); (6) hardship exemptions, which may be approved by the Compliance Department in extreme circumstances; and (7) any other special exemption approved by Compliance <u>prior</u> to the profit being realized. Hardship exemptions and special exemptions must be approved in advance of trading. Please contact the Compliance Department with any questions.

The Compliance Department will monitor short-term trading and address any abuses of short-term trading profits on a case-by-case basis. If an abuse is discovered, Access Persons may be required to disgorge any profits realized on personal trades executed within 30 days. Day trading by Access Persons is strictly prohibited.

Personal trading in unusually high frequency is discouraged. The Compliance Department may contact any Access Person and/or his or her supervisor deemed to be trading with excessive frequency. This principal applies to Exempt Securities as well.

**MetLife Holding Period**

Access Persons are prohibited from (i) purchasing and then selling or (ii) selling and then repurchasing MetLife, Inc. securities within 60 calendar days.

*Note: sales of MetLife, Inc. securities that are received by an Access Person as part of a performance award, restricted stock grant, or other compensation are not subject to the holding period requirement, but the transaction mut be pre-cleared.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Market Timing** 

Market Timing is the short-term trading in and out of predominantly US registered investment companies, generally those that are focused on non-US investments using information that is publicly known, but not yet reflected in the share price. Furthermore, more sophisticated market timers have taken advantage of disparities between the last quoted price of a Fund's underlying portfolio securities and potentially inaccurate fair valuation of those securities. Market timing by Access Persons is strictly prohibited whether or not the market timing relates to products advised or sub-advised by PineBridge.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Gifting of Securities / Inheritance** 

The gifting of Securities or receiving of securities from an inheritance is permitted without pre-clearance. Nonetheless, these Securities must be disclosed in StarCompliance and reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Cryptocurrency** 

Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Also referred to as digital currencies, alternative currencies and virtual currencies, cryptocurrencies generally utilize blockchain technologies, which is a distributed ledger system. There are more than 1500 cryptocurrencies and popular examples include Bitcoin, Ethereum, Ripple, Litecoin, and NEO. PineBridge does not currently trade in cryptocurrencies for its Clients. Because there is no potential conflict with Client trading, Access Persons are permitted to trade in cryptocurrency without preapproval to Compliance and without disclosing their trading accounts subject to the compliance of local laws and regulations. However, trading in cryptocurrencies is highly speculative and includes a high risk of loss. Additionally, the regulatory landscape concerning cryptocurrencies is still in its infancy and some nations and financial regulators may limit or restrict trading and actions that are perceived as criminal in nature (including money laundering). Any Access Person choosing to trade in cryptocurrencies should proceed with caution, especially to meet fit and proper criteria which includes financial soundness. Also they should ensure they are complying with any local laws and regulations adhering to all other sections of the Code, including high frequency or day-trading.

*Note 1: Although Cryptocurrencies do not generally trade on regulated exchanges, Access Persons still need to obtain pre-approval prior to trading derivative products (e.g. futures) where the underlying instrument is a cryptocurrency. For example, the Chicago Mercantile Exchange ("CME") currently offers trading on Bitcoin futures. If an Access Person wanted to trade in the Bitcoin future on the CME, they would need to obtain pre-approval and comply with the Code.* 

***B. Reporting***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure of Holdings and Accounts** 

Access Persons must disclose via the "Initial Holdings Report" or through direct registration in StarCompliance to the Compliance Department, whether they have a direct or indirect Beneficial Ownership and/or control of any Securities or affiliated fund accounts within 10 calendar days of commencement of employment (such information must be current as of a date no more than 45 days prior to employment).

If an Access Person subsequently opens a new account of which he/she has Beneficial Ownership and/or control (whether or not this account holds reportable Securities), the Access Person must notify the Compliance Department via StarCompliance within 10 calendar days following the opening of such account. Securities held in certificate form that are not held in street name must also be reported to the Compliance Department via StarCompliance. Accounts that only have the ability to invest in Exempt Securities (such as unaffiliated mutual funds, 529 Plans investing in only Exempt Securities, and 401(k) Plans investing in only Exempt Securities) as defined in the Exempt Securities section above are not required to be reported. All reports submitted to the Compliance Department will be

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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treated as confidential. Accounts at qualifying Robo-Advisers are not required to be disclosed in StarCompliance if the Robo-Advisers investment options are pre-selected by the Robo-Adviser and the Access Person is not able to pick individual stocks and/or funds to invest in. Examples of qualifying Robo-Advisers include, but are not limited to, Betterment, Wealthfront, Acorns, MarketRiders, Creditease's Toumi RA, and Algebra. If there is a question regarding whether a Robo-Adviser qualifies under the Code, please consult Compliance.

Any Access Person who fails to report his or her holdings or the opening of a new brokerage account in accordance with this Code shall be deemed to be in violation of this Code.

*Note 1: An account with no holdings, and where the Access Person has no intent to use the account going forward, must still be reported to the Compliance Department and is still subject to this Code. By reporting the account to Compliance, any subsequent activity in such accounts will be reported.*

**Annual Holdings Report**

Access Persons must provide and certify on an annual basis, a report of their accounts and beneficial holdings within 30 days after the calendar year end. The information must be current as of a date no more than 45 days prior to the submission of the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Transactions for Access Persons** 

Access Persons must arrange for the Compliance Department to be provided all transactions electronically in an account that is Beneficially Owned and/or controlled by such Access Person. In order for the Access Person to arrange the delivery of electronic data, the Access Person must notify the Compliance Department of the broker-dealer(s) from which the Compliance Department will request the setup of the electronic transactional feed. The <u>Approved E-feedable Brokers</u> list is available on SOURCE. Access Persons must arrange for the Compliance Department to receive transaction data through electronic delivery directly from the broker-dealer.

*NOTE: For Access Persons located in Asia and EMEA where, due to regulatory requirements or market practice, electronic feeds of transactions are unavailable, Access Persons are required to provide the Compliance Department on a timely basis with duplicate copies of confirmations for all transactions and periodic broker statements in relation to account(s) that are Beneficially Owned and/or controlled by such Access Person.* 

***Note 1: Electronic Broker Feeds***

*Access Persons employed by PineBridge entities in the Americas, and Household Members of those Access Persons, must maintain personal securities accounts in which they have a beneficial interest at brokerage firms that are able to provide the transaction data electronically to PineBridge. If an Americas Access Person maintains an account(s) prior to joining PineBridge with brokerage firms that do not provide data electronically to PineBridge, he/she will be asked to move the account(s) to a brokerage firm that does within 60 days of employment. The Approved Brokers list is available on SOURCE. Access Persons outside of the Americas should also endeavor to provide transaction data through electronic delivery where possible. If an Access Person outside of the Americas maintains an account at a broker where electronic feeds are available, the Access Person must enable the* 

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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*electronic feed to be delivered to StarCompliance. For certain brokers, this may require additional action by the Access Person. This requirement applies to all accounts, even if an account has no holdings or trading activity.* 

*Note 2: Non-Discretionary / Managed Accounts, in which an Access Person does NOT have trading discretion and the account is managed by a third party and who executes trades and manages an account on behalf of the Access Person, are required to be reported. Transactions in such accounts do not require pre-clearance and are not subject to the Blackout Period or Short-Term Trading rules, however reporting is still required. Therefore, for such discretionary / managed accounts, Access Persons must ensure they provide duplicate confirmations and statements to the Compliance Department, or for Access Persons located in the Americas, brokerage firms that provide transaction data electronically to PineBridge must be used (per Note 1 above). Accounts at Robo-Advisers are not subject to reporting, subject to the compliance of local laws and regulations.* 

**Quarterly Transactions Certification – For Access Persons Located Outside of the Americas**

Access Persons who are located outside of the Americas are required, within 30 days after the calendar quarter, to complete a report of all transactions in Securities of which the Access Person had Beneficial Ownership and/or control (except for those Securities classified as Exempt Securities).

Access Persons who are located outside of the Americas must complete the report even if no reportable transactions occurred during the quarter.

**Exceptions to Reporting Requirements**

A Non-Executive Director is not subject to the reporting requirements of B.1 or B.2 above; however, a quarterly report under B.2 is required if the Non-Executive Director, at the time of the transaction, knew or, in the ordinary course of fulfilling the Non-Executive Director's official duties as a director of PineBridge, should have known that: (a) PineBridge engaged in a transaction in the same security within the last seven (7) calendar days or is engaging or going to engage in a transaction in the same security within the next seven (7) calendar days; or (b) PineBridge has within the last seven (7) calendar days considered a transaction in the same security or is considering a transaction in the same security within the next seven (7) calendar days.

***C. Exceptions***

Compliance may grant exceptions to the above rules at their discretion. Any such exceptions will be approved by the Chief Compliance Officer and communicated to the relevant employee.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Transactions & Securities Matrix** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Transactions & Securities Matrix** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Transactions & Securities Matrix** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Transactions & Securities Matrix** |
| &nbsp;&nbsp;&nbsp;**Type / Description** | **Pre-clearance<br>Required?**<br>| **Reporting<br>Required** | **Additional Information** |
| &nbsp;&nbsp;&nbsp; **Transaction in Non-**<br> **Exempt Security**<br> (e.g. common stock)<br>| ✓ | ✓ |  |
| &nbsp;&nbsp;&nbsp; **Transaction in an Exempt Security**<br> (e.g. unaffiliated mutual fund)<br>| X | X | |
| &nbsp;&nbsp;&nbsp; **Exempt Transaction**<br> (e.g.Closed-end Fund)<br>| X | ✓ | |
| &nbsp;&nbsp;&nbsp; **Transactions in Affiliated Funds**<br> **(incl. MIM funds)**<br>| ✓ | ✓ | |
| &nbsp;&nbsp;&nbsp; **Transactions in**<br> **PineBridge Sponsored**<br> **Funds**<br>| X | ✓ | |
| &nbsp;&nbsp;&nbsp;**Transactions in IPOs** | ✓ | ✓ | **Investment Personnel** are prohibited from purchasing an IPO.<br>|
| &nbsp;&nbsp;&nbsp;**Private Placements** | ✓ | ✓ | **Pre-clearance**: Submit request through StarCompliance Module<br> **Reporting**: Signed<br> subscription/deal documents must be provided through the StarCompliance system or via email to<br> <u>StarCompliance@pinebridge.com</u>.<br>|

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&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Brokerage Accounts Matrix** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Brokerage Accounts Matrix** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Brokerage Accounts Matrix** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Brokerage Accounts Matrix** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Brokerage Accounts Matrix** |
| &nbsp;&nbsp;&nbsp;**Type / Description** | **Reporting<br>Required** | **E-feed<br>Connection<br>Available?** | **Paper Broker<br>Statements sent<br>to Local<br>Compliance<br>Department?**<br>| **Additional Information** |
| &nbsp;&nbsp;&nbsp;**Active Brokerage Account for Access Person located <u>in the Americas</u>** | ✓ | ✓ | X | **Active Brokerage Account at Non-E-Feed Broker that Cannot be Transferred:** Certain accounts may not be able to switch brokers (e.g. a compensation plan); if this is the case, reporting is required by way of arranging for copies (paper or pdf) of broker statements to be sent to StarCompliance with the coordination of local Compliance Department. |
| &nbsp;&nbsp;&nbsp; **Active Brokerage Account for**<br> **Access Person located outside the**<br> **Americas** | ✓ | ✓ | ✓ | **Possible e-feed connection:** If the Non-U.S. Employee has an account at an e-feed broker, the Employee must authorize the e-feed connection. If not, duplicate copies (paper or pdf) of statements must be sent to your local Compliance department. |
| &nbsp;&nbsp;&nbsp; **Active Brokerage Accounts that only invest in Exempt Securities**<br> (e.g. several 529 plans, several 401K plans, qualifying Robo-Advisers) | X | X | X | **Requirements:** An account holding only Exempt Securities, and where the Access Person has no ability to invest in non-Exempt securities, does not have to be reported. *Accounts at qualifying Robo-Advisers are not subject to reporting, subject to the compliance of local laws and regulations.* |
| &nbsp;&nbsp;&nbsp; **Inactive Brokerage**<br> **Account** | ✓ | ✓ | ✓ | **Requirements:** An account with no holdings, and where the Access Person has no intent to use the account going forward, must be reported.<br>|

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&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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VI. Outside Business Activities

"<u>Outside business activities</u>" include service as an employee, consultant, board member, partner, officer, director, owner or trustee of an organization that is not an affiliate of PineBridge.

Given the nature of the Firm's business, the Firm's duties to its clients and equity owners, and the role of investment and financial advisory professionals generally, Access Persons who engage in outside business activities may face numerous and significant potential conflicts of interest. Prior to pursuing any such outside business activities, Access Persons (other than Non-Executive Directors) must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● receive approval from the Access Person's supervising Managing Director or department head if the outside business
activity includes service on a board or similar body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● complete a declaration under the Outside Activity section found on <u>StarCompliance within 30 calendar days</u>, which
will be reviewed and approved or disapproved (as appropriate) by the Compliance Department and the Access Person's supervisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if the outside business activity includes service on a board of directors or similar body, obtain the Acknowledgment and
Waiver Letter described below if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● receive approval from your Supervising Managing Director for a presentation, talk, or service on a panel in which you
are offered an honorarium; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● meet the requirements of the MetLife Stakeholder Engagement policies contained in section IX of the Code.

Hiring managers must obtain information regarding Outside Business Activities from potential new hires prior to extending an offer to proactively identify any potential conflicts of interest. An initial disclosure of outside business activities must be made to the Compliance Department at the commencement of employment.

*Note: If the Board position is for a public company (i.e., the company is listed on an exchange), Compliance must be notified <u>prior to</u> such appointment. Public companies that have an Access Person as a Board member will be added to the Restricted List until the Access Person no longer serves in a capacity in which MNPI could be obtained.* 

<u>General Guidelines</u> 

When engaged in an approved outside business activity, Access Persons must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● when a potential conflict of interest may arise, always make decisions in the best interest of PineBridge and our
customers – not to advance personal interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● remain aware of how personal activities can lead to potential conflicts, such as taking a second job with or making an
investment in a PineBridge customer, vendor or competitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● discuss with your manager any situation that could be perceived as a potential conflict of interest; and

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● proactively address situations that may put your interests or those of a family member or friend in potential conflict
with PineBridge or its customers.

<u>Service on Outside Boards</u> 

The Compliance Department will determine procedures to prevent the misuse of material, non-public information, which may be acquired through service on the board of a company, as well as other procedures or investment restrictions, which may be required to prevent actual or potential conflicts of interest.

In certain circumstances, the corporation or other entity in which the board governs must provide the Access Person with written assurances (an "<u>Acknowledgment and Waiver Letter</u>") regarding potential conflicts that may arise from time to time. The Acknowledgement and Waiver Letter should include an acknowledgement by the company that potential conflicts may exist, that the Access Person will resolve those conflicts in favor of PineBridge, and that the Firm has waived any such conflicts. The Compliance Department may determine, based on the nature of the activity of serving on the Board, the position the Access Person holds on the board, the job function of the Access Person at PineBridge, among other things, whether the Acknowledgement and Waiver Letter is required. Depending on the facts and circumstances, the Compliance Department will notify the Access Person if the Acknowledgement and Waiver Letter is required. A form of Acknowledgement and Waiver Letter is attached to this Code of Ethics as Appendix B.

In addition to complying with the policies and procedures set forth in this Code, Access Persons must be vigilant in identifying and managing the potential conflicts of interest that may arise by virtue of their service on a board. Depending on the circumstances, these conflicts may require the Access Person to recuse him- or herself from deliberations of the board. In some cases, it may be necessary to resign from the board entirely. Access Persons should seek guidance from the Legal or Compliance Department as to how these potential conflicts may be best addressed.

<u>Insolvent companies</u> 

Access Persons should also be aware that corporations that are insolvent or operating in the so-called "zone of insolvency" may present particular legal challenges for officials and directors, including expansion of fiduciary duties to include the corporation's creditors, as well as its shareholders. The case law relating to duties of directors of insolvent corporations is unsettled, and may vary considerably from jurisdiction to jurisdiction. Access Persons serving on a board that becomes insolvent or enters the vicinity of insolvency should seek legal guidance promptly from the board's legal counsel.

<u>Service as a Public Official<sup>6</sup></u> 

Before serving as a public official or running for elected office, an Access Person must obtain prior written approval from the Firm's General Counsel or his or her designee. It is important that personal political activities or interests do not conflict with responsibilities at PineBridge or imply the support of PineBridge.

<sup>6</sup> "Public Official" includes other related positions in a government capacity that may cause or appear to cause a conflict of interest with PineBridge.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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Specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Firm's name should never be used by employees running for a political office, other than to identify
PineBridge as their employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● holding or campaigning for political office by a PineBridge employee must not create, or appear to create, a conflict of
interest with the Firm's duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● PineBridge funds or other PineBridge assets are never to be used for political purposes, including political advocacy
("lobbying") without first consulting the Legal or Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● only authorized representatives can make corporate contributions to political candidates for public office on behalf of
PineBridge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● because laws and regulations governing corporate political activities and contributions are complex, the Legal or
Compliance Department must be consulted regarding contributions to ensure such contributions and activities are permitted and consistent with the Firm's business strategy for the region.

To avoid even the appearance of any conflict with the Firm's interests, employees who participate in community support efforts outside of PineBridge sponsored programs should never imply the Firm's endorsement of the effort.

Exceptions

The term "outside business activities" generally is not intended to include service to any organization that is (<u>i</u>) a personal holding company or (<u>ii</u>) an entity identified in Section 501(c)(3) of the US Internal Revenue Code (provided that it is an unpaid position). A "<u>personal holding company</u>" is an entity that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● is wholly-owned by the Access Person and/or members of the Access Person's immediate family;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● is used solely for the Access Person's personal investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● is not actively managed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● does not have any dealings with PineBridge or its Clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● does not compete with PineBridge.

The approvals required for outside business activities are not required for activities relating to those exempted organizations. However, these activities must be reported in StarCompliance.

Activities such as ownership or directorship of a company whose sole purpose is to hold a property that generates passive rental income, membership on the board of a residence and other similar activities will not be considered outside business activities and are exempt from the approval and reporting requirements. If you have any questions on activities not specifically mentioned, please contact the Compliance Department.

In addition, Consultants or Contingent Workers deemed Access Persons are not required to disclose their primary employer as an Outside Business Activity. For example, if PineBridge hires a Consultant from ABC Consulting Firm and the Consultant is determined to be an Access Person, the Consultant is not required to disclose ABC Consulting Firm as an Outside Business Activity.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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VII. Gifts & Entertainment

Modest Gifts and appropriate Entertainment can help strengthen business relationships, but these business courtesies, whether given or received by PineBridge employees, must never improperly influence business decisions or bring about the improper performance of a Relevant Function or Activity<sup>7</sup>. Accordingly, it is best practice to monitor the offer and receipt of Gifts and/or Entertainment. In all matters related to Gifts or Entertainment, it is the responsibility of the Access Person to exercise good judgment.

The below requirements related to Gifts and Entertainment apply in most regions; however local thresholds and reporting procedures may exist in certain jurisdictions. Additionally, certain clients or counterparties (e.g. government entities and/or plans) may have stricter rules and prohibitions regarding giving or receiving gifts and entertainment. Please consult your regional policies and procedures or discuss with your regional compliance officer. Please note that amounts are stated in US dollars.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General Guidelines:** 

Offering and/or accepting Gifts and Entertainment is appropriate provided there is a business purpose, the expense incurred is ordinary and necessary, and the Gift or Entertainment falls within this Code and all relevant laws and regulations. Special care must be taken when providing Gifts and Entertainment to officials or employees of governments or government owned or controlled enterprises or other officials who hold legislative, administrative or judicial positions. When providing Gifts or Entertainment to government officials or employees of government owned or controlled enterprises, you are required to abide by local law and the Firm's anti-corruption policies. Access Persons should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** never allow business Gifts and Entertainment, whether given or received, to improperly influence business decisions or
bring about the improper performance of a relevant function or activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** remember if the donor is not present, then the Entertainment is subject to Gift policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** respect local and cultural sensitivities when exchanging business Gifts and Entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** never provide or accept extravagant Gifts or lavish Entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** never offer or receive anything that could be considered a bribe or other improper payment or Gift;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6)** never solicit Gifts, favors or Entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7)** ensure that Gifts and Entertainment are reasonable, ordinary, in good taste, customary and lawful in the country or
region where they are exchanged; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8)** never offer or accept cash or cash equivalent (i.e., gift cards) in any amount.

<sup>7</sup> Relevant Function or Activity: Any function either of a public nature, connected with a business, performed in the course of a person's employment or performed on behalf of a company or another body of persons.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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Access persons are expected to consult with the Compliance Department if they have any questions regarding Gifts or Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Giving Gifts:** 

Access Persons (other than Non-Executive Directors) giving Gifts to prospective or existing clients or counterparties must submit a Gifts Disclosure in StarCompliance for all Gifts within 30 calendar days of giving the Gift.<sup>8</sup> Access Persons may not provide Gifts to a prospective or existing individual of a client exceeding $100 in aggregate in any calendar year. Any exception to the $100 limit must be approved in writing by the Access Person's supervising Managing Director in advance of giving the Gift. Access Persons are generally prohibited from providing Gifts valued at more than $150, however, exceptions may be granted in certain instances provided that prior approval is received from the regional head of compliance and line of business supervisor.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Receiving Gifts:** 

All Gifts received<sup>9</sup> by Access Persons (other than Non-Executive Directors) exceeding the De Minimis Amount must be reported via the Gifts and Entertainment Disclosure on StarCompliance within 30 calendar days of the date of receipt of such Gift. In addition, Gifts valued at more than $100 must be approved by the Access Person's supervisor within five (5) business days. While PineBridge has adopted a prohibition on Gifts valued at more than $150, certain Gifts in excess of $150 received by Access Persons may be accepted, provided that they be shared among the department receiving the Gift. The manager of the department receiving the gift is responsible for seeing that the gift is reported via StarCompliance. Where such a Gift cannot be reasonably shared amongst employees (as in the case of an item of clothing), the Gift may be accepted and subsequently donated to charity. This includes, among other things, gratuities and Gifts received by Access Persons for speaking engagements.

If you are offered a Gift that does not meet the above criteria, politely decline the Gift. If declining a Gift would be offensive or hurt a business relationship, accept the Gift on behalf of PineBridge and submit a written Gift report to your supervisor, and work with your supervisor and the Compliance Department to determine the appropriate disposition of the Gift.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Entertainment Given:** 

Any entertainment given, excluding client meals, by an Access Person (other than a Non-Executive Director) must be reported through StarCompliance within 30 calendar days of providing such Entertainment. If there are multiple Access Persons giving the Entertainment, then only one Access Person need to report the entertainment in StarCompliance so long as all Access Persons are named within the report.

Client meals must be disclosed in the Concur expense reporting system. On a quarterly basis Compliance will review expense reports related to client meals given by Access Persons for any prohibited activities. outlined earlier in the policy. Access Persons must also comply with travel and entertainment policies

<sup>8</sup> Reporting requirements do not apply to gifts of minimal value (e.g., pens, notepads or modest desk ornaments) or to promotional items valued at less than $20 that display the PineBridge logo (e.g. umbrellas, tote bags or shirts). 

<sup>9</sup> Employees that are Registered Representatives of PineBridge Securities LLC may not offer or receive gifts in excess of $100 and must report all gifts given or received, regardless of the amount. 

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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developed by PineBridge. For any office that is not currently using the Concur system, please contact the PineBridge Accounts Payable Team to ensure that disclosure of a client meal is recorded.

Travel, including flights, hotels, and lavish destinations, should not be given to prospective or existing clients unless under special circumstances. Contact the Compliance Department prior to extending travel accommodations to a client. Managing Director approval may also be required for certain client travel situations. In the case of PineBridge offering hotel lodging, this is permitted for only the night(s) related to the event (no extra nights). High-profile special events require prior approval from the Access Person's supervising Managing Director or department head (e.g. The World Cup, The Super Bowl, and NBA Playoffs, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Entertainment Received:** 

Access Persons (other than Non-Executive Directors) must report through the StarCompliance system all Entertainment received within 30 calendar days of the receipt of such Entertainment.

Entertainment includes but is not limited to: meals, cocktails, outings (e.g. golf, theater tickets, concerts, sporting events) and holiday parties when the third party provider is in attendance.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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VIII. Political & Charitable Contributions

***A. Political Contributions***

PineBridge is committed to complying with all applicable regulations related to political contributions. Certain of these regulations may disqualify PineBridge from seeking business from a potential client on the basis of a contribution made by an employee. Employees are required to familiarize themselves with and abide by policies and procedures covering political contributions established by PineBridge and regional compliance departments. Contact your manager or your local compliance officer if you have any questions on the policies that are applicable to you. For the purposes of this policy, a "Covered Associate" is defined as an employee of PineBridge Investments LLC or PineBridge Galaxy LLC (both US SEC registered investment advisers).

In order to avoid current or potential future conflicts of interest, Covered Associates, together with their spouse and dependent Household Members<sup>10</sup>, **must obtain <u>prior approval</u> from Compliance through the StarCompliance system <u>before</u> making any political contributions to any state or local US government official or candidate.** Covered Associates, together with their spouse and dependent Household Members, are prohibited from making political contributions to any state or local US government official, entity or political party (including incumbents, candidates or successful candidates for elected office, including any election committees) that in aggregate are in excess of the following limits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Up to $150 per candidate, per election to candidates for whom the Covered Associate is not entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Up to $350 per candidate, per election to candidates for whom the Covered Associate is entitled to vote<sup>11</sup>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Up to $350 per Political Party, Political Action Committee ("PAC") or similar organization established in
support of a Political Party or particular candidate per election, as long as the contribution to the Political Party, PAC or similar organization is not used to indirectly exceed the limits in A. and B. above.

Please note that these limits apply to all states and political subdivisions of states (e.g. cities, counties, municipalities, etc.), including pools of assets sponsored or established by a state or local government (e.g. pension plans for government employees).

However, these limits and the requirement to obtain prior approval from Compliance do not apply to candidates for Federal office (US Senate, House of Representatives, or presidency) who do not currently hold any state or local government office. In addition, although this Policy is limited to also include dependent Household Members, it should be very clear that no Covered Associate may indirectly seek to circumnavigate the intent of this rule through other individuals or means, such as through privately owned corporations.

<sup>10</sup> Dependent Household Members for purposes of this policy include individuals who are either family members or with whom you share a residence whom you also claim as a dependent for tax purposes.

<sup>11</sup> A person is "entitled to vote" for an official if the person's primary residence is in the locality in which the official seeks election.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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Covered Associates are prohibited from compensating (or coordinating or soliciting) any third party (such as a placement agent or PAC) to solicit advisory business from a US government official, entity or political party (as described in further detail above), unless the third party is registered as either a US broker-dealer or investment adviser and has certain similar restrictions in place. Americas Compliance must be consulted prior to: (1) hiring/using any such service; and (2) any change in the third party's activities, where the third party may solicit business in the US.

The policy also includes providing "in-kind" non-cash contributions to a political campaign. For example, the use of the Covered Associates' or Firm's time or resources to benefit any state or local US government official, entity or political party would be subject to the above limits.

Note for all Covered Associates: The SEC's adopting release (Release No. IA-3043) to the rule regarding "Political Contributions by Certain Investment Advisers" provides further guidance such that PineBridge Investments LLC and Covered Associates must never "funnel payments through third parties, including, for example, consultants, attorneys, family members, friends or companies affiliated with the adviser as a means to circumvent the rule."

Non-compliance with this section may result in disciplinary action, up to, and including termination of employment. Covered Associates may be required to certify their compliance with the above requirements on a periodic basis.

Any request for exceptions must be made to Americas Compliance prior to any contribution being made.

***B. Personal Charitable Contributions Involving a Potential or Existing Client***

PineBridge may, from time to time, provide sponsorship and/or assistance to bona fide charities, educational establishments, community groups and other organizations, whether in the form of funds, assets, services, or other types of support (collectively "Charitable Contributions").

All contributions must be for a bona fide charitable purpose and must not conflict with the terms of the Code of Ethics or any other PineBridge policy. Access Persons (other than Non-Executive Directors) must receive pre-approval for **<u>any personal</u>** Charitable Contribution(s) via the StarCompliance system through the "Outside Activity" module in any scenario where a potential or existing client is asking an Access Person to contribute using personal funds.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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IX. MetLife Stakeholder Engagement Policies

For more than 150 years, MetLife has been a respected voice for good in the world. Each of us plays a role in representing what MetLife stands for every day to customers, shareholders, public officials, the media and the communities we serve. Today's rapidly changing environment has many competing voices and different points of view - and companies are increasingly being called upon to comment on an array of issues. MetLife takes a thoughtful approach to choosing the issues on which we publicly engage, and we need to speak with one consistent voice.

***Board Membership, Nonprofits, and Volunteer Activities***

**1. For-Profit Organizations:** 

If a MetLife employee is asked to join or serve in an advisory capacity of a for-profit Board, they must first get approval by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtaining approval from the Executive Leadership Team member or CEO direct report within your business or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosing the position in Star Compliance and receiving Compliance approval

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtaining approval from the CEO in coordination with respective Executive Leadership Team member or CEO direct report.

**2. NGO (Non-Governmental Organization) / Nonprofit Board Membership:** 

If a MetLife employee is asked to join an NGO (Non-Governmental Organization) / nonprofit Board because of or based on their MetLife affiliation and wants to identify their MetLife affiliation and position as part of their Board participation, they must first get approval.

Before joining an NGO/nonprofit, you should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain approval from an EVP within your business or function (or, an EVP may delegate to an SVP or country manager).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose the position in Star Compliance and receive Compliance approval

In general, MetLife will allow an employee's MetLife affiliation to be used with NGOs and nonprofits that align with MetLife Foundation's areas of giving including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial inclusion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Health and medical research

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Arts and culture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Youth development

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affordable housing

**3. Volunteering** 

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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MetLife encourages employees to participate in volunteer activities to support our communities where we live and work. When MetLife employees plan to volunteer in site-based or community activities (as an individual or team) with nonprofit and other community organizations as a representative of MetLife, the employee should review and discuss the opportunity with Global Sustainability.

The MetLife Volunteer Platform is the hub for promoting, exploring and signing up for volunteer opportunities. It also enables Corporate Giving and Employee Volunteerism to track the progress toward MetLife's annual and 2030 volunteerism goals. To post a volunteer project and learn more, visit go.metlife.com/volunteer

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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Appendix A: Exempt Transactions

**Introduction** 

The Firm's Code provides that no Access Person may knowingly engage in the purchase or sale of a Security (other than an Exempt Security) or Related Security of which he/she has Beneficial Ownership and/or control (other than an Exempt Transaction), and which, within seven (7) calendar days before and after the transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. is being considered for purchase or sale by a Client, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. is being purchased or sold by a Client.

The Code provides further that classes of transactions may be designated as Exempt Transactions by the Compliance Department.

**Designation of Exempt Transactions**

In accordance with the Code, the Compliance Department has designated the following classes of transactions as Exempt Transactions, based upon a determination that the transactions do not involve any realistic possibility of a violation of applicable regulations. Unless otherwise noted, the following transactions do not require pre-clearance, but are subject to the reporting requirements of the Code (i.e., reported in StarCompliance via an electronic broker feed or by way of the Compliance Department receiving paper or pdf confirms and statements from the broker). Exempt Transactions are not subject to the 30 day short-term trading limitation:

1. Purchases or sales of Securities that are not eligible for purchase or sale by Advisory Clients, for example, shares
in closely held or family held companies.

2. Purchases of Securities under automatic or dividend reinvestment plans.

3. Purchases of Securities by exercise of rights issued to the holders of a class of Securities pro-rata, to the extent they are issued with respect to Securities of which an Access Person has Beneficial Ownership.

4. Purchases of Securities by exercise of rights granted to employees under employee stock ownership plan.

5. Acquisitions or dispositions of Securities as a result of a stock dividend, stock split, reverse stock split, merger,
consolidation, spin-off or other similar corporate distribution or reorganization applicable to all holders of a class of Securities of which an Access Person has Beneficial Ownership.

6. Acquisitions of Securities by the exercise of rights which are granted to borrowers/policyholders of financial
institutions which apply for a public listing of their shares and offer "Free" shares to existing borrowers/policyholders.

7. Transactions in closed-end funds and transactions in ETFs on the ETF Exclusion
List (and options on those ETFs).

8. Foreign Currency transactions. (Note: There is no requirement to report or pre-clear any normal foreign exchange transactions (e.g. converting Euros for US Dollars) or report holdings in foreign currency.)

9. Futures, options trading and spread betting on broad based indices, such as the S&P 500. (Note: All other spread
betting must be pre-cleared.)

10. Acquisition of securities due to involvement in an approved Outside Business Activity (as defined in this Code).

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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Appendix B: Acknowledgement & Waiver Letter

**<u>BY FIRST CLASS MAIL</u>**

[Date]

[Address]

**Acknowledgement and Waiver** 

Dear [Board Member]:

This letter will confirm the understanding between <u>[]</u> (the "<u>Company</u>") and you regarding certain matters relating to your service on the Board of Directors of the Company (the "<u>Board</u>").

The Company has been informed by you that you are employed by a member company of PineBridge Investments, which provides investment advisory, financial and other related services to a range of clients. In that regard, you may owe certain fiduciary and other duties to such clients and to PineBridge Investments (collectively, the "<u>PineBridge Parties</u>"). From time to time, these duties may conflict with your duties to the Company, its shareholders or the Board (the "<u>Company Parties</u>") that may arise as a member of the Board.

To the extent permitted under applicable law, the Company hereby waives any conflicts arising from your duties to the PineBridge Parties. Without in any way limiting the foregoing, the Company acknowledges and agrees that (<u>i</u>) you will resolve any such conflict in all respects in favor of the relevant PineBridge Parties; (<u>ii</u>) such conflicts from time to time may cause you to recuse yourself from deliberations of the Board or any of its committees, or to withdraw from the Board; and (<u>iii</u>) you will be under no obligation or duty to the Company Parties (or any of them) with respect to business opportunities that you become aware of other than in connection with your service on the Board, including, without limitation, any such opportunities that you become aware of in connection with your employment by PineBridge Investments.

The Company acknowledges that you are serving on the Board strictly in your individual capacity and not as an agent or designee of any PineBridge Party.

To the extent practicable, the Company and the Board will undertake to inform you of any conflicts that exist or that may arise from time to time between the Company Parties, on one hand, and the PineBridge Parties, on the other hand.

Nothing in this letter is intended, nor shall it be deemed, in any way to limit any indemnity, release, exculpation or similar rights and protections to which you are entitled under applicable law, the Company's organizational documents or any other agreement or instrument.

Very truly yours,

[Name of the Company]

By: [Authorized Officer of the Company – Name / Title]

By: [Chairman of the Board of Directors – Name / Title]

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.